NY WED Update

Barry Adams
21 May, 2025
New York City

Wall Street indexes faced headwinds after yields on Treasuries advanced, as traders monitored progress on the latest U.S. budget proposal. 

The S&P 500 index decreased 0.5% and the Nasdaq Composite declined 0.6%, and investors fear that the Republican Party's pledge to be fiscally responsible with the nation's finances are just a slogan. 

The latest proposal in the U.S. House of Representatives is likely to cut several 

U.S. Stock Movers 

Target Corp. declined 2.2% to $93.50, and the big-box retailer reported weak quarterly results and lowered its annual outlook. 

In the quarter, the retailer earned $1.04 billion or $2.27 per share compared to $942 million or $2.03 per share a year ago. 

Revenue eased to $23.85 billion from $24.53 billion a year ago, and transaction across stores and online fell 2.4% from a year ago. 

Target estimated annual sales to decline in low-single digit decline compared to the previous estimate of an increase of 1%. 

Lowe's Companies jumped 1.8% to $235.37 after the home improvement retailer reported better-than-expected first-quarter results. 

Revenue in the quarter eased to $20.9 billion from $21.4 billion, and comparable sales in the quarter decreased 1.7%. 

Toll Brothers Inc. increased 5.5% to $108.41 after the luxury homebuilder's earnings were ahead of market expectations. 

Revenue edged down to $2.74 billion from $2.84 billion, net income fell to $352.45 million from $481.62 million, and diluted earnings per share slipped to $3.50 from $4.55 a year ago.

The company delivered between 2,800 and 3,000 homes during the quarter, and the average price per home ranged between $965,000 and $985,000.

Palo Alto Networks dropped 5.2% to $183.90 after the cybersecurity company's forward looking outlook fell short of  market expectations. 

The company guided fourth-quarter revenue to be between $2.49 billion and $2.51 billion, compared to $2.19 billion, and diluted earnings per share between 87 cents and 89 cents, compared to $1.51 a year ago, respectively.

Take-Two Interactive Software dropped 4% to $227.95 after the video game developer proposed to raise $1 billion through a stock offering. 

Europe Movers: Currys, Marks & Spencer

Inga Muller
21 May, 2025
Frankfurt

Marks & Spencer dropped 3.2% to 356.00 pence after the British diversified retailer reported fiscal 2025 results.

Revenue increased to £13.82 billion from £13.04 billion, net income edged down to £295.7 million from £431.2 million, and diluted earnings per share fell to 14.0 pence from 20.8 pence a year ago.

The full-year dividend was 3.6 pence per share, an increase of 20% from 3.0 pence a year earlier.

The company announced a final dividend of 2.6 pence per share payable on July 4.

In addition, the company revealed that the recent cyberattack could negatively impact operating profit by £300 million. 

Currys plc inched up 0.1% to 125.30 pence after the retailer of technology products and services released its trading update for the fiscal year ending in May.

Comparable store sales jumped 2%, driven by a significant growth in free cash flow year-over-year.

Same-store sales in the U.K. and Ireland climbed by 4% in the year, while in the Nordics region they were breakeven.

The company estimated full-year adjusted pre-tax profit to be around £162 million, revised higher from £160 million and representing a 37% increase over the previous year.

Europe Movers: Currys, Marks & Spencer

Inga Muller
21 May, 2025
Frankfurt

Marks & Spencer dropped 3.2% to 356.00 pence after the British diversified retailer reported fiscal 2025 results.

Revenue increased to £13.82 billion from £13.04 billion, net income edged down to £295.7 million from £431.2 million, and diluted earnings per share fell to 14.0 pence from 20.8 pence a year ago.

The full-year dividend was 3.6 pence per share, an increase of 20% from 3.0 pence a year earlier.

The company announced a final dividend of 2.6 pence per share payable on July 4.

In addition, the company revealed that the recent cyberattack could negatively impact operating profit by £300 million. 

Currys plc inched up 0.1% to 125.30 pence after the retailer of technology products and services released its trading update for the fiscal year ending in May.

Comparable store sales jumped 2%, driven by a significant growth in free cash flow year-over-year.

Same-store sales in the U.K. and Ireland climbed by 4% in the year, while in the Nordics region they were breakeven.

The company estimated full-year adjusted pre-tax profit to be around £162 million, revised higher from £160 million and representing a 37% increase over the previous year.

Europe's Debt Boom Raises Є1 Trillion, Surpassing Previous Record In 2024

Bridgette Randall
21 May, 2025
Frankfurt

Stock market indexes in Europe traded below the flatline as investors awaited an update on U.S. trade talks. 

Benchmark indexes in Frankfurt, Paris, Milan, and London headed lower following the worries about the stalled trade talks, rising government debts, and concerns about the upcoming earnings. 

Governments in Germany and Italy ramped up their bond offerings in May, and a total of one trillion euros of debt was raised by May 20, surpassing the previous 2024 record by nine days. 

The German government's bond offering was oversubscribed by 3.56 times, as the largest economy in the eurozone accelerated its infrastructure and defense spending.  

In the first four months of 2025, eurozone nations sold €600 billion of bonds, led by €156 billion in debt offerings by Italy. 

The brisk bond market offering came despite rising geopolitical uncertainties and the U.S. trade policy turbulence, and tighter yield spreads showed rising confidence among investors. 

The annual consumer price inflation in the UK accelerated to 3.5% in April, the highest since January 2024, from 2.6% in March, the Office for National Statistics reported Wednesday. 

The rise in inflation was driven by the rebound in energy prices after the government removed the price cap, tempered by a modest slowdown in housing rent to an annual pace of 6.2% from 7.2% in March. 

Europe Indexes and Yields

The DAX index decreased by 0.3% to 23,965.71, the CAC-40 index edged lower 0.4% to 7,910.18, and the FTSE 100 index declined 0.1% to 8,768.02.

The yield on 10-year German bonds inched higher to 2.62%, French bonds increased to 3.28%, UK gilts moved up to 4.74%, and Italian bonds edged higher to 3.62%.

The euro increased to $1.13; the British pound was higher at $1.34; and the U.S. dollar was lower and traded at 82.40 Swiss cents.

Brent crude increased $0.64 to $66.02 a barrel, and the Dutch TTF natural gas was higher by €0.45 to €37.45 per MWh.

Europe Movers 

JD Sports Fashion Plc declined 6.3% to 87.12 pence after the UK-based specialty retailer reported a decline in underlying revenue in the latest period. 

Infineon Technologies AG increased 1.4% to €34.37 after the Germany-based company collaborated with Nvidia to deliver a new power delivery architecture for AI data centers. 

Marks & Spencer Group plc decreased 1.5% to 361.90 pence after the company revealed that the recent cyberattack could negatively impact operating profit by £300 million. 

Julius Baer Gruppe AG dropped 5.4% to CHF 54.38 after the Switzerland-based bank and asset management company reported its second asset write-down in eighteen months. 

The company announced a write-down of CHF 130 million, or about $156 million, following a CHF 586 million write-down in its credit portfolio earlier last year. 

"While the review is ongoing, based on our findings to date, we do not expect to uncover additional material idiosyncratic risks that could lead to significant credit losses," said the recently appointed chief executive, Stefan Bollinger. 

Europe's Debt Boom Raises Є1 Trillion, Surpassing Previous Record In 2024

Bridgette Randall
21 May, 2025
Frankfurt

Stock market indexes in Europe traded below the flatline as investors awaited an update on U.S. trade talks. 

Benchmark indexes in Frankfurt, Paris, Milan, and London headed lower following the worries about the stalled trade talks, rising government debts, and concerns about the upcoming earnings. 

Governments in Germany and Italy ramped up their bond offerings in May, and a total of one trillion euros of debt was raised by May 20, surpassing the previous 2024 record by nine days. 

The German government's bond offering was oversubscribed by 3.56 times, as the largest economy in the eurozone accelerated its infrastructure and defense spending.  

In the first four months of 2025, eurozone nations sold €600 billion of bonds, led by €156 billion in debt offerings by Italy. 

The brisk bond market offering came despite rising geopolitical uncertainties and the U.S. trade policy turbulence, and tighter yield spreads showed rising confidence among investors. 

Europe Indexes and Yields

The DAX index decreased by 0.3% to 23,965.71, the CAC-40 index edged lower 0.4% to 7,910.18, and the FTSE 100 index declined 0.1% to 8,768.02.

The yield on 10-year German bonds inched higher to 2.62%, French bonds increased to 3.28%, UK gilts moved up to 4.74%, and Italian bonds edged higher to 3.62%.

The euro increased to $1.13; the British pound was higher at $1.34; and the U.S. dollar was lower and traded at 82.40 Swiss cents.

Brent crude increased $0.64 to $66.02 a barrel, and the Dutch TTF natural gas was higher by €0.45 to €37.45 per MWh.

Europe Movers 

JD Sports Fashion Plc declined 6.3% to 87.12 pence after the UK-based specialty retailer reported a decline in underlying revenue in the latest period. 

Infineon Technologies AG increased 1.4% to €34.37 after the Germany-based company collaborated with Nvidia to deliver a new power delivery architecture for AI data centers. 

Marks & Spencer Group plc decreased 1.5% to 361.90 pence after the company revealed that the recent cyberattack could negatively impact operating profit by £300 million. 

Julius Baer Gruppe AG dropped 5.4% to CHF 54.38 after the Switzerland-based bank and asset management company reported its second asset write-down in eighteen months. 

The company announced a write-down of CHF 130 million, or about $156 million, following a CHF 586 million write-down in its credit portfolio earlier last year. 

"While the review is ongoing, based on our findings to date, we do not expect to uncover additional material idiosyncratic risks that could lead to significant credit losses," said the recently appointed chief executive, Stefan Bollinger. 

U.S. Movers: Freightos, Home Depot, Hovnanian Enterprises, Palo Alto Networks, Toll Brothers

Scott Peters
21 May, 2025
New York City

Palo Alto Networks Inc. dropped 3.9% to $186.81 after the cybersecurity company reported third-quarter 2025 results.

Revenue jumped to $2.29 billion from $1.98 billion, net income declined to $262.1 million from $278.8 million, and diluted earnings per share edged down to 79 cents from $1.32 a year ago.

The company guided fourth-quarter revenue to be between $2.49 billion and $2.51 billion, compared to $2.19 billion, and diluted earnings per share between 87 cents and 89 cents, compared to $1.51 a year ago, respectively.

For the full year, the company estimated revenue to be between $9.17 billion and $9.19 billion, compared to $8.03 billion, and diluted earnings per share between $3.26 and $3.28, compared to $5.67 a year earlier, respectively.

Home Depot Inc. eased 0.01% to $377.00 after the home improvement retailer reported first-quarter 2025 results.

Net sales jumped 9.4% to $39.86 billion from $36.42 billion, net earnings dropped 4.6% to $3.43 billion from $3.60 billion, and diluted earnings per share fell 5% to $3.45 from $3.63 a year ago.

The company reaffirmed its guidance for fiscal 2025 for a total sales growth of approximately 2.8%, compared to $159.5 billion in 2024, and a comparable sales increase of 1%.

Home Depot expects full-year diluted earnings per share to decline 3% from $14.91 a year ago.

Toll Brothers Inc. surged 5.1% to $109.81 despite the luxury home builder reporting a decline in earnings and revenue in the second quarter.

Revenue edged down to $2.74 billion from $2.84 billion, net income fell to $352.45 million from $481.62 million, and diluted earnings per share slipped to $3.50 from $4.55 a year ago.

The company delivered between 2,800 and 3,000 homes during the quarter, and the average price per home ranged between $965,000 and $985,000.

Toll Brothers spent approximately $723.0 million on land to purchase 4,380 lots and ended the quarter with 421 selling communities, compared to 386 communities a year earlier.

During the quarter, the home builder repurchased approximately 1.6 million shares at an average price of $107.84 for a total of $177.4 million.

Hovnanian Enterprises Inc. soared 4.3% to $100.30 despite the home builder reporting sharply lower earnings in the second quarter.

Revenue edged down to $686.47 million from $708.38 million, net income slumped to $17.06 million from $48.17 million, and earnings per share fell to $2.64 from $7.12 a year ago.

The company acquired or put under option approximately 3,000 lots in 46 consolidated communities during the quarter, and as of April 30, the total controlled consolidated lots were 42,440, an increase of 15.2% from 36,841 lots at the end of the previous fiscal year’s second quarter.

Total quick-move-in homes as of April 30 were 1,073, a decline of 7.7% compared with 1,163 homes as of January 31.

Hovnanian repurchased 126,448 shares of its own stock during the second quarter at an average price of $96.68 per share for a total of $12.2 million.

The company guided third-quarter revenue to be between $750 million and $850 million, compared to $722.7 million, and adjusted EBITDA between $60 million and $70 million, compared to $131.01 million a year ago, respectively.

Freightos Ltd. eased 0.4% to $2.55 after the freight booking and payment portal operator reported first-quarter 2025 results.

Revenue jumped to $6.94 million from $5.35 million, net loss narrowed to $4.50 million from a loss of $4.62 million, and loss per share shrank to 9 cents from a loss of 10 cents a year ago.

The company guided second-quarter revenue to be between $7.0 million and $7.1 million, compared to $5.7 million, and full-year revenue between $29.0 million and $30.6 million, compared to $23.8 million a year earlier, respectively.

U.S. Movers: Freightos, Home Depot, Hovnanian Enterprises, Palo Alto Networks, Toll Brothers

Scott Peters
21 May, 2025
New York City

Palo Alto Networks Inc. dropped 3.9% to $186.81 after the cybersecurity company reported third-quarter 2025 results.

Revenue jumped to $2.29 billion from $1.98 billion, net income declined to $262.1 million from $278.8 million, and diluted earnings per share edged down to 79 cents from $1.32 a year ago.

The company guided fourth-quarter revenue to be between $2.49 billion and $2.51 billion, compared to $2.19 billion, and diluted earnings per share between 87 cents and 89 cents, compared to $1.51 a year ago, respectively.

For the full year, the company estimated revenue to be between $9.17 billion and $9.19 billion, compared to $8.03 billion, and diluted earnings per share between $3.26 and $3.28, compared to $5.67 a year earlier, respectively.

Home Depot Inc. eased 0.01% to $377.00 after the home improvement retailer reported first-quarter 2025 results.

Net sales jumped 9.4% to $39.86 billion from $36.42 billion, net earnings dropped 4.6% to $3.43 billion from $3.60 billion, and diluted earnings per share fell 5% to $3.45 from $3.63 a year ago.

The company reaffirmed its guidance for fiscal 2025 for a total sales growth of approximately 2.8%, compared to $159.5 billion in 2024, and a comparable sales increase of 1%.

Home Depot expects full-year diluted earnings per share to decline 3% from $14.91 a year ago.

Toll Brothers Inc. surged 5.1% to $109.81 despite the luxury home builder reporting a decline in earnings and revenue in the second quarter.

Revenue edged down to $2.74 billion from $2.84 billion, net income fell to $352.45 million from $481.62 million, and diluted earnings per share slipped to $3.50 from $4.55 a year ago.

The company delivered between 2,800 and 3,000 homes during the quarter, and the average price per home ranged between $965,000 and $985,000.

Toll Brothers spent approximately $723.0 million on land to purchase 4,380 lots and ended the quarter with 421 selling communities, compared to 386 communities a year earlier.

During the quarter, the home builder repurchased approximately 1.6 million shares at an average price of $107.84 for a total of $177.4 million.

Hovnanian Enterprises Inc. soared 4.3% to $100.30 despite the home builder reporting sharply lower earnings in the second quarter.

Revenue edged down to $686.47 million from $708.38 million, net income slumped to $17.06 million from $48.17 million, and earnings per share fell to $2.64 from $7.12 a year ago.

The company acquired or put under option approximately 3,000 lots in 46 consolidated communities during the quarter, and as of April 30, the total controlled consolidated lots were 42,440, an increase of 15.2% from 36,841 lots at the end of the previous fiscal year’s second quarter.

Total quick-move-in homes as of April 30 were 1,073, a decline of 7.7% compared with 1,163 homes as of January 31.

Hovnanian repurchased 126,448 shares of its own stock during the second quarter at an average price of $96.68 per share for a total of $12.2 million.

The company guided third-quarter revenue to be between $750 million and $850 million, compared to $722.7 million, and adjusted EBITDA between $60 million and $70 million, compared to $131.01 million a year ago, respectively.

Freightos Ltd. eased 0.4% to $2.55 after the freight booking and payment portal operator reported first-quarter 2025 results.

Revenue jumped to $6.94 million from $5.35 million, net loss narrowed to $4.50 million from a loss of $4.62 million, and loss per share shrank to 9 cents from a loss of 10 cents a year ago.

The company guided second-quarter revenue to be between $7.0 million and $7.1 million, compared to $5.7 million, and full-year revenue between $29.0 million and $30.6 million, compared to $23.8 million a year earlier, respectively.

India Movers: United Spirits, Hindalco, Emami Paper, GSFC, Gland Pharma, NHPC, Khadim, Solar Industries

Arun Goswami
21 May, 2025
Mumbai

United Spirits Ltd. decreased 0.5% to ₹1,550.40 despite the alcoholic beverage maker reporting nearly a two-fold increase in quarterly earnings.

Consolidated revenue in the March quarter increased to ₹6,809 crore from ₹6,622 crore, and after-tax profit jumped to ₹421 crore from ₹241 crore, and diluted earnings per share rose to ₹5.93 from ₹3.40 a year ago.

For the fiscal year 2025, revenue increased to ₹27,612 crore from ₹26,243 crore, after-tax profit soared to ₹1,582 crore from ₹1,408 crore, and diluted earnings per share advanced to ₹22.28 from ₹19.83 a year ago.

Hindalco Industries Ltd. advanced 0.5% to ₹665.8 after the copper producer reported a 66% jump in its earnings.

Consolidated revenue in the March quarter inched higher to ₹65,590 crore from ₹56,356 crore, and after-tax profit advanced to ₹5,284 crore from ₹3,174 crore, and diluted earnings per share rose to ₹23.76 from ₹14.27 a year ago.

For the fiscal year 2025, revenue edged higher to ₹241,204 crore from ₹217,458 crore, after-tax profit increased to ₹16,002 crore from ₹10,155 crore, and diluted earnings per share soared to ₹71.91 from ₹45.65 a year ago.

The company's board recommended a dividend of ₹5 per share.

Emami Paper Mills Ltd. dropped 2.8% to ₹94.32 after the paper and paperboard reported an 86% decline in net income in the latest quarter.

Consolidated revenue in the March quarter declined to ₹476.7 crore from ₹486.3 crore, and after-tax profit dropped to ₹3.9 crore from ₹27.2 crore, and diluted earnings per share fell to 45 paise from ₹3.42 a year ago.

For the fiscal year 2025, revenue edged down to ₹1,932.5 crore from ₹1,997.2 crore, after-tax profit decreased to ₹26.01 crore from ₹84.30 crore, and diluted earnings per share dropped to ₹3.32 from ₹10.61 a year ago.

The company's board recommended a dividend of ₹8 per share.

Gland Pharma Ltd. jumped 4.5% to ₹1,563.20 after the generic pharmaceutical maker approved a final dividend despite the decline in revenue and earnings in the fiscal fourth quarter.

Consolidated revenue in the March quarter edged down to ₹1,468.9 crore from ₹1,579.5 crore, and after-tax profit fell to ₹186.5 crore from ₹192.4 crore, and diluted earnings per share declined to ₹11.32 from ₹11.68 a year ago.

For the fiscal year 2025, revenue edged down to ₹5,830.1 crore from ₹5,834.9 crore, after-tax profit decreased to ₹698.5 crore from ₹772.4 crore, and diluted earnings per share dropped to ₹42.40 from ₹46.89 a year ago.

The company's board recommended a dividend of ₹18 per share.

Gujarat State Fertilizers & Chemicals Ltd. decreased 2.5% to ₹200.35 despite the fertilizers and industrial chemicals producer reporting a three-fold increase in earnings.

Consolidated revenue decreased to ₹1,978.9 crore from ₹2,017.5 crore, net income rose to ₹71.8 crore from ₹24.4 crore, and diluted earnings per share increased to ₹1.80 from 62 paise a year ago.

For the fiscal year 2025, revenue edged higher to ₹9,848.6 crore from ₹9,531.5 crore, after-tax profit advanced to ₹591.2 crore from ₹563.8 crore, and diluted earnings per share soared to ₹14.83 from ₹14.16 a year ago.

The company's board recommended a dividend of ₹5 per share.

NHPC Ltd. edged up 0.4% to ₹86.98 after the hydropower company reported profit increase of 52% in the fiscal fourth quarter. 

Consolidated revenue in the March quarter advanced to ₹2,672.4 crore from ₹2,320.2 crore, and after-tax profit inched higher to ₹919.6 crore from ₹605 crore, and diluted earnings per share expanded to 80 paise from 36 paise a year ago.

For the fiscal year 2025, revenue edged higher to ₹11,729.3 crore from ₹10,993.9 crore, after-tax profit declined to ₹3,411.8 crore from ₹3,999.5 crore, and diluted earnings per share dropped to ₹2.72 from ₹3.19 a year ago.

The company's board recommended a final dividend of ₹5.1 per share.

Khadim India Ltd. declined 1% to ₹295.15 after the footwear maker reported a 10% plunge in quarterly profit.

Consolidated revenue in the March quarter inched higher to ₹96.8 crore from ₹96.5 crore, after-tax profit declined to ₹0.9 crore from ₹1 crore, and diluted earnings per share dropped to ₹2.96 from ₹4.42 a year ago.

For the fiscal year 2025, revenue edged down to ₹428.4 crore from ₹434.6 crore, after-tax profit decreased to ₹5 crore from ₹6.2 crore, and diluted earnings per share fell to ₹10.51 from ₹12.96 a year ago.

Solar Industries India Ltd. inched higher 1.3% to ₹13,667.95 after the explosive devices and ammunition maker reported a 43% rise in net income in the latest quarter.

Consolidated revenue in the March quarter inched higher to ₹2,173.1 crore from ₹1,628.4 crore, and after-tax profit advanced to ₹346.1 crore from ₹ 242.7 crore, and diluted earnings per share rose to ₹35.61 from ₹25.98 a year ago.

For the fiscal year 2025, revenue edged higher to ₹7,611.1 crore from ₹6,114 crore, after-tax profit increased to ₹1,287.9 crore from ₹876.2 crore, and diluted earnings per share soared to ₹133.7 from ₹92.38 a year ago.

The company's board recommended a final dividend of ₹10 per share.

Stock Movers: United Spirits, Hindalco, Emami Paper, GSFC, Gland Pharma, NHPC, Khadim, Solar Industries

Arun Goswami
21 May, 2025
Mumbai

United Spirits Ltd. decreased 0.5% to ₹1,550.40 despite the alcoholic beverage maker reporting nearly a two-fold increase in quarterly earnings.

Consolidated revenue in the March quarter increased to ₹6,809 crore from ₹6,622 crore, and after-tax profit jumped to ₹421 crore from ₹241 crore, and diluted earnings per share rose to ₹5.93 from ₹3.40 a year ago.

For the fiscal year 2025, revenue increased to ₹27,612 crore from ₹26,243 crore, after-tax profit soared to ₹1,582 crore from ₹1,408 crore, and diluted earnings per share advanced to ₹22.28 from ₹19.83 a year ago.

Hindalco Industries Ltd. advanced 0.5% to ₹665.8 after the copper producer reported a 66% jump in its earnings.

Consolidated revenue in the March quarter inched higher to ₹65,590 crore from ₹56,356 crore, and after-tax profit advanced to ₹5,284 crore from ₹3,174 crore, and diluted earnings per share rose to ₹23.76 from ₹14.27 a year ago.

For the fiscal year 2025, revenue edged higher to ₹241,204 crore from ₹217,458 crore, after-tax profit increased to ₹16,002 crore from ₹10,155 crore, and diluted earnings per share soared to ₹71.91 from ₹45.65 a year ago.

The company's board recommended a dividend of ₹5 per share.

Emami Paper Mills Ltd. dropped 2.8% to ₹94.32 after the paper and paperboard reported an 86% decline in net income in the latest quarter.

Consolidated revenue in the March quarter declined to ₹476.7 crore from ₹486.3 crore, and after-tax profit dropped to ₹3.9 crore from ₹27.2 crore, and diluted earnings per share fell to 45 paise from ₹3.42 a year ago.

For the fiscal year 2025, revenue edged down to ₹1,932.5 crore from ₹1,997.2 crore, after-tax profit decreased to ₹26.01 crore from ₹84.30 crore, and diluted earnings per share dropped to ₹3.32 from ₹10.61 a year ago.

The company's board recommended a dividend of ₹8 per share.

Gland Pharma Ltd. jumped 4.5% to ₹1,563.20 after the generic pharmaceutical maker approved a final dividend despite the decline in revenue and earnings in the fiscal fourth quarter.

Consolidated revenue in the March quarter edged down to ₹1,468.9 crore from ₹1,579.5 crore, and after-tax profit fell to ₹186.5 crore from ₹192.4 crore, and diluted earnings per share declined to ₹11.32 from ₹11.68 a year ago.

For the fiscal year 2025, revenue edged down to ₹5,830.1 crore from ₹5,834.9 crore, after-tax profit decreased to ₹698.5 crore from ₹772.4 crore, and diluted earnings per share dropped to ₹42.40 from ₹46.89 a year ago.

The company's board recommended a dividend of ₹18 per share.

Gujarat State Fertilizers & Chemicals Ltd. decreased 2.5% to ₹200.35 despite the fertilizers and industrial chemicals producer reporting a three-fold increase in earnings.

Consolidated revenue decreased to ₹1,978.9 crore from ₹2,017.5 crore, net income rose to ₹71.8 crore from ₹24.4 crore, and diluted earnings per share increased to ₹1.80 from 62 paise a year ago.

For the fiscal year 2025, revenue edged higher to ₹9,848.6 crore from ₹9,531.5 crore, after-tax profit advanced to ₹591.2 crore from ₹563.8 crore, and diluted earnings per share soared to ₹14.83 from ₹14.16 a year ago.

The company's board recommended a dividend of ₹5 per share.

NHPC Ltd. edged up 0.4% to ₹86.98 after the hydropower company reported profit soaring 52% in the fiscal fourth quarter. 

Consolidated revenue in the March quarter advanced to ₹2,672.4 crore from ₹2,320.2 crore, and after-tax profit inched higher to ₹919.6 crore from ₹605 crore, and diluted earnings per share expanded to 80 paise from 36 paise a year ago.

For the fiscal year 2025, revenue edged higher to ₹11,729.3 crore from ₹10,993.9 crore, after-tax profit declined to ₹3,411.8 crore from ₹3,999.5 crore, and diluted earnings per share dropped to ₹2.72 from ₹3.19 a year ago.

The company's board recommended a final dividend of ₹5.1 per share.

Khadim India Ltd. declined 1% to ₹295.15 after the footwear maker reported a 10% plunge in quarterly profit.

Consolidated revenue in the March quarter inched higher to ₹96.8 crore from ₹96.5 crore, after-tax profit declined to ₹0.9 crore from ₹1 crore, and diluted earnings per share dropped to ₹2.96 from ₹4.42 a year ago.

For the fiscal year 2025, revenue edged down to ₹428.4 crore from ₹434.6 crore, after-tax profit decreased to ₹5 crore from ₹6.2 crore, and diluted earnings per share fell to ₹10.51 from ₹12.96 a year ago.

Solar Industries India Ltd. inched higher 1.3% to ₹13,667.95 after the explosive devices and ammunition maker reported a 43% rise in net income in the latest quarter.

Consolidated revenue in the March quarter inched higher to ₹2,173.1 crore from ₹1,628.4 crore, and after-tax profit advanced to ₹346.1 crore from ₹ 242.7 crore, and diluted earnings per share rose to ₹35.61 from ₹25.98 a year ago.

For the fiscal year 2025, revenue edged higher to ₹7,611.1 crore from ₹6,114 crore, after-tax profit increased to ₹1,287.9 crore from ₹876.2 crore, and diluted earnings per share soared to ₹133.7 from ₹92.38 a year ago.

The company's board recommended a final dividend of ₹10 per share.

Yen Rally Extends to Seventh Session, Japan's Export Growth Slows to 7-Month Low

Akira Ito
21 May, 2025
Tokyo

Japan's benchmark indexes struggled to rise above the flatline, and investors awaited  the outcome of the third round of trade negotiations with the U.S. 

The Nikkei 225 Stock Average declined 0.3%, and the broader Topix index fell a fraction, and investors reviewed the latest international trade statistics released by the Ministry of Finance. 

Japan Export Growth Slows In April and Annual Trade Deficit Shrank 

Japan's exports in April rose 2% from a year ago to 9.16 trillion yen, and imports fell 2% to 9.27 trillion yen, resulting in a decrease in the trade deficit to 115.85 billion yen compared to 504.69 billion a year ago. 

Exports advanced for the seventh month in a row, but the increase was the slowest amid U.S. tariff headwinds, and exports to the U.S. fell 1.8% amid a decline in demand for vehicles, steel, and ships. 

Exports to the European Union declined 5.2%, fell to China 0.6%, and eased to Russia 3.0%. Meanwhile, shipments to the ASEAN region increased 1.9%. 

Japan is among the hardest hit countries by the U.S. tariffs, with vehicles and aluminum and steel exports attracting 25% tariffs. 

Vehicle exports account for 28.3% of total exports to the U.S., and Japan's top trade negotiator, Ryosei Akazawa, has called for the removal of U.S. tariffs. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average decreased 0.3% to 37,401.03, and the broader Topix index eased 0.01% to 2,738.49. 

The yen gained for the seventh session in a row and traded at 143.67 against the U.S. dollar, as foreign investors sought safety in Japanese assets amid "Sell America" sentiment in Asia. 

Toyota Motor advanced 0.2% to ¥2,677.50, Honda Motor gained 1.6% to ¥1,444.50, and Nissan Motor advanced 1.5% to ¥364.60. 

Tokio Marine declined 2.5% to ¥5,656.0, and the insurance company said it plans to repurchase up to 70 million shares for as much as 110 billion yen, representing about 3.64% of total outstanding shares. 

The stock repurchase program is valid until the end of October 2025, and as of now, there are 1.92 billion outstanding shares and 9.11 million treasury shares.

Yen Rally Extends to Seventh Session, Japan's Export Growth Slows to 7-Month Low

Akira Ito
21 May, 2025
Tokyo

Japan's benchmark indexes struggled to rise above the flatline, and investors awaited  the outcome of the third round of trade negotiations with the U.S. 

The Nikkei 225 Stock Average declined 0.3%, and the broader Topix index fell a fraction, and investors reviewed the latest international trade statistics released by the Ministry of Finance. 

Japan Export Growth Slows In April and Annual Trade Deficit Shrank 

Japan's exports in April rose 2% from a year ago to 9.16 trillion yen, and imports fell 2% to 9.27 trillion yen, resulting in a decrease in the trade deficit to 115.85 billion yen compared to 504.69 billion a year ago. 

Exports advanced for the seventh month in a row, but the increase was the slowest amid U.S. tariff headwinds, and exports to the U.S. fell 1.8% amid a decline in demand for vehicles, steel, and ships. 

Exports to the European Union declined 5.2%, fell to China 0.6%, and eased to Russia 3.0%. Meanwhile, shipments to the ASEAN region increased 1.9%. 

Japan is among the hardest hit countries by the U.S. tariffs, with vehicles and aluminum and steel exports attracting 25% tariffs. 

Vehicle exports account for 28.3% of total exports to the U.S., and Japan's top trade negotiator, Ryosei Akazawa, has called for the removal of U.S. tariffs. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average decreased 0.3% to 37,401.03, and the broader Topix index eased 0.01% to 2,738.49. 

The yen gained for the seventh session in a row and traded at 143.67 against the U.S. dollar, as foreign investors sought safety in Japanese assets amid "Sell America" sentiment in Asia. 

Toyota Motor advanced 0.2% to ¥2,677.50, Honda Motor gained 1.6% to ¥1,444.50, and Nissan Motor advanced 1.5% to ¥364.60. 

Tokio Marine declined 2.5% to ¥5,656.0, and the insurance company said it plans to repurchase up to 70 million shares for as much as 110 billion yen, representing about 3.64% of total outstanding shares. 

The stock repurchase program is valid until the end of October 2025, and as of now, there are 1.92 billion outstanding shares and 9.11 million treasury shares.

China Monetary Stimulus Hopes Keep 5-Week Rally Alive

Li Chen
21 May, 2025
Hong Kong

Stock market indexes in China and Hong Kong advanced amid growing confidence about China's economy's ability to withstand the unilateral surge in U.S. tariffs.

The Hang Seng Index advanced 0.5%, and the mainland-focused CSI 300 index gained 0.7%; both indexes extended their gains after the People's Bank of China lowered rates for the first time in seven months. 

The People's Bank of China is likely to carry out at least one more rate cut of 15 basis points and trim the reserve requirement ratio by 50 basis points. 

Market participants are holding out for additional monetary stimulus measures to support consumer spending and the residential property market over the next six months.  

So far, foreign investors have been net purchasers of Hong Kong stocks, supporting the market surge over the last five weeks. 

April's mixed economic data also raised hopes that policymakers are willing to roll out additional measures if consumer demand remains weak in the months ahead. 

China's retail sales and fixed-asset investment rose at a slower than expected pace, but exports and industrial production surpassed market expectations in April. 

China Indexes and Stocks 

The Hang Seng index added 0.5% to 23,800.38, and the mainland-focused CSI 300 index gained 0.7% to 3,924.65. 

Trip.com Group declined 1.2% to HK $499.40, despite the online travel platform operator reporting a 16% rise in annual revenue. 

Net revenue jumped to 13.83 billion yuan from 11.90 billion yuan, net income decreased to 4.28 billion yuan from 4.31 billion yuan, and diluted earnings per share eased to 6.09 yuan from 6.38 yuan a year ago.

Accommodation reservation revenue increased 23%, transportation ticketing sales edged up 8%, packaged-tour sales climbed 7%, and corporate travel revenue jumped 12% from a year ago, respectively.

Electric vehicle makers led the broader market amid hopes of sustained domestic demand. 

Li Auto added 3.4% to $114.80, BYD added 2.7% to HK $457.20, and Xpeng decreased 0.1% to HK $77.45.  

China Monetary Stimulus Hopes Keep 5-Week Rally Alive

Li Chen
21 May, 2025
Hong Kong

Stock market indexes in China and Hong Kong advanced amid growing confidence about China's economy's ability to withstand the unilateral surge in U.S. tariffs.

The Hang Seng Index advanced 0.5%, and the mainland-focused CSI 300 index gained 0.7%; both indexes extended their gains after the People's Bank of China lowered rates for the first time in seven months. 

The People's Bank of China is likely to carry out at least one more rate cut of 15 basis points and trim the reserve requirement ratio by 50 basis points. 

Market participants are holding out for additional monetary stimulus measures to support consumer spending and the residential property market over the next six months.  

So far, foreign investors have been net purchasers of Hong Kong stocks, supporting the market surge over the last five weeks. 

April's mixed economic data also raised hopes that policymakers are willing to roll out additional measures if consumer demand remains weak in the months ahead. 

China's retail sales and fixed-asset investment rose at a slower than expected pace, but exports and industrial production surpassed market expectations in April. 

China Indexes and Stocks 

The Hang Seng index added 0.5% to 23,800.38, and the mainland-focused CSI 300 index gained 0.7% to 3,924.65. 

Trip.com Group declined 1.2% to HK $499.40, despite the online travel platform operator reporting a 16% rise in annual revenue. 

Net revenue jumped to 13.83 billion yuan from 11.90 billion yuan, net income decreased to 4.28 billion yuan from 4.31 billion yuan, and diluted earnings per share eased to 6.09 yuan from 6.38 yuan a year ago.

Accommodation reservation revenue increased 23%, transportation ticketing sales edged up 8%, packaged-tour sales climbed 7%, and corporate travel revenue jumped 12% from a year ago, respectively.

Electric vehicle makers led the broader market amid hopes of sustained domestic demand. 

Li Auto added 3.4% to $114.80, BYD added 2.7% to HK $457.20, and Xpeng decreased 0.1% to HK $77.45.  

Five-Week Rally On Wall Street Falters, Retailers In Focus Ahead of Earnings

Barry Adams
20 May, 2025
New York City

Wall Street indexes struggled to build on the six-day rally, and widely followed indexes registered fractional gains in Monday's trading. 

The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.2% in Tuesday's trading, as investors assessed the impact of tariffs on the broader economy. 

The S&P 500 index gained about 20% over the last 27 trading sessions after the Trump administration and China paused the implementation of newly announced tariffs. 

Despite the easing of tensions for now, retailers and importers are bracing for uncertainties and disruptions at ports as Asian manufacturers race to meet the rebound in U.S. orders ahead of the August deadline.  

Leading retailers are scheduled to report their quarterly reports this week, including updates from Lowe’s Companies, Dollar Tree, Ross Stores, Burlington Stores, and Deckers Outdoor.

Benchmark indexes reversed morning losses to close fractionally higher as investors overlooked the latest downgrade of the U.S. debt as the federal government is poised to balloon by at least $3 trillion over the next four years of the Trump administration. 

Donald Trump, during the presidential campaign in 2024, repeatedly reminded voters that his administration's economic policies would wipe out the entire federal government debt at the end of his second term. 

The U.S. federal government debt stands at $36 trillion, and the latest budget proposal discussed by the U.S. House of Representatives is likely to add at least $3 trillion. 

Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 0.4% to 5,938.38, the Nasdaq Composite edged down 0.6% to 19,097.68, and the Russell 2000 index declined 0.6% to 2,100.11.

The yield on 2-year Treasury notes edged higher to 3.99%, 10-year Treasury notes increased to 4.50%, and 30-year Treasury bonds advanced to 4.96%.

WTI crude oil increased $0.10 to $62.24 a barrel, and natural gas prices edged higher by $0.13 to $3.24 a thermal unit.

Gold increased by $14.68 to 3,236.63 an ounce, and silver edged up by $0.12 to $32.48.

The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.03 to 100.46 and traded at a two-year high.

U.S. Stock Movers 

Home Depot Inc. increased 2.2% to $388.0 after the home improvement retailer reiterated its full-year guidance. 

The specialty retailer estimated full-year sales to increase 2.8%, driven by a 1% increase in comparable same-store sales. 

8x8 Inc. fell 1.7% to $1.80, and the voice over IP services provider reported a 2% decline in revenue and sharply higher losses in its latest fiscal year. 

Toll Brothers edged up 0.2% to $106.30 ahead of the home builders' quarterly results later in the day. 

Five-Week Rally On Wall Street Falters, Retailers In Focus Ahead of Earnings

Barry Adams
20 May, 2025
New York City

Wall Street indexes struggled to build on the six-day rally, and widely followed indexes registered fractional gains in Monday's trading. 

The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.2% in Tuesday's trading, as investors assessed the impact of tariffs on the broader economy. 

The S&P 500 index gained about 20% over the last 27 trading sessions after the Trump administration and China paused the implementation of newly announced tariffs. 

Despite the easing of tensions for now, retailers and importers are bracing for uncertainties and disruptions at ports as Asian manufacturers race to meet the rebound in U.S. orders ahead of the August deadline.  

Leading retailers are scheduled to report their quarterly reports this week, including updates from Lowe’s Companies, Dollar Tree, Ross Stores, Burlington Stores, and Deckers Outdoor.

Benchmark indexes reversed morning losses to close fractionally higher as investors overlooked the latest downgrade of the U.S. debt as the federal government is poised to balloon by at least $3 trillion over the next four years of the Trump administration. 

Donald Trump, during the presidential campaign in 2024, repeatedly reminded voters that his administration's economic policies would wipe out the entire federal government debt at the end of his second term. 

The U.S. federal government debt stands at $36 trillion, and the latest budget proposal discussed by the U.S. House of Representatives is likely to add at least $3 trillion to $4 trillion. 

U.S. Stock Movers 

Home Depot Inc. increased 2.2% to $388.0 after the home improvement retailer reiterated its full-year guidance. 

The specialty retailer estimated full-year sales to increase 2.8%, driven by a 1% increase in comparable same-store sales. 

8x8 Inc. fell 1.7% to $1.80, and the voice over IP services provider reported a 2% decline in revenue and sharply higher losses in its latest fiscal year. 

Toll Brothers edged up 0.2% to $106.30 ahead of the home builders' quarterly results later in the day.