Equity Alert
Vodafone Idea up 10%; govt says willing to reconsider AGR case
This story was originally published at 13:20 IST on 27 October 2025
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Equity Alert: Vodafone Idea up 10%; govt says willing to reconsider AGR case
MUMBAI--1259 IST--Shares of Vodafone Idea rose nearly 10% to INR 10.57, their highest level since September 2024, after the government said it is willing to examine the issues related to the Department of Telecommunications' additional adjusted gross revenue demand of INR 94.50 billion till 2018-19 (Apr-Mar) against the telecommunications operator. This followed the Supreme Court's order Monday allowing the government to reconsider the issue raised by the company.
Appearing for the government in the apex court, Solicitor General of India Tushar Mehta said as the Centre had acquired a 49% stake in Vodafone Idea and almost 200 million customers were using the telecom operator's service, the Centre was willing to examine the issues raised by the petitioner. The government will also reconsider Vodafone Idea's request to seek exemption from the payment of interest, penalty, and interest on penalty on the principal amounts of adjusted gross revenue dues, the top court noted, disposing of Vodafone Idea's petition.
At 1246 IST, shares of the company came slightly off highs to trade over 4% higher at INR 10.05 on the National Stock Exchange. Over 2 billion shares of the company have changed hands on the NSE so far in the day, around three times the three-month average traded volume of 762 million shares. The stock is up for the fifth straight session and has gained over 21% in this period.
Vodafone Idea had filed a petition against the telecom department's additional adjusted gross revenue demand of INR 94.50 billion till FY19. 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.
According to the petition, of the INR 94.50 billion demand, INR 56.06 billion was for the period till FY17, which has already been specified by the top court. The additional demand of INR 56.06 billion pertains only to licence fees dues. However, if additional spectrum usage charge demands for the period of FY17 are also considered, this amount is about INR 68 billion, the petition said. (Arya S. Biju)
Equity Alert: Mkt rises further; Vodafone Idea surges after SC order on dues
MUMBAI--1258 IST--Benchmark equity indices rose further, with the gains led by Reliance Industries and some banking stocks. Reliance Industries, HDFC Bank, and State Bank of India were up 1-2%. At 1224 IST, the Nifty 50 was at 25987.75, up 192.60 points or 0.8%, and the BSE Sensex was at 84871.49, up 659.61 points or 0.8%.
Shares of Vodafone Idea rose sharply after the Supreme Court allowed the government to reconsider the additional adjusted gross revenue demand of INR 94.50 billion by the Department of Telecommunications against the telecom operator. The stock is up over 4% and is the top gainer in the Nifty 200.
SBI Life Insurance Co. topped the Nifty 50, up over 3%, followed by Bharti Airtel which was up nearly 3%. Bharat Electronics, Infosys, and Kotak Mahindra Bank were the worst hit in the Nifty 50 index with shares down 1?ch. Kotak Mahindra Bank's recovery in personal loan and cash credit has been slower in Jul-Sept as the combined growth was 1.5% on quarter, while its peers reported better growth of 1-4%, according to brokerage Prabhudas Lilladher.
Most of the sectoral indices were higher, except for the Nifty Pharma and Nifty Media. The Nifty Realty was up nearly 2% and Nifty Infrastructure, Nifty PSU Bank, and Nifty Oil & Gas were up over 1?ch.
SBI Cards and Payment Services was the worst hit in the Nifty 200 index, with shares down over 2%. The stock fell after the company failed to beat the Street's view for Jul-Sept net profit, despite its bottom line rising on year for the first time in five quarters.
In the Nifty 500 index, shares of Hatsun Agro Product rose sharply after the company's bottom line for Jul-Sept rose 70% on year. The stock, which traded around 1% higher ahead of its earnings, is currently trading 20% higher. Shares of Chennai Petroleum Corp. were up nearly 7?ter briefly dipping into the red post its earnings. The company reported a consolidated net profit of INR 7.19 billion in the reporting quarter, against an INR 6.94-billon net loss in the year-ago period. (Adhithya Aji)
Equity Alert: Coforge up near-3-mo high; brokerages raise FY27 EPS estimate
MUMBAI--1225 IST--Shares of Coforge rose over 6% Monday to a near-three-month high of INR 1,866.60. The company's bottom line rose over 18% on quarter to INR 3.76 billion, beating analysts' estimate by a small margin and its top line rose 8% on quarter to INR 39.86 billion, lower than the INR 40.82 billion expected by analysts. Several brokerages have raised their estimate for earnings per share of the company.
Nomura has raised its forecast for earnings per share by around 1-2%, largely due to slightly better earnings before interest, tax or EBIT margin assumptions. Its consolidated EBIT margin for the September quarter improved 260 basis points on quarter to 14%. "A key pushback on the company was significant adjustments to EBIT margin (due to one-offs) and negative free cash flow (due to investments in the data center business)," Nomura said. The brokerage expects the company's EBIT margin to be 13.6-13.9% over 2025-26 (Apr-Mar)-FY28.
On the other hand, Nirmal Bang Institutional Equities has marginally reduced its estimate for EBIT margin to 14.2%-14.5% for FY27-FY28 as the company in its post-earnings analyst conference call said it will prioritise growth over margin expansion after achieving 14?IT margin. The brokerage has reiterated its 'buy' rating on the stock and has lowered its target price by over 8% to INR 2,076.
Emkay Global Financial Services has trimmed its estimate for adjusted earnings per share by around 3% for FY26-FY28, factoring in the company's September quarter performance. It has retained its 'add' rating on the stock and raised its target price by nearly 6% to INR 1,850.
Even though the company's management has guided for margins to be stable at 14%, Motilal Oswal Financial Services believes that given the current demand environment, margins could be at risk. It is possible that management may fall short of its margin guidance, the brokerage said. It has reiterated its 'buy' rating on the stock with a target price of INR 2,400. IDBI Capital has also reiterated its 'buy' rating, with an upgraded target price of INR 2,030.
JM Financial has retained its 'buy' rating and has raised its target price by over 10% to INR 2,040 as the absence of noise improves confidence on earnings, it said. It has lowered its estimate for earnings per share by -2% to +1% for FY26-FY28. ICICI Securities has maintained its 'hold' rating on the stock with a largely unchanged FY27-FY28 earnings estimate. It has lowered its FY26 earnings per share estimate, factoring in a wage hike and one-off expenses in the December quarter, and has raised its target price by 3% to INR 1,710.
The stock is up for the third consecutive session with marginal gains in the previous sessions. At 1222 IST, shares of the company traded 4.2% higher at INR 1,833.50. The stock was among the top gainers in the Nifty 200 index. So far Monday, 5.46 million shares of the company have changed hands on the NSE, higher than 894,743 shares traded during the same period on Friday.
Of the 17 brokerage reports on the stock available with Informist, 16 have a 'buy' or equivalent rating on the stock with an average target price of INR 1,913 and only HSBC Securities and Capital Markets (India) has a 'hold' rating. (Simran Rede)
Equity Alert: Mazagon Dock up 0.5% ahead of Q2 earnings; PAT seen up 16% YoY
MUMBAI--0945 IST--Shares of Mazagon Dock Shipbuilders rose 0.5% to an intraday high of INR 2,820.50 Monday ahead of the comapny's September quarter earnings, due later in the day. At 0933 IST, the stock traded 0.4% higher at INR 2,817.60 on the NSE.
Nirmal Bang Equities expects the shipbuilder's consolidated net profit to rise 16% on year and 50% sequentially to INR 6.77 billion in the September quarter. The brokerage also sees the company's top line rising 12% on year and 18% sequentially to INR 30.88 billion.
However, the Mumbai-based company's earnings before earnings before interest, tax, depreciation, and amortisation is seen falling 21% on year and rising just 2% on quarter to INR 6.03 billion in the reporting quarter, the brokerage said. It has a positive view on the company's longer-term earnings, and expects its revenue, EBITDA, and net profit to grow at a compounded annual growth rate of 20%, 21%, and 17%, respectively, over 2024-25 (Apr-Mar) and FY27.
"The company is confident about securing the P75 additional submarine and P75I submarine contracts in FY26, which is expected to expand its order book from INR 320 bln to over INR 1.25 tln...the leverage from these large-scale contracts, combined with operational efficiencies from initiatives like Shipyard4.0 and its digital transformation roadmap, should enhance margins and overall profitability," the brokerage said in its report.
Till 0933 IST, 125,044 shares of the company were traded on the NSE, lower than the 176,903 shares traded till the same time Friday. Of the three brokerage reports on the company available with Informist, two have a 'buy' rating on the stock and one has a 'sell' rating. (Akash Mandal)
Equity Alert: Indices open higher; broader market, most sectors gain
MUMBAI--0932 IST--Benchmark equity indices began the session on a positive note Monday, with most index heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, and Axis Bank trading with gains. At 0929 IST, the Nifty 50 was at 25889.90 points, up 94.75 points or 0.4%. The BSE Sensex was at 84528.23 points, up 316.35 points or 0.4%.
SBI Life Insurance Co. was up over 3%, the top gainer in the Nifty 50, with brokerages positive on the stock as its margins for Jul-Sept beat estimates despite the hit from the new goods and service tax rates. Tata Steel, Tata Consumer Products, and Reliance Industries were up around 1?ch. On the other hand, Infosys was down 1% and was the worst hit in the 50-stock index. Kotak Mahindra Bank fell nearly 1?ter its September quarter net profit fell short of analysts' estimates.
Most sectoral indices were higher, with the Nifty Realty, Nifty Metal, and Nifty PSU Banks gaining around 1?ch and being the top gainers. All broader market indices traded with gains.
Among other stocks, Coforge was up 4% and was the top gainer in the Nifty 500 after its September quarter net profit came in above the Steet's expectations. "Coforge delivered a strong Q2FY26 with broad-based growth across verticals and geographies, supported by robust deal momentum and margin expansion," ICICI Direct Research said in a note. SBI Cards and Payment Services was down 3?ter its bottom line for the quarter fell short of analysts' estimates.
eClerx Services was up 5?ter its consolidated net profit and revenue for the September quarter beat expectations. On the other hand, Zen Technologies fell 5?d was the worst hit in the Nifty 500 after its profit and revenue both fell on year in the second quarter. (Akash Mandal)
Equity Alert: Asian mkts soar with Japan, S Korea indices at record highs
MUMBAI--0816 IST--Indices in Asia soared Monday with Japanese and South Korean indices notching record highs as investors cheered the progress in US-China trade talks and due to strong cues from US indices.
Indices across Asia rose sharply following reports that top US and Chinese trade negotiators had worked out a framework on several disputed issues. This will pave the way for US President Donald Trump and Chinese President Xi Jinping to sign off on the terms.
US Treasury Secretary Scott Bessent in an interview with CBS News Sunday said that Trump's proposed 100% tariffs on Chinese imports are "effectively off the table." He added that China is expected to make significant soybean purchases and to delay broad restrictions on rare earth exports. The US, however, will maintain its current export controls on China, Bessent said.
Also, newly-elected Japanese Prime Minister Sanae Takaichi is expected to meet US President Donald Trump this week during his visit to Japan. "It is expected that the message she would convey is to significantly expand domestic demand through a high-pressure economy," CNBC reported quoting Credit Agricole CIB as saying in a note. A strong expansion of the country's domestic demand would "completely lift Japan out of its deflationary structural stagnation" and make progress toward reducing the US trade deficit, resulting in a win-win for both countries, strategists said.
Asian markets also mirrored gains in the US indices on Friday. Indices in the US rose to all-time highs as the country's consumer price index inflation was softer than expected, spurring optimism among investors that the US Federal Reserve can stay on its rate-cutting path, boosting the US economy and justifying higher valuations for equities.
Following were the levels of key Asian indices at 0813 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4699.8314 |
0.84 |
|
Hang Seng Index |
26375.53 |
0.82 |
|
Nikkei 225 Day |
50374.54 |
2.18 |
|
TOPIX FIRST SECTION |
3320.92 |
1.57 |
|
KOSPI |
4031.96 |
2.29 |
|
FTSE Singapore Strait Times |
4440.42 |
0.41 |
|
S&P/ASX 200 Index |
9052.90 |
0.38 |
(Simran Rede)
Equity Alert: Indices seen in range Mon but Nifty 50 may test 26000 this wk
MUMBAI--0757 IST--Benchmark equity indices are likely to start flat to slightly higher Monday but are expected to continue on their positive trajectory during the week. The Nifty 50 may test the 26000 level this week, analysts said. The 50-stock index is seen moving in a range of 25750-26000 points in the near term, technical analysts said.
"For day traders, it will be important to keep an eye on the 26100 level...as long as the market continues to trade below this level, profit-booking is likely to continue," Shrikant Chouhan, head of equity research at Kotak Securities, said in a note.
The derivatives contracts of the GIFT Nifty also indicate a muted opening for the market. At 0747 IST, the October contract of the GIFT Nifty was 17.50 points higher at 25905 points. The November contract was at 26058.50 points, up 30 points. On Friday, the Nifty 50 ended at 25795.15 points, down 96.25 points or 0.4%. The BSE Sensex closed at 84211.88 points, down 344.52 points or 0.4%.
On Friday, indices in the US ended sharply higher after the inflation print for September came in lower than expected. The US Consumer Price Index rose 0.3% last month, slightly less than the expected 0.4%, raising hopes of a rate cut by the US Federal Reserve at its policy meeting next week. Investors also parsed upbeat earnings data. Indices in Asia were up in early trade Monday as markets in Hong Kong, Japan, and South Korea rose 1-2%. This rise comes as trade tensions ease, with investors eyeing a trade deal between the US and China. (Akash Mandal)
Equity Alert: Wall Street ends at fresh record highs Fri on soft Sept CPI
MUMBAI--0726 IST--Indices on Wall Street closed at fresh record highs on Friday after data showed inflation in the US was lower than expected, while the US dollar index was nearly flat. All the three benchmark indices extended gains for the second session, with information technology stocks leading the gains.
The consumer price index in the US rose 0.3% in September, paving the way for more interest rate cuts. This was slightly lower than the 0.4% expected and 0.4% recorded in August. "Today's inflation data shows that we're not in a crisis like 2022. Prices are growing, but at a controlled pace. That's good news if you're hoping the Fed will continue to cut interest rates," Reuters cited Callie Cox, chief market strategist at Ritholtz Wealth Management, as saying.
The Federal Open Market Committee will meet this week. The central bank is expected to cut interest rates two more times this year, with a quarter-percentage-point cut baked in for the Oct. 28-29 meeting, according to LSEG's calculations using rate futures, the report said.
Upbeat earnings reports also boosted the US market. Shares of Ford Motor jumped 12.2?ter the company beat expectations for profit for the reporting quarter. Analysts now expect the September quarter earnings growth of S&P 500 companies to be 10.4% year-on-year overall. That is higher than the estimated growth of 8.8% for the quarter at the start of the month, according to LSEG, Reuters said.
The technology-heavy Nasdaq Composite rose the most among the three major indices on Friday. Analysts believe a trade deal between the US and China would be a boon for large technology stocks. On Thursday, White House Press Secretary Karoline Leavitt had confirmed a meeting between US President Donald Trump and Chinese President Xi Jinping this week in South Korea.
Five of the so-called 'magnificent seven' US companies, including Apple and Microsoft, are due to report earnings this week. The indices broke new records with the S&P 500 and the Nasdaq Composite recording their largest weekly percentage gains since August, while the blue-chip Dow Jones Industrial Average logged its biggest weekly jump since June. "US stock markets have surged this year, and some analysts see signs of a bubble," Reuters reported.
Following are the closing levels of US indices Friday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6791.69 |
0.79 |
|
NASDAQ Composite |
23204.867 |
1.15 |
|
Dow Jones Industrial Average |
47207.12 |
1.01 |
(Simran Rede)
End
US$1 = INR 88.23
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.
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