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Broker’s call: Happiest Minds (Buy)

Broker’s call: Happiest Minds (Buy)

by | Jun 1, 2026 | Business


Target: ₹560

CMP: ₹378.75

Happiest Minds reported Q4FY26 revenues of ₹604.10 crore, (vs our estimate of ₹645.50 crore), up 2.8 per cent q-o-q and 10.9 per cent y-o-y. In USD terms it reported degrowth of 1.1 per cent q-o-q in revenues at $65.0 milion.

For FY26, INR revenues stood at ₹231.50 crore, up 12.3 per cent y-o-y, while the USD revenue stood at $265.8 million, up 9.1 per cent YoY. EBIT Margin came in at 13.6 per cent for Q4-FY26, declining 90 bps q-o-q (vs CIE estimate of 15.6 per cent). For the full year, EBIT margin stood at 13.6 per cent, up by 70 bps y-o-y.

PAT for the quarter came in at ₹6.12 crore, up by 51.8 per cent QoQ and 32.5 per cent y-o-y. For the full year, PAT stood at ₹21.26 crore, up 8 per cent y-o-y.

Margin remained stable at 17.5 per cent, aided by improved utilisation and operational efficiency, though continued AI investments may keep near-term profitability range-bound. We believe execution on AI monetisation, platform scaling-up and margin discipline will remain critical for sustaining growth momentum. The management expects margin to improve by about 100 bps over time, targeting an operating margin range of 17.5-18.5 per cent.

Accordingly, we expect Revenue/EBIT/PAT to respectively expand at a CAGR of 16.5/21.2/25.6 per cent over FY26–FY29E. While we maintain our ‘Buy’ rating, we revise our target price to ₹560 (earlier ₹620), based on the FY28E EPS.

Published on June 1, 2026



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India-US trade deal to reflect Washington's tariff changes, says Piyush Goyal

India-US trade deal to reflect Washington's tariff changes, says Piyush Goyal

by | Jun 1, 2026 | Business


Union Commerce and Industry Minister Piyush Goyal
| Photo Credit:
ANI

The ‌trade deal ​India ⁠is
negotiating with the US ‌will take ‌into ‌account ⁠legal changes
in ⁠Washington’s tariff structure, ​Indian trade ‌minister Piyush
Goyal said on Monday.

Large ‌parts ​of the agreement ⁠have been finalised ‌and a “few
final details” are being discussed, ‌he said.

Published on June 1, 2026



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HDFC Asset Management Company gets HC relief in cyber theft case; injunction granted against hackers

HDFC Asset Management Company gets HC relief in cyber theft case; injunction granted against hackers

by | Jun 1, 2026 | Business


The Bombay High Court has granted temporary injunction against a ransomware group identifying itself as “Morpheus” from distributing or disclosing confidential data exfiltrated by it from the HFDC Asset Management Company.

A vacation bench of Justice Shreeram Shirsat, in the order passed on May 29, said prima facie an arguable case was made out to grant interim relief.

“If the confidential data is misused or leaked or traded or compromised, it will lead to dreadful consequences and it can cause irreparable and irreversible damage to the plaintiff company,” the court said.

Apart from the injunction against the ransomware group from using, distributing or disclosing the confidential data, the court also directed the Union government to take all steps necessary to remove, delete, block and disable accounts in relation to the stolen confidential data.

The order was passed on an application and suit filed by HDFC Asset Management Company Limited seeking an injunction against the hackers from using, publishing, distributing or disclosing to any person the confidential data stolen by it.

The plea also sought a direction to the Union government through the Department of Telecommunications and the Ministry of Electronics and Information Technology to take steps to remove, delete, block and disable all those accounts in relation to the confidential data stolen by the unidentified hackers.

The petition claimed the petitioner was an asset management company providing investment management and investment advisory services to the millions of unit holders of HDFC mutual fund and manages assets of millions of investors across India.

The petitioner is entrusted with the management of public investments and was the custodian of confidential data which includes names, addresses, identity documents, PAN card details, bank account details and investment details of millions of investors.

As per the plea on May 16, the plaintiff’s IT administrator found something amiss in the IT infrastructure. Later the same day, the company discovered an email issued by an entity named “Morpheus” claiming exfiltration of over 680 GB of critical data.

The company claimed it took immediate steps and activated necessary protocols for containment of the damage and also reported the cyber security incident to the SEBI.

The company informed HC there was a persistent threat that confidential data may be leaked and such dissemination would not only expose millions of individual investors to immediate risk of identity theft, financial fraud and so on but would also affect the company.

The court posted the matter for further hearing on June 16.

Published on June 1, 2026



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Indian Oil raises commercial LPG cylinder price by ₹42 to ₹3,113.50

Indian Oil raises commercial LPG cylinder price by ₹42 to ₹3,113.50

by | Jun 1, 2026 | Business


India’s largest ​state-run ‌refiner and
fuel retailer, ​Indian ⁠Oil Corporation, has raised ‌the
price of a ‌19 ‌kilogram ⁠commercial LPG ⁠cylinder for industrial
clients by ₹​42 ($0.4421) ‌to ₹3,113.50 from ₹3,071.5, ‌according to ​its website.

Indian state ⁠fuel retailers IOC, Bharat ‌Petroleum
and Hindustan Petroleum tend to fix retail ‌prices of
fuels ​in tandem.

Video Credit: Businessline

Published on June 1, 2026



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Stock Market Live, June 1: Sensex volatile in noon trade, Nifty holds above 23,500 amid Iran talks caution and FPI outflows

Stock Market Live, June 1: Sensex volatile in noon trade, Nifty holds above 23,500 amid Iran talks caution and FPI outflows

by | Jun 1, 2026 | Business


Kingfa Science: Q4 cons Net Profit Rs. 59.1 Cr vs 41.9 Cr (YoY), Q4 Revenue Rs. 578 Cr vs 469 Cr (YoY) (Positive) 

Gujarat Industries Power: Q4 SL Net Profit Rs. 327 Cr vs 69.70 Cr (YoY), Q4 Revenue Rs. 430 Cr vs 340 Cr (YoY) (Positive)

Lumax Auto Tech: Q4 cons Net Profit Rs. 88.10 Cr vs 58.40 Cr (YoY), Q4 Revenue Rs. 1420 Cr vs 1133 Cr (YoY) (Positive) 

Knowledge Marine: Q4 cons Net Profit Rs. 23.50 Crvs 10.50 Cr (YoY), Q4 Revenue Rs. 67.60 Cr vs 47.50 Cr (YoY) (Positive) 

Rubicon Research: Q4 Net Profit Rs. 76.80 Cr vs 36.20 Cr (YoY), Q4 Revenue Rs. 514 Cr vs 360 Cr (YoY) (Positive) 

Premier Explosives: Q4 Net Profit Rs. 6.60 Cr vs 3.70 Cr (YoY), Q4 Revenue Rs. 89.20 Cr vs 74.10 Cr (YoY) (Positive)

Everest Kanto Cylinder: Q4 Net Profit Rs. 45.90 Cr vs 13.30 Cr (YoY), Q4 Revenue Rs. 360 Cr vs 420 Cr (YoY) (Positive)

Olectra: Q4 Net Profit Rs. 55.5 Cr vs 20.7 Cr (YoY), Q4 Revenue Rs. 644 Cr vs 448 Cr (YoY) (Positive) 

Swan Corp: Q4 cons Net Profit Rs. 268 Cr vs loss 17.7 Cr (YoY), Q4 Revenue Rs. 870 Cr vs 850 Cr (YoY) (Positive)

NMDC Steel: Q4 cons Net Profit Rs. 392 Cr vs loss 473 Cr (YoY), Q4 Revenue Rs. 3879 Cr vs 2838 Cr (YoY) (Positive)

NMDC: Q4 Net Profit Rs. 2018 Cr vs 1483 Cr (YoY), Q4 Revenue Rs. 11343 Cr vs 7005 Cr (YoY) (Positive)

Glenmark: Q4 Net Profit Rs. 301 Cr vs 5.0 Cr (YoY), Q4 Revenue Rs. 3771 Cr vs 3256 Cr (YoY) (Positive)

Bajaj HInd: Q4 Cons Net Profit Rs. 391 Cr vs 34 Cr (YoY), Q4 Revenue Rs. 1669 Cr vs 1552 Cr (YoY) (Positive)

Modern Insulators: Q4 Net Profit Rs. 24.60 Cr vs 9.10 Cr (YoY), Q4 Revenue Rs. 202 Cr vs 160 Cr (YoY) (Positive)

Gufic Biosciences: Q4 sl Net Profit Rs. 20.60 Cr vs 8 Cr (YoY), Q4 Revenue Rs. 252 Cr vs 205 Cr (YoY) (Positive)

GOCL Corp: Q4 cons Net Profit Rs. 75.10 Cr vs 23 Cr (YoY), Q4 Total Income 78.70 Cr vs 59.60 Cr (YoY) (Positive)

Knr constructions: Q4 cons Net Profit Rs. 106.1 cr vs Rs 7.6 cr (YoY), Q4 Revenue Rs. 695.5 cr vs Rs 975.2 cr (YoY) (Positive)

Jayant agro organics: Q4 Net Profit Rs. 20 cr vs 10.9 cr (YoY), Q4 Revenue Rs. 6.5b vs 6.3b (YoY) (Positive)

EKI Energy: Company has received a licence from the Central Electricity Regulatory Commission, enabling its entry into the electricity trading segment. (Positive)

PNC Infratech: Company has received an EPC contract worth Rs 302.44 crore from the Airports Authority of India. (Positive)

Lupin: Company has secured USFDA approval for its ANDA covering Sodium Sulfate, Magnesium Sulfate, and Potassium Chloride tablets. (Positive)

Reliance Ind/ TCS/ Infosys/ Tata Steel: Moody’s Ratings has upgraded ratings, citing strong financial discipline, diversified operations, and a resilient credit profile. (Positive)

Godrej Prop: Company wins bid for residential land parcel in Greater Noida with est rev potential of over ₹7,000 cr (Positive)

Textile Companies: India waives cotton import duty till Oct 30 to boost supply for textile sector. (Positive)

Cyient: Company enters agreement to acquire TAO Digital, an AI-native data and product engineering solutions firm headquartered in Santa Clara, California, at an EV of $218 m. (Positive)

Hindustan Copper: Company has been awarded a 20-year contract to Lohum Materials to resume operations at its Gujarat Copper Unit. (Positive)

Hemisphere Properties: Company to sell bopkhel, pune land parcel to hypervault ai data center for up to Rs 640.5 cr (Positive)

Tarc Limited: Company projects cumulative cash flows of Rs. 10,000 crore over the next five years; targets FY27 collections of Rs. 1,600–1,800 crore. (Positive)

Glenmark Pharmaceuticals: Company plans to expand its commercial respiratory portfolio in FY27; Winlevi®️ received EU marketing approval with launch slated for FY27 (Positive)

Veranda Learning: Company guides for FY27 Revenue Rs. 670 crore, EBITDA of Rs. 260 crore and pat of Rs. 144 crore, reflecting strong growth over FY26. (Positive)

Aegis Vopak Terminals Limited: Company says India’s first independent 36,000-mt ammonia terminal is on track for completion by Q1 FY27. (Positive)

MSTC: Q4 Cons Net Profit Rs. 77.20 Cr vs 75.50 Cr (YoY), Q4 Revenue Rs. 120 Cr vs 88.90 Cr (YoY) (Neutral)

Praveg: Q4 SL Net Loss Rs. 3.90 Cr vs 3 Cr (YoY), Q4 Revenue Rs. 54.40 Cr vs 42.50 Cr (YoY) (Neutral)

Maan Aluminium: Q4 sl Net Profit Rs. 1.70 Cr vs 3.94 Cr (YoY), Q4 Revenue Rs. 254 Cr vs 246 Cr (YoY) (Neutral)

Bhartiya International: Q4 cons Net Loss Rs. 8.80 Cr vs 14.90 Cr (YoY), Q4 Revenue Rs. 310 Cr vs 240 Cr (YoY) (Neutral)

Salasar Techno Engineering: Q4 cons Net Loss Rs. 12.50 Cr vs loss 5.30 Cr (YoY), Q4 Revenue Rs. 444 Cr vs 483 Cr (YoY) (Neutral)

Ingersoll-Rand: Q4 sl Net Profit Rs. 64.80 Cr vs 67.70 Cr (YoY), Q4 Revenue Rs. 300 Cr vs 320 Cr (YoY) (Neutral)

Antony Waste Handling: Q4 cons Net Profit Rs. 32.5 cr vs Rs 40.0 Cr (YoY), Q4 Revenue Rs. 285.7 cr vs Rs 242.6 cr (YoY) (Neutral)

Wanbury: Q4 Net Profit Rs. 21.7 cr vs Rs 20.2 cr (YoY), Q4 Revenue Rs. 164.5 cr vs Rs 172 cr (YoY) (Neutral)

Triveni Engineering and Industries: Q4 cons Net Profit Rs. 167 Cr vs 187 Cr (YoY), Q4 Revenue Rs. 1833 Cr vs 1925 Cr (YoY) (Neutral) 

Vadilal Enterprises: Q4 sl Net Loss Rs. 4.20 Cr vs loss 8.80 Cr (YoY), Q4 Revenue Rs. 290 Cr vs 223 Cr (YoY) (Neutral) 

Interglobe Aviation: Q4 sl Net Loss Rs. 2660 Cr vs 3070 Cr (YoY), Q4 Revenue Rs. 22400 Cr vs 22100 Cr (YoY) (Neutral) 

MSTC: Q4 Net Profit Rs 77 Cr vs 76.0 Cr (YoY), Q4 Revenue Rs 119 Cr vs 89 Cr (YoY) (Neutral) 

IREDA: Q4 Net Profit Rs 493 Cr vs 502.0 Cr (YoY), Q4 Revenue Rs 2175 Cr vs 1905 Cr (YoY) (Neutral) 

Antony Waste: Q4 Net Profit Rs 33 Cr vs 40.0 Cr (YoY), Q4 Revenue Rs 286 Cr vs 243 Cr (YoY) (Neutral) 

Tilak Nagar: Q4 Net loss Rs 15 Cr vs 77 Cr (YoY), Q4 Revenue Rs 950 Cr vs 384 Cr (YoY) (Neutral) 

Tasty bite eatables: Q4 sl Net Profit Rs. 6.01 Cr vs 6.20 Cr (YoY), Q4 Revenue Rs. 120 Cr vs 134 Cr (YoY) (Neutral) 

The Hi-tech gears: Q4 Net Profit Rs. 8.11 vs Rs 9.72 cr (YoY), Q4 Revenue Rs 228.6 cr vs Rs 214.8 (YoY) (Neutral)

Indian Renewable Energy Development Agency: Q4 sl Net Profit Rs. 500 Cr vs 500 Cr (YoY), Q4 Revenue Rs. 2140 Cr vs 1900 Cr (YoY) (Neutral) 

Gujarat Gas: Q4 sl Net Profit Rs. 521Cr vs 692 Cr (QoQ), Q4 Revenue Rs. 6000 Cr vs 6100 Cr (QoQ) (Neutral) 

D P Wires: Q4 standalone results Net Profit Rs. 9.39 Cr, up by 132.4% YoY and 177.0% QoQ, Revenue Rs. 129.02 Cr QoQ (Neutral) 

RR Kabel: Company re-designates Mahhesh Kabra as Joint MD w.e.f. June 1, 2026; re-designates Rajesh Kabra as Joint MD w.e.f. June 1, 2026 (Neutral) 

Mamata Machinery: Company CEO Apurva Kane expects FY27 to mark a return to growth with normalising profitability (Neutral) 

Zydus Lifesciences: Share buyback opens June 4 (Neutral)

PB Fintech: Two co-founders of PB Fintech have sold nearly 1 per cent stake in the company for around Rs 665 crore. (Neutral)

BEML: FY26 order book stands at 16,349 cr vs guidance of 22,000 cr (Neutral)

Lupin: Company’s wholly-owned subsidiary Nanomi B.V. (Netherlands) is acquiring the minority stake in Multicare Pharmaceuticals Philippines Inc. (Neutral)

Colgate: Company hikes prices of select toothpaste packs across its portfolio. (Neutral) 

SBI LIFE: Company appoints Ramesh Venkateshamurthy as Deputy CEO (Neutral)

Hero MotoCorp: LIC sold a 2% stake in the automaker, reducing its total shareholding to 5.1%. (Neutral)

Suzlon: SEBI imposes ₹29-cr penalties on Suzlon Energy & key execs in OMS slump sale case. (Neutral)

JSW Steel: Company’s arm retains successful bidder status for Colour Roof India. (Neutral)

Oil Marketing PSUs: Prices of commercial LPG cylinders have been increased by ₹42 per cylinder (Neutral)

Senco Gold ltd: Company sees 6% decline in gold sales as buyers shift toward silver and diamond jewellery (Neutral)

List of stocks included in the short term ASM Framework: Adani Total, Jaykay Enterprises, Novartis. (Neutral) 

List of stocks excluded from ASM Framework: Bharat Wire, Bliss GVS, Jain Resource. (Neutral) 

Circuit filter change from 10% to 5%: HFCL. (Neutral)

Circuit filter change from 20% to 10%: Bliss GVS. (Neutral)

Concord: Q4 cons Net Profit Rs. 89 Cr vs 140 Cr (YoY), Q4 Revenue Rs. 326 Cr vs 430 Cr (YoY). (Negative)

EMS: Q4 Cons Net Profit Rs. 5.60 Cr vs 46.60 Cr (YoY), Q4 Revenue 120 Cr vs 265 Cr (YoY) (Negative)

Agarwal Industrial Corp: Q4 cons Net Profit Rs. 15.70 Cr vs 30.50 Cr (YoY), Q4 Revenue Rs. 400 Cr vs 823 Cr (YoY) (Negative) 

Inox Wind: Q4 cons Net Profit Rs. 105 Cr vs 187 Cr (YoY), Q4 Revenue Rs. 1240 Cr vs 1275 Cr (YoY) (Negative) 

Haleos Labs: Q4 cons Net Profit Rs. 40 Lakhs vs 3 Cr (YoY), Q4 Revenue Rs. 75.10 Cr vs 89.10 Cr (YoY) (Negative) 

Repro India: Q4 cons Net Loss Rs. 11.30 Cr vs 1.10 Cr (YoY), Q4 Revenue Rs. 140 Cr vs 123 Cr (YoY) (Negative) 

Radiant Cash: Q4 Net Profit Rs. 5.4 Cr vs 9.8 Cr (YoY), Q4 Revenue Rs. 100 Cr vs 104 Cr (YoY) (Negative) 

JM FIn: Q4 Net Profit Rs. 165 Cr vs 210 Cr (YoY), Q4 Revenue Rs. 950 Cr vs 1004 Cr (YoY) (Negative) 

KNR Cons: Q4 Net Profit Rs. 106 Cr vs 139 Cr (YoY), Q4 Revenue Rs. 696 Cr vs 975 Cr (YoY) (Negative) 

Peninsula: Q4 cons Net Loss Rs. 110 Cr vs 25.2 Cr (YoY), Q4 Revenue Rs. 40.0 Cr vs 62.7 Cr (YoY) (Negative) 

Dreamfolks: Q4 cons Net Loss Rs. 13 Cr vs profit 14.0 Cr (YoY), Q4 Revenue Rs. 52.0 Cr vs 314 Cr (YoY) (Negative) 

Hinduja Global: Q4 cons Net Loss 6.30 Cr vs 3.80 Cr (YoY), Q4 Revenue Rs. 1080 Cr vs 1160 Cr (YoY) (Negative)

Pashupati Cotspin: Q4 sl Net Profit Rs. 1.72 cr vs Rs 7.2 cr (YoY), Q4 Revenue Rs. 170.2 Cr vs Rs 128.2 (YoY) (Negative)

Mamata machinery: Q4 cons Net Profit Rs. 0.01 cr vs Rs 27.1 cr (YoY), Q4 Revenue Rs. 73.7 cr vs Rs 111.0 cr (YoY) (Negative)

IRCTC: Company receives statutory notice from FSSAI over food safety violations; serious hygiene lapses (Negative)

Jupiter Wagons: Q4 Net Profit Rs. 27.2 Cr vs Rs 102.5 cr (YoY), Q4 Revenue Rs 780.1 cr vs Rs 1044.55 (YoY) (Negative)

Jubilant Pharmova: Company has received a USFDA warning letter for its Canada facility post an inspection at the Montreal unit. (Negative)



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