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Informist, Thursday, Aug. 7, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Kalyan Jewellers down almost 2% ahead of June quarter earnings

NEW DELHI--1200 IST--Shares of Kalyan Jewellers fell almost 2% to an intra-day low of INR 578.80 ahead of the company's June quarter earnings, due later in the day. At 1159 IST, shares of the company traded at INR 579.55 on the NSE, down 1.8%. So far Thursday, over 958,000 shares of the company have changed hands on the NSE, lower than the 1.1 million shares traded during the same period Wednesday.

In an update last month, the Thrissur-based jewellery maker said its consolidated revenue for the June quarter rose by around 31% on year, driven by robust sales during Akshaya Tritiya and strong wedding demand. The company's India operations reported revenue growth of approximately 31% on year, while same-store sales growth was around 18%, it added. Its international operations also recorded revenue growth of around 31% in Apr-Jun, led by strong demand from West Asia. Revenue from West Asia operations rose nearly 26% on year, driven by same-store sales growth, as per the company.

In the June quarter, the company opened 10 Kalyan showrooms and eight Candere showrooms in India, and one Kalyan showroom in the US. As of Jun. 30, Kalyan Jewellers had 406 showrooms across India, West Asia, and the US. The company aims to open 170 showrooms under the Kalyan and Candere brands in 2025-26 (Apr-Mar).

In the March quarter, the company's consolidated net profit had risen 36% on year, but fallen 14% sequentially, to INR 1.88 billion. Meanwhile, its consolidated revenue from operations had grown 37% on year and declined 15% sequentially to INR 61.82 billion during the three months.

The company's share price has risen almost 13% since it reported its earnings for the March quarter on May 8. The stock is down 27% from its 52-week high of INR 795.4 it had hit on Jan. 2. All the three research reports on the company available with Informist have a 'buy' rating on the stock. (Shakshi Jain)

Equity Alert: Titan down slightly ahead of June quarter earnings

MUMBAI--1151 IST--Shares of Titan Co. fell 0.6% to an intraday low of INR 3,380 ahead of its June quarter earnings. The company is likely to post a healthy double-digit on-year growth in its net profit and revenue driven by higher sales of domestic jewellery, watches, eyewear, and other products.

According to estimates from 11 brokerages compiled by Informist, the company is likely to report a 20% on-year rise in its net profit to INR 9.2 billion for the June quarter and the revenue is expected to grow by a little over 19% to INR 143.5 billion. On a trailing basis, the net profit is projected to rise nearly 6% and revenue around 7%, the estimates show. The company's earnings before interest, tax, depreciation, and amortisation are expected to increase nearly 14% on a year-on year basis to INR 1.81 billion in the June quarter, whereas a drop of nearly 3% on quarter is likely to be seen in the latest quarter. 

Out of the 14 brokerage reports on the company available with Infromist, 10 brokerages have a 'buy' rating with a target price of INR 181. The remaining four brokerages have a 'sell' rating with an average target price of INR 3,417. At 1133 IST, the stock traded 0.3% lower at INR 3,407 and over 223,070 shares of the company changed hands on the NSE as against 144,910 shares traded till the same time Wednesday. (P. Madhu Kumar)

Equity Alert: Hero MotoCorp tops Nifty 50 gainers after Q1 PAT beats view

MUMBAI--1148 IST--Shares of Hero MotoCorp rose over 2% to a high of INR 4,580 Thursday. The company reported a net profit of INR 11.3 billion for the June quarter, marginally higher from the year-ago period. Analysts had expected the two-wheeler maker's bottom line to contract over 5% on year. Its revenue from operations fell 6% on year to INR 95.8 billion. Consensus estimates had pegged Hero MotoCorp's top line at INR 97.9 billion, down just over 3% on year.

Foreign brokerage Jefferies has maintained its 'underperform' rating on the stock with a target price of INR 3,330, which implies a nearly 26% downside to the previous closing price. "Hero is seeing good traction in its electric mobility business," Jefferies was quoted as saying by NDTV Profit.

The stock was up in seven of the last nine sessions, rising nearly 7%. At 1146 IST, the shares traded at INR 4,547.70, up 1.6%. The stock was the biggest gainer in the Nifty 50. So far Thursday, 880,216 shares of the company have changed hands on the NSE, higher than 321,382 shares traded during the same period on Wednesday.

Of the 20 brokerage reports on the stock available with Informist, 16 have a 'buy' or equivalent rating on the stock, three have a 'hold' or equivalent rating, and only Kotak Securities has a 'sell' or equivalent rating. The average target price of the buy recommendations is INR 5,179.  (Simran Rede)

Equity Alert: Bajaj Auto at 3-mo low despite Q1 result; analysts detail risks

MUMBAI--1000 IST--Shares of Bajaj Auto fell nearly 4% to a near-three-month low of INR 7,858.50 despite beating analysts' estimates for its June quarter top line and bottom line, with analysts pointing out some key risks for the stock. These risks include a slowdown in volume growth, rare earth magnets-related challenges, high valuations, and a fall in margins. At 0958 IST, the stock was off lows and traded 0.6% lower at INR 8,132.50.

Nuvama Institutional Equities cut its target price on the stock to INR 9,400 from INR 10,700 as it reduced its valuation multiple for the stock to factor in a moderation in growth. "We are cutting FY26/27 EPS by 2%/2%, factoring in lower margin assumption," it added.

Nirmal Bang Equities also pointed out a slowdown in volumes and a fall in margins, alongside risks associated with the availability of rare earth magnets. "We remain concerned on the uncertainty of rare earth supply and overall slowness in domestic demand...although exports are coming back strongly, supply constraint and muted domestic demand is a concern," the brokerage said. "Furthermore, we believe that the current valuation of 22x FY27E limits the upside," it said.

At 0958 IST, 143,526 shares of the company were traded on the NSE, sharply higher than the 28,223 shares traded till the same time Wednesday.  (Akash Mandal)

Equity Alert: Nuvama says Bharti Airtel financials improving consistently

MUMBAI--0945 IST--Nuvama Institutional Equities has retained its 'buy' rating on Bharti Airtel and raised the target price to INR 2,200 from INR 2,130 earlier. The broking firm said the telecommunications company reported consistently improving financials in the June quarter, supported by average revenue per user growth, and a moderate subscriber addition. "Management remains focused on strengthening the balance sheet through ongoing deleveraging initiatives while also evaluating steps to unlock value and enhance shareholder returns," the broking firm said in its report.

Bharti Airtel Tuesday reported a consolidated net profit of INR 59.48 billion for the quarter ended June, sharply lower than the Street's expectation of INR 73.88 billion. Its revenue was INR 494.63 billion, slightly higher than the expected INR 492.13 billion. Its capital expenditure halved to INR 83 billion from the quarter-ago period, which led to a sharp improvement in Bharti Airtel's free cash flow to INR 199 billion from INR 130 billion in the March quarter, Nuvama said. 

Bharti Airtel's industry-leading ARPU, steady subscriber additions, and robust FCF generation continue to bolster its balance sheet, supporting enhanced shareholder returns, Nuvama said. "We continue to see Bharti as the best way to play the Indian telecom sector," it said.

At 0935 IST, shares of Bharti Airtel were down 0.3% at INR 1,923.80. Over 635,000 shares of the company changed hands on NSE, lower than the 1.8 million shares traded the same period Wednesday. Of the 16 research reports on the company available with Informist, 15 broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 1,929, and one has a 'hold' view on the stock.  (Anjana Therese Antony)

Equity Alert: Indices open lower as additional 25% US tariffs weigh on mkt

MUMBAI--0944 IST--Benchmark indices opened lower Thursday after US President Donald Trump imposed an additional 25% tariff on Indian imports with effect from Aug. 27. Additionally, the expiry of the derivatives weekly contract of the Nifty 50 also weighed on the market.

Following up on his threats, Trump Wednesday imposed an additional 25% tariff on Indian goods being shipped to the US for maintaining a trade relationship with Russia, especially for procuring Russian crude oil. On Jul. 30, Trump had announced a 25% tariff on Indian goods shipped to the US, along with an additional unspecified penalty for India's procurement of military equipment and energy from Russia.

At 0944 IST, the Nifty 50 was at 24502.40 points, down 71.80 points or 0.3%, and the BSE Sensex was at 80302.43 points, down 241.56 points or 0.3%. All broader market indices were in the negative territory, down 0.1-0.3%. The fear gauge of the market, the India VIX, was down 2% at 11.7325.

Barring Nifty Healthcare, Nifty FMCG, Nifty Pharma, and Nifty Media, all other sectoral indices fell, with Nifty Metal and Nifty Realty being the worst hit. Both were down around 0.5%. Real estate is a rate-sensitive sector and the Reserve Bank of India on Wednesday kept the interest rates unchanged at 5.50% with a "neutral" stance. 

Nifty Auto was one of the worst performing sectoral indices and was down 0.4%. The retail sales of total vehicles, passenger vehicles, and two-wheelers fell on a year-on-year basis, the Federation of Automobile Dealers Associations data showed. Bharat Forge was the worst-hit Nifty Auto constituent. The company had said in its earnings that it is cautious of US tariffs and emission norm change. 

Hero MotoCorp was up over 2% and was the top gainer in the Nifty 50 after the company's Apr-Jun net profit beat estimates. Trent was up over 1% and was among the top gainers in the index, after its bottom line for the June quarter exceeded analysts' view. Titan Co. was largely flat ahead of its June quarter earnings due later in the day, most likely after market hours.

Bharat Heavy Electricals was down over 4% and was the worst hit in the Nifty 200. The company posted a net loss in Apr-Jun against an expectation of net profit. Gujarat Narmada Valley Fertilizers & Chemicals was the biggest laggard in the Nifty 500 after its net profit declined on year to INR 780 mln.  (Simran Rede)

Equity Alert: Emkay Global sees econ staying firm despite higher US tariffs

MUMBAI--0825 IST--Emkay Global Financial Services expects the broader economy to stay resilient and sees a consumption-led recovery in the second half of the current financial year driven by domestic factors, despite some sectors being massively affected in the near term by the US' effective tariff rate of 50%.

"The US imposed an effective 50% tariff on India...this could bring exports from affected sectors (textiles/jewelry/auto ancillaries) to a standstill and hurt some of India's labor-intensive sectors," the brokerage said in a strategy report. "We would look through any near-term volatility caused by this and buy a substantial dip (of more than 5%)," it added. After a 5% correction, the brokerage said valuations would be comfortable and the direct impact on the listed universe earnings is likely to be negligible.

The brokerage said textiles, chemicals, and auto ancillary are the sectors likely to be the worst hit by the increased tariffs. "If India cuts Russian crude imports as part of the settlement, Reliance and the OMCs are vulnerable – also, crude prices could spike," it said.

The broking firm said while electronics manufacturing services looks to be exempt, Apple's renewed focus on US manufacturing might affect sentiment surrounding the sector. Apple Wednesday said it was going to boost its investment in domestic manufacturing by $100 billion, taking its total US investment to $600 billion over the next four years.

The brokerage also reiterated that there might be room for some more negotiations on tariffs with the US as the tariffs come into effect on Aug. 27 after a 21-day grace period. "This (the grace period) does leave the door open for a negotiated settlement, though the options are limited...one positive outcome is that the White House statement implies that a reduction rather than complete cessation of contentious oil imports from Russia could open the door for negotiations. Though not a done deal yet, the risks are now substantially elevated," it said.

US President Donald Trump Wednesday imposed an additional 25% tariff on Indian goods being shipped to the US for procurement of Russian crude oil, taking the effective tariff rate to 50%. The Indian government has called the move "unfair, unjustified and unreasonable."  (Akash Mandal)

Equity Alert: Mkt likely to fall on more tariff but sharp decline unlikely

MUMBAI--0812 IST--The domestic equity market is likely to fall further on the US' additional 25% tariff on India, effective Aug. 27, for its purchase of crude oil from Russia. This takes total tariffs on imports of Indian goods to 50%, making it one of the heavily tariffed nations by the US now. However, sectors such as pharmaceutical, automobile, and semiconductors remain excluded from tariffs as per the US executive order. India responded to the additional tariff, calling it "unfair, unjustified and unreasonable."

While US President Donald Trump continues to put pressure on India to reduce its Russian oil imports, India and Russia reaffirmed their strategic partnership and signed a protocol to enhance engagement in various sectors like aluminium, fertilisers, and railway transport. "...in our view the pressure is now mounting on India to come to a trade agreement...We note that oil trade with the US has already increased substantially in recent months," said Teresa John, deputy head of research and lead economist at Nirmal Bang Institutional Equities. 

Amid slight worries about US tariffs and no signals of near-term rate cuts from the Reserve Bank of India, the Indian equity market fell slightly Wednesday. The Nifty 50 closed 0.3% lower at 24574.20 points and the BSE Sensex ended 0.2% down at 80543.99 points. At 0805 IST, the GIFT Nifty August contract traded on the NSE International Exchange was up 0.2% at 24573.50 points, which is also around the same level of the Nifty 50's Wednesday closing level.

However, experts are optimistic about better earnings growth, above normal monsoon, pick up in government's capital expenditure, and improvement in rural as well as urban demand. "This year we expect an improvement in earnings growth from Q3 and Q4. If that happens, the market will remain resilient and strong," said V.K Vijaykumar, chief investment strategist at Geojit Financial Services. He expects Nifty 50 companies earnings growth to be 10% in 2025-26 (Apr-Jun), higher than the 5% rise in the previous quarter, but sharply slower than the 24% growth a couple of years ago.  (Anjana Therese Antony)

Equity Alert: Asian mkts rise in early trade; Japan's Topix at record high 

MUMBAI--0758 IST--Most Asian indices were higher in early trade Thursday, tracking overnight gains in the US market. Japan's Topix briefly rose to an all-time high and was up nearly 1%. Investors await more details on US President Donald Trump's threats to impose tariffs on semiconductors.

Japan's other major index, the Nikkei 225, was also up nearly 1%. China's CSI 300 was flat. Foxconn Industrial Internet Co., China Pacific Insurance Group, and Guotai Haitong Securities were up 1-5%. On the other hand, AVIC Shenyang Aircraft was down over 2% in early trade.

South Korea's Kospi was up 0.5%. HYBE, Kakao, and HD Hyundai Heavy Industries rose 3-6%. However, chipmaker SK Hynix fell 3% amid Trump's tariff threats. Rise in technology and automobile stocks led the gains in the South Korean market, Korea JoongAng Daily reported. Heavyweight Samsung Electronics rose nearly 2% on reports that the company will manufacture Apple's next-generation processor at its foundry in the US. Hyundai Motor rose over 1% after reports said the company and US-based General Motors will jointly develop five new models for the American markets.

Following are the levels of key Asian indices at 0752 IST:

(Akash Mandal)

Equity Alert: US indices rise on upbeat earnings; Apple closes 5% higher

MUMBAI--0730 IST--US indices ended higher Wednesday, boosted by upbeat corporate earnings and a fall in crude oil prices. Oil prices were choppy and finally closed lower as US President Donald Trump's remarks about progress in talks with Russia created uncertainty on whether the US would impose new sanctions on the country, Reuters reported.

The technology-heavy Nasdaq Composite ended the session over 1% higher. "Earnings are seeing a mixed reaction...particularly for a few of the AI names, expectations were just extremely high, but by and large, the earnings in aggregate have been good enough to keep a floor under the market," Reuters quoted Ross Mayfield, investment strategy analyst at Baird, as saying. Around 81% of S&P 500 companies that have announced their earnings so far have beat the Street's expectations.

Apple surged 5% after CNBC reported that the company was going to boost its investment in domestic manufacturing by $100 billion, bringing its total US investment to $600 billion over the next four years. McDonald's closed nearly 3% higher after the fast-food restaurant chain's second-quarter results beat the Street's estimates on the top line and the bottom line. Arista Networks also surged 17% on stronger-than-expected earnings. On other hand, Snap plunged 17% after its revenue came in slightly below expectations, while Advanced Micro Devices fell more than 6% after its adjusted earnings per share missed estimates.

The rise in the market was aided by a fall in crude oil prices. Brent crude oil futures ended lower for the fifth straight session on Wednesday, closing 1.1% lower at $66.89 barrel. Trump Wednesday said that his special envoy Steve Witkoff has made "great progress" in his meeting with Russian President Vladimir Putin as the US continued its preparations to impose secondary sanctions on the country, Reuters reported. Trump has threatened additional sanctions on Russia if it does not end the ongoing conflict in Ukraine.

Following are the closing levels of US indices Wednesday:

(Akash Mandal)

US$1 = INR 87.70

End

Edited by Deepshikha Bhardwaj

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

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