FOMO To FMA -Global Markets Glow, Earnings Split the Street, and Trade Winds Turn Favorable - India Bulls Eye a Strong Opening

Global Market Futures (as of 06:25 AM IST)
US Market (Futures)

• Nasdaq: +0.42%
• Dow Jones: +0.08%
• S&P 500: +0.25%

European (Futures)

• Ftse 100: +0.09%
• Cac 40: +0.23%
• Dax : +0.34%

Asian (Live Markets)

• NIKKIE 225: +2.53%
• KOSPI: +4.16%
• ASX 200: +1.27%

Gift Nifty: 25898.50 (+0.14%)

FII and DII Trading Activity February 2, 2026 in Cash market:
FIIs / FPIs: Net Sell of ₹1,832.46 crore
DIIs: Net Buy of ₹2,446.33 crore

Commodity Market Updates:
International commodity markets witnessed mixed but volatile movements in the latest session. Gold surged to around 4,830, while XAU/USD traded near 4,808, reflecting strong safe-haven demand and bullish momentum in precious metals. Silver significantly outperformed, jumping to about 83.19, marking one of the strongest gains across commodities. Copper edged higher to nearly 5.89, supported by steady industrial demand expectations. Energy markets showed relative weakness: WTI crude oil eased slightly to around 61.99, while Brent crude declined more sharply to approximately 66.31, pressured by supply concerns and demand uncertainty. Natural gas posted a modest uptick, trading near 3.28, indicating balanced market fundamentals.

Key Results Today:
Bajaj Finance, Adani Enterprises, Adani Ports and Special Economic Zone, One Mobikwik Systems, Aarti Drugs, Aditya Birla Capital, Dr Agarwals Health Care, Castrol India, Firstsource Solutions, HFCL, JK Lakshmi Cement, Kansai Nerolac Paints, Mankind Pharma, Nazara Technologies, NMDC, Pidilite Industries, Restaurant Brands Asia, Triveni Turbine, Trualt Bioenergy, Varun Beverages, and Zydus Wellness will announce their quarterly earnings today.

Key Corporate Earnings:

UPL Q3 (Consolidated YoY)
UPL reported a sharp 52.2% decline in Q3 profit to Rs 396 crore despite a healthy 12.5% rise in revenue. Earnings were impacted by higher tax expenses of Rs 181 crore, compared with a substantial tax write-back in the corresponding quarter last year.
PB Fintech Q3 (Consolidated YoY)
PB Fintech delivered strong performance with profit surging 165% year-on-year, supported by a robust 37.1% growth in revenue. The company also announced board approval for a fund raise through a qualified institutional placement, signalling growth and expansion plans ahead.
Awfis Space Solutions Q3 (Consolidated YoY)
Awfis Space Solutions posted solid Q3 results, with profit rising 42.7% and revenue growing 20.2% year-on-year. Performance was supported by increased occupancy and steady demand for flexible workspaces, reflecting continued traction in the managed office solutions segment.
Thermax Q3 (Consolidated YoY)
Thermax reported a strong 80.3% jump in Q3 profit, aided by exceptional gains of Rs 58.75 crore. Revenue grew modestly by 4.2%, while improved margins and one-off income boosted overall profitability during the quarter.
Indus Towers Q3 (Consolidated YoY)
Indus Towers saw profit decline sharply by 55.6% despite revenue growth of 7.9%. Earnings were weighed down by hefty allowances for doubtful receivables amounting to over Rs 3,000 crore, reflecting stress related to customer receivables during the quarter.
Paradeep Phosphates Q3 (Consolidated YoY)
Paradeep Phosphates reported a 13% fall in Q3 profit despite strong 15.2% revenue growth. Profitability was impacted by an exceptional loss of Rs 41.3 crore, even as topline performance benefited from improved fertilizer demand and higher sales volumes.
Akzo Nobel India Q3 (Consolidated YoY)
Akzo Nobel India posted weaker Q3 results, with profit declining 31.6% and revenue falling 13.6% year-on-year. Earnings were further impacted by an exceptional loss of Rs 28.3 crore, reflecting pressure on volumes and cost challenges during the quarter.
Aarti Industries Q3 (Consolidated YoY)
Aarti Industries delivered a strong turnaround with profit surging 189.1% on the back of a 25.8% rise in revenue. Improved capacity utilisation, better product mix, and easing cost pressures supported a sharp recovery in quarterly earnings performance.
Chalet Hotels Q3 (Consolidated YoY)
Chalet Hotels reported healthy Q3 growth, with profit increasing 28.5% and revenue rising 27%. Performance was driven by strong occupancy levels, higher average room rates, and sustained demand across its hospitality and commercial property portfolio.
Honeywell Automation India Q3 (YoY)
Honeywell Automation India posted a marginal 8.3% decline in profit despite a 7.1% increase in revenue. Higher costs and operating expenses weighed on margins, even as demand remained steady across automation and digital solutions segments.
PG Electroplast Q3 (Consolidated YoY)
PG Electroplast delivered robust Q3 results, with profit rising 50.3% and revenue surging 45.9% year-on-year. Growth was driven by strong demand in consumer electronics manufacturing and improved scale across its electronics manufacturing services operations.
Aditya Birla Lifestyle Brands Q3 (Consolidated YoY)
Aditya Birla Lifestyle Brands reported steady Q3 growth, with profit rising 14.4% and revenue increasing 9.6%. Performance was supported by improved demand across fashion and retail segments, alongside better operational efficiencies.
RailTel Corporation of India Q3 (YoY)
RailTel posted mixed Q3 results, with profit slipping 4% despite a strong 19% rise in revenue. Margin pressure and higher expenses impacted earnings, even as execution momentum remained strong across telecom and digital infrastructure projects.
Olectra Greentech Q3 (Consolidated YoY)
Olectra Greentech reported flat profitability with a marginal 0.15% rise in profit, while revenue surged 28.8%. Strong topline growth was driven by higher electric bus deliveries, though cost pressures limited meaningful expansion in bottom-line performance.
Utkarsh Small Finance Bank Q3 (YoY)
Utkarsh Small Finance Bank reported a widening loss amid falling net interest income and an operating loss. Higher provisions impacted profitability, though asset quality improved sequentially, with both gross and net NPAs showing a decline quarter-on-quarter.
Tata Chemicals Q3 (Consolidated YoY)
Tata Chemicals posted a wider Q3 loss of Rs 93 crore as revenue declined marginally. Earnings were impacted by challenging global market conditions, though exceptional losses reduced year-on-year compared with the corresponding quarter.
City Union Bank Q3 (YoY)
City Union Bank reported strong Q3 performance, with profit rising 16.1% and net interest income surging 27.8%. Asset quality improved sequentially, with declines in both gross and net NPAs, reflecting healthy credit growth and controlled slippages.
Ather Energy Q3 (YoY)
Ather Energy significantly narrowed its Q3 loss as revenue surged over 50%. Improved scale, higher vehicle deliveries, and better operating leverage supported earnings, signalling progress toward profitability amid strong demand in the electric two-wheeler segment.
Bajaj Housing Finance Q3 (YoY)
Bajaj Housing Finance delivered a solid Q3, with profit rising 21.3% and net interest income growing 19.6%. Strong loan growth, stable asset quality, and healthy margins supported consistent earnings performance during the quarter.

Key Corporate Updates:

Positive:
 

• India–U.S. Trade Relations: Prime Minister Modi expressed optimism on deepening bilateral ties, highlighting reduced 18% tariffs on Made in India products, while former U.S. President Trump announced an immediate U.S.–India trade deal focused on reciprocal tariff reductions, expanded trade flows, and enhanced strategic cooperation.
• Indian Rupee (NDF Market): Offshore NDF markets indicate INR strength towards ~91/USD versus the previous close of 91.5125, supported by positive sentiment following the U.S.–India trade agreement announcement.
• Wipro (US-listed ADRs): Shares rose ~6% in U.S. trading, reflecting investor optimism around improved trade relations and potential demand recovery for Indian IT services.
• Tata Power: Commissioned a 198 MW group captive power project in Karur, Tamil Nadu, strengthening its renewable and industrial power portfolio.
• Thermax: Posted solid Q3 performance with revenue of ₹26.35 bn and net profit of ₹2.04 bn, aided by execution strength and healthy order inflows.
• Indus Towers: Reported robust December-quarter results with revenue of ₹81.46 bn and profit of ₹17.76 bn, reflecting stable tenancy additions and improved margins.
• Lupin: Launched Dasatinib tablets in the U.S. market, expanding its oncology portfolio and reinforcing its U.S. generics presence.
• Infosys: Renewed and expanded its multi-year digital innovation partnership with Madison Square Garden, reinforcing long-term enterprise digital engagement opportunities.
• Paradeep Phosphates: Re-appointed Managing Director for three years and reported strong Q3 results with revenue of ₹57.48 bn and net profit of ₹1.82 bn, supported by operational stability.
• Artemis Medicare Services: Approved fundraising of up to ₹7 bn and reported healthy Q3 earnings, indicating growth momentum and balance sheet strengthening.
• PB Fintech: Delivered strong Q3 results with revenue of ₹17.71 bn and net profit of ₹1.89 bn; board to consider fundraising, indicating growth capital planning.
• Adani Ports: Handled 44.8 MMT cargo in January 2026, registering YoY growth and reflecting sustained trade and logistics demand.
• Bajaj Housing Finance: Reported strong Q3 performance with revenue of ₹28.86 bn and PAT of ₹6.65 bn, driven by loan growth and stable asset quality.
• Akzo Nobel India: Reported stable Q3 earnings with revenue of ₹9.08 bn and net profit of ₹743 mn, reflecting steady operations.
• Aditya Birla Lifestyle Brands: Approved issuance of ₹5 bn NCDs and posted Q3 revenue of ₹23.43 bn with PAT of ₹690.1 mn, reflecting balanced growth and leverage planning.

Negative:

• Tata Chemicals: Reported a consolidated net loss of ₹930 mn in Q3 despite revenue of ₹35.50 bn, indicating margin pressure amid ongoing investment commitments.
• Utkarsh Small Finance Bank: Posted a Q3 net loss of ₹3.75 bn with elevated GNPA of 11.05%, highlighting asset quality stress and higher provisioning requirements.
• Deepak Fertilisers & Petrochemicals: Received a tax demand of ₹34.6 mn, posing a potential financial and compliance overhang.
• Flomic Global Logistics: Received a significant tax demand notice of ₹106.2 mn, which could impact cash flows if upheld.
• Styrenix Performance: Received a tax demand order amounting to ₹132.9 mn, representing a regulatory and financial risk.
• MTNL: Directed to pay a penalty of ₹1 mn for non-compliance during May–June 2025, adding to its ongoing financial challenges.
• Ather Energy: Reported a Q3 loss of ₹846 mn despite revenue growth, with management flagging commodity cost pressures and reduced EV incentives as near-term headwinds.
• Olectra Green: Reported Q3 revenue of ₹6.64 bn and net profit of ₹464 mn, reflecting stable execution.
• City Union Bank: Delivered steady Q3 performance with net profit of ₹3.32 bn and GNPA at 2.17%, indicating controlled asset quality.

Neutral / Others

• SAIL / RITES: Both the Companies Signed an MoU to collaborate on locomotive leasing and maintenance, supporting operational efficiency in raw material and finished goods movement; the agreement is strategic and does not entail immediate capital or revenue commitments
• Brigade Hotel Ventures: Signed a Memorandum of Understanding with the Government of Tamil Nadu to invest approximately ₹11 billion in Chennai, indicating expansion plans in the hospitality segment and a long-term commitment to capacity addition in the state
• Coal India: Announced an estimated ₹34 bn impact from system upgradation initiatives and approved pay scale upgrades for mid-level executives, aimed at improving productivity and talent retention.
• Indian Bank: Kept 1-year MCLR unchanged at 8.75%, maintaining lending rate stability.
• Unichem Laboratories: USFDA inspection at Kolhapur facility concluded with five observations, none related to data integrity, indicating manageable compliance risk.
• Ather Energy (Strategic Outlook): Management reiterated plans for EL low-cost EV platform launch, Hong Kong procurement unit setup, and margin-accretive insurance distribution business.

Non-Corporate, Unlisted & Foreign / Macro

1) U.S.-India Trade & Geopolitics: Former U.S. President Trump stated that India committed to reducing tariffs and non-tariff barriers and increasing purchases of U.S. energy and goods, while discussions also covered geopolitical issues including Russia–Ukraine and global energy sourcing.
2) India Government Borrowing: Finance Ministry announced bond sales totaling ₹580 bn via auctions, including long-dated securities, signaling continued fiscal funding needs.
3) Fitch Ratings (India Outlook): Fitch RTGS noted India’s FY27 budget targets continued fiscal consolidation, albeit at a slower pace, reflecting balancing of growth and fiscal discipline.
4) Bond Market: India’s 10-year benchmark government bond yield closed higher at 6.7662%, indicating mild upward pressure on yields amid supply expectations.
5) Air India: Grounded a Boeing 787 aircraft following a pilot-reported fuel control switch issue; while fleet-wide checks showed no anomalies, the matter has been escalated to DGCA, raising operational caution.

Bulk Deals:

Clean Science and Technology
Amansa Holdings, backed by Singapore-based investor Akash Prakash, acquired 11.79 lakh shares of Clean Science and Technology, representing a 1.1% stake, for Rs 93.39 crore at Rs 791.84 per share. This purchase adds to Amansa’s existing 1.26% holding in the company as of December 2025.
Jinkushal Industries
Royal Alpha Opportunity Fund and Vorton Opportunities Fund picked up fresh stakes in Jinkushal Industries through separate market transactions. Royal Alpha acquired 1.96 lakh shares at Rs 69.59 per share for Rs 1.36 crore, while Vorton bought 3.92 lakh shares at Rs 69.49 per share, investing Rs 2.72 crore.
India Homes
Lloyds Enterprises continued increasing its exposure to India Homes by acquiring an additional 75 lakh shares, equivalent to a 1.88% stake, for Rs 9.97 crore at Rs 13.3 per share. At the same price, M K Banka (HUF) sold 74.74 lakh shares, or 1.87%.

IPO Listing Today:

SME Listing:
Kasturi Metal Composite

On-going IPO:
Last Date 3-Feb
C K K  Retail Mart Ltd (NSE SME)

Upcoming IPO:
(04-Feb to 06-Feb)
NFP Sampoorna Foods Ltd (NSE SME)
(06-Feb to 10-Feb)
Biopol Chemicals Ltd (NSE SME)

Securities Trading Ex-Dividend on February 3, 2026
Cochin Shipyard Ltd, GPT Infraprojects Ltd, Garden Reach Shipbuilders & Engineers Ltd, Symphony Ltd, Vaibhav Global Ltd
Securities Trading Ex-Income Distribution on February 3, 2026
Anzen India Energy Yield Plus Trust (InvIT), Brookfield India Real Estate Trust (REIT)
Securities Under F&O Ban on February 3, 2026
SAMMAANCAP

Source: WOWNEWS24X7, Moneycontrol, Investing.com