More Stories

Informist, Friday, Nov. 21, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Analysts retain 'buy' rtg for M&M after investor day guidance

MUMBAI--1330 IST--Several brokerages maintained their 'buy' rating for Mahindra and Mahindra after the automobile company announced its plans for organic growth across businesses over 2025-26 (Apr-Mar) and FY30, on its investor day Thursday. Shares of the company were up for five straight sessions and gained 12% during this period. 

At 1308 IST, shares of the company traded over 1% higher at INR 3,764.70 on the National Stock Exchange. So far Friday, 2.5 million shares of the company have changed hands on the NSE as against around 1 million share volume till the time on Thursday.

Most brokerages were positive about the company's guidance, which set a target of around 20% compounded annual growth rate in automotive segment from FY25 to FY28, largely driven by broad-based growth in sport utility vehicle, light commercial vehicle and truck and bus business. 

"We are impressed by the FY30 targets, which is well ahead of industry growth, especially in UVs. The upward revised tractor industry growth guidance was a positive too, in our view," Elara Capital said in its report. The brokerage maintained a 'buy' rating on the stock with a target price of INR 4,350. M&M raised its guidance for tractor industry volume growth to 9% CAGR between FY25 and FY30 as compared with 7% earlier.  

The company expects to launch its new model XEV 9S electric SUV in November 2025, which brokerage Citi said was a positive surprise. Nirmal Bang Institutional Equities maintained a 'buy' rating on the stock with a target price of INR 4,270. "We have revised our estimates upward for FY26E and FY27E to factor in strong volume growth in SUV and tractors as well as a rebound in LCV (light commercial vehicle) sales in Q2," the brokerage said.

However, Emkay Global Financial Services said limited launch pipeline for petrol and diesel SUVs over 12-15 months and high base will make it difficult for the stock to give sharp returns. The brokerage retained 'add' rating on the stock and raised the target price 4% to INR 3,800.  (Arundathi A R)

Equity Alert: Mkt off lows on quick gains in auto cos; few IT stocks also up

MUMBAI--1300 IST--Benchmark indices were off lows, aided by gains in automobile stocks and as some information technology companies recovered from the initial fall. However, the decline in stocks of financial services companies, including banks, and metal stocks prevented a full recovery in the index.

Indices started the session lower on negative cues from a global equity markets, falling as much as 0.5% intraday to 26055.95 points. It saw some gains post 1200 IST, with the Nifty 50 index at 26143.85 points at 1230 IST, down 48.30 points, or 0.2%. The Sensex also recovered partially to 85480.41 points, but still down 0.2%.

Shares of metal companies continued to face selling pressure with Tata Steel, JSW Steel, and Hindalco Industries down 1-3%. These three were among the four worst performers in the Nifty 50 index. The Nifty Metal index declined 1.4%. Steel-related stocks have retreated amid concerns that domestic prices may fall after the government extended the exemption from mandatory quality control orders for select steel and stainless-steel grades for import.

Information technology stocks, which have taken a beating globally after the US equity markets plummeted Thursday, were mixed back home. The Nifty IT index was flat as gains in Infosys, Wipro, and Tata Consultancy Services were largely offset by the 1-2% decline in HCL Technologies, Orcale Financial Services, and Coforge.

A decline in shares of financial services companies and banks also led to the slide in the market. Index heavyweights HDFC Bank and ICICI Bank fell 1%. Jio Financial Services, Bajaj Finserv, and Bajaj Finance fell 1-2%. All the major sectoral indices were either in the red or flat, except the Nifty Auto index, which gained 0.6%.

Mahindra & Mahindra and Maruti Suzuki India raced to the top of the Nifty 50 index, followed by Eicher Motors. Shares of Eicher Motors touched fresh lifetime high of INR 7,205, up 1%. Tata Motors Passenger Vehicles rose 1%, snapping an eight-day losing streak, during which it lost more than 11%.

Shares of India's largest airline company, Interglobe Aviation, clawed back into the green after the company said it will invest nearly INR 73 billion in InterGlobe Aviation Financial Services, which will use the funds to buy aircraft.

Shares of IndusInd Bank rose 2% amid media reports that said the company may sell shares to qualified institutional investors to raise capital. Howver, the bank called these media reports "factually inaccurate".  (Eshitva Prakash)

Equity Alert: Steel cos dn; govt extends quality control exemption deadline

MUMBAI--1211 IST--Shares of steel makers were down Friday amid concerns that domestic steel prices may decline after the Ministry of Steel extended the deadline for the exemption from mandatory quality control order for certain steel products and stainless steel flat products till Mar. 31. The Nifty 50 steel companies - JSW Steel and Tata Steel, and other companies such as Jindal Steel, Jindal Stainless, and Steel Authority of India were down 1.0-1.6%.

"The extension of QCO (quality control orders) exemptions is negative for domestic steel and stainless-steel players, as it keeps import channels open for certain grades, potentially putting downward pressure on domestic steel prices, which are currently trading at a one-year low of around INR 48,000 per tonne," ICICI Securities said in a report. "Any reinstatement of full QCO compliance or tighter import norms would act as a key trigger for domestic steel players by supporting pricing and limiting low-cost imports."

NITI Aayog had recommended the removal of various non-tariff barriers such as quality control orders, steel import monitoring systems, and no objection certificates, Kotak Securities said. Domestic hot rolled coil prices were available at a premium of 3-4% to the imports between 2022-23 (Apr-Mar) and FY25 due to several measures including quality control orders. NITI Aayog's recommendations may bring down the premium on domestic steel prices, the brokerage said.  (Akshat Saksena)

Equity Alert: Hindalco dn 3%; reports say another fire strikes Novelis unit

MUMBAI--1051 IST--Shares of Hindalco Industries fell to an intraday low of INR 776.25, down 3% from Thursday's close, following media reports which said that another fire broke out at its US subsidiary Novelis' aluminium plant in Oswego, New York, on Thursday.

At 1020 IST, shares of the company were 2% lower at INR 783.80 per share. Volumes jumped with 2.4 million shares having changed hands so far against 1.7 million till the same time Thursday. However, share volumes so far in the day were still below the stock's average daily volume of 5.5 million over 3 months.

The plant had witnessed a small fire in October as well, according to a report by Reuters. In September, the same plant reported a major fire which resulted in damages worth $21 million. Novelis had estimated a recovery of 70–80% of the damages through insurance claims. The company earlier said that the fire that happened in September will likely lead to a slight decline in volume for 2025-26 (Apr-Mar). They also expect that the disruption in production will likely have a short-term negative impact on the company's operating profit from the December quarter, the company said earlier this month. 

The management of Novelis pegged the impact of the fire that occurred in September on the adjusted earnings before interest, tax, depreciation, and amortisation for FY26 to be around $100 million-$150 million. The September accident is likely to impact free cash flow negatively to the extent of around $550 million-$650 million, management said in a post-earnings conference call earlier.

Of the 15 brokerage reports available on the company with Informist, 11 have a 'buy' call with an average target price of INR 816. Three have a 'hold' rating with an average target price of INR 832 and one has a 'sell' rating.  (Adhithya Aji)     

Equity Alert: Capillary Technologies up 5% after listing at near 3% discount

MUMBAI--1000 IST--Shares of Capillary Technologies rose 5% to a high of INR 606.45 after its debut on the exchanges. The stock listed at INR 560 on the BSE on Friday at a discount of nearly 3% to its issue price of INR 577. At 1008 IST, the stock was trading at INR 604.60 on the BSE and around 498,490 shares had changed hands so far on the bourse. 

The initial public offering of the technology company, that ended Tuesday, was subscribed 53 times with investors placing bids for 443.90 million shares against the 8.38 million shares on offer. Ahead of the IPO, the company had raised INR 3.94 billion from anchor investors through an allotment of 6.83 million shares at INR 577 apiece.

The offer included a fresh issue of shares worth up to INR 3.45 billion and an offer for sale of up to 9.23 million shares. The company will use the proceeds from the public offer to fund its cloud infrastructure costs, invest in research, design and develop its products and platform, and purchase computer systems. The company will also use some of its proceeds to fund inorganic growth through acquisitions. 

Capillary Technologies is a software company offering artificial intelligence-based cloud-native software-as-a-service products and solutions primarily to enterprise customers globally. The company reported a consolidated net profit of INR 10.33 million for the half year ended September on revenue of INR 3.59 billion.  (Gopika Balasubramanium)

Equity Alert: Market opens down on weak global cues; metal stocks lose shine

MUMBAI--0955 IST--Domestic benchmark equity indices opened a tad lower Friday amid selling pressure in metal stocks and tracking overnight losses on the Wall Street, which fell due to a sell-off in technology stocks. However, domestic indices fared better than other Asian peers, which fell sharply in early trade, with the Nifty 50 sustaining above the crucial 26100 points. 

At 0942 IST, the Nifty 50 was at 26144.25 points, down 47.90 points, or 0.2%. Only less than half the constitutents of the Nifty 50 opened higher. The BSE Sensex was at 85510.08 points, down 122.60 points, or 0.1%. Barring the Nifty Auto, all other sectoral indices were lower, down up to 0.7%. 

Metal stocks were the biggest drags on the Nifty 50. The Nifty Metal was down nearly 1%, with all its constituents, except Adani Enterprises, down in early trade. Hindalco Industries was down over 2% and was the biggest laggard in the Nifty 50 index. Tata Steel and JSW Steel were down 0.8% each. This came after the  government extended the exemption from mandatory quality control orders for select steel and stainless-steel grades until Mar. 31. "The extension of QCO (quality control order) exemptions is negative for domestic steel and stainless-steel players, as it keeps import channels open for certain grades, potentially putting downward pressure on domestic steel prices," ICICI Securities said in a note Friday.

The Nifty Auto opened 0.3% higher and was up for three straight sessions. Mahindra and Mahindra gained the most in the Nifty 50, up over 1%. The company emphasised its focus on delivering scale–target of 15–40% organic growth across businesses over 2025-26 (Apr-Mar) and FY30, according to ICICI Securities. Meanwhile, other companies in the sector such as Eicher Motors, Maruti Suzuki India, and Tata Motors Passenger Vehicles were up nearly 1% each.

Tata Consultancy Services gained 0.2%. The company entered into an agreement with Singapore-based private equity firm, TPG Terabyte Bidco, to collectively invest up to INR 180 billion in the former's wholly owned subsidiary, HyperVault AI Data Center. IndusInd Bank was up nearly 1% following reports of it raising capital through qualified institutional placement, with senior management meeting potential investors in the wake of the huge account discrepanies at the bank reported earlier this year.  (Arundathi A R)

Equity Alert: Asian markets fall as technology stocks decline; KOSPI down 4%

MUMBAI--0815 IST--Equity indices in Asia were down in early trade Friday, tracking overnight losses on Wall Street. Persistent concerns of an artificial intelligence bubble caused by elevated valuations of artificial-intelligence companies and fading hope of another rate cut by the US Federal Reserve in December soured trader sentiment. Benchmark equity indices of South Korea and Japan were the biggest laggards in the region as technology stocks plummeted, following sharp gains in the previous session.

Japan's Nikkei 225 index was over 2% lower, while the broader Topix was largely unchnaged from its previous close. Shares of technology investor SoftBank fell 10% after US technology stocks lost ground on the Nasdaq Composite index. Data showed Japan's core consumer prices rose 3% on year in October, at its sharpest rate since July and in line with market estimates. This rise supported the case for interest rate hikes by the Bank of Japan in the near term.

South Korea's KOSPI had risen in the previous session on the back of strong quarterly earnings of Nvidia Corp., which boosted trader sentiment around AI-related stocks. "The markets had plenty to be positive about and initially Nvidia's banging quarterly results meant Wall Street burst out of the gates," Kyle Rodda, senior analyst at Capital.com, was quoted by Reuters as saying. "The US jobs data were probably as good as you could have hoped for too." Despite this, the KOSPI index plunged 4%. Shares of index heavyweights Samsung Electronics fell over 5% and those of memory chip-maker SK Hynix tumbled 8%.

Hong Kong's Hang Seng Index fell nearly 2% and the Hang Seng technology index fell 3%. Shares of major artifical company Baidu fell more than 5% and Tencent traded 2% lower. Chinese electric vehicle maker BYD fell more than 2% and other automobile companies Nio and Li Auto dropped 6% and 2%, respectively. China's CSI 300 index was more than 1% lower.

Taiwan's Taiex fell 2.5% and shares of Taiwan Semiconductor Manufacturing Co. fell more than 4%. On Wednesday, the index saw the sharpest single-day climb since April as traders took positive hints for the AI trade following Nvidia Corp.'s earnings.

Stronger-than-expected US jobs data renewed doubts about whether the apex bank will lower its benchmark rates. Traders were pricing a 40% chance of a 25-basis point rate cut next month, sharply lower than the 98% predicition a month ago, according to the CME FedWatch Tool. Cleveland US Fed President Beth Hammack Thursday warned that cutting rates further right now carried a wide range of risks for the economy.

Following were the levels of key Asian indices at 0812 IST:

(Eshitva Prakash)

Equity Alert: Indices seen tad down at open on weak global cues

MUMBAI--0812 IST-- While Indian equity indices are on the cusp of hitting their all-time high Friday, weak global cues are likely to delay the move. Some analysts expect investors to book profits on overbought conditions, others expect indices to continue their upward journey. Analysts reiterated that investors would likely take a buy-on-dips approach in the market and the sentiment in the market is bullish. They also pointed out that downside of the indices from the spot levels is limited.  

"...we can expect mild profit booking," Ashish Sherigar, technical analyst at NVS Brokerage, said. "But the Nifty 50 will hit 26270 (points) then around 26300 (points) there can be rejection due to overbought conditions." Overall, the sentiment is bullish and every dip towards 25900 points will be a buy till the level is not breached, he said. Sherigar expects the Nifty 50 to find support at 26000 points and face strong resistance near 26245 points. 

Technical analysts expect the 50-stock index to sustain around 26100 points, and said even if the level is breached, investors will start buying near 26000 points. Initially, there could be weakness in the market but there are higher chances that the indices would rise in the second half of the session, they said. Analysts also said the futures data also signals positive trend and the indices are positioned well for a record high. Even if it does not happen during Friday's session, some analysts are confident that indices will reach their highest ever level in the first half of next week. 

While the global cues are weak, the November contract of the GIFT Nifty indicated that indices will likely open tad up Friday. At 0747 IST, the contract was at 26202.50 points, up 49 points from its previous close. On Thursday, the Nifty 50 index closed at 26192.15 points but had climbed to as high as 26246.65 points intraday.

Notwithstanding the positive sentiment on Nvidia Corp.'s better-than-expected results and guidance, indices in the US reversed gains made in the session and ended lower Thursday, especially the technology-heavy Nasdaq Composite. Asia-Pacific indices followed suit, and majority of them were lower in early trade as investors sold shares of chip making companies across regions. Japan's Nikkei 225 and South Korea's Kospi fell over 2-3% in early trade.  (Gopika Balasubramanium)

Equity Alert: US mkt reverses early gains to end sharply dn; Nvidia falls 3%

MUMBAI--0730 IST--Equity indices in the US reversed gains from earlier in the session and ended sharply lower Thursday. Shares of artificial intelligence-related companies had risen at market opening after industry bellwether Nvidia Corp.'s strong quarterly earnings late Wednesday boosted sentiment, but fell thereafter, indicating persistent concern among market participants over lofty valuations of AI companies. Adding to the downward pressure, healthier-than-expected jobs data from the US Labour Department increased chances of the US Federal Reserve skipping another rate cut at its December policy meeting.

"The Nvidia results, while positive, weren't enough to dispel doubts around whether valuations had gotten too rich," Sameer Samana from Wells Fargo Investment Institute was quoted by Bloomberg as saying. Shares of Nvidia, which had risen as much as 5% earlier in the day, closed more than 3% lower. Shares of technology company Oracle fell 6.5% and those of chip company Advanced Micro Devices slumped nearly 8%. Among the 'magnificent seven' group of companies, shares of Apple, Alphabet, Microsoft, and Tesla declined 1-2%. The Nasdaq Composite index fell a little over 2%, declining from a 2.6% advance at its highest point in the session.

Concerns about AI stock valuations persisted, and traders were concerned about the health of the sector in case the US Fed does not lower interest rates further. The September jobs report showed the economy added 119,000 jobs following a 4,000 drop in August. Economists polled by Reuters had predicted a 50,000 gain. Morgan Stanley on Thursday scrapped its forecast that the US Federal Reserve would cut interest rates by 25-basis points. "The sharp and broad rebound in payrolls suggests the summertime slowdown might have been exaggerated," strategists at Morgan Stanley were quoted by Reuters as saying. Fed Funds futures traders were pricing in a 40% chance of a 25-bps cut by the apex bank at its December meeting, sharply lower than the near unanimous prediction in favour of a rate cut a month ago, according to data from CME Fedwatch.

Following are the closing levels of US indices Thursday:

(Eshitva Prakash)

End

US$1 = INR 88.68

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

Edited by Deepshikha Bhardwaj

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.