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Informist, Tuesday, Oct. 7, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Indices in Asia mixed; Japan market closes at record high

MUMBAI--1330 IST--Equity indices in Asia ended mixed Tuesday, with Japan's benchmark indices closing at record high levels. During the session, the indices notched record highs but retreated to end only a tad higher. Markets in Japan had risen earlier in the day on the back of chip stocks, which had picked positive cues from a deal between Advanced Micro Devices and OpenAI in the US. Markets in China, Hong Kong, and South Korea were closed for holidays.

The broader Topix also closed marginally higher. Chip stocks that had gained earlier in the session came under selling pressure. Shares of Tokyo Electron and Lasertec fell 1.6% and 5%, respectively, after a positive start to the day. Shares of Rensas Electronics and Advantest closed with gains, but lower than their session's peak. 

Japan's consumer spending in August rose 2.3% on year, up for the fourth consecutive month, according to Japan's internal affairs ministry data. Markets had expected a rise of 1.2%. 

The Nikkei 225 had jumped nearly 5% Monday to close at a record high on the likelihood of Sanae Takaichi becoming the country's next prime minister. However, the yen slumped 2% against the dollar Monday as traders were concerned about the new Liberal Democratic Party leader's pro-stimulus stance. Takaichi had previously criticised the Bank of Japan's move to raise interest rates, and could now advocate slower policy tightening, according to media reports. Traders lowered bets of an interest rate hike by the Bank of Japan following her election victory. Swaps now see a 19% chance of a move at the Bank of Japan's Oct. 30 meeting, compared to about 57% in the run-up to the leadership vote and delay in interest rate hikes could result in the resumption of the yen carry trade, according to a Bloomberg report.

Taiwan's Taiex led the gainers in Asia and rose almost 2%. Taiwan's exports in September likely increased just over 42% on year, a report by Dow Jones Newswires said.  

Following were the levels of key Asian indices at 1320 IST:

(Eshitva Prakash)

Equity Alert: Indices rise more; Vodafone Idea jumps 9% to 6-month high

MUMBAI--1324 IST--After moving in a thin range, domestic indices gained momentum Tuesday. The gains in the Nifty 50 were led by the three index heavyweights, HDFC Bank, ICICI Bank, and Reliance Industries. Shares of Vodafone Idea surged nearly 9% to a six-month high of INR 9.20. After 1230 IST, four large deals aggregating to over 54 million took place on the NSE. The stock was also the top Nifty 200 gainer. 

At 1321, the Nifty 50 was at 25193.85 points, up 116.20 points or 0.5%. The BSE Sensex was at 82213.72 points, up 423.60 points or 0.5%. Broader market indices were also up, with the Nifty Smallcap 50 and the Nifty Midcap 50 rising 0.5% and 0.4%, respectively. Investors bought shares of oil and gas companies while they sold those of some automobile and fast-moving consumer goods companies.

Jio Financial Services, up 2%, was the top Nifty 50 gainer. Bharti Airtel and Eicher Motors followed with gains of over 1.8% and 1.5%, respectively. On the other hand, Trent continued to fall and was down around 2%. This was after the company's standalone revenue for the September quarter rose around 17% on year, slower than the near 40% growth in the same quarter last year. Tata Motors, down 2%, was the second biggest loser among the Nifty 50 constituents. The stock has fallen for the third straight session. The company's subsidiary Jaguar Land Rover said it will restart its electric propulsion manufacturing centre in the West Midlands, UK, on Wednesday.

Automobile stocks were in focus after data released by the Federation of Automobile Dealers Associations showed retail auto sales rose 5.2% on year in September. Shares of Bajaj Auto, Mahindra & Mahindra, and Maruti Suzuki India were up 0.4-0.8%.  (Adhithya Aji)

Equity Alert: InterGlobe Aviation dn; brokerages see muted Q2 earnings growth

MUMBAI--1302 IST--Shares of InterGlobe Aviation, which operates domestic no-frills airline IndiGo, fell 1.5% on the NSE Tuesday to an intraday low of INR 5,610.50 after brokerage firms said they expect the company to report weak or moderate earnings for the September quarter. However, the stock came off lows and, at 1309 IST, traded at INR 5,652.50, down 0.7%.

Foreign brokerage Citi believes moderation in the company's Jul-Sept results will be majorly due to lower supply rather than weak demand, according to a post by NDTV Profit on X. The brokerage firm has maintained its 'buy' recommendation on the stock with a target price of INR 7,100. This target price implies a near 25% upside to the stock's previous close. 

"Set for another weak quarter, see (Interglobe Aviation's) profit before tax loss of INR 1,000 cr (INR 10 billion) in Q2 (Jul-Sept)," CNBC-TV18 reported, citing Investec in an X post. The brokerage expects the company's profitability to be under pressure due to slower growth in capacity. Modest gains in yields and lower fuel costs are expected to provide partial relief to the company's earnings, the post stated cited Investec as saying. 

Investec sees a sharper downward revision in Interglobe Aviation's earnings per share post the September quarter earnings. "Despite 20% YoY EPS decline in Q1, consensus cuts have been minimal," the brokerage said. After the stock's inclusion in the Nifty 50, the brokerage expects it to realign with earnings fundamentals, the post said.

Tuesday, the stock was among the worst performers in the Nifty 50, snapping a four-session winning run. It had risen nearly 2% over this period. So far Tuesday, 259,891 shares of the company have changed hands on the NSE, slightly higher than 248,680 shares traded during the same period on Monday.

Of the nine brokerage reports on the stock available with Informist, seven have a 'buy' or equivalent rating on the stock, Nuvama Institutional Equities has a 'hold' rating, and Incred Research Services has a 'reduce' rating with a target price of INR 2,400. The 'buy' recommendations have an average target price of INR 5,993.  (Simran Rede)

Equity Alert: Glottis lists at 35% discount to issue price of INR 129

MUMBAI--1140 IST--Shares of Glottis listed at INR 84 apiece on the NSE Tuesday, a discount of 35% to the issue price of INR 129. At 1138, the stock traded at INR 89.46, nearly 31% lower than the issue price. Nearly 21 million shares of the company have changed hands on the exchange so far in a muted reaction post its listing.

Glottis' initial public offering was subscribed twice, as investors placed bids for 41.29 million shares against the 20.12 million shares on offer. Glottis raised INR 552.60 million from anchor investors while receiving a threefold subscription from non-institutional investors.

Glottis delivers multimodal integrated end-to-end logistics solutions, including ocean freight forwarding, air freight forwarding, road transportation, warehousing, storage, cargo handling, third-party logistics, and customs clearance. For 2024-25 (Apr-Mar), the company reported a net profit of INR 561.44 million on revenue of INR 9.41 billion.  (Durva A. Shivalkar)

Equity Alert: BofA sees bottoming out of banks' NIMs pushed to early FY27

MUMBAI--1125 IST--BofA Global Research expects the September quarter to be soft for Indian banks due to net interest margin normalisation for most banks and elevated credit costs mainly for mid-sized private banks, NDTV Profit reported Tuesday, citing the brokerage. The brokerage now expects the bottoming out of net interest margins of Indian banks to be pushed to early 2026-27 (Apr-Mar), especially if the Reserve Bank of India proceeds with "50 bp cuts" as projected, the report said. It expects another round of cut in earnings per share around the earnings season as consensus catches up, the report said. 

Among large banks, the global brokerage firm sees HDFC Bank and ICICI Bank as relative outperformers. "We see relatively defensive earnings and guidance from HDFC and ICICI. They also have the least AQ (asset quality) risks," the report noted the brokerage as saying. Both the banks look quite attractive from a relative valuation perspective, the brokerage said. At 1121 IST, shares of both HDFC Bank and ICICI Bank were up around 1% at INR 983.35 and INR 1,374.80, respectively, on the National Stock Exchange.  

The brokerage has maintained its 'buy' rating on both HDFC Bank and ICICI Bank, while raising its target price for ICICI Bank by around 6% to INR 1,850, indicating an upside of around 36% to Monday's close. BofA expects ICICI Bank to see moderation in loan growth but slightly better than industry levels. On the other hand, it expects HDFC Bank to see controlled and stable credit cost supporting profit growth, though net interest margin pressure and a high base for non-interest income may weigh on results.

Similarly, brokerage firm Macquarie expects the September quarter to be tough for the banking and financial sector, owing to sharp margin compression, weak loan growth and elevated credit costs. The brokerage expects muted earnings growth across the board, with core pre-provision operating profits likely to be even weaker, NDTV Profit reported Tuesday, citing the brokerage. (Arya S. Biju)

Equity Alert: Trent at over 6-mo low; cos Q2 revenue growth misses estimates

MUMBAI--1045 IST--Shares of Trent fell over 2% to touch an over-six-month low of INR 4,590 after the company's standalone revenue grew slower in the September quarter as compared to the same quarter last year. Brokerages have a bearish stance on the company's growth and performance in the latest quarter. As of 1100 IST, shares of the company traded 1.7% lower at INR 4,692. 

The company's revenue rose around 17% on year to INR 50.02 billion in the September quarter as compared to a nearly 40% growth in the same quarter last year. Moderation in its sales growth is due to a high base and competition in the fashion space, ICICI Securities said in a report. The brokerage also said that the growth in revenue missed their and Street's estimates of a 20% rise on year in the September quarter. The brokerage said, "Street will keenly monitor H2 performance as the company has guided for 25% revenue compound annual growth rate in the near term." 

Global brokerage firm Morgan Stanley has reduced its target price on the stock to INR 5,892 from INR 6,359 and maintained an 'overweight' rating on the stock. The brokerage has cut the company's revenue forecast for 2025-26 (Apr-Mar) to FY27 by 8-10% citing weaker growth in the first half of FY26. However, Morgan Stanley raised the company's earnings before interest, tax, depreciation, and amortisation to 85-95 basis points for FY26-FY27 on recent performance. "EPS lowered 9-10% reflecting slower sales and higher depreciation, partly offset by margin gains," the brokerage said. 

Out of the 11 brokerage reports available on the company with Informist, seven brokerages have a 'buy' or equivalent rating on the stock with an average target price of INR 6,750. Two brokerages have a 'hold' or equivalent rating with an average target price of INR 5,938 and the remaining two brokerages have a 'sell' rating on the stock with an average target price of INR 4,800.  (P. Madhu Kumar)

Equity Alert: Fabtech Tech falls nearly 3% after listing at INR 192

MUMBAI--1018 IST--Fabtech Technologies Ltd. listed at INR 192 on the NSE Tuesday, 0.5% higher than its issue price of INR 191. At 1031 IST, shares of the company were at INR 185, down nearly 3% from the issue price. Over 2.4 million shares of the company have been traded on the NSE so far.

The initial public offering of the company, which closed Wednesday, was subscribed twice with bids for 24.52 million shares, against the 12.06 million shares on offer.

Fabtech Technologies specialises in turnkey engineering solutions for pharmaceuticals, biotech, and healthcare companies. It provides technical expertise and infrastructure to deliver solutions for establishing aseptic manufacturing facilities from design to certification. In 2024-25 (Apr-Mar), the company reported a consolidated net profit of INR 464.53 million on consolidated revenue of INR 3.27 billion.  (Adhithya Aji)

Equity Alert: Benchmark indices rise after opening higher; financial cos gain

MUMBAI--0958 IST--Benchmark indices opened slightly higher with some financial services stocks leading the gains. The Nifty 50 index was up 0.4% at 25180 points and the BSE Sensex index rose 0.5% to 82159 points. Bajaj Finance rose nearly 2% and was the biggest gainer in the Nifty 50 index. Adani Enterprises and Coal India rose over 1% each. 

Trent fell nearly 4% as its revenue growth continues to slow down. Monday, the company said its revenue grew 17% on year in the September quarter, which was sharply lower than the nearly 40% growth in the same quarter last year. Max Healthcare Institute was down nearly 2% in early trade Tuesday after rising in Monday's session. It had made some gains Monday after the central government revised rates for nearly 2,000 medical procedures under the Central Government Health Services scheme. Axis Bank fell nearly 1%, snapping a three-session winning streak. 

Most sectoral indices were in the green with Nifty Energy up nearly 1%. Nifty Oil & Gas and Nifty Metal indices rose 0.4% each. Nifty IT, Nifty PSU Bank and Nifty Healthcare were the only indices in the red and were down marginally. All broader market indices rose higher with Nifty Smallcap 50 and Nifty Smallcap 100 as the biggest gainers, rising 0.5% each. 

Among the stocks in the Nifty 200 index, Adani Total Gas rose over 3% and it was the best performing stock in the index. Federal Bank and Adani Green Energy rose nearly 3% each. Among the losers in the index, Coromandel International and Bharat Forge fell around 1%. (P. Madhu Kumar)

Equity Alert: Japan indices hit record highs; several mkts shut across Asia

MUMBAI--0810 IST--Most indices in Asia were up and Japan's benchmark indices reached yet another record high in early trade Tuesday, tracking overnight gains in US markets after the deal between Advanced Micro Devices and OpenAI lifted stocks of most chip companies. Markets in Australia were down for the second straight session and those in China, Hong Kong, and South Korea were closed for holidays.

Chip stocks were among the top gainers in Japan's markets in early trade. Shares of Rensas Electronics were up nearly 5% and those of Advantest rose more than 2%. Shares of Tokyo Electron and Lasertec were up 1-2% in the early trade. 

Japan's household spending rose at a faster pace than expected in August with consumers relatively upbeat in a promising sign for the recovery in private consumption, a report by Reuters said. Consumer spending rose 2.3% on year, more than the median market forecast of a 1.2% rise and was up for the fourth consecutive month. The broader Topix index rose 0.3% and the Nikkei 225 gained 0.7% to reach record intraday highs. Markets in Japan had jumped Monday after the Sanae Takaichi, considered fiscally dovish, was elected as the head of Japan's ruling Liberal Democratic Party and is likley to become the country's next prime minister. 

Overnight, shares of Advanced Micro Devices jumped almost 24% and aided the Nasdaq Composite and the S&P 500 reach new heights after the company announced a deal with OpenAI, which could see the latter taking a 10% stake in the chipmaker. Several other chipmaking companies such as Applied Materials, Micron Technology, and Taiwan Semicndctr Mnufctrng also gained. 

Following were the levels of key Asian indices at 0809 IST:

(Eshitva Prakash)

Equity Alert: Mkt may open tad up; volatility likely on Nifty 50 F&O expiry

MUMBAI--0805 IST--Benchmark indices are expected to open marginally higher Tuesday. However, some volatility is expected later in the session due to the expiry of weekly Nifty 50 derivatives contracts. Investors are likely to shift their focus from developments in global markets, particularly with respect to trade and tariffs, towards domestic macroeconomic factors and the September quarter earnings, analysts said.

The GIFT Nifty contracts suggest a slightly positive start for the market Tuesday. At 0805 IST, the derivatives contract of the GIFT Nifty for October was at 25189.50 points, nearly 90 points higher than the Nifty 50's previous close. On Monday, the Nifty 50 closed above 25000 points for the first time after six sessions.

The 50-stock index settled at 25077.65 points, up 183.40 points or 0.7%. The BSE Sensex closed at 81790.12 points, up 582.95 points or 0.7%. A close above 25000 shows the overall bias turning optimistic, anticipating a fresh upward move in the coming days, analysts said. For Tuesday, the Nifty 50 is expected to move in a range of 24900-25150 points, according to technical analysts.

On the international front, market participants shrugged off concern around the US government shutdown, which extended to another week after the political deadlock over funding bills continued in the US Senate. There are no signs of a deal between President Donald Trump's Republicans and Democrats to end the crisis. Two of the three indices in the US--the S&P 500 and the Nasdaq Composite index--closed higher Monday, notching fresh record highs. In Asia, most indices opened in the green, with Japan's Nikkei 225 index breaking an all-time high level as new Prime Minister Sanae Takaichi's victory drove the yen above 150 against a dollar.  (Simran Rede)

Equity Alert: S&P 500, Nasdaq end at record highs, OpenAI deal aids chip shrs

MUMBAI--0725 IST--The S&P 500 and the Nasdaq Composite index hit record closing highs Monday, led by gains in Advanced Micro Devices shares after the company struck a deal with OpenAI to acquire stake in the chipmaker. Traders shrugged off concerns around the US government shutdown, which extended to another week after the political deadlock over funding bills continued in the US Senate.

The S&P 500 closed almost 0.4% higher and the technology-heavy Nasdaq Composite advanced over 0.7%, with both indices recording record closing highs. Shares of Advanced Micro Devices jumped almost 24% after the company reached a deal with OpenAI that could enable the ChatGPT company to take 10% stake in the chipmaker, according to media reports. Advanced Micro Devices said it would supply AI chips to OpenAI in a deal that could generate tens of billions of dollars in yearly revenue, Reuters reported. The news lifted other chip stocks as well, with shares of Applied Materials, Micron Technology, and Taiwan Semiconductor Manufacturing up 1.7-3.5%. Shares of Advanced Micro Devices rival Nvidia Corp., however, fell more than 1%.

Shares of Comerica were up 14% after Fifth Third Bancorp. Monday said it would buy Comerica for $10.9 billion in stock. This will be the biggest US bank merger in years, The Economic Times reported. 

Among others, shares of Tesla rose over 5% after the electric carmaker teased an event scheduled for Tuesday on X over the weekend, a report by Reuters said. Shares of Verizon fell over 5% after the telecommunications company announced its next chief executive officer, Dan Schulman, the former PayPal head. Investment bank TD Cowen cut its target price for Starbucks due to a weakening labour market. Shares of the company were down 5%. The Dow Jones Industrial Average fell marginally.

Traders looked past concerns about the US government shutdown and US lawmakers failed to reach a deal on funding to keep the government open. The shutdown has delayed the release of key economic data, including the September nonfarms payroll data, which was due Friday. Several US Federal Reserve officials are expected to speak this week, including Fed Governor Stephen Miran on Wednesday and Fed Chair Jerome Powell on Thursday.

Following are the closing levels of US indices Monday:

(Eshitva Prakash)

End

US$1 = INR 88.73

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

Edited by Avishek Dutta

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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