Equity Alert
PL Cap sees Siemens margin up after low voltage motor ops sale
This story was originally published at 15:41 IST on 9 December 2025
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Equity Alert: PL Cap sees Siemens margin up after low voltage motor ops sale
MUMBAI--1530 IST--The sale of Siemens's low voltage motor business is expected to help the company see an improvement of 10-15 basis points in earnings before interest and tax margin for the 12 months ending Sept. 30 and Sept. 30, 2027, according to brokerage PL Capital. The brokerage expects the company's EBIT margins for the 12 months ending September to be 10.8% and for the following 12 months to be 11.4%.
PL Capital sees the exit of the low voltage motors segment helping to strengthen the company's core portfolio. The exit could also give the company scope to see marginal improvement in its return ratio owing to better capital allocation. The company approved the sale of its low voltage business to Innomatics India Pvt. Ltd. Monday for an enterprise value of INR 22 billion. The deal is expected to close in June. The decision to sell the segment was because of its dependence on Innomatics India for critical intellectual property and technical capabilities, an outsourced manufacturing model, and low-margin profile, the brokerage said.
PL Capital maintains its "accumulate" rating with the target price of INR 3,470 on Siemens. The brokerage expects Siemens to sustain long-term growth despite a cautious short-term stance on private and industrial capital expenditure. The company is expected to sustain long-term growth given continued growth in public capital expenditure on transmission and distribution, metro, railways, etc., along with the company's strong presence across diversified industries through its focus on electrification, digitalisation, and automation, the brokerage said. The company's strong balance sheet, product localisation, and value it is unlocking from the demerger of its energy and low voltage businesses are also factors in the brokerage's view.
Tuesday, Siemens was down nearly 2% at INR 3,142.80, with over 387,000 shares being traded on the bourse. Of the nine brokerage reports on the company available with Informist, four have a "buy" or equivalent rating on the stock with an average target price of INR 3,539 while three have a "sell" or equivalent rating and two have a "hold" rating. (Akshat Saksena)
Equity Alert: Most steel cos down; low local prices, rising China exports weigh
MUMBAI--1510 IST--Shares of most steelmakers fell Tuesday, for the second session in a row, as a decline in domestic hot rolled coil prices and concern over rising exports from China in the global market weighed on the sentiment. ICICI Securities said in a report Tuesday that rising Chinese steel exports could exert downward pressure on domestic prices, especially after the lapse of the provisional safeguard duty in November. At 1447 IST, Tata Steel, Lloyds Metals and Energy, JSW Steel, and Steel Authority Of India were down 1-2%.
Chinese steel exports rose 8% on year and 2% on month to 9.98 million tonnes in November, several media reports said citing data from the General Administration of Customs. So far this year, China's steel exports had reached 107.72 million tonnes, up nearly 7% on year. Meanwhile, domestic hot rolled coil prices in India have declined to a five-year low of INR 46,500 per tonne, ICICI Securities said in a report Tuesday.
The brokerage sees this trend as "concerning", as rising Chinese steel exports could exert pressure on domestic prices. Further, it expects the steep fall in domestic steel prices to weigh on steel companies' earnings in the December quarter. Now, reinstating of the steel safeguard duty, which expired in November, would act as a key positive trigger for the sector, ICICI Securities said. (Arya S. Biju)
Equity Alert: Indices in Europe open mixed; shares of thyssenkrupp down 10%
MUMBAI--1450 IST--European indices opened mixed Tuesday as market participants await the US Federal Reserve's decision on interest rates. Germany's DAX Performance-Index was higher for the fourth successive session. France's CAC 40 index rose after closing lower for the previous two sessions. The pan-European EURO STOXX 50 index was up 0.3%, rising for the sixth session.
Gains in financial services and industrial stocks supported the indices. Man Group was up over 3% after a rating upgrade from J.P. Morgan. French multinational universal bank BNP Paribas was up nearly 2%.
Shares of German industrial engineering and steel production company thyssenkrupp were down nearly 10% after it expected a net loss in 2026. British American Tobacco was down over 4% after the cigarette maker said it expects to achieve the lower end of its mid-term targets in 2026.
Shares of the Sweden-based Volvo Group was down over 2%. Deutsche Bank downgraded the company from "buy" to "hold" Tuesday and lowered its target price by 1.8%.
Following were the levels of major European indices at 1446 IST:
|
Index |
Level |
Change (%) |
|
FTSE 100 Index |
9634.06 |
(-)0.11 |
|
CAC 40 |
8100.62 |
(-)0.10 |
|
MIB INDEX |
43736.84 |
0.70 |
|
DAX PERFORMANCE-INDEX |
24144.03 |
0.41 |
|
SLI |
2099.13 |
(-)0.15 |
(Arundathi A R)
Equity Alert: Adani Ent, Adani Ports up; group plans INR-25-bln data centre
MUMBAI--1437 IST--Shares of Adani Enterprises rose nearly 2% to an intraday high of INR 2,257 and those of Adani Ports And Special Economic Zone rose 1% to an intraday high of INR 1,497.50. Monday, Karan Adani, managing director of Adani Ports and Special Economic Zone, said that the Adani Group was setting up a 48-megawatt green data centre with an investment of INR 25 billion. The facility will be at the forefront of cutting-edge artificial intelligence, cloud technology, and high-performance computing. He said the facility will play a crucial role in meeting the needs of a rapidly digitising India, he said while addressing the Telangana Rising Global Summit.
At 1357, shares of Adani Ports And Special Economic Zone were over 1% higher at INR 1,496.50. Over 750,000 shares changed hands on the NSE, which was higher than over 600,000 shares traded till same period in the previos session.
At 1404 IST, shares of Adani Enterprises were nearly 2% higher at INR 2,251.70. Nearly 900,000 shares were traded on the NSE, against nearly 600,000 traded till same time Monday. The stock has gained over 2% over 30 days. (Adhithya Aji)
Equity Alert: Nov options volume down but above H1 daily avg, says ICICI Sec
MUMBAI--1435 IST--Options premium volumes traded on both exchanges declined in November, after average daily trading volumes hit record highs in October, ICICI Securities said in a report. However, the levels were well above the average daily volumes seen in Apr-Sept, it said.
"News around possible regulatory measures on derivatives' volumes have been weighing on capital market stocks dependent on exchange volumes," the brokerage said. "While the overhang persists, volumes remain healthy among bourses across multiple parameters--cash, option premium, commodities, demat addition, and also participation," ICICI Securities said.
The BSE's average daily turnover premium fell nearly 7% to INR 191 billion in November, from INR 205 billion in October. But it was 27% higher compared to INR 150 billion April through September. NSE, on the other hand, saw a less sharp fall in the metric at 3.2%. Its average daily turnover premium was INR 546 billion in November, lower than the INR 564 billion in October, but 7.3% higher than INR 509 billion in Apr-Sept. (Gopika Balasubramanium)
Equity Alert: Asian Paints down on high valuations, earnings growth concerns
MUMBAI--1422 IST--Shares of Asian Paints fell more than 4% on concerns over expensive valuations and weak demand outlook. Analysts remain cautious about the company's value growth in the December quarter and expect the growth in volumes to be at similar levels.
At 1412 IST, the stock traded 4.1% lower at INR 2,807.60 and was the worst hit in the Nifty 50 index, down for the second session Tuesday. The stock moved in a tight range after it incurred losses in November last year. It started gaining momentum after the Jul-Sept earnings. Although the stock is trading at an expensive valuation of around 57 times the price-to-earnings multiple, the optimism is likely to continue until the stock hits INR 3,000, an analyst at a domestic brokerage said. "Once it hits that level, then it will again turn back into a sell even for those who are positive," the analyst said.
The company's volume growth is expected to be in high-single digits, largely similar to the 10.9% on-year volume growth reported by the company in the September quarter. The volume growth is not expected to improve substantially as the demand in the paints industry continues to be weak, the analyst said.
Despite healthy projects business, the sale of retail paint was impacted in the December quarter due to elongated monsoon and early Diwali, which is expected to be a major drag on the volume growth for the quarter. The retail paint industry was unable to pick up due to undercutting by dealers, in which they sell products at a lower price than the market rate or the price prescribed by the manufacturer. Most contractors took advantage of this and bought at a very low price.
"Plus, all the schemes are also more in favour of the contractor. So, it's effectively more of a contractor's market right now than a dealer's market. That's where Opus (Grasim Industry's Birla Opus) has also done well by garnering a lot of confidence from contractors," the analyst said. "And that's why, if you see their commentary around secondary sales, they have been more positive than what the top five players have been saying."
The gap between the volume growth and the value growth is expected to remain steady at 5%, he said. This effectively means the company is selling a higher volume of adjacent products such as putti, add mixtures, among others. "And core paints is weaker, where actually only Opus, I think, seems to be pushing out more core decorative paint because their mix is more premium heavy," he said. Value growth is not materially expected to return at least in 2025-26 (Apr-Mar). The company is expected to report mid-single digit value growth, according to the analyst. (Simran Rede)
Equity Alert: Indices stay down as IT, select banking, financial services stocks weigh
MUMBAI--1415 IST--The benchmark indexes remained lower, dragged down by continued weakness in information technology and select banking and financial services stocks. The 50-stock index rose briefly above its key support level of 25900 points but failed to maintain the momentum and fell below the level soon after.
At 1402 IST, the Nifty 50 was at 25897.30, down 63.25 points or 0.2%. The BSE Sensex was at 84882.13, down 220.56 points or 0.3%. The broader market indices remained higher and were up 0.2-1.1%. The small-cap indices continued to outpace their mid-cap peers and were up around 1?ch.
Shares of PG Electroplast rose as much as 7% to INR 565, recovering from their intraday low of INR 521.25 hit early in the day's session. The stock has reversed most of the fall it had endured in the past two sessions after the company clarified that claims made by HDFC SKY on the health of the company's balance sheet were false. The broking firm had flagged concerns about the company's rising leverage, weakening cash flows, growing debt, and working-capital cycle, which PG Electroplast termed factually incorrect.
Shares of Swiggy rose over 3% to INR 399.40 after shareholders approved raising up to INR 100 billion via qualified institutional placement. The stock rose after declining for three successive sessions in which it fell over 4%. Meanwhile, shares of Ather Energy, Eclerx Services, Asian Paints, and Coforge were down around 4?ch to be the top laggards in the Nifty 500 index. (Arya S. Biju)
Equity Alert: Titan Co rises 3%; management bullish on jewellery demand
MUMBAI--1401 IST--Shares of Titan Co. rose almost 3% to an intraday high of INR 3,874. The company's jewellery division's Chief Executive Officer Ajoy Chawla, in an interview with CNBC TV18 earlier in the day, said Titan will have an improved performance in Oct-Mar, owing to increased jewellery demand and new product launches.
Chawla expects revenue growth in the December quarter to surpass its first-half (Apr-Sept) performance, aided by a solid festive season, rising buyer inflows and a strategic push behind gold exchange and lower-caratage offerings. However, he said the company's margins will be under pressure due to persistently high gold prices. The company's gross margin may be affected because of a shift in material composition, with a higher weightage of gold versus diamonds. Consequently, the jewellery business margin could remain in the lower range of its 11.0–11.5% guidance on an annualised basis, likely around 11%, the executive said in the interview.
"We are in the process of ramping up in a big way. We believe that this is the way to go because there is no end in sight in terms of where gold prices will go," CNBC TV18 quoted Chawla as saying. He confirmed that the company is experimenting with lower-caratage jewellery, with initial pilots yielding good results.
At 1400 IST, shares of the company were 2.7% higher at INR 3,868.90. Titan has been marginally lower in the past week, but gained almost 3% in the last 30 days. More than 700,000 shares of the company have exchanged hands on the National Stock Exchange so far, almost double the number of shares traded till the same time Monday.
Of the 16 brokerage recommendations available with Informist on the stock, 13 have a 'buy' or an equivalent rating with an average target price of INR 4,301, while three have a 'sell' recommendation. (Eshitva Prakash)
Equity Alert: Asian indices end mixed; KOSPI snaps 2-day rise
MUMBAI--1400 IST--Barring Japan's Nikkei 225 and Topix, most other Asian indices ended lower Tuesday taking cues from Wall Street. South Korea's KOSPI snapped a two-day rise as automobile and chip stocks retreated. Nikkei 225 closed higher for the second straight session, led by electronics and machinery stocks. Singapore's FTSE Singapore Straits Index, which had closed lower for previous three sessions, ended almost flat.
Investor sentiment is cautious as they look for cues on interest rates with key meetings of central bank lined up this week.
South Korea-based Kia Corp. was down over 1%. Shares of Hyundai Mobis were down almost 1%. Shares of Samsung Electronics Co. were down 1% and those of SK Hynix were down almost 2%.
Australia's S&P/ASX 200 index closed 0.5% lower. It was down for the second straight session as the Reserve Bank of Australia held rates steady, ruling out further policy easing. In fact, the central bank said if inflation pressures prove to be stubborn it may have to raise interest rates.
Japan-based electronics manufacturer Panasonic Holdings Corp. was up nearly 2%. Shares of Mitsubishi Heavy Industries rose over 1%. Automation products and services provider Fanuc Corp. closed over 4% higher.
Following were the levels of key Asian indices at 1355 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4598.22 | (-)0.51 |
| Hang Seng Index | 25406.26 | (-)1.39 |
| Nikkei 225 Day | 50655.1 | 0.14 |
| TOPIX FIRST SECTION | 3384.92 | 0.02 |
| KOSPI | 4143.55 | (-)0.27 |
| FTSE Singapore Strait Times | 4507.99 | 0.02 |
| S&P/ASX 200 Index | 8585.9 | (-)0.45 |
(Arundathi A R)
Equity Alert: Swiggy rises 3?ter shareholders approve INR-100-bln QIP
MUMBAI--1330 IST--Shares of Swiggy rose over 3%, snapping their three-day losing streak, to an intraday high of INR 399.40 Tuesday after its shareholders approved raising up to INR 100 billion via qualified institutional placement. Stocks of the food and grocery delivery platform had slid for three consecutive sessions during which it lost more than 4%.
The shareholders granted approval for fundraising, via video conferencing during the company's extraordinary general meeting, Swiggy said in an exchange filing late Monday. On Nov. 7, Swiggy's board had approved raising up to INR 100 billion through public or private offerings, including a qualified institutional placement, in one or more tranches.
At 1315 IST, shares of the company were slightly off highs but still traded a little over 2% higher at INR 394.95. Swiggy's stocks have fallen 1% in a week, but have gained more than 4% in the last 30 days. Nearly 6 million shares of the company have changed hands so far on the National Stock Exchange, up from the near 2 million shares traded till the same time Monday.
All the 12 brokerage reports available with Informist on the stock have a 'buy' or an equivalent rating with an average target price of INR 510. (Eshitva Prakash)
Equity Alert: HSBC ups Eicher Motors rtg to 'buy', cuts TVS Motor to 'sell'
MUMBAI--1305 IST--Motorcycles with over 200 cubic capacity are expected to be the fastest growing segment among two-wheelers while internal combustion engine scooters are expected to grow at the slowest pace, HSBC said in its report on two-wheelers, according to a post on X by NDTV Profit. This report comes after data from the Federation of Automobile Dealers Association showed that two-wheeler retail sales in Nov. declined 3.1% on year in November to 2.55 million units. The brokerage upgraded its rating on Eicher Motors to 'buy' from 'hold' and increased its target price to INR 8,000 from INR 7,000. The brokerage downgraded its rating on TVS Motor Co. to 'hold' from 'buy' with a target price of INR 4,000.
The brokerage expects Eicher Motors' Royal Enfield segment volumes to grow at a compound annual growth rate of 12-15% over 2024-25 (Apr-Mar) to FY30. For TVS Motor Co., the brokerage expects its two-wheeler segment volumes to grow at a compound annual growth rate of 8-10% over the same period, according to the post.
At 1301 IST, Eicher Motors was trading up 0.5% at INR 7,174, after hitting an intraday high of INR 7,196 during the session Tuesday. Over 209,397 shares of the company were traded on the National Stock Exchange so far. Shares of TVS Motor Co. were trading flat at INR 3,612.30 with 346,080 shares having chnaged hands so far Tuesday. (Akshat Saksena)
Equity Alert: Broader market indices mixed after coming off intraday lows
MUMBAI--1302 IST--After a sell-off in the broader market which dragged the mid- and small-cap indices down around 2?ch, the indices came off lows and were largely mixed. At 1302 IST, the small-cap indices were higher by nearly 1?ch while mid-cap peers were almost flat and the benchmark indices down 0.4%.
The small-cap indices have risen as much as 2.4-2.6% from their intra-day lows hit earlier in the session and their mid-cap peers have risen around 2?ch from their day's lows. The benchmark indices, on the other hand, rose around 1% from their intra-day lows.
At 1302 IST, the Nifty 50 was at 25859.00, down 101.55 points or 0.4%. The BSE Sensex was at 84758.07, down 344.62 points or 0.4%. Weakness in index heavyweights ICICI Bank, HDFC Bank, and Reliance Industries continued to keep the Nifty 50 under pressure.
The Nifty IT fell more than 1% and was the biggest loser among the sectoral indices. The index was down for the second straight session, having fallen as much as 2?ter hitting a near five-month high of 38937.35 points Monday. The sectoral index has gained over 11% in the preceding two months, after having fallen for the previous three months in a row.
The Nifty IT index Tuesday was down as much as 2%, with Coforge, Tech Mahindra, Wipro, Tata Consultancy Services, and HCL Technologies falling 2-5% intraday. (Arya S. Biju)
Equity Alert: PG Electroplast up 6%, co clarifies on operational health
MUMBAI--1245 IST--Shares of PG Electroplast rose 6.5% to a high of INR 565 after recovering from the day's low. The stock has reversed most of the losses it made in the last two sessions after the company clarified that the claims made by HDFC SKY on the health of company's balance sheet were false. The stock had fallen 10% in this period, hitting to a low of INR 525. At 1245 IST, shares of the company were at INR 561.10, up around 6%.
Friday, the broking firm had flagged concern about the company's rising leverage, weakening cash flows, and growing debt. However, PG Electroplast clarified that it was a "net cash" company, implying our cash levels are more than our debt and has been so for last 12 months. As of Sept. 30, the company's net cash stood at INR 6.30 billion, as per the company's balance sheet.
The broking firm also said the company's working-capital cycles were shrinking, it has higher borrowings, and a widening gap between operating cash generation and debt-servicing needs. The broking firm said if company underperforms it would have difficulties in meeting short-term obligations without new capital injection or substantial business performance.
To these claims, the company said that it has one of the best leverage and liquidity ratios among its peers. It also said given its net debt is "non-existent", new capital infusion is not required.
However, according to the company's balancesheet, the company's inventory level has remained elevated since the December quarter of 2024-25 (Apr-Mar). As of Sept. 30, the company had unsold goods worth INR 13.64 billion. The air-conditioning industry had faced severe sales hit during the last couple of quarters owing to arrival of early monsoon which shortened the summer. (Gopika Balasubramanium)
Equity Alert: Tata Tele Maha rises 14%, snapping five-day losing streak
MUMBAI--1220 IST--Shares of Tata Teleservices (Maharashtra) recovered from five consecutive sessions of decline and rose almost 14% to an intraday high of INR 51.98. The company has erased most of its losses from the five sessions when it fell. However, it has shed 6% in the past 30 days.
At 1219 IST, Tata Teleservices (Maharashtra) traded 13% higher at INR 51.73 on the National Stock Exchange. Prior to Tuesday's gains, the company's stock had lost 12% in a week and 18% in 30 days.
The stock saw a surge in trader activity Tuesday. Around 36 million shares of the company have changed hands so far on the National Stock Exchange, ninefold higher than the over 4 million shares traded till the same time Monday.
For the quarter ended September, the company reported a net loss of INR 3.21 billion on a revenue of INR 2.86 billion. (Eshitva Prakash)
Equity Alert: Indices off lows; losses in HDFC Bank, ICICI Bank weigh on mkt
MUMBAI--1211 IST--Benchmark equity indices came off their intraday lows but remained in the red. While gains in select consumer and banking stocks limited further downside, losses in Nifty 50 heavyweights such as ICICI Bank, HDFC Bank, and Reliance Industries kept the index under pressure.
At 1209 IST, the Nifty 50 was at 25895.85, down 64.70 points or 0.3%, and the BSE Sensex was at 84856.37, down 246.32 points or 0.3%. All broader market indices rose after opening lower and were up 0.2-0.9%. Sectoral indices, on the other hand, remained mixed with Nifty IT and Nifty Auto trading lower by 0.5-1.0%, while Nifty Realty and Nifty PSU Bank lead the gains, up over 1?ch.
Shares of Hero MotoCorp fell over 3% to an intraday low of INR 5,966 after global brokerage firm UBS flagged a sharp drop in the company's market share in early December. The company's market share has fallen to 19% so far this month, as against 35?cline in November, CNBC TV18 reported citing the brokerage. The stock fell for the second straight session and has lost over 6% in this period. The stock is currently nearly 7% from the all-time high of INR 6,388.5 hit on Friday.
Shares of InterGlobe Aviation swung between gains and losses Tuesday after falling for seven straight session, in which it had lost around 17%. Shares of the company had been falling after widespread cancellations of multiple flights by its airline IndiGo across major airports over the past few days. In the latest development regarding this, aviation watchdog the Directorate General of Civil Aviation has ordered the company to reduce 5% of its flight schedule across sectors, especially on high-demand, high-frequency flights, and to avoid single flight operations on a sector by IndiGo. (Arya S. Biju)
Equity Alert: InterGlobe shrs choppy Tue after 17?cline in seven sessions
MUMBAI--1200 IST--Shares of InterGlobe Aviation were choppy Tuesday following seven consecutive sessions of decline. Despite improving its flight schedules slightly compared to recent days, the company still faces risks of regulatory actions and penalties for the large numbers of flight cancellations and delays seen last week. The stock fell 17% in the past seven sessions amid negative market sentiment owing to a crisis in its affordable airline, IndiGo, after a revision to flight duty time limitations norms caused massive disruption to the company's flight schedule.
At 1121 IST, shares of the company hovered around the flatline at INR 4,919.50. The stock rose almost 1% to an intraday high of 4,968 and over 4 million shares of the company were traded on the National Stock Exchange so far, over 35% lower than the number of shares traded till the same time Monday. InterGlobe has lost almost 14% in a week and nearly 12% in the past 30 days.
The company said it had operated 1,800 flights Monday, which is up 9% from around 1,650 flights operated a day ago. However, this is still lower than the average of 2,200 flights the low-budget carrier usually operates. The airline player reconnected its entire network, recording considerable and consistent improvement, it said in an exchange filing. The aviation company has refunded INR 8.27 billion to its customers and the rest is under process for cancellations up to Dec. 15.
Of the 11 brokerage recommendations available with Informist on the stock, eight have a 'buy' or an equivalent rating with an average target price of INR 6,310. Two have a 'sell' recommendation while one has a 'hold' call. (Eshitva Prakash)
Equity Alert: Rice exporters shrs dn; US warns of tariffs on rice from India
MUMBAI—-1156 IST--Shares of rice exporting companies were down after US President Donald Trump warned of tariffs against rice imports from India. LT Foods fell 8% to an intraday low of INR 362.20, down for the third straight session. It has lost nearly 13% during this period.
Amid the ongoing trade talks between New Delhi and Washington, Trump hinted that he would "take care of dumping of Indian rice into the US" by imposing tariffs on some agricultural imports. North America contributed 46% to LT Foods' revenue for the September quarter and continues to be a key growth driver with 47% on year revenue growth, the company said in a post-earnings conference call. The company's leading brand, Royal, holds a 54% market share in the region and a 61% share in the Basmati rice import in the US, according to the conference call.
At 1147 IST, shares of LT Foods traded over 3% lower at INR 380.15 on the National Stock Exchange. Nearly 2.6 million shares of the company changed hands on the NSE, more than 13 times the 197,000 shares traded till the same time Monday. All the two brokerage reports available with Informist on the stock have a 'buy' rating on the stock.
At 1154 IST, shares of KRBL recovered from a one-month low of INR 371.30 hit earlier Tuesday and were trading at INR 387.65 on the NSE. The stock has fallen 5% in the last two sessions and is down 6% from the start of December. Nearly 2 million shares of the company changed hands on the NSE at the time, higher than 96,517 shares traded till the same time Monday. The one brokerage report available with Informist on the stock has a 'buy' rating.
Shares of GRM Overseas fell over 5% to an intraday low of INR 439. The stock was down for the previous two sessions and lost nearly 7% during this period. The shares of the company lost nearly 4% from over last one week. (Arundathi A R)
Equity Alert: Indices come off lows on gains in select consumer stocks
MUMBAI--1145 IST--Benchmark equity indices came off lows, supported by gains in select consumer goods stocks that turned positive after opening lower. The market, however, remained under pressure as investors were cautious ahead of the US Federal Reserve's policy meeting outcome due Wednesday and amid lingering uncertainty over an India-US trade agreement.
At 1126 IST, the Nifty 50 was at 25870.75, down 89.80 points or 0.4% and the BSE Sensex was at 84812.39, down 290.30 points or 0.3%. Broader markets were mixed, with smallcap indices gaining 0.2–0.4% even as midcap peers slipped 0.1%. Most sectoral indices, except Nifty PSU Bank, Nifty Consumer Durables, Nifty Realty, and Nifty Energy, traded largely flat to lower by up to 1.1%.
Shares of Kaynes Technology India rose nearly 7% to an intraday high of INR 4,068 on positive comments from global brokerages JP Morgan and Macquarie. The stock had been on a losing run in the past four sessions in which it had lost over 30%. JP Morgan retained 'overweight' rating on the stock with a target price of INR 7,550, indicating over 98% upside from Monday's close. With the recent plunge, shares of Kaynes Technologies are now trading below the brokerage's bear case target of INR 4,900 and are the cheapest in terms of price to earnings to growth ratio, NDTV Profit reported, citing the brokerage as saying. Similarly, Macquarie also retained 'outperform' call on the stock with a target price of INR 7,700, indicating an upside of over 100% from previous close.
Among laggards, Asian Paints declined over 4% to an intraday low of INR 2,802.20 and was the worst hit in the Nifty 50 index. The stock had fallen for two straight sessions, during which it lost over 6%. Shares of Coforge fell nearly 5% to an intraday low of INR 1,855.20 after hitting a five-month high of INR 1,989.70 in the previous session.
Shares of ITC hotels fell around 6% to INR 194, their lowest levels in nearly seven months. This fall in the stock was despite the company securing a fresh 'buy' call from ICICI Securities and global brokerage Macquarie's optimistic view on Indian hotel space, a report by NDTV Profit said. (Arya S. Biju)
Equity Alert: Nuvama upgrades Suzlon Energy rtg to 'buy'; target price dn 9%
MUMBAI--1136 IST--Shares of Suzlon Energy rose 1.3% to an intraday high of INR 52.46. The stock was up for the third straight session and gained over 3% during this period. Broking firm Nuvama Institutional Equities upgraded its rating for Suzlon Energy to 'buy' from 'hold' on price correction. The brokerage reduced its target price by 9% to INR 60 on a near-term tendering slowdown, which is considered as a risk to growth in 2027-28 (Apr-Mar).
Suzlon Energy's India wind installation is expected to be 6 gigawatts in FY26, 8 gigawatts in FY27, and 10 gigawatts in FY28, the brokerage said in its report, after attending the company's FY26 Manufacturing Day. The company expects to offset the tendering slowdown by pending orders of 17.6 gigawatts, commercial and industrial, and state bids.
The company is targeting an order inflow of 2 gigawatts in the second half of FY26 and full utilisation of an expanded 4.5 gigawatt capacity between FY29 and FY30, the brokerage said in its report.
At 1126 IST, shares of the company traded over 1% higher at INR 52.37 on the National Stock Exchange. Over 34 million shares of the company changed hands on the NSE, lower than nearly 41 million shares traded till the same time Monday. All the seven brokerage reports available with Informist on the company have a 'buy' rating for the stock with an average target price of INR 72. (Arundathi A R)
Equity Alert: BofA cuts target price of InterGlobe Aviation
MUMBAI--1135 IST--Bank of America has cut the target price for the shares of InterGlobe Aviation--which operates IndiGo airline--to INR 6,600 from INR 6,700, as the brokerage expects the December quarter net income of the company to fall 9% owing to the disruptions on operations, NDTV Profit said in a social media post. The foreign brokerage expects higher labour costs, regulatory risks, and pricing issues to be headwinds for the company.
Shares of the company were choppy after falling 17% over seven consecutive sessions. At 1115 IST, shares of the company were marginally higher at INR 4,933.50. Over 4 million shares changed hands on the NSE, which was lower than over 6 million shares traded till the same time Monday. The stock fell over 13% in seven days.
Flight disruptions have passed the worst phase but rostering cost issues could persist, Bank of America said. IndiGo has seen major operational disruption for over a week due to the failure to implement the government's flight duty time limitations norms, which led to a shortage of pilots and hence, cancellation of flights.
Of the 11 brokerage reports available on the company with Informist, eight brokerages have a 'buy' rating on the stock with an average target price of INR 6,310 and two have a 'sell' call. (Adhithya Aji)
Equity Alert: Kaynes Tech up 7?ter JP Morgan, Macquarie bullish on stock
MUMBAI--1130 IST--Shares of Kaynes Technology India rose nearly 7% Tuesday to an intraday high of INR 4,068 after sliding 30% in the last four sessions. The stock rose on positive commentary by brokerages Macquarie and JP Morgan, who see a massive upside in the company's share price.
J.P. Morgan retained an 'overweight' rating on Kaynes Technology with a target price of INR 7,550, according to a report by NDTV Profit. The brokerage said Kaynes Technology is the cheapest stock under its coverage right now, with a price to earnings to growth ratio of 0.7.
Macquarie maintained its 'outperform' rating on the stock with a price target of INR 7,700, which implies a potential upside of 100% from Monday's closing levels, CNBC-TV18 reported. The brokerage said the company will have to show strong cash flow, organic growth, booking of cash subsidies, and a change of auditors as some of the steps to restore investor confidence.
Shares of the company skid recently after Kotak Securities raised questions about undisclosed related-party transactions and pointed towards several accounting discrepancies. The company's management, in a conference call early Monday, said there are no inconsistencies in its financial accounting and that most of the charges from Kotak Securities were not valid. The company's management clarified that there were no intangible assets involved in the acquisition of Sensonic and their financial statements are presented in a relevant and reliable manner. "The management clarification sounded reasonable, but doubts have been raised on so many aspects that water has been muddied," Macquarie was quoted by CNBC-TV18 as saying.
By 1126 IST, nearly 8.5 million shares of the company changed hands on the National Stock Exchange, 70% higher than the nearly 5 million shares traded till the same time Monday.
Of the 10 brokerage recommendations available with Informist on the stock, seven have a 'buy' call with an average target price of 7,273. Two brokerages have a 'hold' recommendation and the remaining one has a 'sell' recommendation. (Eshitva Prakash)
Equity Alert: Brokerages have positive views on Coforge post investor day
MUMBAI--1035 IST--Shares of Coforge fell nearly 5% to an intraday low of INR 1,855.20 Tuesday post the company's investor day, where the management said it expects to strengthen its artificial intelligence-led engineering, data and ServiceNow projects and deliver growth in North America West, Midwest, Australia and New Zealand geographies. The company intends to hit a $2 billion revenue run rate by the March quarter and an earnings before interest, tax, and depreciation margin of 14%.
At 1032 IST, shares of the company fell 4% to INR 1,8730.20. Over 990,000 shares of the company exchanged hands on the NSE, which was more than double the number of shares traded till the same period Monday.
Nuvama Institutional Equities expects Coforge to be among the fastest growing information technology services companies in 2025-26 (Apr-Mar) and over the next three years. Coforge's strong order book execution and resilient client spending across verticals to turn out well for its organic business, Motilal Oswal said in a report. The company focusses on structuring large contracts through proactive deals rather than request-for-proposal-driven deals, with a target of 20 large deals in FY26. The company has executed 10 deals so far, the brokerage said.
Emkay Global Financial Services raised the target price on the stock 8% to INR 2,000 and retained an 'add' rating. "We have accounted for the effect of the Cigniti merger in our estimates which has led to a ~5% increase in EPS estimates," the brokerage said. Earlier, the company had said that the merger of Cigniti technologies is expected to be completed by Dec-Jan. (Adhithya Aji)
Equity Alert: Asian Paints falls 4?ter hitting 52-week high Thu
MUMBAI--1010 IST--Shares of Asian Paints fell over 4% to an intraday low of INR 2,802.20 Tuesday after hitting a 52-week high on Thursday. Stocks of the company have been down for two straight sessions, during which it has lost as much as 5%. The stock has risen 22% in the past two months, but has declined more than 2% since the start of December.
At 1010 IST, around 472,170 shares of the company have changed hands so far on the National Stock Exchange, fivefold higher than the 91,829 shares traded till the same time Monday. Shares of the company have risen more than 7% in the past 30 days but have lost more than 5% in the current week and were about 5% lower since last Tuesday.
Of the 22 brokerage recommendations available on the stock with Informist, 10 have a 'buy' call with an average target price of INR 3,114. Six brokerages each have a 'hold' and a 'sell' rating on the stock with an average target price of INR 2,614 and 2,316, respectively. (Eshitva Prakash)
Equity Alert: Mkt opens down amid weak global cues, caution ahead of US FOMC
MUMBAI--0955 IST--Domestic headline indices declined further after opening lower amid weak sentiment across global markets ahead of the US Federal Reserve's policy meeting outcome due Wesdnesday. Uncertainty over a potential India-US trade deal and persistent outflow of foreign institutional funds from indian equities continued to weigh on the market.
While the US Federal Reserve is widely expected to trim its key interest rate by a quarter-percentage point in the policy meeting starting Tuesday, there are concern on the trajectory of rate cut after this meeting, especially with chairman Jerome Powell's term nearing its end.
At 0952 IST, the Nifty 50 was at 25746.90, down 213.65 points or 0.8%, and the BSE Sensex was at 84432.02, down 670.67 points or 0.8%. All broader market indices remained lower with small- and mid-cap indices down 1.4-1.5%. Similarly, all sectoral indices remained in the red, down 0.5-1.9%. The India VIX, or the volatility index, rose nearly 6% to 11.7775, indicating increased nervousness in the near term. The index rose for the second straight session after falling for four sessions in a row.
Shares of rise exporting companies fell after US President Donald Trump Monday signalled imposing fresh tariffs on rice imports from India. Shares of LT Foods fell as much as 8% to INR 362.20, their lowest price in nearly seven months and those KRBL fell around 3% to INR 371.30, their lowest level in over a month. (Arya S. Biju)
Equity Alert: Indices seen down at open, likely to be volatile on expiry day
MUMBAI--0832 IST--India's headline indices are likely to open lower Tuesday amid weak sentiment across global markets ahead of US Federal Reserve's policy meeting outcome. These indices may remain in the negative territory and are likely to be volatile owing to the expiry of derivatives contracts. The movement in the rupee would be closely watched as the currency continues to hover near 90. While the Reserve Bank of India cutting interest rate did bring some cheer to the Street, it was short-lived as currency risks and delay in US-India trade deal weigh.
The Nifty 50 is expected to open on a negative note and will likely move in the between 25800 points and 26200 points, said Mandar Bhojane, senior research analyst at Chola Securities. "Intraday resistance is likely near 26100, while strong support remains around 25850 levels...," he added.
The December contract of the GIFT Nifty indicates that indices will open flat. At 0753 IST, the contract was at 25967 points, up 19 points or 0.1%. Monday, the Nifty 50 closed at 25960.55 points, down 225.90 points or 0.9%. The 50-stock index closed lower after gaining for two sessions in a row. The index had breached the crucial support of 25900 points during Monday's session, however, it slightly came off lows towards the close, inching above the support.
Monday, foreign institutional investors were net sellers and had sold INR 6.56 billion worth of Indian equities. Meanwhile, domestic investors continued to be net buyers and bought stocks worth INR 25.42 billion.
Overnight, US indices ended the session lower ahead of the outcome of US Federal Open Market Committee's policy meeting due Wednesday. The US Fed is widely expected to reduce the federal funds target rate by 25 basis points. In Asia, equity indices were lower in early trade, with indices in South Korea falling the most among its peers. These indices tracked the overnight losses in the US market. FTSE Singapore Strait Times and China's CSI 300 were slightly higher. (Gopika Balasubramanium)
Equity Alert: Indices in Asia trade on mixed note; KOSPI down 0.5%
MUMBAI--0810 IST--Asian indices showed a mixed trend Tuesday, taking cues from the Wall Street. Market participants became more cautious ahead of the US Federal Reserve's decision on interest rates at its meeting, due Wednesday.
"The low-hanging fruit from risk management cuts is likely over and US Fed Chair (Jerome) Powell's presser is likely to convey a more cautious approach going forward regarding additional policy recalibration," Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities, said.
Asian chip stocks wobbled after US President Donald Trump said the US will allow Nvidia's H200 processors to be exported to China and collect a 25?e on such sales, Reuters reported. South Korea's KOSPI, which closed higher for the previous two sessions, was lower Tuesday.
Japan's Nikkei 225 gained in opening trade but reversed the gains. Electronics and machinery stocks in the region helped the index to gain in early trade. Japan-based Kawasaki Heavy Industries rose nearly 5%. Electronics and semiconductor company in Japan, Tokyo Electron, rose over 1%. Investors will watch out for the economic data ahead of the Bank of Japan's policy meeting next week.
Following were the levels of key Asian indices at 0807 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4615.63 | (-)0.13 |
| Hang Seng Index | 25598.93 | (-)0.65 |
| Nikkei 225 Day | 50627.64 | 0.09 |
| TOPIX FIRST SECTION | 3385.48 | 0.03 |
| KOSPI | 4134.06 | (-)0.50 |
| FTSE Singapore Strait Times | 4516.85 | 0.22 |
| S&P/ASX 200 Index | 8608.5 | (-)0.30 |
(Arundathi A R)
Equity Alert: US indices end lower; S&P, Nasdaq snap four-day wining streak
MUMBAI--0725 IST--Benchmark equity indices in the US ended lower Monday as investors await key rate cut decisions by the US Federal Reserve in the policy meeting, due this week. The S&P 500 and Nasdaq composite indices snapped a four-day winning run.
Market participants priced in an over 87% 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. "If you start to see rate cuts get pushed out further into [2026], then you [should] start to see, I think, more negative pressure on the market in the first half of the year," said Stephen Kolano, chief investment officer at Integrated Partners.
Gains in the 10-year treasury yield weighed on stock sentiment, CNBC reported. "The benchmark has moved up this month despite the likelihood that the Fed is going to cut this week as investors worried about the state of inflation in the new year and whether the central bank will be able to continue easing," according to the report.
Shares of US-based multinational conglomerate Berkshire Hathaway were down over 1% after the company disclosed many leadership changes ahead of Warren Buffett's departure as chief executive officer.
However, technology stocks in the US gained during the session. Broadcom shares jumped almost 3% following the report that Microsoft is discussing designing custom chips with the chipmaker, CNBC reported. Confluent shares surged over 29?ter IBM said that it was going to acquire the company for a deal of $11 billion, CNBC reported. Shares of Nvidia rose nearly 2% and those of Micron Technology rose over 4%.
In individual stocks, Paramount Skydance is launching a $108.4 billion hostile bid to buy Warner Bros Discovery garnered investor attention as it aimed to outbid Netflix, CNBC reported. Shares of Paramount Skydance rose over 9%.
Following are the closing levels of US indices Monday:
| Index | Level | Change in % |
| S&P 500 | 6846.51 | (-)0.35 |
| NASDAQ Composite | 23545.90 | (-)0.14 |
| Dow Jones Industrial Average | 47739.32 | (-)0.45 |
(Arundathi A R)
US$1 = INR 89.87
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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.
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