Equity Alert
Nuvama cuts SAIL to 'hold'; cuts FY26, FY27 earnings estimates
This story was originally published at 08:44 IST on 29 July 2025
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Equity Alert: Nuvama cuts SAIL to 'hold'; cuts FY26, FY27 earnings estimates
MUMBAI--0830 IST--Nuvama Institutional Equities downgraded its rating on Steel Authority of India to 'hold' from 'buy' and cut the target price to INR 135 from INR 154 after the steel maker reported a lower than expected adjusted earnings before interest, tax, depreciation, and amortisation for the June quarter. The stock had ended at nearly 4% lower at INR 125.59 on Monday.
"SAIL reported lower-than-expected Q1FY26 adjusted EBITDA of INR 25.9 bln (our estimate: INR 35.3 bln), down 23% QoQ driven by lower volume, higher opex and lower inventory valuation partly offset by higher steel prices," the brokerage said in its report. The brokerage sees EBITDA per tonne to be marginally lower sequentially despite lower steel prices "as lower valuation impact of Q1FY26 is likely to be reversed." The brokerage added, "...we are cutting FY26E/27E EBITDA by ~7?ch to factor in lower steel prices."
For the June quarter, SAIL had reported a net profit of INR 6.85 billion, sharply lower than analysts estimates of INR 11.34 billion. The company's revenue rose 8% on year to INR 259.21 billion during the quarter. (Akash Mandal)
Equity Alert: Indices seen falling further near term, Nifty 50 may test 24400
MUMBAI--0750 IST--Benchmark indices are likely to fall further as sentiment remains weak amid tepid earnings so far, especially for large-cap players. Some analysts expect the Nifty 50 to fall to the 24400 levels in the near term, maintaining a "sell on rise" approach in the current market. Technical analysts expect the 50-stock index to find support at 24450-24550 points and face resistance at 24800-25000 points.
Analysts said the Indian market is facing challenges both on the domestic and global fronts as weak earnings and a delay in a trade deal with the US make investors jittery. Additionally, bank earnings have fallen in the reporting quarter, with only a few delivering positive results.
The July and August contracts of the GIFT Nifty both indicated a lower start for the market. At 0742 IST, the July contract was at 24660 points, down 21 points from the Nifty 50's latest close. The August contract was at 24758.50. On Monday, the Nifty 50 had closed at 24680.90 points, down 156.10 points or 0.6%. The BSE Sensex had ended at 80891.02 points, down 572.07 points or 0.7%. Both indices closed near their two-month lows.
Overnight, indices in the US ended mixed as investors assessed the trade deal between the US and European Union. The Nasdaq Composite and the S&P 500 eked out fresh highs while the Dow Jones Industrial Average ended a tad lower in what was a choppy session. Investors now eye a trade deal between the US and China, with both parties resuming talks at Stockholm in Sweden. On the other hand, Asian indices were lower in early trade Tuesday. (Akash Mandal)
Equity Alert: US mkt ends mixed; S&P 500 notches record high for 6th session
MUMBAI--0743 IST--US equity indices ended mixed on Monday after choppy trade, with the S&P 500 and the Nasdaq Composite again closing at record highs. This was ahead of a slew of June quarter results from bellwether stocks Meta, Microsoft, Amazon, and Apple, which are likely to determine market sentiment for the short term. Currently, there is enthusiasm as the US has negotiated trade deals with a number of countries with the Aug. 1 deadline nearing.
"It's feel-good in the sense that it doesn't represent Armageddon, if the draconian tariffs went into place," Scott Welch, chief investment officer at Certuity in Potomac, Maryland was quoted as saying by Reuters. "But it's much too soon to pass judgment on the long-term effects on how that will play out. It's better than the alternative for sure, and so I hope they continue."
The S&P 500 index ended at 6389.77, up 1.1 points, and closed at a record high for the sixth straight session. The Nasdaq Composite closed at 21178.58, up 70.26 points, closing at a lifetime high. Among stocks, Nike climbed 3.9?ter JP Morgan upgraded the stock to "overweight" from "neutral" and said investors should "just buy it", as per a Reuters report. Meanwhile, S&P sectoral index pertaining to energy rose sharply after crude oil prices jumped 2%.
Traders now await a policy decision by the Federal Reserve on Wednesday. The central bank is widely expected to hold federal fund rates steady even as US President Donald Trump has exerted pressure on Fed Chair Jerome Powell to lower rates.
Following are the closing levels of US indices Monday:
| INDEX | LAST LEVEL | CHANGE IN % |
| Dow Jones Industrial Average | 44837.56 | (-)0.14 |
| NASDAQ Composite | 21178.58 | 0.33 |
| S&P 500 | 6389.77 | 0.02 |
(Gopika Balasubramanium)
End
US$1 = INR 86.67
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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