Equity Alert
Nomura starts coverage on Prestige Estates with 'buy' rating
This story was originally published at 08:37 IST on 17 September 2025
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Equity Alert: Nomura starts coverage on Prestige Estates with 'buy' rating
MUMBAI--0822 IST--Nomura Global Markets Research has initiated coverage on Prestige Estates Projects with a 'buy' rating and a target price of INR 1,900. This implies a potential upside of 17% from the stock's closing price of INR 1,625.20 on Tuesday.
"We believe the company's pan-India growth strategy is superior to peers, and a strong scale-up is likely, particularly
in Mumbai and the Delhi National Capital Region, driven by both mid-income township and luxury projects," Nomura said in its research report. Superior execution should help scale the company's earnings before interest, tax, and amortisation for its annuity and hotel segments by four-to-five times over the next 4-5 years, the brokerage said.
The brokerage also expects the company to beat its 2025-26 (Apr-Mar) pre-sales guidance of INR 260 billion by 10%. "As we assume PEPL (Prestige Estates) to meet 70-80% of its FY26 launch target (of 29 million square feet), there could be further upside to our FY26 pre-sales estimates," it added. The stock is also trading at attractive valuations, at a 40% premium to net asset value, which is lower than Godrej Properties' 108%.
"We believe PEPL's annual OCF (operating cash flow) of INR 70-80 bln is largely sufficient to meet annuity capex of INR 30-35 bln and growth capex of INR 40-50 bln," the brokerage said. Fundraising from the listing of the company's hospitality subsidiary could help keep net debt in check, it added. The brokerage pointed to a slowdown in the Bengaluru real estate market and weaker-than-expected leasing of annuity assets as key downside risks for the company. (Akash Mandal)
Equity Alert: Most indices in Asia down; outcome of US Fed meet eyed
MUMBAI--0820 IST--Most equity indices in Asia were down early trade as market participants waited for the US Federal Reserve's decision on interest rates, which is due Wednesday. South Korea's Kospi were over 1% lower after rising for 11 consecutive sessions.
Japan's Nikkei 225 index was up 0.2%, continuing to rise for fifth consecutive session despite opening the day in negative territory. The Topix index was down 0.5%. Japan's exports in August fell 0.1% on year, compared to a 2.6?ll in July and Reuter's estimate of a 1.9?ll. Japan's exports to the US dropped 13.8% on year, more than the 10.1?cline recorded in July. Shipments of automobiles fell 28.3% on year in value terms and a similar year-on-year fall was recorded in July. Automobiles were Japan's largest export to the US in 2024, according to CNBC.
The FTSE Singapore Strait Times index was 0.3% lower. The country's non-oil domestic exports fell 11.3% on year in August, according to government data. This came against expectations of a 1% rise by Reuters. A fall in demand for specialised machinery, food preparations and petrochemicals dragged down exports, according to data released Wednesday.
Chinese government agencies jointly released measures on Tuesday to boost consumption in the country and said they would open up sectors such as internet and culture, according to Reuters. This follows weak readings of Chinese factory output and retail sales in August. The CSI 300 index was flat. Hong Kong's Hang Seng index was 1% higher.
The US Federal Reserve's decision on interest rates on Wednesday will be an important point for market participants in Asia as a lower US interest rate would benefit them.
Following were the levels of key Asian indices at 0800 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4522.4164 |
(-)0.04 |
|
Hang Seng Index |
26647.68 |
0.83 |
|
Nikkei 225 Day |
44985.26 |
0.18 |
|
TOPIX FIRST SECTION |
3156.91 |
(-)0.36 |
|
KOSPI |
3416.26 |
(-)0.96 |
|
FTSE Singapore Strait Times |
4326.02 |
(-)0.28 |
|
S&P/ASX 200 Index |
8823 |
(-)0.62 |
(Eshitva Prakash)
Equity Alert: Mkt likely to open gap up on hope of swift US-India trade deal
MUMBAI--0803 IST--Benchmark indices are likely to open gap up but are likely to move in a narrow range after that. Sentiment will be positive after India and the US agreed to intensify efforts for an early conclusion of the bilateral trade agreement that was proposed in February. A favourable trade deal with the US may drive the market higher, analysts said. Export-oriented sectors such as textile, information technology, automobile components, and pharmaceuticals will be in focus during the session.
"Domestic markets should trade with positive bias in a rangebound manner ahead of the US Fed policy outcome...post gap-up open, it (Nifty 50) will most likely spend most of the time in range, that's the reason we suggest to utilise dips to buy," Vipin Kumar, assistant vice-president of equity research and senior derivatives analyst at Globe Capital Market, said. Kumar expects the Nifty 50 to move in a range of 25100-25400 points.
The September contract of the GIFT Nifty also indicates that the market is likely to open gap up. At 0755 IST, the contract was at 25386.50 points, up 147.4 points from the Nifty 50's close on Tuesday. The 50-stock index had closed at an over two-month high of 25239.10 points, up 169.90 points or 0.7% on Tuesday. The BSE Sensex ended at 82380.69 points, up 594.95 points or 0.7%.
Overnight, indices in the US ended slightly lower on caution ahead of the US Federal Reserve's interest rate decision due late Wednesday. The Fed is widely expected to cut rates by at least 25 basis points. Most indices in Asia were lower in early trade Wednesday ahead of the Fed's policy decision. (Akash Mandal)
Equity Alert: US indices end slightly down ahead of Fed decision on rate cut
MUMBAI--0740 IST--Indices in the US fell slightly Tuesday from record high a day ago. The S&P 500 closed lower after hitting intraday highs as market participants were cautious ahead of the US Federal Reserve's monetary policy decision due Wednesday. The two-day Fed meeting kicked off Tuesday and traders expect Fed Chair Jerome Powell to announce the first interest rate cut since December.
The Nasdaq Composite, which is largely dependent on technology stocks, closed 0.1% lower with shares of Nvidia Corp., Microsoft Corp., and Palantir Technologies down 1-2%. Shares of Webtoon Entertainment jumped 39?ter a deal with Disney to create a new digital comics platform. Shares of Oracle Corp. were up 1.5% amid media reports of the company continuing its cloud agreement with ByteDance, which owns TikTok. ByteDance had earlier received a deadline of Sept. 17 to divest from the short-video application.
The Dow Jones Industrial average fell 0.3%. Shares of UnitedHealth Group were down 2.4%. Among others, shares of Walmart, Home Depot, Golman Sachs, and Salesforce ended lower.
The US Commerce Department Tuesday said advance estimates of retail and food services sales in August rose 0.6% on month. This was higher than the 0.2% rise estimated by Reuters.
Market participants are betting on an interest rate cut Wednesday and the CME Fedwatch tool shows a 96% probability of a 25-basis point cut and a 4% probability of a 50-bps rate cut. "Any decision to cut by 50 basis points at this stage would appear to be driven more by political pressure than economic necessity. A more measured 25-basis-point cut remains the appropriate response, allowing the Fed to get ahead of a slowdown without overreacting to early signs of strain," Seema Shah, chief global strategist at Principal Asset Management, was quoted as saying, by CNBC.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6606.76 |
(-)0.13 |
|
NASDAQ Composite |
22333.96 |
(-)0.13 |
|
Dow Jones Industrial Average |
45757.90 |
(-)0.13 |
(Eshitva Prakash)
US$1 = 88.05
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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