Informist, Wednesday, Jul. 23, 2025 Tel +91 (22) 6985-4000

Equity Alert: CreditAccess up despite soft Q1; analysts bullish on recovery

MUMBAI--1218 IST--Shares of CreditAccess Grameen rose over 7% to a high of INR 1,370 Wednesday as brokerages are bullish on the microfinance player's earnings recovery in the second half of 2025-26 (Apr-Mar). The rise in the stock is despite soft Apr-Jun results due to rise in impairments on year. CreditAccess Grameen's earnings and impairments both worsened on year, but improved sequentially. At 1218 IST, the stock traded 6.4% higher at INR 1,362.40.

JM Financial upgraded the stock to 'buy' from 'hold' and raised its target price by 30% to INR 1,475. "While microfinance is not completely out of woods, CreditAccess Grameen should be the first one among microfinance companies to recover from the current stress cycle, given its ability to recognise early stress (stage-II at 30 days past due and stage-III at 60 days past due in MFI), accelerated write-off policy, and higher expected credit loss cover," the brokerage said in its report.

ICICI Securities also raised its target price on the stock to INR 1,530 from INR 1,400. "CreditAccess Grameen continued to improve on asset quality metrics in the first quarter of FY26...credit cost fell for the third straight quarter with total provisions at INR 5.7 bln in Q1FY26 vs INR 5.8 bln in Q4FY25," the brokerage said.

For the June quarter, the microfinance company reported a net profit of INR 601.90 million, down nearly 85% on year but up 27% sequentially. Its top line also fell on year to INR 13.88 billion but rose nearly 3% sequentially. In terms of asset quality, the gross non-performing asset ratio of the lender improved to 4.70% from 4.76% a quarter ago.

At 1218 IST, over 3.4 million shares of the company were traded on the NSE, sharply higher than the 57,338 shares traded till the same time Tuesday. (Akash Mandal)

Equity Alert: Oberoi Realty hits near 2-month low after weak earnings

MUMBAI--1206 IST--Shares of Oberoi Realty fell 4% to a near two-month low of INR 1,750.20 after the company said no new launches were lined up for the September quarter. The company will launch projects in Borivali in December and the National Capital Region and Peddar Road in Jan-Mar, its Chairman and Managing Director Vikas Oberoi said in a post-earnings call with analysts Tuesday after market hours.

Oberoi Realty Monday released its quarterly results, which were weighed down by a fall in core revenue and a surge in some key costs. It posted a near 28% on-year fall in consolidated net profit at INR 4.21 billion and a similar decline in its revenue at INR 9.88 billion. Both the earnings metrics were also lower than consensus estimates.

Despite the weak results, some broking firms retained their 'buy' rating on the stock on the back of upcoming launches in Oct-Mar, particularly in Gurugram. Nomura Global Markets Research expected Oberoi Realty's pre-sales to grow 30% on year in 2025-26 (Apr-Mar). "Overall, we expect cumulative pre-sales of INR 161 billion over the next two years, which is 40% of the company's total supply," the broking firm said in its report.

Nuvama Institutional Equities raised the target price on the stock to INR 1,800 from INR 1,793 and retained its 'hold' rating. "The pace of launches shall determine the stock's trajectory in our view," it said.

At 1201 IST, the stock was nearly 4% higher at INR 1,755. Nearly 3 million shares of the company changed hands on the bourse so far Wednesday, nearly six times the 523,000 shares traded during the same time period Tuesday.

Of the 12 research reports available on the company with Informist, seven broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 2,142, which is 22% higher than the current market price. Four brokerages have a 'hold' rating and the remaining one has a 'sell' view. (Anjana Therese Antony)

Equity Alert: Tata Consumer Products falls over 1% ahead of Apr-Jun result

MUMBAI--1100 IST--Shares of Tata Consumer Products fell 1.5% to INR 1,069 ahead of its June quarter earnings results due later in the day. The stock was in the red for the fourth consecutive session and lost over 2% during this period. It was also one of the worst performers on the Nifty 50. At 1110 IST, its shares were 1.1% lower at INR 1,072. Over 243,000 shares of the company exchanged hands during Wednesday's trading session against over 103,000 shares traded at the same time Tuesday.

The slight fall in the stock price came despite analysts' expectations of a near 17% on-year increase in the company's consolidated net profit for Apr-Jun to INR 3.4 billion and an over 11% rise in its consolidated revenue to INR 48.4 billion. Brokerages say an uptick in the company's tea, salt, and domestic foods business is likely to help it post one of the strongest revenue growth in the consumer goods space for the June quarter. Brokerages had a positive view on the company's international business, which roughly accounts for 25% of its annual revenues and is expected to boost the consumer goods major's earnings.

Of 16 brokerage reports available on the stock with Informist, 15 brokerages have a 'buy' rating with an average target price of INR 1,262, which is nearly 18% higher from the current market price. The remaining one has a 'hold' rating on the stock. (P. Madhu Kumar)

Equity Alert: Lodha Developers down 7% on large deal at discount to Tue close

MUMBAI--1057 IST--Shares of Lodha Developers fell nearly 7% to an over one-month low of INR 1,346.50 after a large number of shares of the company changed hands on the NSE at a discount to the previous closing price. At 1049 IST, the stock traded 6.4% lower at INR 1,350.50 and was the worst hit in the Nifty 500.

Over 9.95 million shares of the company, equal to 1% stake, exchanged hands on the NSE just after the market opened. The deal was executed at INR 1,384.80 per share, a 4% discount to the closing price of INR 1,442.30 on Tuesday. Although identity of the seller was not known, CNBC-TV18 reported that the transaction was likely a clean-out trade, indicating a full exit by the selling shareholder.

At 1049 IST, 14.80 million shares of the company were traded on the NSE, sharply higher than the 100,340 shares traded till the same time Tuesday. Of the nine brokerage reports on the company available with Informist, seven have a 'buy' or equivalent rating on the stock. ICICI Securities has a 'hold' rating while Dolat Capital Market has a 'reduce' rating. (Akash Mandal)

Equity Alert: IRFC rises 5%; Apr-Jun net profit, sales rise on year

MUMBAI--1008 IST--Shares of Indian Railway Finance Corp. rose nearly 5% to an intraday high of INR 136.80 after the company's net profit and revenue for the June quarter both saw robust on-year growth. At 1007 IST, the stock traded 3% higher at INR 134.63 and was the top gainer in the Nifty 200.

The railway financier's net profit for the quarter rose nearly 11% on year to INR 17.46 billion. Its top line rose over 2% on year to INR 69.15 billion. While its interest income fell nearly 18% on year, its lease income, which is the company's biggest revenue source, rose over 9% on year to INR 54.04 billion. The company's total expenses fell slightly on year to INR 51.73 billion.

As of 1007 IST, 28.63 million shares of the company were traded on the NSE, sharply higher than the 4.71 million shares traded till the same time Tuesday. (Akash Mandal)

Equity Alert: Indices open higher led by gains in some auto, fincl svcs cos

MUMBAI--0949 IST--Benchmark indices opened higher Wednesday, with some automobile and financial services stocks leading the gains. At 0942 IST, the Nifty 50 was up 0.2% at 25098.75 points and the BSE Sensex rose 0.2% to 82328.88 points. Tata Motors rose nearly 3% and was the biggest gainer in the 50-share index. Maruti Suzuki India and Jio Financial Services rose over 1%. Shares of Infosys were slightly higher ahead of its June quarter earnings.

Tata Consumer Products fell nearly 1% ahead of its June quarter earnings later Wednesday. Analysts expect the company to report a near 17% on-year rise in consolidated net profit and an increase of over 11% on year in its top line. Shares of Titan Co. fell 0.5%, snapping a two-day winning run.

Among the Nifty 200 constituents, Indian Railway Finance Corp. rose nearly 4?ter the company posted strong earnings for the June quarter. Most Adani group-owned companies were in green across indices, with Adani Green Energy leading the gains in the Nifty 200. In the Nifty 50 index, Adani Ports and Special Economic Zone and Adani Enterprises were up nearly 1?ch.

Lodha Developers fell nearly 6% and was the biggest loser in the Nifty 200 index. Oberoi Realty declined over 3% and was among the worst performing stocks in the index. The company Tuesday said it has not lined up any new launches in the September quarter. (P. Madhu Kumar)

Equity Alert: Nirmal Bang bullish on Dixon Tech growth but cuts target price

MUMBAI--0925 IST--Nirmal Bang Institutional Equities cut Dixon Technologies (India)'s target price to INR 19,140 from INR 19,420 earlier while retaining its 'buy' rating on the stock. The revised target price is at a 15% discount to the stock's five-year average but at a 19% premium to Tuesday's closing price of INR 16,112 on the NSE. At 0921 IST, shares of the company were trading at INR 16,490 on NSE, up 2.4% from the previous close

The broking firm remains optimistic about recent developments, including the company's contracts covering 30% of India's information technology hardware market, expanding wallet share with existing clients, and onboarding new customers. "Dixon's strong leadership in the electronics manufacturing services space reinforces its robust growth trajectory, justifying our continued positive outlook on the stock," Nirmal Bang said in its research report.

The broking firm's views come after the company Tuesday reported strong on-year earnings for the June quarter driven by a strong operating leverage and volume growth. For the quarter ended June, Dixon Technologies reported a rise of over 68% on year in its consolidated net profit to INR 2.25 billion and a 95% growth in its revenue to INR 128.36 billion.

Dixon Technologies is doubling down on backward integration and scaling capabilities across product verticals, Nirmal Bang further said. It is also sharply focussed on scale, exports, and self-reliance in components. The company expects to expand its mobile margin by 100-120 basis points in 2026-27 (Apr-Mar).

Of the 16 research reports available on the company with Informist, 10 broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 17,393, 8% higher than the Tuesday's closing price. Two have a 'hold' rating and the remaining four have 'sell' view on the stock. (Anjana Therese Antony)

Informist, Wednesday, Jul. 23, 2025 Tel +91 (22) 6985-4000

Equity Alert: Brokerages see Colgate Palmolive earnings rebound in Oct-Mar

MUMBAI--0920 IST--Brokerages were disappointed with the June quarter earnings of Colgate Palmolive and they see a slowdown in growth for the near term as urban demand remains sombre. They also expect competitive pressure for the company to persist and a recovery in earnings growth is expected in Oct-Mar. They also believe that faster growth in premium portfolio will support long-term prospects for the compnay. Most brokerages have retained their respective ratings on the stock but reduced target prices.

"Near term outlook remains cautious as impact of high base, tepid urban demand, heightened competition and promotions/discounting will continue to impact in at least 2Q (Jul-Sept) also," Nuvama Institutional Equities said. It cut the target price by 3.5% to INR 3,135 while retaining 'buy' rating on the stock.

Nirmal Bang Equities said sales growth of the company was "moribund" for a decade, with only 4% compounded annual growth rate over last 10 years. "...there seemed to be some signs that category growth is picking up, and some of the efforts under the new management were also gaining traction," the brokerage said. "However, there seems to be significant deceleration in momentum in the recent quarters," it said. Nirmal Bang kept its 'hold' rating but reduced target price by 5.3% to INR 2,415.

Emkay Global Financial Services is extremely bearish on the company. "For growth, we see the need for new categories; however, this will put pressure on the margin profile," it said. "The management awaits an apt entry point for new initiatives," it said, and added that its current earnings expectations were 4-6?low consensus. The broking firm maintained 'sell' rating on the stock with a target price of INR 2,000. Interestingly, it noted three factors as key risks to its estimates--ease in competitive intensity which will lead to gain in market share, fast premiumisation, and easing in raw material prices.

Prabhudas Lilladher sees Colgative Palmolive's long-term driving factors intact. The company's focus on its core toothpaste brands and premiumisation through science-backed innovations driving growth in urban premium segments, will likely support company's growth in the days to come. "However, any major acceleration in growth looks unlikely," the brokerage said. It retained 'hold' rating on the stock and cut target price by 3% to INR 2,453. (Gopika Balasubramanium)

Informist, Wednesday, Jul. 23, 2025 Tel +91 (22) 6985-4000

Equity Alert: Japan's Nikkei, Topix surge 3% post trade deal with US

MUMBAI--0830 IST--Most Indices in the Asia-Pacific region were higher in early trade Wednesday with Japan's Nikkei 225 and Topix being the top gainers. Equity indices in Japan rose as US President Donald Trump agreed to a trade deal with the country and lowered reciprocal tariffs significantly. Indices in South Korea and Singapore were a tad lower.

At 0812 IST, Japan's Nikkei was at 40947.77 points, up 3% and Topix was at 2923.66 points, up 3.1%. The sentiment was upbeat after the US President lowered tariffs reciprocal tariffs on Japanese imports to 15% from 25?rlier. "I just signed the largest TRADE DEAL in history with Japan," Trump said on his Truth Social platform. Automobile stocks surged with Honda Motor Co. jumping 8%, Toyota Motor Corp. rose nearly 10%, and Mazda Motors climbed over 16%, CNBC reported. It is unclear if the reduced rate will be applicable to other Asian auto-makers, the report said.

China's CSI 300 and Hong Kong's Hang Seng were slightly higher. US and Chinese officials will meet in Stockholm next week to discuss an extension to deadline for negotiating a trade deal, Reuters reported quoting US Treasury Secretary Scott Bessent as saying.

FTSE Singapore Straits Times was marginally lower while Australia's S&P ASX 200 was 0.6% up. Australian indices were up due to gains in mining and energy stocks. Minutes from the Reserve Bank of Australia's July meeting on Tuesday showed a cautious stance, with members deciding to hold interest rate against market expectations, opting to wait for more indications of a sustained slowdown in inflation, Reuters reported. South Korea's Kospi was down 0.3%.

Following are the levels of key Asian indices at 0812 IST:

(Gopika Balasubramanium)

Equity Alert: Indices seen in thin range; key Nifty 50 cos' earnings in focus

MUMBAI--0804 IST--Benchmark indices are likely to stay in a range Wednesday as the underlying trend in the market remains bearish. Investors will eye corporate earnings, with Nifty 50 companies Infosys, Dr Reddy's Laboratories, and Tata Consumer Products set to detail their June quarter earnings during the day. The Nifty 50 index is likely to move in a range of 25000-25200.

"On the upside, the 25200–25250 range continues to act as an immediate resistance band...a clear breakout on either side of this well-defined range will likely dictate the next leg of the trend," Rajesh Bhosale, equity technical analyst at Angel One, said in a note. "Until then, traders are advised to avoid reacting to intraday noise, stay range-bound in the approach, and shift to a momentum-based strategy only upon a decisive breakout," he said.

The July contract of the GIFT Nifty suggests a muted to slightly higher start for the market. At 0746 IST, the contract was at 25163 points, up 24 points from its previous close. On Tuesday, the Nifty 50 had closed at 25060.90, down 29.80 points or 0.1%. The BSE Sensex had ended largely flat at 82186.81 points, down 13.53 points.

Overnight, indices in the US ended mixed as investors assessed corporate earnings and signs of US President Donald Trump's tariffs impacting corporate margins. "(Investors are) looking for additional catalysts and you're seeing some cautious comments coming out of companies," Reuters reported Robert Pavlik, senior portfolio manager at Dakota Wealth, as saying. "They're hearing mixed guidance when it comes to all this uncertainty revolving around tariffs and the direction things are heading."

Most Asian indices were higher in early trade Wednesday with Japanese indices zooming 2?ter Trump announced a trade agreement with the country. As part of the deal, the US will levy a 15% tariff on Japanese goods, and Japan will invest $550 billion in the US. (Akash Mandal)

Equity Alert: S&P 500 ends at record high once more, Nasdaq ends down Tue

MUMBAI--0745 IST--Among the three key US benchmark indices, Nasdaq Composite ended lower on Tuesday as technology stocks fell while S&P 500 ended at record high yet again. However, results from General Motors kept investors cautious as they saw US' trade polices eating out a significant chunk of the Chevrolet-maker's profit. Investors are also anxious as there are mixed guidance from the US companies when it comes to uncertainty regarding tariffs and its consequent effects.

Nasdaq Composite ended 0.4% lower as big technology stocks such as Meta Platforms and Microsoft were 1% down each. Meanwhile, Alphabet closed slightly lower ahead of June quarter earnings due late Wednesday. S&P 500 closed tad higher, with 21 stocks hitting new highs and one at new low, Reuters reported. Nine of the 11 S&P 500 sector indexes rose, led by gain in healthcare and real estate.

Among stocks, General Motors tumbled 8.1?ter the automaker reported a $1 billion hit from tariffs to its quarterly results, adding more to investor concerns about US President Donald Trump's global trade policy. Ford Motor also fell about 1%. Meanwhile, Tesla was 1.1% higher. Shares of RTX dropped 1.6?ter the aerospace and defense giant took a hit from Trump's trade war despite strong demand for its engines and aftermarket services. Lockheed Martin tumbled almost 11?ter its quarterly profit plunged by about 80%.

"The market is consolidating recent gains and is in a bit of a holding pattern with some huge catalysts over the next week or two, including the August 1 tariff deadline and a lot of important Magnificent Seven earnings," Ross Mayfield, an investment strategy analyst at Baird, was quoted as saying by Reuters. That said, after last week's mixed economic data, most traders are in hopes of an interest-rate cut from the US Federal Reserve at next week's monetary policy meeting. Currently, they see about 60% chance of a reduction in September, according to the CME's FedWatch tool.

Following are the closing levels of US indices Tuesday:

(Gopika Balasubramanium)

End

US$1 = INR 86.35

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Nishant Maher

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