In today’s briefing:
- JSW Steel’s Tumble: Untangling the Bhushan Power & Steel Supreme Court Setback
- Adani Enterprises: Airports, Green Energy, and Industrial Projects Are the Key Growth Drivers
- Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels
- Laurus Labs Q4 FY25 Update: Diversification and Strategic R&D Drive Growth
- Lucror Analytics – Morning Views Asia
JSW Steel’s Tumble: Untangling the Bhushan Power & Steel Supreme Court Setback
- JSW Steel Ltd (JSTL IN)‘s resolution plan for Bhushan Power & Steel was rejected by the Supreme Court, ordering its liquidation.
- The rejection undermines JSW Steel’s capacity expansion and investment plans, leading to significant financial and strategic setbacks.
- The ruling highlights the importance of strict adherence to IBC provisions and raises concerns over the predictability of large asset resolutions.
Adani Enterprises: Airports, Green Energy, and Industrial Projects Are the Key Growth Drivers
- Adani Enterprises’ consolidated EBITDA rose by 26% to Rs16,722 crore in FY25, supported by expansion across key infrastructure and energy businesses.
- Focus areas include scaling airports, green hydrogen production, solar manufacturing, data centers, and stabilized annuity cash flows from roads.
- Key risks are project execution delays, regulatory oversight, high leverage, ESG scrutiny etc.
Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels
- We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.
- Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int’l Compass. For now we want to remain near-term bullish
- 200-Day MAs on ACWI-US and SPX are spots where they could roll over. This is just a lean; if we see no reason to sell at those levels, we won’t.
Laurus Labs Q4 FY25 Update: Diversification and Strategic R&D Drive Growth
- Laurus Labs (LAURUS IN) achieved a 122% YoY increase in PAT for FY25, driven by strong CDMO execution and higher margins.
- The company is accelerating its transformation from an ARV-heavy model to a diversified CDMO/CMO business, with growing client base and strong pipeline visibility.
- Laurus’ focus on small molecule and bio-CDMO segments, supported by strategic investments in new capacities, positions the company for continued growth, with improved asset turnover and higher operating leverage.
Lucror Analytics – Morning Views Asia
- US markets were in risk-on mode overnight, amid strong earnings from tech companies.
- The S&P 500 was up 0.6% for the eighth consecutive day, while the Nasdaq gained 1.5%.
- US Treasuries steepened, with the 2Y yield shrinking by 5 bps but the 30Y gaining 3 bps as investors slightly curbed their bets on US interest-rate cuts this year given factory activity data, while keeping the inflation expectation further out.
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