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Informist, Monday, Dec. 8, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: More disruptions may hit InterGlobe FY26 earnings 8-9%, says JM Fincl

MUMBAI--1330 IST--InterGlobe Aviation's earnings for 2025-26 (Apr-Mar) could take a hit of 8–9% if the disruption with its airline IndiGo extends to 15 days in total, of which about five days have already passed, JM Financial Institutional Securities said in a research report. The brokerage has maintained its 'reduce' rating on the stock, but slightly lifted its target price to INR 5,700 from INR 5,570 earlier. However, strong cash flow and limited alternatives to low-cost carriers are expected to help in the company's recovery by mid-December.

Due to the higher bench strength requirement under the new flight duty time limitation norms, IndiGo could face lasting cost pressures owing to rising crew requirements, the brokerage said. Additionally, a rise in its one-time costs due to IndiGo's automatic refund, hotel arrangement, and baggage delivery costs are also expected to weigh on the company's earnings. Regulatory actions, including a show-cause notice to IndiGo's chief executive officer and a possible one-time penalty are likely to further dampen the stock's performance, JM Financial said.

The airline has been affected more severely by the flight duty time limitations than other airlines due to its failure in realigning rosters despite repeated warnings by the Directorate General of Civil Aviation, the brokerage said. The new norms could also lead to a higher cost per available seat kilometre. The brokerage expects a 4% dip in the company's December quarter available seat km if a roughly 25% cut happens in the airline's available seat km over a period of 15 days during the quarter.

JM Financial expects a recovery by mid-December due to the carrier's dominant domestic network and limited low-cost flight alternatives. A robust cash flow and an unaffected demand is also expected to aid the recovery. In the long term, the brokerage does not see reduction in the company's capacity growth because the government is unlikely to step in to limit the aircraft's capacity additions given the high demand in India. However, regulatory scrutiny and stricter norms might remain in place for IndiGo for some time, according to the report.

On Monday, shares of InterGlobe Aviation fell almost 10% to an eight-month low to INR 4,842.50. The stock has been lower for seven consecutive sessions and lost as much as 18% in this period. The company has been facing hundreds of flight delays and cancellations across India after the new flight duty time limitations regulation caused an acute crew shortage for India's largest airline.  (Eshitva Prakash)

Equity Alert: Emkay assigns 'buy' to Waaree Energies; target price INR 4,260

MUMBAI--1325 IST--Broking firm Emkay Global Financial Services initiated coverage on Waaree Energies with a 'buy' rating and a target price of INR 4,260. This is 49% higher than the current market price of INR 2,856.70.

The brokerage expects the integration of cell and wafer ingots as well as the upcoming approved list of models and manufacturers to boost the company's growth. "India's solar manufacturing development has been supported by favourable regulations like ALMM (approved list of models and manufacturers), BCD (basic customs duty), and DCR (domestic content requirement), despite the module overcapacity now," Emkay Global said in its report.

Emkay estimated a 36% revenue at a compound annual growth rate for the company from 2024–25 (Apr-Mar) to FY28. It also estimated a 48% compound annual growth rate of earnings before interest, tax, depreciation, and amortisation for the same period and a compound annual growth rate of 40% of adjusted profit after tax. This growth is expected to be driven by major integrated expansions of the company in FY26 to FY27, leading to a 33% module volume at a compound annual growth rate and a largely stable EBITDA at 23–24%. 

"Waaree is further diversifying into BESS, transformers, inverters, and electrolysers, besides its already established EPC (engineering, procurement, construction) and O&M (operations and maintenance) presence – this allows it a higher wallet share with customers," Emkay said in its report. 

At 1306 IST, shares of the company traded 0.3% lower at INR 2,862 on the National Stock Exchange. Over 948,000 shares of the company changed hands on the NSE, lower than over 1 million shares traded at the same time Friday. Of the five brokerage reports available with Informist on the company, four have a 'buy' rating with an average target price of INR 4,244 and the remaining one has a 'sell' rating.  (Arundathi A R)

Equity Alert: Auto cos in red after Nov retail sales slow down on month

MUMBAI--1317 IST--Investors sold shares of automobile companies in early trade after data from the Federation of Autombile Dealers Association showed that the overall retail sales in November slowed down significantly from the surge in October. A slight fall in two-wheeler sales was a drag on the total sales. However, all the other segments registered strong growth.

Total automobile retail sales in November rose only 2% on year to 3.3 million units, mainly due to a contraction in two-wheeler sales. The retail sales lost speed after the festival season in October, when sales had risen 40% on year. On a month-on-month basis, the retail sales have declined nearly 18% in November as against a near 120% rise seen in October. 

While most automobile research analysts do not track the FADA data as they call it incomplete, the data does give an overview of the retail sales. From the data released earlier in the day, it is evident that two-wheeler retail sales have fallen 2%. Some analysts had said that sales in November and December would be rather lukewarm for automobile, especially after the surge seen in the festival season. 

There has been no discounts so far in December indicating that the demand is sustained, Ravi Gupta, automobile analyst at InCred Equities, said. While there is a seasonality factor in November and December, when retail sales are lukewarm, this time there could be surprises, especially in December, Gupta said. "Inventory levels across segments are also going down significantly," Gupta said.   

All the constituents of Nifty Auto traded lower. At 1317 IST, the Nifty Auto was at 27629.35 points, down 1.1%. Two-wheeler makers such as Hero MotoCorp., TVS Motor Co., and Bajaj Auto fell 1-3%. Analysts also flagged concerns on rich valuations of Hero MotoCorp. and TVS Motor. These stocks have risen 49-52% so far in 2025. Though there is visibility of growth, the share prices are a bit stretched, analysts said. Among passenger vehicle-makers Mahindra & Mahindra, Maruti Suzuki India, and Tata Motors Passenger Vehicle fell 0.6-1.2%. Others such as Ashok Leyland and Eicher Motors were down 1%. (Gopika Balasubramanium)

Equity Alert: Indices fall more; Nifty Realty dn 3% after 2-day winning run

MUMBAI--1254 IST--Headline equity indices declined further, as financial services, automobile and select services stocks continued to post losses. Extended losses in index heavyweight Bharti Airtel and sustained selling pressure in ICICI Bank kept the 50-stock index in the red.

At 1254 IST, the Nifty 50 was at 26014.70, down 171.75 points or 0.7%, and the BSE Sensex was at 85245.11, down 467.26 points or 0.6%. All broader market and sectoral indices traded in the red, down 0.1-3.4%. Nifty Media, Nifty PSU Bank, Nifty India Defence, and Nifty Realty were the worst hit among sectoral indices, down 1.9-3.4%

Most real estate stocks were under selling pressure with the Nifty Realty index down over 3%, breaking a two-day winning run. Godrej Properties, DLF, Anant Raj, and Prestige Estates Projects were the top laggards in the sectoral index, down 3.8-4.7%. On Friday, the realty index had closed higher after the Reserve Bank of India trimmed the policy repo rate by a quarter-percentage points. An interest rate cut is seen as a positive for the sector as this would make housing loans cheaper and affordable and hence improve consumer sentiment and demand. 

Shares of SpiceJet rose as much as 14% on the BSE, extending gains for the second straight session, as its competitior IndiGo airlines, operated by InterGlobe Aviation, cancelled several flights last week. Among the laggards, shares of Eternal fell over 2% and the stock was among the worst hit on the Nifty 50 index. The e-commerce and food delivery company saw a large deal Monday, in which 52.06 million shares of the company were bought at INR 290.95 per share. The large deal follows reports of an institutional investor preparing to sell up to 0.5% stake in the company at a floor price of INR 289.5 per share, according to an NDTV Profit report.  (Arya S. Biju)

Equity Alert: Nuvama maintains 'buy' rtg on Sona BLW, ups target price by 4%

MUMBAI--1200 IST--Brokerage firm Nuvama Institutional Equitites maintained its 'buy' rating on Sona BLW Precision Forgings with a target price of INR 570. The brokerage has raised the target price by 4% on the stock. It also raised the company's earnings before interest, tax, depreciation, and amortisation estimate by 2–9% for 2026–27 (Apr-Mar) and FY28.

The brokerage expects the company to post double-digit growth over FY25 and FY28, driven by railways buyout and an order book of INR 236 billion, as of September. The includes a INR 13 billion order, which is to be executed mainly over the next 12 months and is likely to boost the company's railway segment growth. Nuvama estimated the railway segment revenues at INR 15 billion for FY28, as per the report.

The company is also expected to have some new order wins over 12 months in the European Union following the bankruptcy filings of its three competitors – Winning BLW, Neapco Europe, and AIMS, the brokerage said in its report. The production of these orders, worth INR 25 billion–INR 30 billion, is likely to commence in 2028, the brokerage said.

Nuvama estimated a 20% compound annual growth rate for the company's EBITDA. The brokerage sees the company reporting robust growth over the next three years, aided by new programmes in the traction motors segment with two-wheelers and three-wheeler original equipment manufacturers. "Over the medium to long term, the company does expect revenue contribution from Humanoids, eVTOL and AMRs (autonomous mobile robots)," the brokerage said.

At 1153 IST, shares of the company traded 0.4% lower at INR 490.75 on the National Stock Exchange. Over 360,000 shares of the company changed hands on the NSE, lower than 317,000 shares traded till the same time Friday.  (Arundathi A R)

Equity Alert: Bharat Electronics falls to over-2-mo low; most defence cos dn

MUMBAI--1135 IST--Shares of most defence companies were trading in the red with Bharat Electronics falling more than 3% to an over-two-month low of INR 392.50. Monday, the Nifty India Defence index fell more than 2% to its lowest level in over a month to 7632 points. 

The Nifty India Defence index fell nearly 5% in the past week and a little more than 4% in the past 30 days. 

Shares of Bharat Dynamics were among the worst hit in the Nifty 200 index, trading over 3% lower and down for the second consecutive session. Among other defence companies in the 200-stock index, shares of Hindustan Aeronautics fell almost 2% and those of Bharat Forge were nearly 2% down. Among defence companies in the Nifty 500, Data Patterns(India), which was the worst hit constituent of the Nifty India Defence index, fell more than 5%. Shares of Mazagon Dock Shipbuilders, BEML, and Garden Reach Shipbuilders and Engineers fell 3% each. 

On the contrary, shares of Dynamatic Technologies rose more than 9% to INR 9,266 after having fallen for five consecutive sessions, during which they declined more than 8%. The company Saturday said it had signed an agreement with French aircraft maker Dassault Aviation to build and assemble the full rear fuselage of the 'Falcon 6X' business jet.  (Eshitva Prakash)

Equity Alert: SpiceJet surges 14% as co adds new flights amid IndiGo crisis

MUMBAI--1200 IST--Shares of SpiceJet rose 14% to an intraday high of INR 35.50 on the BSE. The stock advanced for the second consecutive session after rival IndiGo cancelled several flights last week, prompting SpiceJet to introduce additional new flights.

At 1153 IST, shares of the company were trading over 11% higher at INR 34.68. Over 35 million shares of the company have changed hands so far on the BSE, which is fivefold the number of shares traded till the same time Friday. The number of trades is also higher than the three-month daily average of nearly 11 million shares.   

The country's largest domestic airline IndiGo's operations were severely impacted as it saw 500-1,000 flight cancellations a day last week. Amid this, SpiceJet added additional flights, taking advantage of the stalemate faced by its competitor. On Friday, the airline added 100 additional flights over the next few days.  (Adhithya Aji) 

Equity Alert: Indices fall more after opening tad dn; fin svcs shrs drag most

MUMBAI--1126 IST--Domestic equity indices fell further after opening a tad lower, dragged down by losses in financial services and select services stocks. Losses in Nifty 50 heavyweights Bharti Airtel and HDFC Bank also kept the index under pressure. 

At 1043 IST, the Nifty 50 was at 26093.15, down 93.30 points or 0.4%, and the BSE Sensex was at 85456.63, down 255.74 points or 0.3%. All broader market indices and sectoral indices except Nifty IT remained lower, and were down 0.1-2.2%. 

Shares of most information technology companies traded higher as weaker consumption data from the US boosted expectation of an interest rate cut by the US Federal Reserve this week and amid continued depreciation of the rupee against the dollar. The rupee's depreciation is favourable for IT companies as more than half of their revenue comes from clients in the US. Similarly, an interest rate cut by the apex bank in the US would boost discretionary spending by clients in the US.

Shares of Suzlon Energy rose over 2% and were the top gainers in the Nifty 200 after brokerage firm Motilal Oswal maintained its 'buy' recommendation on its shares after meeting its management recently. The brokerage has a target price of INR 74 on the stock, indicating a potential upside of over 43% from Friday's close.

Shares of Kaynes Technology India fell nearly 5% and were among the top laggards in the Nifty 500. The stock had been lower since Kotak Institutional Equities raised doubts over inconsistencies in its related-party disclosures in the company's financial report for 2024-25 (Apr-Mar). Monday, the company's management acknowledged that there was a small typo error in one of its subsidiaries and just one mistake of not mentioning in the notes to accounts related party disclosures, which will be duly corrected. CBNC TV18 reported that the management has said that there are no inconsistencies in the financial accounting and most of the implications made by Kotak in its report last week are invalid. (Arya S. Biju)

Equity Alert: RPower, RInfra down 11-14% over a week amid ED charges

MUMBAI--1125 IST--Shares of Reliance Power fell 5% to an intraday low of INR 35.80 after the Enforcement Directorate Saturday filed a supplementary prosecution complaint against the company and its subsidiary Reliance NU BESS Ltd. for submitting fake bank guarantees to Solar Energy Corp. of India for securing a tender. The stock was down for the seventh straight session and has shed almost 11% during this period.

At 1123 IST, shares of Reliance Power were at INR 35.95, down nearly 5% on the National Stock Exchange. Nearly 26 million shares of the company changed hands on the NSE, compared to over 6 million shares traded till this time Friday.

Shares of Reliance Infrastructure also fell 5% to an intraday low of INR 146.97, down for the sixth straight session. Shares of the company have lost over 14% during this period. The Enforcement Directorate attached seven more properties of Reliance Infrastructure for alleged violations of the Prevention of Money Laundering Act, 2002. The ED has attached assets worth INR 101 billion in the money laundering case against Anil Ambani-linked companies so far and INR 3.39 billion pertain directly to Reliance Infrastructure, the company said in a clarification to the exchanges.

At 1125 IST, shares of the company were at INR 146.97, down 5% on the NSE. Around 892,245 shares of the company changed hands on the NSE, higher than over 232,198 shares traded till this time Friday.  (Arundathi A R)

Equity Alert: Ashoka Buildcon rises 6%, snapping a 6-day losing streak

MUMBAI--1050 IST--Shares of Ashoka Buildcon rose more than 6% to an intraday high of INR 170.79 after the stock fell for six consecutive sessions. The company has received an additional work order of INR 4.47 billion, including taxes, from Brihanmumbai Municipal Corp. for the existing project construction of flyover Arm-1 Arm-2 at T-junction on Sion-Panvel highway, Maharashtra Nagar. This work order is worth more than 35% of the company's total revenue for the September quarter.

At 1041 IST, shares of the company traded slightly off their intraday highs and were a little over 2% higher at INR 164.16 on the National Stock Exchange. Ashoka Buildcon snapped a six-day losing streak, during which the stock slumped nearly 13%. Around 7 million shares of the company have exchanged hands on the NSE so far, which is an almost 33-fold increase than the 213,850 shares traded till the same time Friday.

Of the eight brokerage recommendations available with Informist on the stock, four have a 'buy' rating with an average target price of INR 243 while the other four have a 'hold' call on the stock with an average target price of INR 225.  (Eshitva Prakash)

Equity Alert: Indices open lower; losses in FMCG, select svcs stocks drag

MUMBAI--1010 IST--Benchmark equity indices traded lower, dragged down by losses in stocks of fast-moving consumer goods and select services sector companies. The indices opened lower Monday, breaking a two-day winning run, amid concerns over rupee's depreciation against the dollar and continued outflow of foreign institutional funds from domestic equities. 

At 0946 IST, the Nifty 50 was at 26120.95, down 65.50 points or 0.3% and the BSE Sensex was at 85523.89, down 188.48 points or 0.2%. All broader market indices remained lower with small-cap indices down 0.5-0.6%, underperforming mid-cap peers, which are down 0.1-0.2% and the benchmarks. Barring Nifty IT and Nifty Media, all other sectoral indices traded in the red. 

Most automobile stocks traded lower after year-on-year growth in retail sales contracted to just 2.1% in November from 40.5% in October due to a contraction in two-wheeler sales, data from the Federation of Automobile Dealers Association showed Monday. Even as the sales moderated, FADA said walk-ins at dealerships remained strong, alongside healthy enquiry pipelines. Shares of Mahindra & Mahindra, Bajaj Auto, Tube Investments Of India, TVS Motor Co., Maruti Suzuki India, Bharat Forge, Uno Minda, and Hero MotoCorp were down around 1% each and were the top losers on the Nifty Auto index.  

InterGlobe Aviation fell over 6% and was the top loser in the Nifty 50 after the Directorate General of Civil Aviation issued a show-cause notice demanding the company's Chief Executive Officer Pieter Elbers to explain the cancellations that affected almost half of its flights Friday, adding that "you have failed in your duty to ensure timely arrangements for conduct of reliable operations and the availability of requisite facilities to the passengers." The company's airline IndiGo had brought down the number of flight cancellations and likely operated over 1,650 flights Sunday, more than 1,500 flights Saturday and 1,000 flights Friday. (Arya S. Biju)

Equity Alert: Domestic market to open flat, focus on US Fed meet this week

MUMBAI--0827 IST--India's headline indices are likely to open flat Monday amid positive sentiment after the Reserve Bank of India cut the policy repo rate by 25 basis points. However, worries about rupee depreciation still lingers. Investors will focus on the US Federal Reserve's policy meeting later this week. 

Indices are likely to open flat and investors are likely to continue their buy-on-dips approach as long as the Nifty 50 holds above 25800 points on a closing basis, said Vipin Kumar, assistant vice president – technical and derivatives, Globe Market Capital. On Monday, the indices are expected to move between 26050 points and 26325 points. At 0755 IST, the December contract of GIFT Nifty was at 26332 points, down 1 point.

Friday, the Nifty 50 closed at 26186.45 points, up 152.70 points or 0.6%. The 50-stock index had climbed to a high of 26202.60 points intraday following the repo rate cut. Technical analysts said that if the benchmark index closes above 26100 points, the short-term sentiment would be positive. They also retained the view that 25900 points was a crucial support level.

Friday, foreign institutional investors were net sellers and sold INR 4.39 billion of Indian equities. Meanwhile, domestic investors continued to be net buyers and bought stocks worth INR 41.89 billion. 

Emkay Global Financial Services remain constructive on Indian equities, with the caveat that current account deficit pressures could lead to periodic selloffs. Underlying trends remain resilient, the brokerage expects a consumption-led recovery in the economy, driving a strong earnings recovery from Oct-Mar. The best way to benefit from the RBI's action is through non-banking financial services companies, small- and mid-cap banks, and automobile companies. 

Friday, indices in the US had closed slightly higher. In September, the Personal Consumption Expenditures Price Index, the US Fed's preferred inflation gauge, rose 0.3%, in line with analyst expectations, data showed. However, the expectation of a cut in federal funds rate by 25 basis points still continues. Currently, traders bet an 88% chance of a rate cut by the US Fed, according to the CME's FedWatch tool. Asian indices were mixed in early trade Monday. (Gopika Balasubramanium)

Equity Alert: Indices in Asia open mixed; CSI 300 up for third session

MUMBAI--0810 IST--Barring China's CSI 300 index and Japan's broader Topix, most other indices in Asia opened lower Monday. Investors await trade data from China due later in the day. 

Japan's broader Topix rose 0.4% in early trade while the Nikkei 225 fell 0.2%. Japan's economy shrunk more sharply between July and September than first estimated, CNBC reported according to revisions released by Tokyo on Monday. According to the official data, the third quarter GDP fell at an annualised rate of 2.3%, against economists' median forecast of a 2.0% drop and a preliminary reading of a 1.8% decline, according to the report by CNBC.

Australia's SP/ ASX 200 index fell 0.3%. Market participants will watch for the upcoming decision by the Reserve Bank of Australia as it starts its two-day meeting. The bank is expected to maintain its cash rate at 3.60% on Tuesday and keep it there through 2026, CNBC reported.

China's CSI 300 index rose nearly 1% and was up for the third straight session. "Economists polled by Reuters expect China's exports in November to rise 3.8% from a year earlier, reversing the 1.1% contraction in October. Imports are expected to increase 3% in the same period, up from 1% the month before," CNBC reported.

Shares of Moore Threads, a Beijing-based graphics processing unit manufacturer, fell over 2%. The company fell after soaring more than 400% on its Shanghai debut last Friday following a $1.1 billion listing, CNBC reported.

Following were the levels of key Asian indices at 0805 IST:

(Arundathi AR)

Equity Alert: Indices in US end higher; shares of Warner Bros up over 6%

MUMBAI--0740 IST--Benchmark equity indices in the US ended higher Friday after the release of the September core personal consumption expenditures price index data, which was lower than economists' expectations. This has increased the investors' expectations of key interest rate cut by the US Federal Reserve in the meeting, due this week. Market participants now price in an over 88% chance of a 25-basis-point rate cut by the US Fed Reserve, which was higher than a 70% chance a month ago, according to CME FedWatch tool.

"The core personal consumption expenditures price index, which excludes volatile food and energy prices, indicated a 0.2% monthly rise while the annual rate was 2.8%," CNBC reported. The annual rate was 2.9% in August, according to the CNBC report.

Building materials provider CRH, Carvana, and Comfort Systems will join the S&P 500 index on Dec. 22, CNBC reported, quoting S&P Global. Shares of Carvana Co. rose 0.2%.

Shares of Warner Bros Discovery rose over 6% after Netflix agreed to buy its TV, film studios, and streaming division for $72 billion, ending weeks-long bidding war, Reuters reported. Shares of Netflix closed 2.9% lower.

The S&P 500 healthcare index fell after a group of vaccine advisers scrapped a longstanding recommendation that all US children receive a hepatitis B shot at birth, according to a Reuters news report.

"Investors are looking ahead to next week. We get a little bit more in the way of economic data ... but all eyes will be on the Fed meeting on Wednesday, and right now there's a very high likelihood the Fed will cut rates by another quarter point," Reuters reported, quoting Michael Sheldon, vice president and senior portfolio manager at Washington Trust Wealth Management, as saying.

Ulta Beauty rose nearly 13% after the beauty retailer raised its annual sales and profit forecasts, Reuters reported.

Market participants will watch for the earnings results of Lululemon, Costco, Broadcom, Oracle, and Adobe, due this week, CNBC reported. They also priced in an over 88% chance of a 25-basis-point rate cut by the US Fed Reserve, which was higher than a 70% chance a month ago, according to CME FedWatch tool.

Following are the closing levels of US indices Friday:

(Arundathi A R)

US$1 = INR 90.16

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.

All times are Indian Standard Time.

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