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Informist, Wednesday, Oct. 1, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Europe mkts mixed; healthcare stocks up on Pfizer deal with US

MUMBAI--1440 IST--Indices in Europe were mixed in early trade Wednesday as traders placed cautious bets after the US government shut down its operations, implying that release of the weekly jobless claims data from the US will be delayed. A fall in shares of select defence companies weighed on markets while gains in healthcare stocks limited losses in the region. Healthcare stocks picked positive cues from the Pfizer deal struck with US President Donald Trump to lower its prescription drug prices in return for tariff relief.

Shares of Danish healthcare company Ambu climbed 10%, and Germany's Sartorius rose over 6.5%. Shares of Roche and AstraZeneca climbed 5-6%. Shares of pharmaceutical-major Novartis advanced 3% after the US Food and Drug Administration approved the Swiss drugmaker's oral treatment for patients with a type of chronic inflammatory skin disease, a Reuters report said.

Defence stocks across the region fell ahead of European leaders' meet in Copenhagen to discuss measures on the continent's security, following recent airspace incursions in countries including Denmark, Poland, Romania, and Estonia. Among defence stocks, Italy's Avio, and Germany's Renk and Hensoldt fell more than 3% each.

The Eurozone September Purchasing Managers' Index fell to 49.8 in September, compared to 50.7 in August. The market had forecast the index to report a contraction of 49.5. France's manufacturing sector contracted in September and the final manufacturing PMI fell to 48.2 in September from 50.4 in August but was slightly higher than the 48.1 flash figure. France's CAC 40 was flat in early trade.

The UK Nationwide House Price Index rose faster than expected at 2.2% on year in September. The reading saw a marginal increase following August's 2.1% on-year increase. UK's FTSE 100 index rose 0.7%.

Following were the levels of major European indices at 1438 IST:

(Eshitva Prakash)

Equity Alert: Indices in Asia end mixed; Taiwan semiconductor cos rise

MUMBAI--1414 IST--Indices in Asia closed mixed with most markets largely unfazed by the first US government shutdown in nearly seven years. Markets in Japan were the worst hit in the region while those in South Korea gained on better-than-expected exports. Markets in China and Hong Kong were shut for the National Day holiday.

Taiwan's TAIEX gained 1% after the country's tariff negotiator Wednesday said it will not agree to a deal with Washington, DC, for half of all semiconductor production to take place in the US. "Our negotiating team has never made any commitment to a 50-50 split on chips. Rest assured, we did not discuss this issue during this round of talks, nor would we agree to such conditions," Cheng Li-chiun, Taiwan's vice-premier, was quoted as saying by Reuters. Shares of Taiwan Semiconductor Manufacturing were up 1.5% and those of Hon Hai Precision Industry were up 1.4%.

Shares of Australia-based mining giant BHP Group closed 2% lower after Bloomberg reported that China, the world's leading iron ore consumer, had told local companies to halt purchases of any dollar-denominated seaborne iron ore cargoes from the company. Australia's S&P/ASX 200 index closed flat. 

Japan's Tankan survey for Jul-Sept, released by the Bank of Japan, showed an improvement in large Japanese manufacturers' optimism as compared to the trailing quarter. However, the reading was weaker than that expected by a Reuters poll. A quarterly increase in confidence among manufacturers means there are greater chances of an interest rate hike by the country's central bank as soon as this month, Reuters reported.

South Korea's KOSPI was among the few gainers in Asia and rose nearly 1%. Exports from the country grew 12.7% on year and advanced to a record monthly value on the back of semiconductor exports, according to data from the country's customs agency. A Reuters poll of economists had forecast a 7.2% on-year increase. "We need to remain alert to respond swiftly to high uncertainty around our export conditions, such as tariff negotiations with the US," Kim Jung-kwan, South Korea's industry minister, was quoted as saying by the news agency.

Following were the levels of key Asian indices at 1322 IST:

(Eshitva Prakash)

Equity Alert: Jain Resource lists at INR 265.05, 14% premium to issue price

MUMBAI--1219 IST--Jain Resource Recycling listed at INR 265.05 on the NSE, at a 14% premium to the issue price of INR 232. At 1203 IST, shares of the company traded over 19% higher at INR 277.72, up over 16% from the issue price of the stock. Over 32 million shares of the company changed hands so far. 

The company's initial public offering closed Friday. The offer was subscribed 15.90 times with investors bidding for 496.75 million shares against 31.25 million shares on offer. Qualified institutional buyers showed great interest in the issue, subscribing their portion of the offer a whopping 25.29 times. QIBs bid for 431.05 million shares against 17.05 million shares reserved for them.

Jain Resource manufactures non-ferrous metal products by recycling non-ferrous metal scrap that it procures from third-party suppliers. The company's products include lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys. For the financial year 2024-25 (Apr-Mar), the company had reported a consolidated net profit of INR 2.24 billion on a consolidated revenue of INR 71.26 billion.  (P. Madhu Kumar)

Equity Alert: BMW Ventures lists at INR 78, a 21% discount to issue price

MUMBAI--1218 IST--BMW Ventures Ltd. listed at INR 78 on the NSE, at a 21% discount to the issue price of INR 99. At 1218 IST, shares of the company traded over 25% lower at INR 74.10, down nearly 34% from the issue price of the stock. Over 1.2 million shares of the company have changed hands so far.

The company's initial public offering was subscribed 1.50 times at the end of its final day. Investors bid for 35.17 million shares out of a total of 23.40 million shares on offer, according to data from BSE's website. Qualified institutional buyers subscribed to the issue over three times, bidding for 724,045 shares against the 234,000 shares offered. 

BMW Ventures distributes long and flat steel products in Bihar. The company also distributes tractor engines in the state. For 2024-25 (Apr-Mar), it had reported a net profit of INR 328.23 million on a revenue of INR 20.62 billion.  (P. Madhu Kumar)

Equity Alert: Sun Pharma up 3%; Citi bullish on stock, maintains 'buy' rating

MUMBAI--1147 IST--Shares of Sun Pharmaceutical Industries rose nearly 4% to an intraday high of INR 1,651.50 and were up for the third straight session. Citi has maintained its 'buy' rating on the stock with a target price of INR 2,180. The brokerage cited no overhang on the pricing of Ilumya drug as Pfizer signed a pact with the US government, under which the pharma giant will slash prices of some medications in the US, ETNOW reported citing the brokerage's report in a social media post on X.

The pact between US and Pfizer is seen as a positive for Sun Pharma as this will remove the overhang of most-favoured-nations pricing for certain drugs and will provide relief for the Indian pharmaceutical major's Ilumya portfolio. The brokerage also said that there will be no impact on Medicare or commercial pricing in the US. "Sun Pharma remains Citi's preferred pick in the pharma sector," ET quoted the brokerage as saying. 

At 1147 IST, Sun Pharma shares were up 2.4% at INR 1,633. Out of the 20 brokerage reports on the company with Informist, 16 brokerages have a 'buy' or equivalent rating, with an average target price of INR 1,954. Three brokerages have a 'hold' or equivalent rating and only one brokerage has a 'sell' rating on the company.  (P. Madhu Kumar)

Equity Alert: Indices largely unch post RBI MPC meeting; Nifty 50 up 0.3%

MUMBAI--1107 IST--Both benchmark indices retained their earlier levels post Reserve Bank of India Governor Sanjay Malhotra's comments at the Monetary Policy Committee. Despite coming sharply off highs just at the start of the meeting, both indices rose later to remain largely unchanged. The market did not show much volatility during the policy meet.

At 1108 IST, the Nifty 50 was at 24683.85 points, up 72.75 points, or 0.3%. The BSE Sensex was at 80548.29 points, up 280.67 points or 0.4%. Broader market indices were mixed with on Nifty Smallcap 250 and Nifty Smallcap 100 indices moving in positive territory. Nifty Smallcap 50 was the worst hit among its peers, down 0.1%. 

The Nifty PSU Bank index was the biggest loser in the pack of sectoral indices, down 0.8%. Nifty Media and Nifty India Defence were the top gainers, rising 2.4% and 1.2%, respectively. The fear indicator, the India VIX, was down 3.6% at 10.6825. Nifty Auto rose more, up 0.7% now compared to 0.4% earlier. Tata Motors was the top gainer in the Nifty 50, up 3.2%. 

The Monetary Policy Committee in a unanimous decision kept the policy repo rate unchanged at 5.50%. The central bank raised its GDP growth projection for 2025-26 (Apr-Mar) to 6.8% from 6.5% projected earlier. It also raised its growth estimate for the September quarter to 7% from 6.7%. The apex bank reduced its headline inflation forecast for the current quarter ending December by 130 basis points to 1.8% and lowered the projection for 2025-26 (Apr-Mar) by 50 bps to 2.6%.  (Simran Rede)

Equity Alert: Epack Prefab Technologies lists at INR 183.85, a 10% discount

MUMBAI--1044 IST--Epack Prefab Technologies listed at INR 183.85 on the NSE, at a nearly 10% discount to the issue price of INR 204. At 1044 IST, the stock traded at INR 187, down 17% from its issue price. Around 6 million shares of the company have changed hands on the NSE so far. 

The company's initial public offering, which ended Friday, was subscribed over three times, with investors bidding for 54.30 million shares against 17.67 million offered. The company had raised INR 1.51 billion from anchor investors.

Epack Prefab designs, manufactures, and installs pre-engineered steel buildings, pre-fabricated structures and their components in India and abroad. The company has manufacturing units in Uttar Pradesh, Rajasthan, and Andhra Pradesh. It reported a consolidated net profit of INR 593.22 million for 2024-25 (Apr-Mar) on consolidated revenue of INR 11.34 billion.  (Gopika Balasubramanium)

Equity Alert: Shriram Finance rises; co denies media report on 20% stake sale

MUMBAI--1003 IST--Shares of Shriram Finance rose sharply Wednesday and were the top gainers in the Nifty 50. The stock rose as much as 4% to hit a two-month high of INR 640.60. The non-banking finance company late Tuesday denied reports of majority stake sale of the company, published by The Economic Times. At 1000 IST, shares of the company traded at INR 629.95, up 2.3%.

The newspaper reported that Mitsubishi UFG Financial Group is in advanced talks to take a 20% stake in India's second largest non-banking finance company, Shriram Finance, for about INR 232 billion ($2.6 billion), citing people familiar with the matter. "Both sides have signed an exclusivity agreement on negotiations," the report said. "...the company has clarified the said mainstream media that this is a rumour/speculation and has categorically denied the knowledge about information of such stake sale to any party," the filing said.

Of the 19 brokerage reports on the stock available with Informist, 15 have a 'buy' or equivalent rating on the stock and four have a 'hold' or equivalent rating. The 'buy' or equivalent recommendations have an average target price of INR 721. So far Wednesday, 3.94 million shares of the company have changed hands on the NSE, higher than 2.21 million shares traded during the same period on Tuesday.  (Simran Rede)

Equity Alert: Indices open higher; MPC comments, rate cut decision eyed

MUMBAI--0938 IST--Domestic benchmark indices bounced back Wednesday after briefly slipping into the red. They had opened on a positive note. All eyes are on the outcome of the Monetary Policy Committee meeting that will be announced at 1000 IST. Shares of companies pertaining to interest-rate sensitive sectors such as banking, financial services, automobile, and real estate companies will be in focus. The rate-setting panel of the Reserve Bank of India is widely expected to maintain its repo rate at 5.50%. It has reduced the interest rate by 100 bps so far in 2025.

At 0923 IST, the Nifty 50 was at 24627 points, up 15.90 points or 0.1%. The BSE Sensex was at 80310.81 points, up 43.19 points or 0.1%. Broader market indices were also up, with mid-indices gaining more than the benchmark and small-cap indices.

Information technology stocks were choppy in early trade. Shares of Coforge, LTIMindtree, and Infosys fell 0.5-1.6%. Others such as Tech Mahindra and Oracle Financial Services Software were up 0.7-1.0%.

Shares of media companies were up, with Nazara Technologies and SUN TV Network gaining over 3-5%. These companies were down Tuesday following US President's announcement late Monday of a 100% tariff on films which are produced outside the US.

Pharmaceutical companies were up, with Sun Pharmaceutical Industries and Dr. Reddy's Laboratories gaining 1-3%. The stocks rose after reports that US-based pharmaceutical major Pfizer has signed a pact to lower drug prices in US with the government.

On the global front, the US Congress failed to pass a spending bill Tuesday, which will lead to government shutdown and affect several government services. Global indices were largely positive Wednesday despite this.  (Gopika Balasubramanium)

Equity Alert: Indices may remain weak unless RBI pulls a positive surprise

MUMBAI--0810 IST--With the Nifty 50 ending lower for the eighth straight session Tuesday, sentiments are weak and indices may continue to fall unless the Reserve Bank of India pulls a positive surprise in uts monetary policy committe outcome, scheduled at 1000 IST. However, benchmark indices may still open slightly higher amid oversold conditions on technical charts but any significant movement will depend on the RBI's commentary.

The RBI is widely expected to maintain its repo rate at 5.50%. There are some hopes that the bank may lower its estimates of inflation after the government cut goods and services tax, effectively lowering prices of products. Some analysts also see a possiblity of the bank raising its estimates of GDP owing to better consumption after GST cuts.

Global indices were mostly higher despite the US Congress failing to pass a spending bill Tuesday, which is expected to lead to a US government shutdown, affecting several government services. US indices ended marginally higher Tuesday with major indices up 0.2-0.4%. There are some concerns that a government shutdown in the US may delay the jobs report due Friday. Hopes of further cuts in interest rates have pushed market participants in the US to largely ignore the US government shutdown news for now. The US Congress will meet on Wednesday again to decide on the spending bill.

Most of the equity markets in Asia were higher Wednesday. However, Japan indices were down over 1% due to uncertainty around the US government shutdown and concerns that earnings may be hit by US tariffs, Dow Jones reported. Several media reports said Taiwan has rejected the US proposal to shift half of semicondutor production to America. Taiwan's Taiex was up 1.5%. Markets in China and Hong Kong were closed on account of a National Day holiday.

Owing to largely positive cues from global indices, GIFT Nifty futures suggest the Nifty 50 may open slightly higher. At 0751 IST, GIFT Nifty October contracts traded at 24761 points, marginally lower than its previous close but up 0.6% from the Nifty 50's close on Tuesday. The Nifty 50 index closed at 24611.10 points Tuesday, falling for a eighth straight session. The index has fallen nearly 3% during this period. 

Technical analysts expect the Nifty 50 to face resistance at higher levels with the 24800-25000 points being seen as difficult to breach. The index may find support at 24550 points Wednesday, but it is at a risk of a sharp fall if the index falls below the immediate support level.  (Anshul Choudhary)

Equity Alert: Asian indices mixed; South Korea's exports top expectations

MUMBAI--0815 IST--Asian indices were mixed early Wednesday. Japan's Nikkei 225 was down for the fourth consecutive session. Markets in China and Hong Kong were closed for National Day.

Japan's index for big business optimism increased to +14 in Jul-Sept, up from +13 in June and marking the highest level since December 2024, according to a CNBC report. The market forecast for the reading was +15. A positive figure for the Tankan survey indicates that optimists outnumber pessimists. "Firms from a wide range of sectors pointed to concern over the impact of US trade policy...some firms also complained of rising labour costs, slowdown in demand from inbound tourism and the risk of higher prices hurting domestic consumption," a Bank of Japan official was quoted as saying by Reuters. The Nikkei 225 fell more than 1% and the broader Topix index was down 1.7%.

South Korea's Kospi advanced almost 1%. The country's exports grew 12.7% on year in September, much higher than a Reuters estimate of a 7.2% increase. The country's chip exports rose 22% on year to a record monthly value amid increasing demands from artificial intelligence companies.

Taiwan's Taiex was up 1.4%. Chip-maker heavyweights like Taiwan Semiconductor Manufacturing and Hon Hai Precision Industry were up 3.2% and 1.3%, respectively. Several media reports said Taiwan has rejected the US proposal to shift half of its semiconductor production to the US. Australia's S&P/ASX 200 was down for the second straight session after the country's central bank kept its benchmark lending rates steady.

Following were the levels of key Asian indices at 0800 IST:

(Eshitva Prakash)

Equity Alert: US mkt ends higher Tue despite looming US government shutdown

MUMBAI--0748 IST--Indices in the US closed higher Tuesday, with the Dow Jones Industrial Average closing at a record high as traders shrugged off concerns about the likely US government shutdown. The country inched towards a government shutdown after a vote to extend funding past the deadline failed. US President Donald Trump has threatned to fire several federal officers in case of a shutdown.

Traders were anxious about a prolonged closure which could hamper economic activity in the US and lead to a delay in key data releases. The US Labour Department earlier said that in case of a shutdown, it would not release the September non-farm payrolls data on Friday, according to media reports. 

"When it comes to Washington, the market widely expects a shutdown to happen, so investors are largely sitting tight for now, but if this extends beyond two weeks, people will start to become more concerned," Adam Crisafulli of Vital Knowledge was quoted by CNBC, as saying.

The Dow Jones Industrial Average advanced 0.2% to reach a fresh closing high. Job openings in the US rose more than expected, by 19,000, to 7.227 million as of Aug. 31, the Bureau of Labor Statistics said in its report. Economists polled by Reuters had forecast 7.185 million unoccupied jobs. 

Among specific stocks, shares of Pfizer gained nearly 7% after President Trump said the company will cut the price of all prescription drugs in the Medicaid program for low-income Americans and sell new prescription drugs at a "most favored nation" price in exchange for tariff relief, a report by Reuters said. Shares of CoreWeave rose after the company announced a $14.2 billion artificial intelligence cloud infrastructure deal with Meta Platforms, a Reuters report said. Chipmaker Wolfspeed's shares jumped 29% after the company exited bankruptcy proceedings, a report by Mint said. Shares of Lamb Weston rose over 4% after the frozen-potato products maker beat analysts' estimates for first-quarter revenue and earnings. Firefly Aerospace shares were down nearly 21% after an error in the pre-flight testing destroyed one of its rockets.

A group representing major US airlines Monday said that a government shutdown could dent aviation performance in the country and result in flight delays as air traffic controllers would have to work without pay, according to US media reports. Shares of Southwest Airlines fell 2.6% and those of United Airlines closed 2.2% lower.

Following are the closing levels of US indices Tuesday:

(Eshitva Prakash)

End

US$1 = INR 88.67 

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

Edited by Tanima Banerjee

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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