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Informist, Monday, Sept. 15, 2025                                      Tel +91 (22) 6985-4000

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Equity Alert: Jefferies bullish on alcoholic beverage cos, starts with "buy"

 

MUMBAI--0905 IST--Global brokerage Jefferies has initiated coverage on alcoholic beverage makers such as United Spirits, Radico Khaitan, and Allied Blenders and Distillers with a 'buy' rating and sees a double-digit compounded annual growth rate in top line across companies, NDTV Profit reported on microblogging plactform X. The brokerage also sees a meaningful room to expand margins, it said. Spirits companies offer a premiumisation-led strong growth potential.

 

The domestic spirits market is very large and has high entry barriers due to complex state-level regulations, which act as a strong competitive moat for existing players, CNBC-TV18 reported quoting Jefferies as saying. While the overall growth of the sector is seen as modest, typically somewhere between the mid-to-high single-digit range, the prestige and above segment, which is the target of most listed companies, is expanding in double digits, the report said. Scotch whisky and white spirits in particular are growing faster, with a compounded annual growth rate of 15–20%, Jefferies was quoted as saying by CNBC-TV18.

Jefferies pointed out that the regulatory environment has improved across several states, with instances of lower taxation on premium products and even privatisation of retail trade, the report said. The brokerages listed adverse regulatory changes in key states, a potential weakening of consumer demand, and inflation in major input costs such as extra neutral alcohol and glass, as key risks to this industry, as per the report. 

 

Jefferies started coverage on United Spirits with a price target of INR 1,570, which implies an upside potential of around 20% from Friday's close. The company has a favourable risk-reward balance after a correction of more than 20% in its stock price, CNBC-TV18 reported quoting Jefferies as saying. While the company faces near-term challenges due to the recent liquor tax hike in Maharashtra, the brokerage estimates earnings per share growth of around 13% at a compounded annual rate during 2024-25 (Apr-Mar) and FY28, the report said. For Radico Khaitan and Allied Blenders and Distillers, the brokerage has a price target of INR 3,590 and INR 620, respectively. These target prices suggest potential upsides of 25% for Radico and nearly 14% for Allied Blenders from their respective closing prices on Friday.  (Gopika Balasubramanium)

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Equity Alert: Asian mkts mostly up; traders await Fed decision on rate cut

 

MUMBAI--0830 IST--Asian benchmark indices were mostly up Monday, on hopes of a rate cut by the US Federal Reserve. Fed funds futures traders see 100% probability of an interest rate cut Wednesday, as shown by the CME Fedwatch tool.

 

The CSI 300 index was up 0.6%. US and Chinese officials began talks in Madrid on Sunday about trade and security related affairs. According to media reports, the two countries will discuss US tariff measures, upcoming deadline to divest in Chinese application Tik Tok, and other issues.

 

China's industrial output grew 5.2% on year in August, lower than a forecast of 5.7% by Reuters. Industrial output had risen 5.7% in July. Retail sales growth was also lower than expected. The key consumption indicator grew 3.4% in August, lower than the growth of 3.7% a month ago, and lower than a Reuters forecast of 3.9%. According to the National Bureau of Statistics, China's new home prices fell 0.3% on August, in line with market expectations and implying weak demand. Annually, new home prices declined 2.5% in August, Reuters reported.

 

The export-focused country also witnessed a 4.4% on year growth in exports as it slowed to a six-month low in August. Reuters had expected a 5% growth in outbound shipments for August. Hong Kong's Hang Seng index was up 0.2%.

 

Elsewhere in Asian markets, the Kospi rose 0.3% while the Japanese markets were closed due to a state holiday. The Australian S&P ASX 200 index was down 0.3% and the Taiwanese Taiex index fell 0.6%.

 

Following were the levels of key Asian indices at 0802 IST:

 

INDEX	LEVEL	CHANGE IN %
CSI 300 Index	4347.24	0.57
Hang Seng Index	26460.5	0.28
TOPIX FIRST SECTION	3141.80	0.11
KOSPI	3406.62	0.31
FTSE Singapore Strait Times	4345.71	0.06
S&P/ASX 200 Index	8837.2	(-)0.3

 

(Eshitva Prakash)

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Equity Alert: Indices may start week slow; rise more later

 

MUMBAI--0827 IST--Domestic benchmark indices are likely to open on a muted note but the positive momentum may continue this week. There may be some volatility ahead of the US Federal Reserve's policy decision Wednesday. Likely progress in the country's trade talks with the US and a potential trade deal with the European Union will aid sentiment, analysts said. 

 

"Strong buying interest (in the Nifty 50) is evident at support around 25000-25100 and improving volumes reinforce a bullish bias as long as the index holds above these key levels," Reliance Research said in a note. "The RSI (relative strength index) is trending around 61, indicating positive momentum without approaching overbought territory, supporting further upside," the broking firm said.

 

The September contract of the GIFT Nifty also suggests a flat to slightly positive start for the market. At 0814 IST, the contract was at 25172 points, 13.50 points higher than the Nifty 50's close Friday. The 50-stock index had closed at 25114 points, up 108.50 points or 0.4%. Both the benchmark indices extended gains for the eighth session in a row, which is the longest rally since August last year.

 

On Friday, US indices ended mixed as investors are cautious ahead of the US Federal Reserve's policy meeting later this week. The Nasdaq Composite index had closed at a record high powered by the likes of Tesla and Microsoft. Most Asian indices were higher Monday, with South Korea's Kospi extending gains for the tenth straight session. The Japanese market was also in the green for the third straight session. Taiwan's TAIEX was in the red after gaining for eight straight sessions.  (Akash Mandal)

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Equity Alert: Emkay bullish on metal cos as prices recover from tariff-shock

 

MUMBAI--0816 IST--Emkay Global Financial Services retained its positive view on the metal sector companies, with aluminium prices climbing back to $2,700 a tonne in recent weeks, from the low of $2,275 per tonne it hit in April due to tariff-related shocks. Current aluminium prices are also in tandem with the brokerage's six-month target.

 

The recent rise in aluminium prices is on the back of global cyclical recovery with the expected rate cut by the US Federal Reserve this month, Emkay said. Globally, primary aluminium's supply and demand balance remains tight with capacity utilisation at 98%, the brokerage said. Meanwhile, zinc prices have steadied at higher levels of $2,800-$2,900 per tonne even as demand and supply are in surplus, and silver is also gaining momentum, it said.

 

The brokerage also said it sees Vedanta benefitting the most from the current scenario of rising aluminium, zinc, and silver prices, alongside falling alumina prices. The company derives about 80% of earnings before interest, tax, depreciation, and amortisation from aluminium, zinc, and silver. In addition, spread expansion from rising aluminium and falling alumina prices plays in favour due to Vedanta's net-short alumina exposure. The brokerage has a 'buy' rating on the stock with a target price of INR 525, which has an upside of 16%. 

 

Hindalco Industries, on which Emkay has a 'reduce' rating, also derives about half of its EBITDA from the aluminium business, benefitting from the ongoing trend. National Aluminium Co. sees 60?ITDA from aluminium and 40% from alumina, Emkay said. The brokerage has a 'buy' rating on the stock with a target price of INR 210. Hindustan Zinc, which is not rated by Emkay, is also a key beneficiary of rising zinc and silver prices.  (Gopika Balasubramanium)

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Equity Alert: US indices mixed Fri; traders await Fed meet outcome

 

MUMBAI--0742 IST--Indices in the US were mixed Friday. The S&P 500 and the Dow Jones Industrial Average ended lower while the technology-heavy Nasdaq Composite closed at a record high. All three indices had hit record closing highs in the previous week as market participants expect the US Federal Reserve to cut interest rates in its meeting on Wednesday.

 

The Nasdaq Composite rose for the fifth consecutive session, up 0.4%. The index had gained more than 2% in the previous week. Shares of Tesla and other technology companies pushed the index higher. Tesla was up 7?ter its board Chair Robyn Denholm dismissed concerns that Chief Executive Officer Elon Musk's political activity had hurt sales, Reuters reported.

 

Shares of Warner Bros Discovery rose 17%, extending gains from Wednesday when media reports suggested Paramount Skydance was preparing to bid for the company. Shares of technology-giant Microsoft rose 2?ter the company avoided paying a potentially large anti-trust fine in European Union.

 

The Dow Jones fell 0.6?ter hitting a closing high Thursday. Shares of paint-maker Sherwin-Williams Co. were down 2% and Goldman Sachs fell nearly 1%.

 

The S&P 500 fell marginally, snapping a four-day winning streak. The index had hit a record intraday high Friday before retreating to close at lower levels.

 

Shares of vaccine makers were down after a media report said that US health officials were planning to link coronavirus vaccines to the deaths of 25 children, according to Reuters. Shares of Modern, Pfizer, Novax fell 3-7%.

 

Traders await the US Federal Reserve's policy on interest rate cuts as several analysts believe a September rate cut will mark the start of a new easing cycle, according to media reports. The CME Fedwatch tool shows a 96% probability of a 25-basis points rate cut, up from an 89% possibility a week ago.

 

Following were the closing level of US indices Friday:

 

Index	Level	Change in %
S&P 500	6584.29	(-)0.05
NASDAQ Composite	22141.1	0.44
Dow Jones Industrial Average	45834.22	(-)0.59

 

 

(Eshitva Prakash)

 

US$1 = 88.26

 

End 

 

Edited by Vandana Hingorani

 

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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