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Informist, Wednesday, Dec. 10, 2025                                      Tel +91 (22) 6985-4000

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Equity Alert: Emkay Global cuts InterGlobe target price by 7%, keeps 'buy'

 

MUMBAI--0840 IST--Emkay Global Financial Services has cut its target price for InterGlobe Aviation by 7.4% to INR 6,300 from INR 6,800, while keeping its 'buy' rating on the stock unchanged. The "unprecedented crisis" faced by the company's affordable airline, IndiGo, is expected to reduce InterGlobe's 2025-26(Apr-Mar) revenue by 3% and its earnings before interest, tax, depreciation, and amortisation by 8%, according to a report by Emkay Global. The brokerage also expects a hit of 2?ch to the company's volume and yield.

 

IndiGo faced massive delays and flight cancellations owing to the new flight duty time limitations norms, which changed weekly rest requirements and night duty timings among other crucial norms. Hectic winter schedule demand, weather disruptions, and software issues also added to the airline's woes, according to the brokerage. Indigo had to completely reset its operations and cancelled more than 1,600 flights on Dec. 5. While the airline expects normalisation from Dec. 10, adverse action may still be taken by the Indian government and the Directorate General of Civil Aviation. The company runs the risk of losing reputation and regulatory support, according to the brokerage. A penalty could be a near-term action by the government and the company may be directed to compensate the affected customers.

Emkay Global sees a negative impact of 4% on the company's volume for the December quarter owing to a hit in near-term volumes after an estimated 4,800 flight cancellations from Dec. 1 to Dec. 10. The reduction to an estimated 2,100 flights per day for the rest of the month will also impact near-term volumes. The brokerage believes that the 16–17% on-year growth for available seat kilometres guided earlier will moderate to 12–13% and the revenue passenger kilometres growth will likely be 11–12%. The brokerage sees the company's March quarter available seat kilometres growth hit by around 2% and falling to 14–15%, compared to the high-teens growth guided for earlier.

 

The new norms could lead to a 6–7% rise in pilot salary costs for the airline. The scheduling crisis has also led to incidental expenses incurred by actions such as booking hotel rooms for customers, crew accommodation and conveyance, and baggage tracking and delivery, which would add to the December quarter cost per available seat kilometre for the airline, the report said. 

 

Tuesday, shares of the company closed nearly 1% higher at INR 4,967.50 on the National Stock Exchange. Emkay's target price indicates an upside of nearly 27% from the current market price of the stock. (Eshitva Prakash)

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Equity Alert: Indices seen in range Wed ahead of US FOMC outcome

 

MUMBAI--0815 IST--Benchmark indices are likely to move in a range Wednesday as market participants await the outcome of the Federal Open Market Committee meeting, with the decision to be out at 0030 IST Thursday. The committee is widely expected to cut key interest rates by 25 basis points, but market will focus on US Federal Reserve Chairman Jerome Powell's comments on inflation, the labour market, and the rate trajectory. 

 

Sentiment in the domestic market has been weak for the past couple of days amid uncertainty around the US-India trade deal, which was largely expected to have been announced by now. High stock valuations also pushed investors to book some profits recently after benchmark indices hit fresh lifetime highs last week.

 

GIFT Nifty contracts suggested the Nifty 50 is likely to see some gains at open after the index lost 1.3% in the previous two sessions. The December contract of the GIFT Nifty was at 25902 points at 0741 IST. On Tuesday, the Nifty 50 closed at 25839.65 points, down 0.5%.

 

Technical investors are divided over the market's direction. While some said the fall in the Nifty 50 may extend to 25600 points as the index is already below its earlier support, some analysts said the index may see an uptick considering oversold conditions after the two-day fall and may face resistance at 25950-26000 points.

 

Global cues were largely weak with risk-off sentiment in global markets ahead of the US FOMC meeting. US markets were mixed with S&P 500 and Nasdaq Composite largely unchanged, while Dow Jones Industrial Average was down 0.4%.

 

Most Asian markets were down in early trade with a limited fall in several indices. However, indices in China saw a sharp fall of around 1?ter inflation in the region picked up in November. China's Consumer Price Index in November was up 0.7% on year compared to a 0.2% rise in October.  (Anshul Choudhary)

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Equity Alert: Indices in Asia lower Wed; CSI 300 dn for 2 straight sessions

 

MUMBAI--0810 IST--Asian indices were trading lower Wednesday, taking cues from Wall Street. China's CSI 300 index was the major drag among indices. Market participants await a decision on interest rates by the US Federal Reserve.

 

The CSI 300 index was down for the second straight session. China's consumer inflation hit a near two-year high despite deeper-than-expected producer deflation, CNBC reported. China's consumer prices edged up 0.7% from a year earlier, the highest since February last year, according to CNBC. Factory gate prices fell 2.2%, missing the expectation of a fall of 2%, CNBC reported. This was higher than a 2.1?ll reported in October.

 

Japan's Nikkei 225 and broader Topix were down after gaining in the previous two straight sessions. In early trade, Nikkei 225 gained, mostly led by auto, brokerage, and metals stocks. Hong Kong's Hang Seng index was down for the third straight session.

 

Following were the levels of key Asian indices at 0802 IST:

 

Index	Level	Change in %
CSI 300 Index	4552.33	(-)1.00
Hang Seng Index	25305.11	(-)0.51
Nikkei 225 Day	50453.19	(-)0.40
TOPIX FIRST SECTION	3380.62	(-)0.13
KOSPI	4141.28	(-)0.05
FTSE Singapore Strait Times	4502.69	(-)0.23
S&P/ASX 200 Index	8582.8	(-)0.04

 

(Arundathi A R)

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Equity Alert: Indices in US ended mixed Tue; shares of JP Morgan fall 5%

 

MUMBAI--0730 IST--Barring the Nasdaq Composite index, all other benchmark equity indices in the US ended lower on Tuesday due to expectations of a hawkish decision on key interest rates by the US Federal Reserve. The small-cap Russell 2000 index closed 0.2% higher.

 

Shares of JP Morgan Chase & Co. fell nearly 5?ter the bank shared higher-than-expected 2026 expense projections. The bank expects expenses to climb to about $105 billion in 2026, driven largely by growth and volume-related costs, Reuters reported. Shares of technology company Nvidia Corp. fell 0.3%. US President Donald Trump said he would allow the company to ship H200 processors to China for a 25% export fee.

 

Market participants await the results of Oracle and Broadcom, due later this week. Shares of Broadcom ended over 1% higher and those of Oracle ended 0.5% higher. They are also watching for Paramount Skydance and Netflix over Warner Bros. Shares of Warner Bros ended nearly 4% higher and those of Paramount Skydance rose 0.5%. Netflix fell 0.1%.

 

Campbell's Co. fell over 5% after the packaged-food maker said it selectively raised prices to counter higher costs. Shares of AutoZone fell over 7% after its quarterly results missed estimates.

 

Market participants priced in a nearly 89% 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 Tuesday:

 

Index	Level	Change in %
S&P 500	6840.51	(-)0.09
NASDAQ Composite	23576.48	0.13
Dow Jones Industrial Average	47560.29	(-)0.38

 

(Arundathi A R)

 

US$1 = INR 89.94

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

 

Edited by Avishek Dutta

 

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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