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Informist, Thursday, Oct. 30, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Indices fall more as heavyweights extend decline

MUMBAI--1444 IST--Benchmark indices fell more as index heavyweights HDFC Bank, Reliance Industries, and ICICI Bank extended their decline. Banking and information technology stocks were the biggest drag on the index. At 1425 IST, the Nifty 50 index was at 25899.25 points, down 154.65 points or 0.6% and the BSE Sensex was at 84498.38 points, down 498.75 points or 0.6%.

Coal India was the top gainer in the Nifty 50 index after the company's top line for the September quarter beat analysts' estimates despite falling on year. Most pharmaceutical stocks were down. Dr. Reddy's Laboratories and Cipla were the worst hit in the index with shares down 4% and 3%, respectively. Shares of Cipla fell sharply intraday after the company announced that Umang Vohra, managing director and global chief executive officer of the company, would step down from Apr. 1.

Vodafone Idea was the top loser in both the Nifty 200 and Nifty 500 indices, with shares down nearly 7%, after the Supreme Court's written order on the company's plea to quash additional adjusted gross revenue led to confusion. The court allowed the government to reconsider the telecom company's AGR dues, but the written order on Thursday stated that the order only quashes the additional AGR demand and not the penalty and interest on penalty that the company had earlier appealed against, according to media reports.

All sectoral indices were in the red, with Nifty Healthcare, Nifty Metal, and Nifty Pharma being the worst hit, down nearly 1% each. The Nifty Metal fell after rising nearly 6% in the last six sessions.  (Adhithya Aji) 

Equity Alert: Europe mkts mixed; traders eye ECB outcome, earnings, economic data

MUMBAI--1422 IST--European indices were mixed in early trade Thursday as investors in the region await corporate earnings, latest growth data, and the European Central Bank's rate decision, due later in the day. The pan-European Stoxx 600 fell nearly 0.3% shortly after opening.

The ECB is all but certain to leave interest rates unchanged for the third meeting in a row amid stready growth and low inflation in the region. The central bank has made it clear it is in no hurry to change policy, given that inflation is at target, a sweet spot neither the US Federal Reserve nor the Bank of England or the Bank of Japan has achieved, Reuters reported. However, commentary from the central bankers will be in focus due to the uncertainty caused by US tariffs.

Airbus shares rose 3% after the aircraft manufacturer reported strong earnings for the third quarter driven by an increase in commercial aircraft deliveries, currency hedging, and its helicopter services, CNBC reported. Shell was lower in early trade despite its profit for the quarter beating analysts' expectation. While the profit beat expectations, it was lower on a year-on-year basis.

Investors now eye important data such as the flash eurozone third quarter GDP and unemployment figures, as well as inflation data from Spain and Germany, all due later in the day.

Following were the levels of major European indices at 1420 IST:

(Akash Mandal)

Equity Alert: Manappuram Fin shares dn 1% at INR 273.50 ahead of Q2 earnings

MUMBAI--1400 IST--Shares of Manappuram Finance Ltd. were trading 1.0% lower at INR 273.50 on the National Stock Exchange ahead of the company's financial results for the September quarter. The non-banking finance company's net profit for the reporting quarter is expected to be between INR 1.94 billion and INR 5.10 billion, according to estimates shared by two brokerages.

Even the higher end of the net profit estimate range for the September quarter is 11% lower than the NBFC's profit in the corresponding quarter a year ago. A profit close to INR 1.94 billion, the lower end of the estimate range, will be down 66% on year. Sequentially, however, the profit is likely to be up from INR 1.38 billion in the June quarter.  

As per the profit estimates, the September quarter is likely to mark the fourth consecutive quarter of underperformance by the financier. Manappuram Finance had last reported growth in quarterly profit in Jul-Sept 2024. 

Stress in the NBFC's microfinance business and poor asset quality weighed on its profit in the last three quarters. The lender's asset quality in the microfinance and personal loan segments, along with gold loan growth, are the key metrics to monitor, according to Motilal Oswal Financial Services Ltd.    

Brokerages estimate the financier's net interest income to be between INR 12.31 billion and INR 13.46 billion in the September quarter. The final print of net interest income, if it falls within the range, will be down on year as well as on quarter.   

Manappuram Finance's share price has remained largely unaffected by the underperformance in the last three quarters. The shares have climbed 7% since last quarter's results. Of the 10 research reports on Manappuram Finance available with Informist, five have a 'hold' rating on the stock with an average target price of INR 244 and four have a 'buy' rating with an average target price of INR 233. Only one has a 'sell' rating with an INR 240 target price.  (Krity Ambey)

Equity Alert: BHEL soars to 3-mo high; brokerages positive on growth outlook

MUMBAI--1230 IST--Shares of Bharat Heavy Electricals soared nearly 6% to an over three-month high of INR 258.94 after the company's robust second quarter earnings, with analysts positive on the outlook for the company. At 1223 IST, the stock traded 5.2% higher at INR 258 and was the top gainer in the Nifty 500. The stock is up for the fourth straight session.

"Retain 'BUY' as we expect FY26 to be a clean-up year with legacy low-margin projects nearing completion, enabling FY27 margin rebound as new orders gain pace and operating leverage kicks in," Nuvama Institutional Equities said in a report. "We are cutting FY26/28 EPS by 22%/16%, reflecting lower FY26 OPM (operating profit margin) of 6.9% (earlier 8.4%) and baking in Eighth Pay Panel impact in FY28, yielding a target price of INR 353 (from INR 335)," the brokerage added.

"The order outlook for BHEL remains strong with 30 GW of coal-based capacity in the planning stage...we expect the company to report OI (order inflows) of INR 700 bln in FY26," ICICI Securities said in a report. It maintained a 'buy' rating on the stock with a target price of INR 324.

Morgan Stanley said the company's September quarter revenue and earnings before interest, tax, depreciation, and amortisation came in above estimates. It maintained an 'overweight' rating on the stock with a target price of INR 258. Till 1223 IST, 47.92 million shares of the company were traded on the NSE, sharply higher than the 7.06 million shares traded till the same time Wednesday.  (Akash Mandal)

Equity Alert: Dr Reddy's down 6% amid worry over Semgalutide's Canada launch

MUMBAI--1145 IST--Shares of Dr. Reddy's Laboratories plunged nearly 6% to an over five-month low of INR 1,180.90 after the company's plans to launch the Semaglutide injection in Canada were delayed due to regulatory issues. At 1143 IST, the stock traded 4.4% lower at INR 1,195.40 on NSE and was the worst hit in the Nifty 50.

Semaglutide is expected to be a key contributor to the company's revenue in North America for 2026-27 (Apr-Mar) and revenue growth for operations in the region is likely to remain flat in FY27 excluding the product's performance, Jefferies was cited by NDTV-Profit as saying. Delays in approval pose a downside risk to the company's FY27 earnings estimates due to rising competition for the drug in Canada, the brokerage said.

Morgan Stanley said it expects the generic version of the drug to rack up $198 million in sales in Canada, which is likely to account for 5% of the company's total revenue in FY27. The brokerage also delved into similar points as mentioned by Jefferies. Meanwhile, BofA expects the drug to be launched in the first half of FY27. The company has filed for the drug in 87 countries and has indicated confidence to meet its sales estimate for the drug even if approval is delayed in the Canadian market, NDTV Profit reported the brokerage as saying.

The company had Wednesday said it received a notice of non-compliance from the Pharmaceutical Drugs Directorate of Canada for its Abbreviated New Drug Submission for the Semaglutide injection. This comes at a time when Dr. Reddy's is preparing to launch the drug in Canada to capture the first wave of sales. The drug has estimated annual sales of $1.6 billion in Canada, and the company was confident of achieving at least $300 million in revenue from Semaglutide in the initial phase. Besides Dr. Reddy's, at least three other generic companies are in the fray to secure approval for the generic of Semaglutide.

For Dr. Reddy's, other notable opportunities beyond Canada for for Semaglutide include India, Brazil and Turkey, CNBC-TV18 reported. The management expects volume to the tune of 12 million pens to be absorbed in other countries, if not Canada, the report said. Till 1143 IST, 5.2 million shares of the company were traded on the NSE, sharply higher than the 613,165 shares traded till the same time Wednesday.  (Akash Mandal)

Equity Alert: Motilal Oswal cuts Coal India earnings estimate post Q2 result

MUMBAI--1029 IST--Motilal Oswal Financial Services has reduced the earnings estimates for Coal India after the company reported lower-than-expected bottom line for the Sepetmber quarter due to surge in costs and a fall in revenue. The company delivered muted performance mainly due to weak volumes, where e-auction volumes accounted for 10% of total volumes and premium stood at 55% in the reporting quarter, the broking firm said in its report. Motilal Oswal expects the e-auction volume and premium to recover in the second half of the current financial year.

It has cut the revenue estimates for 2025-26 (Apr-Mar) by 4% to INR 1.451 trillion and adjusted net profit by 8% to INR 316 billion. For the quarter ended September, Coal India Wednesday posted a 32% on-year decline in its consolidated net profit at INR 43.54 billion, sharply lower than the Street's expectation of almost INR 53 billion. Its revenue fell 3% on year to nearly INR 302 billion, higher than the INR 297 billion estimated. 

The company released its quarterly results during market hours and the stock had fallen sharply following the result. Brokerage Motilal Oswal said the stock is trading 7.5 times the FY26 earnings estimate and 6.6 times FY27 estimates. It has maintained a 'buy' rating on the stock and a target price of INR 440, which is 14% higher than the current market price. At 1021 IST, its shares were up almost 1% at INR 385.05 on the National Stock Exchange. Almost 6 million shares of the company changed hands on the bourse so far Thursday, higher than the 3 million shares traded during the same period Wednesday.  (Anjana Therese Antony)

Equity Alert: Indices open lower as heavyweights fall; Dr Reddy's plunges

MUMBAI--0935 IST--Benchmark indices opened the session lower on Thursday, under pressure from a slow start by heavyweights such as Bharti Airtel, Reliance Industries, ICICI Bank, and HDFC Bank. At 0926 IST, the Nifty 50 was at 25981.90 points, down 72 points or 0.3%. The BSE Sensex was at 84763.78 points, down 233.35 points or 0.3%.

Dr. Reddy's Laboratories was down nearly 5% and was by far the worst hit in the Nifty 50 after the company received a Notice of Non-Compliance from the Pharmaceutical Drugs Directorate of Canada for its Abbreviated New Drug Submission for semaglutide injection. This delays the launch of the drug that is seen as a key growth driver for the company in 2026-27 (Apr-Mar), analysts said.

On the other hand, Larsen & Toubro was up over 2% and was the top gainer in the 50-stock index, as analysts were positive on the company's order pipeline despite the top line and bottom line for the September quarter missing expectations. 

Broader market indices were muted but were better off than the benchmark indices in early trade. Most sectoral indices were lower, with Nifty Pharma and Nifty Healthcare being the worst hit. Nifty Realty was up 0.2% and was the top gainer.

Among other stocks, Sagility was up 9% and was the top gainer in the Nifty 500 after its September quarter bottom line surged 69% sequentially. Sapphire Foods India rose 6% a day after its losses for the reporting quarter was lower than what analysts had estimated. Five-star Business Finance was up 8% a day after it reported strong earnings growth for the quarter. PB Fintech was up 4% and was the top gainer in the Nifty 200 after its bottom line for the quarter surged on year.

On the other hand, Capri Global Capital was down over 4% despite reporting strong on-year growth for the September quarter. 

Vodafone Idea was down over 5% and was the worst hit in the Nifty 500.  (Akash Mandal)

Equity Alert: Brokerages raise L&T's target price, estimates despite Q2 miss

MUMBAI--0850 IST--Many brokerages have raised their target prices and estimates for Larsen & Toubro despite the company's earnings for the September quarter missing the Street's estimates. This positive view on the company stems from strong order inflows, the brokerages said. Shares of L&T ended 0.4% lower at INR 3,958.10 on NSE Wednesday, ahead of its Jul-Sept earnings.

L&T reported a 16% year-on-year rise in its net profit for the September quarter at INR 39.26 billion. The net profit was, however, lower than analysts' estimates of INR 40.82 billion. Its consolidated revenue grew 10% on year to INR 679.84 billion, lower than the Street's view of INR 710.63 billion.

Nuvama Institutional Equities raised its target price on the stock to INR 4,680 from INR 4,200 and maintained a 'buy' rating due to the company's strong order book, which stands at 3.6 times the company's sales in 2024-25 (Apr-Mar). The company's order pipeline of INR 10.4 trillion for the second half of the current financial year also underpins multi-year growth visibility, the brokerage added. "We are tweaking FY27E/28E earnings per share by +0.4%/+3% and raise target price to INR 4,680, valuing the core business at 25 times FY28 earnings per share," the report said.

Emkay Global Financial Services raised its target price on L&T's shares by 10% to INR 4,400 and maintained a 'buy' rating, citing similar reasons. "The management pointed to a considerably robust prospect pipeline of INR 10.4 trillion for the second half of FY26 (INR 8.1 trillion for second half of FY25) leading to strong order inflow visibility," the brokerage said. A slowdown in order execution and delay in order inflow conversion due to geopolitical tensions remain key near-term concerns for the company, it added. "We raise earnings per share by 6-7% for FY27E/28E, led by robust visibility ahead," the report said.

Global brokerage CLSA maintained an 'outperform' rating on L&T with a target price of INR 4,320, saying that the company met three of four guidance parameters for the September quarter. These parameters were new orders, margins, and working capital, while execution lagged due to excessive rainfall, CNBC-TV18 cited the brokerage as saying. The biggest surprise was the 54% on-year rise in new orders, led by multi-billion-dollar projects from the energy sector and private capital expenditure in India, the report said. Its project pipeline for the second half of the financial year looks strong despite concerns of a slowdown in West Asia.

Citi maintained a 'buy' rating on the stock with a target price of INR 4,500, citing strong core order inflows. The brokerage expects order inflow momentum to continue in the near term and noted that core margins expanded 20 basis points on year during the quarter due to execution efficiencies and favourable claim settlements, CNBC-TV18 reported the brokerage as saying.  (Akash Mandal)

Equity Alert: Most Asia mkts up after Fed rate cut; US-China trade deal eyed

MUMBAI--0842 IST--Most Asian markets were up Thursday after the US Federal Reserve reduced interest rates but also indicated that another rate cut in December is far from assured. All eyes will be on the meeting of US President Donald Trump and his Chinese counterpart Xi Jinping later in the day in South Korea, where they are widely expected to sign a trade deal. Trump had said Wednesday that he is going to sign a trade deal with China, following which many global equity markets rose. 

The MSCI index for the Asia-Pacific region, excluding Japan, was up 0.6%. While South Korea's Kospi gained the most, FTSE Singapore Straight was the major laggard in the region. South Korea will invest $200 billion in the US, with an annual cap of $20 billion a year, while the remaining $150 billion of its $350 billion total pledge announced earlier this year will be used for shipbuilding cooperation, CNBC-TV18 reported citing local media reports, .

Japan's Nikkei 225 was up 0.2% ahead of the Bank of Japan's monetary policy outcome Thursday. The apex bank is widely expected to keep interest rates steady at 0.5%. The fall in the Japanese headline index was led by losses in information technology and brokerage stocks. Shares of SoftBank group and Nomura Holdings were down around 2% each. Investors will be focusing on Japanese Prime Minister Sanae Takaichi's policy measures as well as the apex bank's assessment of the economy, media reports said. 

Among other gainers in the region were China's CSI 300 and Hong Kong's Hang Seng, up 0.2-0.9%. On the other hand, Australia's S&P/ASX 200 and FTSE Singapore were down 0.3% each and were the only two indices in the red. 

Following were the levels of key Asian indices at 0839 IST:

(Anjana Therese Antony)

Equity Alert: Mkt may consolidate post higher open; 26100 hurdle for Nifty 50

MUMBAI--0815 IST--Benchmark indices may open a tad higher Thursday but are likely to consolidate a bit in the coming sessions. The 26100 level will be the next crucial hurdle for the Nifty 50. If the index manages to surpass this hurdle, there might be further gains in the market and benchmark indices may move towards new all-time highs, technical analysts said.

"Technically, the (Nifty 50) index has built a robust foundation above the critical 25700 mark...sustaining above the 10-day and 20-day exponential moving averages further reinforces the ongoing bullish undertone," Dhupesh Dhameja, derivatives research analyst at SAMCO Securities, said in a note. "Every minor dip continues to attract renewed buying interest, highlighting steady accumulation by investors...the 25750–25800 region remains a key "buy-on-dips" pocket," Dhameja added.

The November contract of the GIFT Nifty indicates a positive start for the Nifty 50. At 0747 IST, the contract was at 26190.50 points, up 56.50 points from its previous close. On Wednesday, the Nifty 50 closed at 26053.90 points, up 117.70 points or 0.5%, closing above the psychologically crucial level of 26000 points for the first time since Sept. 27, 2024. The BSE Sensex closed at 84997.14 points, up 368.97 points or 0.4%.

Overnight, indices in the US ended mixed despite a 25-basis-point rate cut by the US Federal Reserve after Fed Chair Jerome Powell said another rate cut in December was far from assured. The rate cut, however, is unlikely to have a significant impact on the Indian market, analysts said. The Nasdaq notched another record high, buoyed by Nvidia's 3% rise to become the first company to attain market capitalisation of $5 trillion. Asian indices were mixed in early trade.  (Akash Mandal)

Equity Alert: US indices mixed Wed; Fed says rate cut in Dec far from assured

MUMBAI--0805 IST--Headline indices in the US ended on a mixed note Wednesday after the US Federal Reserve said another interest rate cut in December is far from assured. The US apex bank reduced interest rates by 25 basis points for the second straight time to 3.75-4.00%, in line with expectations. The US Federal Open Market Committee said economic activity had been expanding at a moderate pace, while job gains had slowed. 

The three benchmark indices – Dow Jones Industrial Average, S&P 500, and Nasdaq Composite – reached new intra-day record highs. The tech-heavy Nasdaq Composite gained the most among the three indices, led by heavyweight Nvidia which crossed the market capitalisation of $5 trillion. "The rate cut was expected. Powell's (Fed Chair Jerome Powell) remarks took some shine off the market," said Michael Rosen, chief investment officer at Angeles Investments in Santa Monica, California, CNBC-TV18 reported. 

Shares of of Meta Platforms fell more than 8%. Meta reported a $16-billion one-time charge that axed its profits and the company said its capital expenditure would be "notably larger" next year compared to 2025, media reports said. Google parent Alphabet's shares were up 6% after the company reported strong earnings. 

Investors now await further updates about the trade discussions between the US and China. US President Donald Trump had Wednesday said he is going to sign a deal with his Chinese counterpart Xi Jinping.

Following are the closing levels of US indices Wednesday:

(Anjana Therese Antony)

End

US$1 = INR 88.69

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

Edited by Avishek Dutta

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