Equity Alert
HCL Tech slightly down ahead of Jul-Sept earnings
This story was originally published at 12:37 IST on 13 October 2025
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Equity Alert: HCL Tech slightly down ahead of Jul-Sept earnings
MUMBAI--1215 IST--Shares of HCL Technologies fell 1.3% Monday to an intraday low of INR 1,476.50 ahead of its September quarter earnings later in the day. The stock is down after rising for seven previous sessions till Friday, gaining 8% during that period. At 1201 IST, shares of the company traded 0.8% lower at INR 1,483.
The company's consolidated net profit is expected to grow almost 12% on quarter, but just 1% on year to INR 42.88 billion, according to an average of estimates by 14 broking firms. This is better than the sequential fall of 11% and an on-year fall of 10% in the bottom line during the June quarter.
Its consolidated revenue is likely to rise 4% sequentially and nearly 10% on year to INR 316.17 billion, as per the average of the estimates. The top line growth is also better than the 0.3% sequential growth and 8% on-year rise in the June quarter. The rise in revenue is backed by new deal wins and deal ramp-ups in two verticals – banking, financial services, and insurance and hi-tech, the brokerages said in their pre-earnings reports.
Of the 21 brokerage reports on the stock available with Informist, 10 have a 'buy' or equivalent rating on the stock, eight have a 'hold' or equivalent rating, and three have a 'sell' or equivalent rating. So far Monday, 745,660 shares of the company have changed hands on NSE, lower than 1.27 million shares traded during the same period Friday. (Simran Rede)
Equity Alert: Reliance Power slumps over 10%; CFO resigns after ED arrest
MUMBAI--1150 IST--Shares of Reliance Power fell more than 10% Monday to INR 43.55, the lowest in over a month, after the company Saturday said its chief financial officer Ashok Kumar Pal was arrested by the Enforcement Directorate Friday under the Prevention of Money Laundering Act. Pal has resigned from the position with immediate effect, Reliance Power said in an exchange filing Saturday.
The court granted two-day custody to the Enforcement Directorate for Pal, Reliance Power said. He was arrested in a money laundering case connected to an alleged fake bank guarantee of around INR 682 million submitted to the Solar Energy Corp. of India Ltd. on behalf of Reliance NU BESS Ltd., a subsidiary of Reliance Power, Business Standard reported Saturday. The Enforcement Directorate identified that the accused company allegedly ran a racket for issuing fake bank guarantees as Odisha-based Biswal Tradelink, the report said.
In October, Reliance Power had lodged a criminal complaint with the Economic Offences Wing of the Delhi Police for alleged fake endorsement of a bank guarantee. A first information report on this was registered on Nov. 11. Reliance Power had also clarified that the company and its subsidiaries were a victim of fraud, forgery, and cheating conspiracy.
The company's board Saturday decided to give Neeraj Parakh, its chief executive officer, additional charge as interim chief financial officer, Reliance Power said in separate exchange filing Saturday. At 1127 IST, shares of the company traded 5.7% lower at INR 45.83 on the National Stock Exchange, among the worst hit in the Nifty 500 index. So far Monday, over 48 million shares of the company changed hands on the NSE, significantly lower than 71.48 million shares traded till the same time Friday. Currently, there are no research reports on the company available with Informist. (Arya S. Biju)
Equity Alert: Tata Capital lists at INR 330, premium of 1.2% to issue price
MUMBAI--1144 IST--Shares of Tata Capital listed at INR 330 on the NSE Monday, a premium of 1.2% to the issue price of INR 326. At 1110 IST, the stock traded nearly 1% higher at INR 329.20 and over 87 million shares of the company changed hands on the NSE so far.
The company's initial public offering, which closed Wednesday, was subscribed 1.95 times. Investors placed bids for 651.23 million shares against the 333.44 million shares on offer. The portion reserved for the qualified institutional investors was subscribed 3.42 times, with bids being made for 324.48 million shares against the 94.92 million shares reserved for them.
Emkay Global Financial Services and JM Financial Institutional Securities initiated coverage on Tata Capital with bullish outlooks citing the company's diverse portfolio and an advantage of being a member of the Tata Group. Despite a positive outlook, brokerages flagged concerns of a near-term dent on the company's financials due to its merger with Tata Motors Finances.
"TCL's merger with Tata Motors Finance (TMFL) negatively impacted its performance in FY25 with AUM (assets under management) YoY (year-on-year) growth moderating to 17%....We expect improvement in financials going ahead and project its AUM and PAT CAGR growth at 20% and 34%, respectively, over FY25-27, JM Financial said in its report. The brokerage said the company's current expected valuation leaves limited upside for the company in the near term. The brokerage has an 'add' rating on the stock with a target price of INR 360.
Tata Capital is a subsidiary of Tata Sons Pvt. Ltd. Tata Capital and its subsidiaries provide a wide array of services in the financial services sector, operating across various areas of business. For the quarter ended June, it had reported a consolidated net profit of nearly INR 10 billion, on a consolidated revenue of INR 76.65 billion. (P. Madhu Kumar)
Equity Alert: Avenue Supermarts dn; brokerages tweak estimates post Q2 results
MUMBAI--1142 IST--Shares of Avenue Supermarts fell 2% Monday, following the announcement of the company's Jul-Sept earnings on Saturday. Some brokerages have raised their target price on the stock. The company's September quarter earnings were largely in line with the Street's expectations as the pressure on gross margins eased slightly. At 1137 IST, shares of the company were 1.5% lower at INR 4,254.10.
Avenue Supermarts, which operates the DMart brand of retail stores, reported over 5% on-year growth in its net profit for the September quarter at INR 7.47 billion, above the Street's estimate of INR 7.30 billion. This was the highest year-on-year growth in the bottom line in three quarters, led by widening reach with store additions. The revenue grew 15% on year to INR 162.19 billion, a tad below the Street's estimate of INR 165.1 billion. The rise in sales helped offset any rise in employee costs or expense on purchases of stock-in-trade.
HSBC retained its 'reduce' rating on the stock with a target price of INR 3,700, implying an over 14% downside to the previous close. The brokerage firm believes the moderation in like-for-like growth amid rising competition remain key concerns for the company.
Motilal Oswal Financial Services has maintained its 'buy' rating on the stock with a target price of INR 5,000, implying a near 16% to Friday's close. The broking firm has largely retained its 2026-27 (Apr-Mar) and FY28 estimates for earnings before interest, tax, depreciation, and amortisation. For FY26, the brokerage has raised its EBITDA estimate by 2%.
On the other hand, Nuvama Institutional Equities trimmed the revenue estimate by 0.8% for FY26 and by 1.7% for FY27. It has cut the net profit estimate by 6.6% for FY26 and by 3.6% for FY27.
JM Financial has reduced its FY26-FY28 estimates for earnings per share by 2%, taking into consideration the elevated operating expenses, higher depreciation and interest cost owing to higher store additions. Following this, the brokerage has lowered the compounded annual growth estimate for net profit to 15% and CAGR for revenue to 18% over FY25-FY28. It has maintained its 'reduce' rating and cut the price target by 2.5% to INR 4,100.
Prabhudas Lilladher Institutional Equities has cut its FY27 and FY28 EPS estimates by 3.3% and 3.2, respectively, as it expects margin pressures to persist. Sustained tepid store metrics, continued high competitive intensity driven by a consumer shift towards e-commerce and quick-commerce platforms, and higher retail costs as rising overheads and store-level wages continue to weigh on margins, the brokerage said. (Simran Rede)
Equity Alert: KFin Tech rises 4%; Citi ups rtg to buy on strong fundamentals
MUMBAI--1015 IST--Shares of KFin Technologies rose as high as over 4% to INR 1,117.70 Monday. Global brokerage Citi has upgraded the stock to 'buy' from 'sell' with a revised target price of INR 1,215, ET-Now reported Monday, citing the brokerage. The revised target price by the brokerage indicates an upside of over 13% to the stock's Friday's close.
Citi has also raised the company's medium-term earnings estimates by 4–7%, citing higher mutual fund average assets under management and issuer solution revenues, the report said. The technology-driven financial services platform is well placed to benefit from rising mutual fund flows, growth in alternative investment funds, and increasing traction from international clients, the brokerage said. The company's higher share of smaller clientele is also contributing positively to overall revenue mix.
KFin Tech's mutual fund concentration risk is lower than that of Computer Age Management Services Ltd., the brokerage noted. The capital market firm's continued expansion of its product capabilities is expected to support its long-term revenue diversification, the brokerage said.
Further, the global brokerage noted that KFin Tech's stock has underperformed compared to peers such as 360 One, Nuvama, and HDFC Asset Management Co., but now offers an attractive entry opportunity given its strong fundamentals, the report said. Citi said the company's new large client wins would be a key factor to monitor in the medium term. However, an overhang from the stake sale by a promoter continues to weigh on sentiment, the brokerage said.
Of the four brokerage reports on the company available with Informist, three have a 'buy' or equivalent rating on the stock with target prices of INR 1,248-INR 1,540. Motilal Oswal Financial Services Ltd. has a 'neutral' rating on the stock with a target price of INR 1,230. At 1006 IST, shares of the company were up 3.6% at INR 1,111.20 on the National Stock Exchange and were among the top gainers in the Nifty 500 index. So far Monday, 1.81 million shares of the company changed hands on the NSE, over seven times the 252,469 shares traded till the same time Friday. (Arya S. Biju)
Equity Alert:BLS Intl dn; foreign min bans co from ministry tenders for 2 yrs
MUMBAI--1005 IST--Shares of BLS International Services fell sharply after the Ministry of External Affairs Saturday debarred the company from participating in tenders of the ministry and India Missions abroad for two years. The order for debarment was issued for allegations, including court cases and on complaints of applicants, the company said.
The stock touched INR 276.95, its lowest level since March 2024. It fell as much as 18% Monday, and over 21% over the last four days. At 0959 IST, shares of the company traded at INR 297, down 12%. The stock was the worst performer in the Nifty 500 index.
The company believes the debarment order will not have any significant bearing on its financial outlook. It said it would not affect existing contracts and these would continue as per existing terms. It said it has diversified its business portfolio over the past few years through new and renewed contracts with key government and institutional clients through a project from the Unique Identification Authority of India.
So far Monday, 10 million shares of the company have changed hands on the NSE, slightly lower than 10.04 million shares traded during the same period on Friday. (Simran Rede)
Equity Alert: Mkt falls Mon on weak global cues, India inflation print eyed
MUMBAI--0945 IST—Domestic equity indices opened lower Monday due to weak global cues as fresh trade tensions erupted between the US and China after the US administration imposed 100% tariffs on China. Heavyweights HDFC Bank, Reliance Industries and Infosys dragged down the Nifty 50 index, falling around 1?ch. Investors will keep an eye out for India's CPI inflation print for September, scheduled to be released later Monday.
CPI inflation in India likely fell to 1.5% in September, according to an Informist poll.
Interglobe Aviation and Asian Paints were among the biggest gainers in the Nifty 50 index, rising over 1?ch. Bajaj Auto and Bharti Airtel rose nearly 1?ch. At 0945 IST, the Nifty 50 index was down 0.2% at 25228.65 points and the BSE Sensex index was down 0.2% at 82316.57 points.
All sectoral indices were in negative territory with the Nifty Realty falling over 1%, the worst performer in the pack. Nifty Metal and Nifty Energy lost nearly 1?ch. Nifty Healthcare, Nifty Pharma and Nifty Media fell marginally in early trade. All broader market indices were also in red. Nifty Smallcap 100 and Nifty Smallcap 250 lost the most and were down 0.7?ch.
BLS International Services fell over 13?ter the Ministry of External Affairs debarred the company from participating in any future tenders of the ministry and India Missions abroad for two years. The stock was down for the fourth straight session, and was the worst performer in the Nifty 500 index. Reliance Power fell nearly 5?ter the Enforcement Directorate arrested Ashok Pal, the company's chief financial officer, under money laundering charges. Pal has also resigned from his post to cooperate with the ongoing criminal proceedings. CE Info Systems was the biggest gainer in the Nifty 500 index, rising over 8%. (P. Madhu Kumar)
Equity Alert: Emkay Global starts coverage on Tata Capital with 'add' rating
MUMBAI--0915 IST--Emkay Global Financial Services initiated coverage on Tata Capital with 'add' rating and a target price of INR 360, implying gains of just over 10% from the company's initial public offer price of INR 326 per share. Tata Capital is set to list on exchanges later in the day with trading in its stock to begin at 1000 IST.
The brokerage expects the company to benefit from the Tata brand and post a compounded annual growth of 24% in assets under management between 2024-25 (Apr-Mar) and FY28. Strong growth in the assets under management, along with better credit cost, are likely to push the company's earnings per share up by 30% annually between FY25-28, the brokerage said.
"TATACAP's reach, origination capabilities, wide range of offerings, and improved capital adequacy after the IPO would allow it to capture credit-demand uptick in the retail/MSME (micro,small and medium enterprises) segments over the medium term," the brokerage said. "Though the company has a higher share of fixed-rate liabilities than assets, in practice, the interest rate-cut cycle will see slower transmission on the asset front. Hence, the rate-cut cycle along with increasing share of high-yield assets and the fresh equity raise should enhance NIM (net interest margin) by 60-70bps to 5.8% over FY25-28."
However, the brokerage expects return on assets and and return on equity to be moderate at 2.2% and 15.4% by FY28, respectively. "The moderate return profile limits the scope of a re-rating over the near-to-medium term; stock returns will largely be led by BV (book value) compounding," it said. (Anshul Choudhary)
Equity Alert: Indices seen lower after US imposes 100% more tariffs on China
MUMBAI--0826 IST--Benchmark equity indices are likely to fall Monday after US President Donald Trump late Friday announced 100% tariff on import of goods from China, in addition to the existing 30% duties levied on the country. These additional tariffs will be effective from Nov. 1 or sooner, "depending on any further actions or changes taken by China", Trump said. This came after Beijing expanded export controls on rare earth minerals last week.
These tariffs will be in addition to export controls on "any and all critical software" from Nov. 1, Trump said. Last week, China increased its export controls on rare earth minerals, which are vital for the production of several electronic items, semiconductors, motor vehicles, and fighter jets.
On the other hand, Trump Sunday said the "war is over in Gaza" as he headed for a high-stakes peace trip to Israel and Egypt. Speaking to reporters on Air Force One at the start of the "very special" visit, Trump brushed off concerns about the ceasefire and hostage release deal between Israel and Hamas, The Economic Times reported Monday.
At 0823 IST, the GIFT Nifty's October contract was at 25309.50 points, just 24 points higher than the Nifty 50's closing level on Friday. The Nifty 50 had settled at 25285.35 points on Friday, up 103.55 points or 0.4% from the previous session. The BSE Sensex ended at 82500.82, up 328.72 points or 0.4%.
Tata Capital will list on bourses Monday, with the issue price set at INR 326 per share, the upper end of its price band. The company's initial public offering, which closed Wednesday, was subscribed 1.95 times. Investors placed bids for 651.23 million shares against the 333.44 million shares on offer.
On the macroeconomic data front, the government will release retail inflation figures for September later in the day, followed by wholesale inflation on Tuesday. These readings will be closely tracked for signs of easing price pressures, which could influence the Reserve Bank of India's monetary policy outlook.
On the global front, the US indices fell Friday and those in Asia also traded lower Monday as concerns about a trade war between the US and China resurfaced. (Simran Rede)
Equity Alert: Indices seen lower after US imposes 100% more tariffs on China
MUMBAI--0810 IST--Chinese stocks fell sharply Monday due to renewed fears of a trade war between the US and China, which is expected to hit the economies of both countries. Indices in China and Hong Kong were among the worst hit in Asia, with the CSI 300 index down 1% and Hang Seng index down 2%. The equity market in Japan was shut for Sports Day.
US President Donald Trump Friday threatened to impose an additional 100% tariff on China from Nov. 1 after Beijing tightened rules on exporting rare earth minerals. Reacting to the tariff threat from the US, China's commerce ministry spokesperson Sunday said they were "not afraid" of a possible trade war and could introduce "countermeasures" to US tariffs, according to a report by BBC.
This raised fears of another trade war between the US and China, akin to that in April when both countries had imposed tariffs on each other to unprecedented levels. On Sunday, Trump tried to calm the situation and posted on Truth Social saying, "Don't worry about China, it will all be fine! Highly respected President Xi just had a bad moment".
While US futures were up 0.8?ter Trump's comment on Sunday, indices in Asia fell Monday. Stock indices in China, Hong Kong, South Korea, Taiwan, and Singapore were down 1-2%.
Following were the levels of key Asian indices at 0806 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4571.15 |
(-)0.99 |
|
Hang Seng Index |
25783.63 |
(-)1.93 |
|
KOSPI |
3575.62 |
(-)0.97 |
|
FTSE Singapore Straits Times |
3862.93 |
(-)0.96 |
|
S&P/ASX 200 Index |
8904.50 |
(-)0.60 |
(Anshul Choudhary)
Equity Alert: US indices slump Fri as US-China trade tensions resurface
MUMBAI--0731 IST--Major stock indices in the US saw a sell-off Friday as concerns about a trade war between the US and China resurfaced. Stocks slumped after US President Donald Trump threatned to impose 100% tariff on goods from China after Beijing put export controls on rare earth minerals, which are used to make several critical products such as electric vehicles, aircraft enginess, and radars.
Technology stocks fared among the worst, with shares of Nvidia, Intel, and AMD down 4-8%. Electric vehicle maker Tesla's shares slumped over 5%. Owing to this, the S&P 500 was down nearly 3%, its steepest single-day fall in five months.
"The second-largest economy and the first largest economy are arguing again, and we're seeing a sell first, ask questions later mentality to end the week," Ryan Detrick, chief market strategist at Carson Group in Omaha, was quoted as saying by Reuters on Friday. "President Trump's post did truly come out of nowhere, which opened the door for some extreme volatility."
On Friday, Trump announced the US would impose an extra 100% tariff on imports from China, along with export controls on "any and all critical software" from Nov. 1, Trump said, adding that the measures could be implemented sooner, "depending on any further actions or changes taken by China".
On Monday, futures contracts regained some lost ground with E-mini Dow futures up 0.8%, recouping almost half the losses made on Friday. Futures gained after Trump made another post on Truth Social, in an attempt on calm the situation, saying, "Don't worry about China, it will all be fine! Highly respected President Xi just had a bad moment".
"He (Xi Jinping) doesn't want Depression for his country, and neither do I," Tump added.
Following are the closing levels of US indices Friday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6552.51 |
(-)2.71 |
|
NASDAQ Composite |
22204.43 |
(-)3.56 |
|
Dow Jones Industrial Average |
45479.60 |
(-)1.90 |
(Anshul Choudhary)
End
US$1 = INR 88.77
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Subhojit Sarkar
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