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Informist, Friday, Oct. 17, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: European indices fall as bank stocks slide

MUMBAI--1420 IST--European indices fell sharply Friday, tracking overnight fall in the US market. Shares of banks across the region fell on reports of hidden credit stress affecting regional lenders in the US. Shares of Germany's Deutsche Bank fell over 6%, UK's Barclays was 5.6% lower, and France's BNP Paribas fell nearly 4%. They were among the worst hit in the region. On Thursday, shares of US regional banks Zions Bancorp. and Western Alliance, and investment bank Jefferies tumbled as fears mounted about bad loans.

Defence stocks were also affected on news that US President Donald Trump and Russian President Vladimir Putin will meet in Hungary to discuss the ongoing war in Ukraine, a CNBC report said. Shares of German defence companies Renk and Rheinmetall were down 2% and 3%, respectively. Sweden's Saab was down 4% and France's Airbus was 3% lower.

Shares of Novo Nordisk fell nearly 5% after Trump said price of the Danish drugmaker's best-selling weight-loss drug would be lowered and that negotiations over price changes would be swift, Reuters reported. Shares of Swedish truckmaker Volvo Group fell over 7% after the Swedish company said it expects trucking demand in North America to remain under pressure in 2026, as weak freight activity and Trump's tariffs weigh on the market. This was despite company posting marginally higher-than-expected September quarter earnings.

Spain's BBVA advanced nearly 7% after the lender's hostile takeover bid of rival Banco de Sabadell failed.

Following were the levels of major European indices at 1417 IST:

(Eshitva Prakash)

Equity Alert: Most indices in Asia end lower; Kospi hits record closing high

MUMBAI--1415 IST--Most indices in Asia ended lower Friday, tracking overnight fall in the US market. Most of the indices closed the week sharply lower due to escalating US-China trade conflict. China on Thursday accused the US of stoking panic over its rare earth controls, rejecting a call by Washington to roll back the tighter export rules. South Korea's Kospi index pared gains from earlier in the day, but ended at a record closing high for the third consecutive session.

South Korea's Kospi clocked a weekly gain of 4% on reports of a US-South Korea trade deal being finalised before November.

Tensions between the US and China flared up after the official newspaper of the governing Communist Party issued a seven-point rebuttal to US negotiators who suggested China could stave-off US President Donald Trump's 100% tariffs by scrapping the new rare earth control measures, which are set to take effect on Nov. 8. "The US' interpretation seriously distorts and exaggerates China's (rare earths export control) measures, deliberately stirring up unnecessary misunderstanding and panic," He Yongqian, a spokesperson for the commerce ministry, said in a news conference. China's blue-chip CSI 300 index closed 2.3% lower and ended the week more than 2% lower. Hong Kong's Hang Seng Index ended nearly 3% lower. The index declined over 4% in a week.

Japan's Nikkei 225 index closed 1.4% lower and the broader Topix closed over 1% lower. Bank of Japan Governor Kazuo Ueda said the central bank would scrutinise various data in deciding whether an interest rate hike was required this month, according to media reports. 

Following were the levels of major Asian indices at 1341 IST:

(Eshitva Prakash)

Equity Alert: Adani Power up; govt likely OKs linking Godda unit to India grid

MUMBAI--1404 IST--Shares of Adani Power rose 7% Friday to an intraday high of INR 168. The stock was up after closing marginally lower in the previous session. At 1337 IST, shares of the company traded 4.6% higher at INR 164.64. The stock was the top gainer in the Nifty 200 index. 

The Centre has granted approval to lay an overhead transmission line to connect its power plant to the Indian grid system, according to The Indian Express' report. The company's thermal power plant in Jharkhand's Godda will connect with the Indian grid through a line-in line-out arrangement of the Kahalgaon A–Maithon B 400 kiloVolt power line. As of now, the Godda plant supplies electricity exclusively to Bangladesh, the report said.

The proposed transmission line will pass through 56 villages of Godda and Poryahat. The Central government has granted Adani Power the authority to lay the line under section 164 of the Electricity Act, 2003. On the share price front, the target for the stock is seen at INR 190-INR 200, a domestic trader said.

All five brokerage reports on the stock available with Informist have a 'buy' or equivalent rating on the stock with an average target price of INR 700. So far Friday, 136.28 million shares of the company have changed hands on the NSE, higher than 92.52 million shares traded during the same period on Yhursday.  (Simran Rede)

Equity Alert: Most IT cos fall as Q2 earnings raise concerns over margins

MUMBAI--1320 IST--Most information technology stocks fell Friday with heavyweights Wipro, Infosys, and Tech Mahindra down 5-1%. Analysts raised concerns that recovery in demand for information technology services will take time and during this period, margins may fall more due to global trade uncertainties. Analysts said Indian companies may try to mitigate impact on margins by using artificial intelligence to cut costs but they may only give them marginal benefit. 

The Nifty IT index fell over 1% with nine out of 10 constituents in the index trading in the red. Wipro fell nearly 5%, Infosys down nearly 2%, and Tech Mahindra fell nearly 1%. Brokerages expect margins of Wipro to face some pressure due to initial investment required in large deals as they plan to ramp-up such deals. The company's earnings before interest and tax margin of Wipro are seen at 16.1-16.9% in 2025-26 (Apr-Mar), according to four domestic brokerages.

"Companies will now try to reduce costs by adjusting internal processes such as wage hikes, use of artificial intelligence etc...in an effort to improve their margins. Infosys started a program 'Project Maximus', which aims at internal margin improvement and cost optimization...similarly many companies may come up with such projects but these methods have limitations," said Sumit Pokharna, research analyst at Kotak Securities. Pokharna said that improvement in macro conditions can prove to be a boon for the IT sector and growth in demand in the upcoming quarter may also support growth. 

A major overhang on the Indian IT sector is the Halting International Relocation of Employment Act proposed by the US government. The law aims to reduce outsourcing by the US companies by imposing a 25% excise tax on payments made to foreign companies. (P. Madhu Kumar)

Equity Alert: Canara HSBC Life up 5% after listing at issue price of INR 106

MUMBAI--1214 IST--Canara HSBC Life Insurance Co. rose nearly 5% after listing at the issue price of INR 106 on the NSE and BSE Friday. At 1211 IST, the stock traded over 3% higher at INR 109.40 and over 36 million shares of the company changed hands on the NSE so far Friday. 

The company's initial public offering, which closed Tuesday, was subscribed 2.29 times, with investors placing bids for 382.16 million shares against 166.72 million shares reserved for the offer. 

Canara HSBC Life Insurance Co. is a private life insurance provider, offering a range of life insurance products tailored for both individual and group customers. Their offerings primarily include saving and endowment plans, term (pure protection) plans, retirement solutions, group credit life and protection plans, and the Pradhan Mantri Jeevan Jyoti Bima Yojana. 

Assets under management of the company were INR 436.39 billion as of the end of June. Canara HSBC Life reported a net profit of INR 234.13 million for the June quarter, up 25% on year.  (Eshitva Prakash)

Equity Alert: Jana Small Fin Bank dn 2% ahead of Q2 earnings; PAT seen dn

MUMBAI--1054 IST--Jana Small Finance Bank's shares fell over 2% ahead of the company's September quarter earnings. At 1047 IST, shares of the bank were at INR 451.80, down 2% from the previous close.

Jana Small Finance Bank has only one brokerage estimate for its Jul-Sept earnings. ICICI Securities expects the bank to report a net profit of INR 767 million, down 20% on year and nearly 25% sequentially. The brokerage estimates the net interest income of the company at INR 6.37 billion, up 7% on year as well as on quarter. 

The pre-provision operating profit is expected to fall 9% on year and sequentially each at INR 2.71 billion for the September quarter, ICICI Securities said. The brokerage estimates the small finance bank's provision at INR 1.95 billion, down 7% on year and down 1% on year.

Jana Small Finance Bank has just one 'buy' rating on the stock with an average target price of INR 630. For the June quarter, the bank reported a net profit of INR 1.02 billion on a total income of INR 15.16 billion. Shares of the company were down 9% from Jul. 22, when the company announced its June quarter earnings. The company will announce its Jul-Sept earnings post market hours. (Adhithya Aji)

Equity Alert: CRISIL shares down 1% ahead of Jul-Sept earnings

MUMBAI--1020 IST--Shares of CRISIL fell nearly 1% to an intraday low of INR 4,694.80 ahead of the company's September quarter earnings later in the day. The stock is down after rising for three previous sessions till Thursday. At 1000 IST, shares of the company were at INR 4,709.90 on the NSE, down marginally from the previous close. 

Kotak Securities estimates the rating agency's consolidated net profit for the September quarter at INR 1.97 billion and YES Securities (India) expects the metric at INR 1.89 billion. In the year-ago quarter, the company posted a net profit of INR 1.72 billion. Kotak Securities expects CRISIL's net sales at INR 8.93 billion and YES Securities sees the figure at INR 8.64 billion. The company posted a revenue of INR 8.12 billion in the same quarter a year ago.

Kotak Securities expects the company's bottom line to rise around 15% on year due to a 12-13% growth in the earnings before interest and tax across its rating and non-rating business. "Focus will remain on growth and margin outlook for international business and pick-up in debt issuances," the brokerage said in a research report.

YES Securities has a 'buy' rating on the stock with a target price of INR 5,700. Kotak Securities has a sell rating on the company with a fair value of INR 4,400 per share. For the June quarter, CRISIL reported a consolidated net profit of INR 1.72 billion and its revenue came in at INR 8.43 billion. Shares of the company are down 18.6% since Jul. 22, when it detailed its June quarter earnings.  (Eshitva Prakash)

Equity Alert: Indices choppy; IT cos dn after Wipro sees pressure on margins

MUMBAI--0946 IST--Benchmark indices hovered between positive and negative territories in early trade. Information technology stocks were the worst-hit on the Nifty 50 index whereas automobile and fast-moving consumer goods stocks supported it. Wipro fell nearly 5% after the company said it will continue to see pressure on margins, which pushed brokerages to cut their estimates on margin. HCL Technologies and Eternal fell nearly 2% and the stocks were among the worst-performers on the Nifty 50 index.

At 0954 IST, the Nifty 50 index was flat at 25588.40 points and the BSE Sensex index was flat 83497.40 points. Asian Paints rose over 3% and was the biggest gainer on the Nifty 50 index. Mahindra and Mahindra gained for the sixth straight session and was up over 1%. Nestle India gained over 1%, rising for the third consecutive session. The company reported a higher-than-expected net profit and revenue for the September quarter on Thursday. 

The Nifty IT fell over 1%, with nine out of 10 of its constituents trading in the red. LTIMindtree was the only stock that traded higher, though it was only marginally up. The company posted better-than-expected September quarter earnings post market hours Thursday. Among other sectoral indices, Nifty Media and Nifty PSU Bank were down 1% and 0.4%, respectively. Nifty Consumer Durables, Nifty FMCG and Nifty Auto gained 0.6% each. Broader markets indices were mixed with Nifty Midcap 50, Nifty Midcap 100 and Nifty Midcap 150 indices marginally lower. Nifty Smallcap 100, Nifty Smallcap 50, and Nifty Smallcap 250 were up 0.3% each. 

Among the Nifty 500 constituents, Godawari Power & Ispat gained over 5% and Adani Power was up nearly 4%. Both stocks were among the top gainers in the index. Welspun Living was the biggest loser among the Nifty 500 stocks and fell over 3%. JSW Infrastructure declined over 3% after the company reported a marginal fall in its net profit and revenue for the September quarter.  (P. Madhu Kumar)

Equity Alert: Wipro dips 5%; brokerages point to margin pressure in near term

MUMBAI--0953 IST--Shares of Wipro fell nearly 5% Friday to a near-two-week low of INR 242. The stock is down after rising for three consecutive sessions. At 0953 IST, shares of the company traded 4.5% lower at INR 242.30. The stock was the worst performer in the Nifty 50 and the Nifty IT indices. All stocks in the Nifty IT index were down 4.3–0.1%, except LTIMindtree, which was up 0.9%.

Brokerages expect the margins of Wipro to face some pressure due to ramp-ups in large deals and initial investments in such deals. The company's earnings before interest and tax margin of Wipro are seen at 16.1-16.9% in 2025-26 (Apr-Mar), according to four domestic brokerages. Wipro's IT services operating margin was 16.7% in the September quarter. The margin was hit by a provision of INR 1.17 billion due to the bankruptcy of one customer. Excluding provision, the operating margin from IT services was 17.2%.

Nirmal Bang Institutional Equities has reduced its estimate for the company's EBIT margins by 20 basis points as large deal ramp-ups will weigh on near-term margins and operational efficiencies will offset the impact, it said. The brokerage sees the EBIT margin of Wipro at 16.8% in FY26. It has maintained its 'hold' rating on the stock and reduced its target price by over 2% to INR 290. 

"We see some positivity in the -0.5% to 1.5% CC (constant currency) revenue growth guidance for 3Q (Oct-Dec) supported by expected ramp-ups in large and mega deals," it said. The brokerage expects this to limit margin expansion, but feels the company's management is being conservative in its guidance despite such a strong pipeline.

Prabhudas Lilladher Institutional Equities expects an EBIT margin of 16.9%, Nomura sees it at 16.1%, and Emkay Global Financial Services expects it to be 16.5%. Prabhudas Lilladher has also retained its 'hold' rating and a target price of INR 250. 

The company's guidance of -0.5 to +1.5% on-quarter revenue growth in constant currency terms for the December quarter is better than Nomura's estimate of -1% to +1%, it said. Nomura forecasts revenue growth of -0.8% on year in dollar terms in FY26 and +2.9% in FY27. It has raised its forecast for EBIT margin by 70 bps to 16.1% for FY26. It has raised its estimate for earnings per share by 1.8% for FY26 but trimmed it by 0.7% for FY27 and by 0.8% for FY28. Nomura has retained its 'buy' rating and a target price of INR 280 on the stock.

Emkay Global has also tweaked its estimate for earnings per share by less than 1% for FY26-FY28, factoring in the September quarter earnings of the company. It has retained its 'reduce' rating with a target price of INR 250. It expects the company's margin to dilute by 60 bps due to integration of the Harman DTA acquisition.  (Simran Rede)

Equity Alert: Analysts bullish on Eternal's growth despite margin miss in Q2

MUMBAI--0845 IST--Brokerages remain bullish on Eternal's growth plans and largely ignored the company's miss on margins during the September quarter. The company's quick commerce business is expected to continue growing its net order value even as margins may be affected in the near term, brokerages said.

Nuvama Institutional Equties and Emkay Global Financial Services raised their target prices by 25-30% to INR 400 and INR 430, respectively. Nomura retained its target price at INR 370. All the three brokerages maintained a 'buy' rating on the stock. Thursday, shares of Eternal had fallen post the announcement of its Jul-Sept earnings and the stock ended nearly 2% lower at INR 347.85 per share.

Nuvama said the company's spent a higher-than-expected money on marketing in its quick commerce business, which affected the company's margin during Jul-Sept. However, the brokerage does not expect near-term pressure on margins to slow down the company's growth in revenue.

Nuvama cut its earnings per share estimate for 2025-26 (Apr-Mar) by nearly 57% to INR 0.3 due to expectations of lower margins going forward, but raised its estimate for revenue by 22%. Similarly, it cut its EPS estimate for FY27 by 9% and raised the estimate for revenue by nearly 38%. (Anshul Choudhary)

Equity Alert: Mkt seen tad up; India's rejection on Trump's claims may weigh

MUMBAI--0802 IST--Benchmark indices may gain marginally Friday but are likely to face some resistance on the upside given negative global cues. The Ministry of External Affairs Thursday rejected US President Donald Trump's claim of having a conversation with Prime Minister Narendra Modi, in which Modi allegedly assured him that India will stop buying oil from Russia.

"On the question whether there was a conversation or a phone call, as far as I am aware, there has been no communication between Prime Minister Modi and US President Trump Wednesday," Randhir Jaiswal, official spokesperson for the Ministry of External Affairs, said in a briefing Thursday. Trump Wednesday said the Indian prime minister had assured him that India would stop purchasing crude oil from Russia. The US president had in August imposed punitive tariffs on India over its oil purchases from Russia.

The Nifty 50 Thursday settled at 25585.30 points, up 261.75 points or 1%. The BSE Sensex ended at 83467.66 points, up 862.23 points or 1%. At 0803 IST, the GIFT Nifty's October contract was at 25609 points, 24 points higher compared to the Nifty 50's closing level Thursday. The Nifty 50 index may face minor resistance near the 25650–25700 levels, but given the persistent rise in the index in recent sessions, the probability of a breakout beyond this resistance remains elevated, Dhupesh Dhameja, derivatives research analyst at SAMCO Securities, said in a note. As long as the Nifty 50 sustains above the 25300 points, the medium-term outlook remains constructive, he said.

Investors will focus on the earnings of large-cap companies such as Reliance Industries and JSW Steel, due Friday. Other companies that will declare results Friday include Havells India, JSW Energy, REC, AU Small Finance Bank, Bank of India, Dixon Technologies (India), and Hindustan Zinc. The market will also react to the earnings of Wipro and Infosys, which came in post market hours Thursday.

On the global front, indices in the US closed lower Thursday after regional banks flagged concerns about bad loans. The US market continued to be volatile after the US-China trade conflict showed signs of flaring up further. Asian markets also opened lower Friday, tracking losses in US indices.  (Simran Rede)

Equity Alert: Most indices in Asia, except Kospi, fall in early trade Fri

MUMBAI--0800 IST—-Almost all indices in Asia were down in early trade Friday, tracking overnight losses on Wall Street. Benchmark indices in the US ended lower Thursday after shares of regional banks and investment bank Jefferies fell amid signs of bad loans in the country. Trade-related tensions between the US and China further dampened sentiment. Most markets in Asia were headed to close the week lower. South Korea's markets were higher as traders cheered the likely finalisation of a trade deal between the country and the US.

Taiwan's Taiex index fell over 1%. Shares of the world's largest semiconductor chip company, Taiwan Semiconductor Manufacturing, fell more than 2% despite the company's September quarter earnings beating market estimates. The company had released its earnings after Taiwan's market closed Thursday.

China's blue-chip CSI 300 index fell over 1% and Hong Kong's Hang Seng index led the decline in the region, down 1.3%. The Hang Seng index is headed for a near 3% weekly decline. The FTSE Singapore Strait index fell 0.5% and is headed for a weekly loss of over 2% if current levels hold. Singapore's non-oil domestic exports posted a sharp rebound in September, jumping nearly 7% from a year earlier, far higher than expectations of a 2.1% drop by market estimates, and reversing a 11.3% fall in August, a report by CNBC said.

South Korea's Kospi bucked the trend and hit yet another intraday high Friday. The index was up almost 1% and headed for a near 5% weekly gain after the country's markets were buoyed by the US treasury secretary's comments on a trade deal between the US and South Korea. The official said that the trade deal was to be finalised within 10 days, according to media reports.

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

(Eshitva Prakash)

Equity Alert: US indices end lower after regional banks flag loan concerns 

MUMBAI--0730 IST--Stock indices in the US closed lower Thursday after regional banks flagged concerns about bad loans. Heavyweight artificial intelligence stocks also declined despite the world's largest chip company giving a bullish outlook on AI-related spending. The US market continued to be volatile after the US-China trade conflict showed signs of flaring up further. The volatility index for the US market jumped to its highest since May and 10-year US Treasury yields fell to settle below 4%, according to a CNBC report.

Shares of Zions Bancorp. declined 13% after the regional bank disclosed an unexpected loss on two loans in its California division, adding to growing investor unease about hidden credit stress as lenders navigate economic uncertainty with interest rates still relatively high, CNBC reported. Shares of Western Alliance fell nearly 11% after the company said it had initiated a fraud lawsuit against one of its borrowers. Uncertainty about commercial lending emerged after the collapse of US auto parts supplier First Brands and car dealership Tricolor in September.

"When you see one cockroach, there are probably more," Jamie Dimon, JPMorgan's chief executive officer was quoted as saying by CNBC, about the collapse of First Brands and Tricolor Holdings. Jefferies Financial Group, which has some exposure to First Brands, fell 10%, and has declined 25% so far in October.

Insurance industry bellwether Travelers Companies' September quarter revenue was below estimates and its stock fell nearly 3%. Insurer Marsh & McLennan posted flat operating margins for the same quarter and growth slowed in the company's risk and insurance business, according to a report by Reuters.

Taiwan Semiconductor Manufacturing, the world's largest manufacturer of advanced semiconductors, gave a bullish outlook for spending on artificial intelligence Thursday, but shares of heavyweight AI-related stocks fell, with Palantir and Meta Platforms down nearly 1% each. Shares of Tesla declined 1.5%. Hewlett Packard Enterprise fell 10% after the technology company's annual profit and revenue forecast came in well below Wall Street's expectations.

Meanwhile, shares of business software seller Salesforce rose 4% after the company estimated revenue of more than $60 billion for 2030, above Wall Street's estimates, Reuters reported. Trucking company JB Hunt's shares jumped 22% after the company reported strong September quarter profits.

Data showed the Philadelphia Fed Business Index for October declined 12.8 points, compared with a rise of 8.5 estimated by economists polled by Reuters. US Federal Reserve Governor Christopher Waller said Thursday that he supported an additional interest rate cut in October due to mixed readings on the state of the job market.

Trade tensions between China and the US resurged recently, adding to volatility in US markets. US President Donald Trump last week threatened to impose an additional 100% tariff on any goods coming from China in response to China's tighter export controls on rare earth minerals. 

Following are the closing levels of US indices Thursday:

(Eshitva Prakash)

End

US$1 = INR 87.95

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

Edited by Ashish Shirke

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

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