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Informist, Friday, Nov. 7, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: PFC up 1.6% before Q2 result; provision write-back may aid PAT

MUMBAI--1313 IST--Shares of Power Finance Corp. were 1.6% higher at INR 392.25 ahead of its September quarter earnings, with the company's net profit seen up on write-back of provisions.

The lender's net profit for Jul-Sept is seen in a range of INR 38.91 billion to INR 53.51 billion, according to three brokerages that track the company. Motilal Oswal Financial Services has the highest estimate while ICICI Securities has the lowest estimate. The non-bank finance company had reported a net profit of INR 43.71 billion in the year-ago quarter and INR 45.02 billion in Apr-Jun. The company is scheduled to detail its September quarter results later Friday.

"Asset quality is expected to remain stable or improve, as there were no major resolutions or slippages during the quarter," Motilal Oswal said in a pre-earnings note. "PFC, however, would report TRN Energy as restructured (already reported by REC in 1Q) (Apr-Jun) and benefit from provision write-backs in 2Q (Jul-Sept)."

PFC is an infrastructure finance company and extends loans to and develops power and transmission projects across the country. It is a central government-owned enterprise and has enjoyed 'Maharatna' status since October 2021.

The three brokerages see its net interest income in a range of INR 52.19 billion to INR 58.15 billion for the September quarter, against INR 44.08 billion a year ago and INR 54.69 billion a quarter ago. Disbursements are likely to remain muted as state utilities repay loans at an accelerated pace, Emkay Global Financial Services said. Motilal Oswal sees a 5% fall on year in the lender's disbursements, which were at INR 466.63 billion in Jul-Sept a year ago.

Emkay Global and Motilal Oswal see total assets under management of the company rising 13.7% and 15.0% on year, respectively. from INR 4.93 trillion as on Sept. 30 a year ago. As of Jun. 30, PFC's loan assets under management grew 15.7% on year to INR 5.50 trillion.

The lender's shares are down over 5% since its June quarter earnings were declared on Aug. 6. All five brokerages tracking the company have a buy rating on the stock, with an average target price of INR 510.  (Aaryan Khanna)

Equity Alert: Bharti Airtel dn 5% post large deals; Singtel arm likely seller

MUMBAI--1220 IST--Shares of Bharti Airtel fell nearly 5% to a near one-month low after large deals executed on exchanges at a discount to the stock's closing price on Thursday. At 1218 IST, the stock was down over 4% at INR 2,008.40, the worst hit in the Nifty 50.

Two large deals with a combined volume of 51.26 million shares were executed on exchanges when the session opened, data on exchanges showed. The deals were executed at an average price of INR 2,037, a discount of nearly 3% to the previous closing price of INR 2,094.90. According to reports, Singapore Telecommunications' subsidiary Pastel offloaded 0.8% stake in the telecom major through a deal of INR 103 billion. 

Till 1218 IST, 62 million shares of the company were traded on the NSE, sharply higher than the 5.20 million shares traded till the same time Thursday.  (Akash Mandal)

Equity Alert: Studds Accessories lists at INR 570 vs issue price of INR 585

MUMBAI--1200 IST--Shares of Studds Accessories fell over 4% to an intraday low of INR 560 after listing at INR 570 on the BSE, a 2.6% discount to the issue price of INR 585.

Ahead of the offer, the company had raised INR 1.37 billion from anchor investors by issuing 2.34 million shares at INR 585 each. The initial public offering comprised only an offer-for-sale of up to 7.79 million shares. Over 3.5 million shares of the company have been traded so far Friday on the NSE. 

Studds Accessories manufactures and sells helmets and other accessories, including gloves, helmet locking devices, rain suits, riding jackets, and eyewear, under the 'Studds' brand. For the quarter ended June, the company reported a consolidated net profit of INR 202.46 million on consolidated revenue of INR 1.49 billion.  (Akash Mandal)

Equity Alert: Karnataka Bank down 0.5% ahead of earnings Sat; PAT seen down

MUMBAI--1100 IST--Shares of Karnataka Bank traded at INR 176.99 Friday, down 0.5%, ahead of its September quarter earnings. The lender, which will declare its earnings for the reporting quarter on Saturday, is expected to post an on-year decline in net profit due to sluggish growth in assets and contraction in margins.

The net profit of the lender is expected to fall 15% on year to INR 2.86 billion, according to Anand Rathi Share and Stock Brokers Ltd. The bank's net profit is likely to decline 23% on year and 11% on quarter to INR 2.61 billion, Emkay Global Financial Services Ltd. said.

The net interest income of the Mangaluru-based bank is expected to fall 9% on year to around INR 7.58 billion, according to both Emkay Global and Anand Rathi. The net interest margin of the lender is expected to decline to 2.8% in the September quarter, down 4 basis points on quarter and 45 bps on year, Emkay Global said. "Slower growth in assets, margin contraction, and elevated LLP (loan loss provisions) to hurt earnings. Slippages to remain elevated," the brokerage said.

All four brokerage reports on the company available with Informist have a 'sell' rating on the stock. The shares have risen nearly 4% since the bank detailed its June quarter earnings.  (Rati Chaphekar)

Equity Alert: Indices down for 3rd day; fincl svcs, IT stocks biggest drags

MUMBAI--0935 IST-- Benchmark indices opened sharply lower with the Nifty 50 index falling below the 25450 support level. The index was dragged down by a fall in financial services and information technology stocks. Most index heavyweights were in the red. Bharti Airtel fell nearly 4%, making it the biggest loser in the Nifty 50. HCL Technologies and Tata Consultancy Services fell 1-2%. At 0925 IST, only six companies in the Nifty 50 traded in the positive territory.

At 0943 IST, the Nifty 50 index was down 0.6% at 25345.35 points and at the BSE Sensex index was down 0.6% at 82787.84 points. Max Healthcare was the biggest gainer in the 50-stock index, rising nearly 1%. Sun Pharmaceutical Industries and ICICI Bank rose 0.5% each. 

All sectoral indices fell into the negative territory. Nifty Consumer Durables lost the most, falling nearly 2%. The Nifty IT index Nifty Realty and Nifty Auto index rose over 1%. Nifty Healthcare and Nifty Pharma were down with marginal losses. All broader market indices were also down, falling around 1% each. 

Among the Nifty 500 stocks, Minda Corp. rose over 6% after the company reported robust earnings growth for the September quarter. 

Aarti Industries gained over 5% after it posted a sharp jump in its net profit for the reporting quarter in Jul-Sept. Amber Enterprises India plunged over 13% and was the biggest loser. This came as the company reported a net loss for the September quarter, after a sharp double-digit on-year growth in its bottom line in Apr-Jun. PG Electroplast declined nearly 6%. (P. Madhu Kumar)

Equity Alert: Asian indices fall on weak cues from US mkt, tech stocks bleed

MUMBAI--0813 IST--Most Asian markets were sharply down in early trade following a decline in the US market overnight due to widespread sell-off in technology stocks. Nvidia, Microsoft, Palantir Technologies, Broadcom and Advanced Micro Devices declined the most in the US. 

Japan's benchmark Nikkei 225 index declined the most among Asian indices, falling over 2%. Artificial intelligence-related stocks were the key drags in the region with SoftBank down over 8%, semiconductor testing equipment maker Advantest losing more than 7%, chipmaker Renesas Electronics falling 4%, and Tokyo Electron declining over 2%. The broader index Topix First Section declined over 1%.

China's CSI 300 index fell marginally and the SSE Composite index was down 0.2%. Hong Kong's Hang Seng index declined nearly 1%. 

Investors in Asia await China's October trade data, due later in the day. Economists polled by Reuters expect exports to have slowed to 3% on year, down from an 8.3% surge in September, while imports are expected to fall to 3.2% from 7.4%.

Among other indices, South Korea's Kospi fell nearly 2%. Australia's SP/ASX 200 index was down 0.4%. Indonesia's IDX Composite and Singapore's FTSE Singapore Strait Times were the only indices that traded marginally higher. 

Following were the levels of key Asian indices at 0826 IST:

(P. Madhu Kumar)

Equity Alert: Indices expected to fall more amid lack of fresh triggers

MUMBAI--0757 IST--Benchmark indices are expected to fall more Friday and the Nifty 50 may test the 25450-25400 levels during the session. Absence of fresh triggers and lacklustre earnings over the last few days have likely led investors to take out some profits in the past few sessions, technical analysts said. 

"There is not much progress either in the US-China deal or a trade deal between India and the US," said Ajit Mishra, senior vice president of research at Religare Broking. However, he does not see the current weakness in the market as a major correction as it has mostly been due to profit-taking in select stocks and some news-specific selling.

"The Nifty slipped below the critical 21-exponential moving average on the daily timeframe, indicating weakness...however, the index has declined towards the support of the previous swing's high, placed around 25450," Rupak De, senior technical analyst at LKP Securities, said in a note. "Going forward, if the index falls below 25450, the short-term trend might weaken further," De added.

The November contract of the GIFT Nifty also indicated a lower start for the market. At 0753 IST, the contract was 47 points lower at 25492.50 points. On Thursday, Nifty 50 ended slightly lower after recovering from a three-week low earlier in the session. The index closed at 25509.70 points, down 87.95 points or 0.3%. The BSE Sensex closed at 83311.01 points, down 148.14 points or 0.2%.

Overnight, indices in the US ended sharply lower on concerns about inflated valuations of technology stocks. "Valuations are still very much a concern longer term, but (the market is) still bullish," Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest, was quoted by Reuters as saying. All Asian indices, barring the FTSE Singapore Straits Times, were down in early trade Friday.  (Akash Mandal)

Equity Alert: US indices fall Thu on steep losses in technology stocks

MUMBAI--0741 IST--US markets ended lower Thursday due to a large-scale selling pressure among technology stocks over stretched valuations. Investor sentiment was hit as the US government shutdown continued for the sixth week and uncertainty continued due to a dearth of economic indicators. 

The S&P 500 index fell over 1% and the NASDAQ composite declined nearly 2%. The Dow Jones Industrial Average was down nearly 1%. Among the technology stocks, the biggest draggers were Nvidia, Microsoft, Palantir Technologies, Broadcom and Advanced Micro Devices. Qualcomm shed nearly 4% after the chipmaker posted better-than-expected quarterly results but said it may lose future business with Apple, according to a CNBC report. 

Job cuts in the US in October totalled 153,074, a 183% surge from September and 175% higher than the same month a year ago, according to outplacement firm Challenger, Gray & Christmas, CNBC reported. It was the highest number of layoffs for any October since 2003. This has been the worst year for announced layoffs since 2009.

Following Wednesday's Supreme Court hearing on the legality of US President Donald Trump's reciprocal tariffs, during which the justices appeared sceptical about the legality of these tariffs, the Trump administration might have to brace for a decision that is likely not to be in its favour, media reports quoted Jefferies as saying. 

Following are the closing levels of US indices overnight: 

(P. Madhu Kumar)

End

US$1 = INR 88.70

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

Edited by Ashish Shirke

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