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Informist, Tuesday, Sept. 23, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Asian indices end mixed; South Korean technology stocks soar

MUMBAI--1345 IST--Asian indices ended mixed Tuesday. South Korea's Kospi rose 0.5% to close at a record high. Gains in the South Korean market were led by technology stocks, which tracked overnight rise in shares of US artificial intelligence companies. However, markets in Hong Kong were down after the People's Bank of China governor took a measured stance on policy changes in a briefing Monday. Markets in Japan were closed for Autumnal Equinox holiday.

Shares of South Korean technology giants Samsung and SK Hynix rose 1-3%. Several other technology stocks in the country gained ahead of US chipmaker Micron Technology's result, which are expected to be better than forecast, a report by The Economic Times said. Shares of biopharmaceutical company Celltrion rose 9% after the company Tuesday said its US subsidiary had acquired a factory in the US in a bid to avoid tariffs.

Some investors had hoped for more from the Chinese central bank head's speech as the line-up of officials at the briefing was similar to a prior meeting when a series of measures, including interest rate cuts, were unveiled, a South China Morning Post report said. Hong Kong's Hang Seng index fell nearly 1% with the city bracing for Super Typhoon Ragasa, which is expected to approach its coast Wednesday. China's blue-chip CSI 300 ended marginally lower due to a likely waning of its liquidity fuelled bull-run, a Reuters report said.

The FTSE Singapore Straits Times was 0.2% higher after the country's core inflation rose 0.3% on year in August, the slowest pace in more than four years, according to a CNBC report. The inflation print was lower than a Reuters estimate of a 0.5% rise and against a 0.5% rise in July.

Following were the levels of key Asian indices at 1335 IST:

(Eshitva Prakash)

Equity Alert: Vodafone Idea rises 7% as investors track AGR plea developments

MUMBAI--1335 IST--Shares of Vodafone Idea Tuesday rose as high as 7% to INR 8.97, their highest level in over seven months, as investors are waiting for the Supreme Court's hearing scheduled Friday on the company's petition to quash the additional adjusted gross revenue demanded by the Department of Telecommunications. Last week, the government had told the Supreme Court that some solution may be required on the company's plea and that the apex court could grant some indulgence. The stock has risen over 14% since then.

On Monday, global brokerage Citi called the company's shares a 'high-risk buy', with a price target of INR 10, a CNBC TV18 report said. The apex court has admitted Vodafone Idea's latest plea on additional adjusted gross revenue and with the government also expressing its support, the chances of a potential relief for the company have increased, the report cited the brokerage as saying. At 1312 IST, the stock was up over 4% at INR 8.75 and was the top gainer in the Nifty 200 index. Till this time, 883.85 million shares of the company changed hands on the NSE, higher than the 590.73 million shares traded till the same time Monday. So far this month, the stock has gained a little over 38% and around 13% this year.

The apex court on Sept. 19 observed that there has to be some finality to the proceedings and deferred the hearing of the company's plea to Sept. 26. Vodafone Idea had filed a petition against the telecom department's additional adjusted gross revenue demand of INR 94.50 billion till 2018-19 (Apr-Mar). It argued that the telecom department has been raising additional demand stating the dues claimed were above and beyond the adjusted gross revenue dues as finalised by the Supreme Court in 2020. In 2020, the apex court had crystallised all adjusted gross revenue dues of the company for the period till FY17.

Further, the company expects to enter space-based cellular broadband networks by mid-2026 as its partner in the domain awaits government licensing, several media reports said citing its Chief Technology Officer Jagbir Singh. The company said it will keep its focus on mobility, while they have put plans of entry into fixed wireless access on hold.

Of the seven brokerage reports available on the company with Informist, four have a 'hold' or equivalent rating with an average target price of INR 8. Of the remaining three, two have a 'sell' or equivalent rating while Nomura has a 'buy' rating on the stock with a target price of INR 10. (Arya S. Biju)

Equity Alert: FMCG cos fall on profit booking; Nifty FMCG down for 3rd day

MUMBAI--1331 IST--Shares of most fast-moving consumer goods companies continued their downward trend post the rally earlier on the back of reforms in goods and services tax. These stocks rose over 4% till Sept. 4, following which investors booked their profits, analysts said. Despite this, they remain positive on the sector and expect tailwinds such as GST reforms to aid consumption.

However, analysts remain unsure about how kirana stores will pass on the benefits of GST rate cuts to consumers. Some kirana store owners were unwilling to pass this benefit to consumers as they still hold older inventory with higher price tags, putting them in a tight spot, several newspapers reported. Analysts await more clarity on how this would be calculated and if they would go back to the company and get some credit. 

The Nifty FMCG reversed all gains in September and was down more than 1% so far this month. The index has crawled back to the level post the announcement of GST reforms by Prime Minister Narendra Modi in his Independence Day speech. On Tuesday, the index was down for a third consecutive session, after having fallen more than 2% over this period. Trent and Nestle India were down nearly 2% and were among the worst-hit stocks in the Nifty 50.

The market has taken the GST rationalisation positively, they said. The reduction in GST rates, income tax slabs, and Reserve Bank of India's repo rate will boost consumption in the sector, Onkar Kelji, a research analyst at IndSec Securities and Finance, said. He sees purchases in premium product categories to be better going forward, given a higher discretionary income at the hands of the consumers. "So, higher discretionary consumption would get a boost, for example, auto. Then, again, the real estate could be one of the beneficiaries. So, the premiumisation theme, which has been the strategy to grow, would continue going ahead," he said.  (Simran Rede)

Equity Alert: Gujarat Fluoro rises after DGTR's move on anti-dumping duty 

MUMBAI--1235 IST--Gujarat Fluorochemicals rose over 1% to touch a three-month high of INR 3,928.40 after the Directorate General of Trade Remedies recommended anti-dumping duty on imports of polytetrafluoroethylene from China and Russia. Nuvama Institutional Equities has raised its target price on the stock to INR 5,298 from INR 4,940 and maintained 'buy' rating after the recent update by DGTR. JM Financial Institutional Securities changed the rating to 'reduce' in its new rating system from 'hold' in the previous system. It upgraded the target price to INR 3,780 from INR 3,645 earlier. 

Nuvama said the new measures by DGTR are expected to narrow the pricing gap, enhance domestic competitiveness, and stabilise 

realisations for the company. "The company is predominantly export oriented with an FY25 export-to-domestic mix of 80:20 and export realisation at USD10.2/kg, well above the USD6.2/kg levels in the domestic market," it added. The brokerage said this mix is likely to move slightly higher to 85:15 in 2025-26 (Apr-Mar) with domestic volumes to be steady around 3,000 tonnes annually. 

On the other hand, JM Financial said any potential delay in resuming operations from after the recent fire incident at R-32 facility in Ranjitnagar, Gujarat, may result in earnings cuts. "In FY27-28, we highlight that there is 6%/14% of overall EBITDA baked in from the EV battery chemicals where there could be potential ramp-up delays," the brokerage added in its report. (P. Madhu Kumar)

Equity Alert: Jefferies bullish on Vishal Mega Mart on robust growth drivers

MUMBAI--1225 IST--Earnings visibility for Vishal Mega Mart remains high despite soft demand environment for the industry, CNBC-TV18 quoted global brokerage Jefferies as saying. This earnings visibility is due to the company's plans to open more than 80 stores per year. It has also launched a pilot programme that includes smaller store formats in towns with population less than 50,000.

The company continues to maintain leadership in entry-level price points and offers a high-quality private-label portfolio, the brokerage said. It has also been able to drive same-store sales growth on a daily basis despite soft demand across the industry. Jefferies maintained a 'buy' recommendation on the Vishal Mega Mart stock with a target price of INR 175. At 1223 IST, the stock traded at INR 149.98 on the NSE, up 0.6% from the previous close.

At 1223 IST, 5.80 million shares of the company were traded on the NSE, higher than 3.42 million shares traded till the same time Monday. All five brokerage recommendation on the stock available with Informist have a 'buy' or equivalent rating on the stock with an average target price of INR 170.  (Akash Mandal)

Equity Alert: Nomura sees China's anti-involution aiding Indian steel sector

MUMBAI--1110 IST--Nomura Global Markets Research remains bullish on the Indian steel sector despite a fall in steel prices as domestic and global tailwinds remain supportive. China's 'anti-involution' campaign to curb excess capacity and price wars in energy and solar supply chains, which will benefit the Indian company, have started showing results, it said in a report. At 1108 IST, shares of JSW Steel traded at INR 1,124.50, up 0.7% and those of Jindal Steel traded at INR 1,036.30, up 0.4%, on the National Stock Exchange.

China's monthly crude steel production has been declining since April and are currently at the low end of the five-year average, compared to the peak levels reached in March. The next positive trigger for the sector is expected to be incremental policy support from China, particularly in the form of property-focused stimulus, with the upcoming 4th Plenary Session of the Communist Party's Central Committee in October, the brokerage said.

Nomura expects an earnings before interest, tax, depreciation, and amortisation compounded annual growth rate of 25–27% over 2024-25 (Apr-Mar)-FY28 across companies under its coverage. It has maintained 'buy' recommendations on JSW Steel and Jindal Steel. The brokerage has raised its target price on JSW Steel by 7% to INR 1,300 and on Jindal Steel by 6% to INR 1,150, reflecting the sector's improving medium-term earnings visibility.

Under the anti-involution policies of the Chinese government, various state-owned mills have been asked to cut the country's annual crude steel production by 5% or around 50 million tonnes from 1.0-1.05 billion tonnes since 2020. In Jan-Jul, the crude steel output fell 2% on year to 594.5 million tonnes. Nomura estimates around 9% cut in production in the remaining five months of 2025. 

China's property market is expected to face strong export-related headwinds in Jul-Dec, marking its fifth year of correction. New housing starts fell 15% in August to their lowest level in the past decade. The new residential building prices were down 20% on month in August. "Over the past four years of correction, Beijing has rolled out several rounds of stimulus to stabilise the property markets. We expect this again in 2HCY25 (Jul-Dec)," Nomura said in the report. 

The broking firm maintains a positive outlook on JSW Steel, largely given the upcoming capacity will align with a cyclical recovery by adding 7 million tonnes by FY28 at a 5% compounded annual growth rate over FY24-FY28, on the back of raw material backward integration, and as the company looks better placed than integrated players. "We expect domestic iron ore prices to remain below import parity prices," it said. 

Nomura has raised its target one-year enterprise value per EBITDA multiple to 7 times, largely on improvement in product mix and cost efficiencies due to the company's upcoming capacity. "Previously, we had overestimated Jindal Steel's volume growth for FY26/FY27 despite the constant delays in the upcoming capacities; we now reduce our FY26/FY27 volume estimates by 23%/14% (respectively) to be more in line with management's guidance and expansion targets," the brokerage said. It has cut its FY26 EBITDA estimates by 27% in FY26 to 123 billion.

"We remain positive on Jindal Steel largely on account of: the upcoming capacity addition (adding 6.3 million tonnes by FY27), which should increase the share of flat products in its volume mix (around 65% post-expansion versus over 20% in FY23), the enhanced raw material integration, and the possibility of cost reduction after the commissioning of pellet and captive power plants," Nomura said.  (Simran Rede)

Equity Alert: Euro Pratik Sales lists at INR 272.10 vs INR 247 issue price

MUMBAI--1052 IST--Shares of Euro Pratik Sales listed at INR 272.10 on the NSE Tuesday, a premium of over 10% from the issue price of INR 247. At 1049 IST, the stock traded at INR 251.10, up 1.7% from the issue price but down nearly 8% from the listing price. More than 7 million shares of the company have been traded on the NSE so far. 

The initial public offering of Euro Pratik, which closed Thursday, was subscribed 1.34 times, with the company receiving bids for 17.98 million shares, against the 13.46 million shares on offer. Non-institutional investors showed the most interest on all three days of the offer. 

The company sells and markets decorative wall panels and laminates. For 2024-25 (Apr-Mar), it had reported a consolidated net profit of INR 767.20 million on a revenue of INR 2.84 billion.  (Akash Mandal)

Equity Alert: KEC Intl rises 8% to 3-mo high on orders of INR 32.43 bln

MUMBAI--1026 IST--Shares of KEC International surged over 8% to a three-month high of INR 937.80 after the company said it has bagged substantial orders for transmission and distribution projects in the United Arab Emirates and the Americas. At 1021 IST, the stock traded 7.5% higher at INR 930.80 and was the top gainer in the Nifty 500.

The company got orders worth INR 32.43 billion for 400 kilovolt transmission lines in the UAE and the supply of towers, hardware and poles in the Americas. With these orders, the company's year-to-date order intake rose to INR 117 billion. For the June quarter, the company had reported a top line of INR 50.23 billion.

As at 1021 IST, 8.29 million shares of of the company were traded on the NSE, sharply higher than the 40,268 shares traded till the same time Monday. Of the 16 brokerage reports on the stock available with Informist, 13 have a 'buy' or equivalent rating on the stock. The remaining three have a 'hold' or equivalent rating.  (Akash Mandal)

Equity Alert: JBM Auto at over 6-mo high; co starts electric bus svcs in UAE

MUMBAI--1011 IST--Shares of JBM Auto rose above 6% to touch an over six-month high of INR 790 after the company launched electric bus services in the United Arab Emirates. However, the stock came off highs and traded over 3% higher at INR 766.25, as of 0946 IST. Over 5.2 million shares of the company changed hands on the NSE as compared to 576,213 shares traded till the same time Monday. 

The company's subsidiary JBM Electric Vehicles entered into a partnership with Dubai-based Al Habtoor Motors on Monday to deliver next-generation electric buses to the UAE market. Under this partnership, Al Habtoor Motors will serve as the exclusive importer and distributor of JBM's electric buses in the UAE and support nationwide deployment and service infrastructure.

"By way of this partnership, we aim to reduce CO (carbon monoxide) emissions by over 2.8 billion kgs, save diesel to the tune of over 1 billion litres and touch the lives of over 1.6 billion passengers over a 10-year period," Nishant Arya, vice chairman and managing director, JBM Auto, said in a press release Monday.(P. Madhu Kumar)

Equity Alert: Auto stocks up; dealerships see surge in footfalls post GST cut

MUMBAI--1005 IST--Many automobile companies' stocks rose substantially in early trade Tuesday after media reports said dealerships saw a surge in footfalls with several companies seeing a notable rise in equiries on the first day of the cut in goods and services tax. Maruti Suzuki India, Hyundai Motor India, Eicher Motors, Tata Motors, and Mahindra & Mahindra were up 1-2%, having risen 2-3% at open. At 0951 IST, the Nifty Auto was up nearly 1%. 

Automobile showrooms across the country saw a jump in customer bookings, footfalls, and enquiries for two-wheelers and cars on the first day the tax rejig, reports said. Vehicle deliveries planned on Monday at dealerships across Delhi, Gurugram, and Mumbai were three-five times higher than normal, The Economic Times newspaper reported. "These booking surges reflect both pent-up demand and strategic consumer response to pricing advantages, amplified by sectoral commentary about continued business momentum," ICICI Direct Research said in a report, citing such media reports. 

Maruti Suzuki India saw a surge in equiries on the first day. "On the very first day we recorded 80,000 enquiries, and have already delivered 25,000 cars, with deliveries expected to touch 30,000 shortly," Partho Banerjee, senior executive officer of marketing and sales, Maruti Suzuki, was quoted as saying by the Mint. "Since 18 September, when we announced additional price reduction (over and above GST), we have received 75,000 bookings with nearly 15,000 bookings coming in every day," he added. Demand for small cars surged 50% and enquiries remain very high, Banerjee said.

While enquiries surged, it will take some time for this to translate into sales and retailers expect sales to rise in the upcoming days of the festival season, reports said. The demand outlook for industry looks far better now than it did before Independence Day as the rejig is expected to boost festival season sales and help companies post a double-digit growth, analysts had said on the tax rationalisation.  (Akash Mandal)

Equity Alert: Mkt falls after positive open; auto cos zoom as bookings rise

MUMBAI--0940 IST--Benchmark equity indices turned negative minutes after it opened higher. The fall in the Nifty 50 was mainly due to losses in three index heavyweights – HDFC Bank, Reliance Industries, and ICICI Bank.

At 0934 IST, the Nifty 50 was at 25162.90 points, down 39.45 points or 0.2%, and the BSE Sensex was at 82038.25 points, down 121.72 points or 0.2%. Broader market indices were a tad higher at open, but fell soon alongside benchmark indices. The Nifty Smallcap 50 was down 0.3%. Among sectoral indices, the Nifty Auto and the Nifty Metal rose while the Nifty FMCG and the Nifty Realty fell.  

Information technology stocks extended their losses as the sentiment was hit after the US government passed an executive order hiking the application fee for new H-1B visa petitions. Large-caps such as Infosys, HCL Technologies, Tata Consultancy Services fell nearly 1%.

Investors bought automobile stocks on the back of positive reports saying that dealerships saw a surge in enquiries, bookings, and footfall across the country after the new goods and services tax regime took effect Monday. Demand for small cars, which saw muted growth in the previous quarters, also increased significantly, reports said. Vehicle deliveries that were planned on Monday at dealerships across Delhi, Gurugram, and Mumbai were three-five times higher than normal, The Economic Times newspaper reported. All automobile companies announced price cuts for their car models to pass on the benefit of tax cuts to consumers. 

"The response from customers has been phenomenal--something we haven't seen in the last 35 years," Partho Banerjee, senior executive officer of marketing and sales at Maruti Suzuki, said. "On the very first day, we recorded 80,000 enquiries, and have already delivered over 25,000 cars, with deliveries expected to touch 30,000 shortly." 

Maruti Suzuki India hit a fresh record high within minutes of opening. Shares of the automaker hit a record high of INR 16,325 and were up over 2%. Eicher Motors also hit a lifetime high at INR 7,122.50 shortly after opening and was up nearly 2%. Mahindra & Mahindra, Tata Motors, and Hero MotoCorp were up 0.6-1.2%.  

Among individual stocks, KEC International rose nearly 8% after it got orders worth INR 32.43 billion for transmission and distribution projects in the United Arab Emirates and the US. JBM Auto's shares rose over 3% after it signed a pact to launch electric buses in the UAE. Some Adani Group companies fell after rising for the past two sessions--Adani Total Gas fell 4% and Adani Power was down 3.5%. (Gopika Balasubramanium)

Equity Alert: Indices in Asia mostly up tracking gains in US market

MUMBAI--0835 IST--Most indices in Asia were higher in early trade Tuesday, tracking gains from the US market Monday. Market participants were optimistic about artificial intelligence-related  companies after technology-giant Nvidia announced a hefty investment in OpenAI to build data centres. Markets in Japan were closed owing to the Autumnal Equinox Day holiday.

"With US technology/Artificial Intelligence currently in red-hot form, we'd need to see something leftfield to derail the upbeat flows that are the driving force of Oracle, Apple, Nvidia, Tesla, and some of the US hardware plays," Chris Weston, head of research at broker Pepperstone, was quoted by Reuters as saying.

China's blue-chip CSI 300 index was down 0.6% and fell after two consecutive sessions of gains. The Australian S&P/ ASX 200 index led the gainers in the region, up 0.5%. The FTSE Singapore Strait index was up ahead of the country's inflation print for August, due later in the day.

Hong Kong's Hang Seng fell 0.7% as the country braces for a typhoon called Super Typhoon Ragasa which is expected to approach Wednesday, according to CNBC. The typhoon is expected to worsen weather conditions later in the day, according to the Hong Kong Observatory.

Following were the levels of key Asian indices at 0827 IST:

(Eshitva Prakash)

Equity Alert: Nuvama sees Q2 loan growth strong for PSU bks, NIM fall modest

MUMBAI--0830 IST--Public sector banks are likely to report healthy loan growth in the September quarter, with a moderate decline in net interest margins and stable asset quality, Nuvama Institutional Equities said in a report. Most PSU banks are likely to report strong loan growth driven by the retail, agriculture, and micro, small, and medium enterprises segments, the brokerage said. It maintained Bank of Baroda, State Bank of India, and Punjab National Bank as its preferred picks in the sector. 

Bank of Baroda's loans are expected to grow 4% on quarter in the September quarter, the highest in the sector. State Bank of India is expected to report 3% loan growth compared to the previous quarter. Punjab National Bank, Canara Bank, and Indian Bank are likely to report a quarter-on-quarter loan growth of around 2.5%, the brokerage said. Union Bank of India is likely to grow slower than the sector, it added. "While corporate loan growth has been disintermediated by mutual funds and capital markets, select AAA pockets reported corporate growth," the report said. 

In terms of net interest margins, PNB is likely to report unchanged levels on quarter. Bank of Baroda has also guided for stable reported net interest margin, but core margins are likely to decline 7 basis points on quarter, the brokerage said. For Union Bank, net interest margin may fall 6 bps, and for Indian Bank it is likely to decline under 10 bps. SBI's net interest margin is likely to fall 5%. For Canara Bank, net interest margins could decline more than peers due to lower current account and savings account deposits, Nuvama said. "It should be noted that NII for the entire (banking) sector has been under pressure due to lower rates and slower growth," it added. 

State-owned banks are likely to report stable asset quality in Jul-Sept with no lumpy slippages, Nuvama said. "Slippage would decrease for SBI, BoB (Bank of Baroda), and Indian Bank and remain flattish for others," it said. The brokerage also said SBI and Bank of Baroda would be able to maintain return on assets of above 1% in the reporting quarter due to higher core income. PNB's return on assets is likely to expand due to a lower tax rate. "The share of written-off recoveries to PBT (profit before tax) is higher for Union Bank and Canara Bank relative to other state banks," the brokerage said.  (Akash Mandal)

Equity Alert: Indices likely to open lower, move in thin range thereafter

MUMBAI--0756 IST--Benchmark equity indices are likely to open lower and move in a relatively narrow range Tuesday, consolidating after declining for two straight sessions. The Nifty 50 has fallen over 220 points during these two sessions. The index is likely to move in a range of 25000-25500 points. Information technology stocks will be in focus yet again as market participants assess impact of visa rule changes by the US on these companies.

"On the levels front, the range of 25100-25000 constitutes a significant support zone, as it corresponds with the 20-DEMA (daily exponential moving average) and a bullish gap observed on the daily charts...provided that this zone remains intact, it is advisable to pursue long positions in proximity to these support levels," Osho Krishan, senior analyst of technical and derivatives at Angel One, said in a note.

The September contract of the GIFT Nifty also indicated a weak start for the market. At 0749 IST, the contract was at 25252 points, 53 points lower than its previous close. On Monday, the Nifty 50 closed at 25202.35 points, down 124.70 points or 0.5%. The BSE Sensex ended at 82159.97 points, down 466.26 points or 0.6%. 

Indices in the US notched record closes for the third straight session overnight but the gains were marginal. Technology stocks led the gains with Nvidia rising 4% after the company said it will invest up to $100 billion in artificial intelligence firm OpenAI. Asian indices were mixed in early trade Tuesday after a higher opening tracking Wall Street.  (Akash Mandal)

Equity Alert: US indices at record highs, tech stocks lead charge

MUMBAI--0730 IST--Benchmark equity indices in the US posted their third consecutive record closing highs Monday amid sharp gains in information technology stocks. Market participants await personal consumption expenditure price index numbers, due later in the week. This print is considered to be the US Federal Reserve's preferred gauge for inflation.

The technology-heavy Nasdaq Composite rose 0.7% as shares of chipmaker Nvidia rose 4% after the company said it would invest $100 billion in OpenAI to support development of data centres. The new deal could signify that the artificial intelligence trade will continue to "drive earnings per share and share price growth into 2026 and beyond," Sam Stovall, chief investment strategist at CFRA Research, was quoted by CNBC as saying.

Shares of Oracle Corp. jumped over 6% after the company Monday said it had promoted its president of cloud infrastructure, Clay Magouyrk and president of industries Mike Sicilia as co-chief executive officers. Shares of Apple were up over 4% after brokerage Wedbush Securities raised its target price on the company on strong demand for the latest iPhone 17, according to a Reuters report. Shares of Tesla also rose 2%.

Shares of Kenvue Inc. fell 7.5% as traders awaited US President Donald Trump's comments on Tylenol, a painkiller used in the treatment of autism. However, shares of the company gained 4.7% in afterhours trading despite the US president saying the Food and Drug Administration would advise pregnant women against using acetaminophen, an active ingredient in Tylenol, a report by Reuters said.

Traders are monitoring the impact of the US raising H-1B fees for foreign workers that may affect US technology companies hiring overseas employees. In separate addresses Monday, newly appointed Fed Governor Stephen Miran argued for sharply lower rates while three other Fed officials said the central bank needed to remain cautious about inflation, according to Reuters.

Following are the closing levels of US indices Monday:

(Eshitva Prakash)

End

US$1 = INR 88.78

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Nishant Maher

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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