Equity Alert
Sun Pharma up;Citi sees co's FY30 innovation ops sales $3.2 bln
This story was originally published at 13:29 IST on 18 September 2025
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Equity Alert: Sun Pharma up; Citi sees co's FY30 innovation ops sales $3.2 bln
MUMBAI--1313 IST--Shares of Sun Pharmaceutical Industries rose as much as 1.5% Thursday to an intraday high of INR 1,644.50. The gains could be attributed to the positive outlook of global brokerage Citi on the company's innovation business for 2029-30 (Apr-Mar). The broking firm has reiterated its 'buy' rating on the stock and added it to its pan-Asia focus list.
Citi expects Sun Pharma's revenue from the innovation business to rise to $3.2 billion in FY30, up from $1.2 billion in FY25, according to a report by CNBC-TV18. Strong formulary coverage for Leqselvi, Ilumya's PsA approval, and the expansion of US Medicare coverage is expected to drive the growth in revenue, the report said. Citi expects the company's earnings per share to be 10% ahead of FY27 consensus and 18% ahead of FY28 consensus, the report said.
The brokerage believes the stock's valuations have corrected to "undemanding levels", NDTV Profit's post on social media platform X said. Citi has reiterated its 'buy' rating on the stock with a target price of INR 2,180, implying a nearly 35% upside from the stock's previous close.
The stock is up for the third consecutive session and has risen nearly 3% over this period. At 1309 IST, shares of the company were up 1.2% at INR 1,639. The stock was among the top gainers in the Nifty 50. So far Thursday, 1.16 million shares of the company have changed hands on the NSE, lower than 1.31 million shares traded during the same period on Wednesday.
Of the 20 brokerage reports on the stock available with Informist, 16 brokerage firms have a 'buy' or equivalent rating on the stock and three have a 'hold' or equivalent rating. Dolat Capital Market has a 'reduce' rating. The 'buy' recommendations have an average target price of INR 1,960. (Simran Rede)
Equity Alert: Heritage Foods at 3-wk high; co mulling price cut on milk pdts
MUMBAI--1259 IST--Shares of Heritage Foods surged nearly 11% to an over three-week high of INR 540. Informist had during market hours Wednesday reported that the company is considering a price cut across its milk products portfolio. At 1248 IST, the stock traded 9.3% higher at INR 533.30 on the NSE, having closed lower in the previous session.
The company, alongside several other private and listed dairy players, are evaluating price revisions, sources had told Informist. The company will not cut prices of regular milk but may reduce those of some value-added products. The quantum of the price cut will be finalised in the next 1–2 days, the report said citing a source, adding that these companies are likely to follow the pricing pattern of Mother Dairy Fruit & Vegetable, an arm of the National Dairy Development Board.
On Tuesday, Mother Dairy had announced price cuts in line with the goods and services tax relief for select dairy products. The company had reduced the price of 1 litre tetra pack of milk by INR 2 to INR 75 and that of 200 grams paneer pack by INR 3 to INR 92. It had also cut price of 500-gram pack of butter by INR 20 to INR 285.
At 1256 IST, 6.12 million shares of the company were traded on the NSE, sharply higher than the 98,873 shares traded till the same time Wednesday. (Akash Mandal)
Equity Alert: Nifty 50 hits over 2-month high; IT cos, HDFC Bank top gainers
MUMBAI--1153 IST--The Nifty 50 hit its highest level in over two months at 25448.95 points Thursday, buoyed by gains in information technology stocks. Gains in index heavyweight HDFC Bank also supported the 50-stock index.
At 1153 IST, the Nifty 50 was at 25414.45 points, up 84.20 points or 0.3%, and the BSE Sensex was at 82990.57 points, up 296.86 points or 0.4%. India VIX, the market's fear indicator, was down nearly 3% at 9.9800.
Financial services company HDFC Life Insurance Co. rose over 2% and was the top gainer on the Nifty 50. The stock snapped a three-session run of decline. Other financial services companies such as LIC Housing Finance, ICICI Prudential Life Insurance Co., and SBI Life Insurance Co. also rose sharply at around 1100 IST. Banking Secretary M. Nagaraju was incidentally speaking around the same time at an event in Mumbai.
IT companies such as Infosys and Wipro led the gains in the market as the US Federal Reserve cut the federal funds target range by 25 basis points to 4.00-4.25%, as was widely expected. Infosys gained over 1% and Wipro rose nearly 1%.
Metal companies such as JSW Steel and Tata Steel came off lows. JSW Steel was up 0.4% and Tata Steel was almost flat. Mahindra & Mahindra, Tech Mahindra, State Bank of India, and Bajaj Auto limited the gains in the 50-stock index. (Arundathi A R)
Equity Alert: Cohance Life falls to two-week low on large deal at discount
MUMBAI--1130 IST--Shares of Cohance Lifesciences fell 8% to an over two-week low of INR 888.50 after a large deal on the NSE at discount to the stock's closing price Wednesday. At 1121 IST, the stock traded 5.8% lower at INR 910.65 and was the worst hit in the Nifty 500.
Over 34 million shares of the company changed hands on the NSE during the pre-open session. The deal was executed at an average price of INR 900 per share, a discount of 7% from the company's previous closing price of INR 966.35. Earlier in the day, CNBC-TV18 had reported promoter group Jusmiral Holdings was likely to sell 8.9% stake or 34.1 million shares in Cohance Lifesciences for $350 million through block deals.
Till 1121 IST, 41.02 million shares of the company were traded on NSE, sharply higher than the 40,570 shares traded till the same time Wednesday. (Akash Mandal)
Equity Alert: IT cos up; US Fed guides for more cuts in 2025 post 25-bps cut
MUMBAI--1033 IST--Information technology stocks led the gains in the market, with the Nifty IT index rising to its highest level since Jul. 23. The positive momentum in these stocks came after the US Federal Reserve Wednesday cut the federal funds target range by 25 basis points as widely expected to 4.00-4.25%, the first time in 2025, and guided for more rate cuts this year.
The US Fed reduced the fed funds rate after keeping it unchanged for five consecutive meetings. All the members, barring Stephen I. Miran, voted for a 25-bps cut. Miran voted to reduce the interest rate by 50 basis points. The central bank also indicated it would steadily cut rates for the rest of the year amid concerns about jobs slowdown and weakness in the labour market.
This is likely to improve the discretionary spending of US-based clients at a time when tariff-related uncertainty and rapid artificial intelligence-related changes have led to these clients cutting down on spending. Indian IT companies earn a major chunk of their revenue from the US. "This clearly paves the way for the Reserve Bank of India also to move to cut rates given the slowdown in credit offtake and to spur growth in the economy," Vishal Goenka, co-founder of IndiaBonds.com, said in a note.
The Nifty IT rose to a near two-month high of 37064.95 points and is up for the third consecutive session. The index has risen more than 3% over this period and was the biggest gainer among the sectoral indices. Infosys, Wipro, and HCL Technologies were up 1.0-1.5%, and were the top gainers in the Nifty 50. (Simran Rede)
Equity Alert: Indices open higher as IT stocks gain post US FOMC rate cut
MUMBAI--0930 IST--Benchmark equity indices opened higher on Thursday with information technology stocks leading the gains. The US Federal Reserve late Wednesday cut the federal funds rate target range for the first time in 2025 and guided for another 50 basis points of cuts by the end of this year. Gains in broader market indices were marginal at open, unlike the last three sessions, where these indices were seen outperforming benchmark indices.
At 0935 IST, the Nifty 50 was at 25417.35 points, up 87.10 points or 0.3%. The 50-stock index rose to an over two-month high of 25448.95 points just a few minutes past open. While heavyweights Reliance Industries and ICICI Bank gained, HDFC Bank faltered, limiting the gains in the 50-stock index. The Nifty 50 has opened higher for the third straight session, after having taken a breather on Monday. The BSE Sensex was at 83042.70 points, up 348.99 points or 0.4%. Broader market indices also gained. The Nifty Smallcap was flat while the Nifty Midcap 150 was up 0.2%.
Information technology stocks gained after the US Fed cut the range of federal funds by 25 basis points to 4.00-4.25%. This was after the rate-setting committee held the rate for five straight meetings, after having cut it by 100 basis points between September and December 2024. Fed Chair Jerome Powell termed the move a "risk management cut". The Nifty IT gained 1.6% and it was the top gainer among the sectoral indices that rose. Large-caps such as Infosys, Wipro, HCL Tech and Tech Mahindra gained 1–2?ch.
Meanwhile, metal stocks fell. The Nifty Metal was down 0.5%, the worst hit among sectoral indices. Hindalco Industries was down 1.4%. The company reported a fire at the Novelis plant in Oswego, New York. Hindustan Zinc and Steel Authority of India were down 0.7-1.0%. (Gopika Balasubramanium)
Equity Alert: Nuvama wary of real estate cos; falling affordability a concern
MUMBAI--0811 IST--Sentiment around the real estate sector will remain cautious in the near term due to challenges such as weak volume growth in the wake of a fall in affordability, lower hiring due to tariff-related concerns, and a slow recovery in economic growth, Nuvama Institutional Equities said in a report.
"We believe volatility shall continue and reckon stocks shall continue to remain range-bound with downside protected by falling mortgage rates while the upside is capped by valuation/volume growth concerns," the brokerage said. The brokerage maintained its 'buy' ratings on Prestige Estates Projects and Brigade Enterprises, singling out these two stocks as its top picks in the sector.
Despite listed developers posting 19% and 39% on-year pre-sales growth in 2024-25 (Apr-Mar) and the June quarter, respectively, the Nifty Realty has fallen around 5% in FY25 and is down 13% till date in 2025, the brokerage noted. "We believe this is a result of faltering confidence in growth as the homogeneity of FY21–FY24 (when demand in all cities was healthy) has gone missing...sales volumes fell for 12 consecutive months between Jun 2024 and May 2025; only Chennai and the NCR logged YoY volume growth in FY25," the brokerage added.
The brokerage said this fall in demand is due to a surge in demand, which has eroded affordability with premium and luxury housing dominating sales. This has caused the width of the housing cycle to narrow considerably. "With price increases likely to moderate, investor-led demand may decline," the brokerage said. The Gurugram housing market may be the next where sales volume will slow down, similar to the falling sales volumes in Hyderabad due to moderation in prices, it added. (Akash Mandal)
Equity Alert: Most Asian indices gain; BoJ starts two-day policy meeting
MUMBAI--0810 IST--Most equity indices in Asia were higher on Thursday, with Japan's Nikkei 225 hitting a fresh record high intraday. Indices in China and Singapore recovered from losses in early trade and moved in the green. Overnight, the US Federal Reserve cut the policy rate by 25 basis points to 4.00-4.25%. Fed Chair Jerome Powell called the move a "risk management cut", while the central bank guided for another 50 basis points of cuts by the end of 2025. There was also some positive sentiment in Asia on signs of improved economic relations between the US and China.
At 0812 IST, Japan's Nikkei was 1% higher. Earlier in the day, the index had touched a record high of 45296.21 points. The rise was led by gains in the real estate and technology sectors. Meanwhile, the Topix was up 0.6%. Among stocks, chemical company Resonac Holdings jumped more than 11%, semiconductor manufacturer Screen Holdings rose nearly 5%, and industrial electronics manufacturer Tokyo Electron gained over 4%.
The Bank of Japan is commencing its two-day policy meeting, with the central bank expected to keep policy rates steady. The outcome is due Wednesday. "Bank of Japan officials are looking for signs of economic resilience, and we believe that the second quarter GDP print, which outperformed market expectations, certainly delivered," CNBC quoted economists as saying.
Among other indices, South Korea's Kospi was up 0.8% and FTSE Singapore Straits Times was up slightly. China's CSI 300 was up 0.4% and Hong Kong's Hang Seng was up 0.2%.
Bucking the trend, the S&P ASX 200 was down 0.7%. The country's unemployment rate remained near historic lows in August at 4.2%, with the economy recently showing signs of a tentative recovery supported by falling interest rates and rising consumer spending, The Wall Street Journal reported. The data is unlikely to shift the stance of the Reserve Bank of Australia much, especially as it has already indicated that further interest rate cuts are likely in the coming months.
Following are the levels of key Asian indices at 0812 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
| CSI 300 Index | 4568.5401 | 0.38 |
| Hang Seng Index | 26954.85 | 0.17 |
| Nikkei 225 Day | 45255.17 | 1.04 |
| TOPIX FIRST SECTION | 3163.03 | 0.55 |
| KOSPI | 3441.23 | 0.82 |
| FTSE Singapore Straits Times | 4326.09 | 0.05 |
| S&P/ASX 200 Index | 8760 | (-)0.66 |
(Gopika Balasubramanium)
Equity Alert: Mkt seen flat to tad up; IT cos in focus post US Fed rate cut
MUMBAI--0756 IST--Benchmark indices are likely to stay flat to slightly higher Thursday with the short-term outlook being positive. A 25-basis-point rate cut by the US Federal Reserve overnight is unlikely to majorly impact the Indian market but a guidance of further cuts in 2025 will keep sentiment higher, analysts said. Information technology stocks will be in focus, with lower interest rates in the US being beneficial for earnings of such companies.
The Nifty 50 is likely to test the 25500 levels in the near term but the rise is likely to be gradual rather than a sharp one, options data showed. A weaker dollar, some progress in trade talks between the US and India, and hope of a trade deal between India and the European Union are some other factors likely to keep the near term outlook positive for the domestic market.
"From a technical perspective, the double bottom breakout (for the Nifty 50) around 25150 remains the key anchor for the ongoing uptrend...we expect the momentum to continue, with Nifty likely to test 25500 and 25670 in the near term," said Rajesh Bhosale, equity technical analyst at Angel One, in a note.
The September contract of the GIFT Nifty also indicated a flat to slightly higher start for the market. At 0748 IST, the contract was at 25506 points, 31 points higher than its previous close. On Wednesday, the Nifty 50 closed at 25330.25 points, up 91.15 points or 0.4%. The BSE Sensex ended at 82693.71 points, up 313.02 points or 0.4%.
Overnight, indices in the US ended mixed after a choppy session, with a 25-basis-point rate cut by the US Fed and guidance of a further 50 bps cut in 2025 failed to lift the market. Indices in Asia were mixed in early trade Thursday. South Korea's Kospi gained slightly after having snapped an 11-session winning run in the previous session. (Akash Mandal)
Equity Alert: US indices end mixed; US FOMC guides for 50 bps of cuts in 2025
MUMBAI--0730 IST--The Nasdaq Composite and the S&P 500 closed slightly lower Wednesday after the US Federal Reserve met expectations of a 25-basis-point cut in the federal funds rate target range, the first cut after it reduced the policy rate by 100 basis points between September and December last year. Meanwhile, the Dow Jones Industrial Average closed higher. The Fed projected two more quarter-percentage-point cuts in the remaining part of 2025.
The US Federal Open Market Committee trimmed the fed funds range to 4.00-4.25% Wednesday, as expected, after holding it for five consecutive meetings. All the members barring Stephen I. Miran voted for a 25-bps cut. Miran voted to reduce the interest rate by 50 basis points.
US Fed Chair Powell termed the move a "risk management cut." The central bank indicated it would steadily cut rates for the rest of the year as there are concerns on weakness in the labour market.
"The one rate cut per meeting pace shows they no longer feel tariff-based inflation is a serious threat and that the economic growth slowdown with companies onboarding fewer new employees is increasingly the bigger risk," Christopher S. Rupkey, chief economist at FWD BONDS, was quoted as saying by CNBC. "Stagflation is out and labour market concerns are moved to the front-burner," he added.
This came against the backdrop of immense political pressure on the central bank, which has generally been allowed to operate with independence from direct political control. US President Donald Trump has criticised chair Powell for months for the central bank's reluctance to cut policy rates.
"He (Powell) noted the softness in the labour market, but reserves a larger cut for more serious conditions that are not present today," Michael Rosen, chief investment officer at Angeles Investments, was quoted as saying by Reuters.
The S&P 500 index ended at 6600.35, down 6.41 points or 0.1%, falling for the second straight session. The Nasdaq Composite closed at 22261.32, down 72.63 points or 0.3%. Both the indices have closed at record highs in a couple of sessions recently. The Dow Jones Industrial Average closed 0.6% higher at 46018.32 points.
Following are the closing levels of US indices Wednesday:
|
INDEX |
LAST LEVEL |
CHANGE IN % |
|
Dow Jones Industrial Average |
46018.32 |
0.57 |
|
NASDAQ Composite |
22261.33 |
(-)0.33 |
|
S&P 500 |
6600.35 |
(-)0.1 |
(Gopika Balasubramanium)
US$1 = INR 88.11
End
Edited by Ashish Shirke
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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