Equity Alert
Jeferries cuts JSW Steel, Tata Steel target price, EBITDA view
This story was originally published at 10:14 IST on 10 December 2025
Register to read our real-time news.Informist, Wednesday, Dec. 10, 2025 Tel +91 (22) 6985-4000
Equity Alert: Jeferries cuts JSW Steel, Tata Steel target price, EBITDA view
MUMBAI--0955 IST--Broking firm Jefferies has cut its price targets for Tata Steel and JSW Steel as the recent fall in Asian and Indian steel prices are expected to drag down margins. The brokerage also cut its earnings before interest, tax, depreciation, and amortisation estimates for these companies from 2025–26 (Apr-Mar) to FY28.
However, Jefferies remained positive on the companies and holds a 'buy' call for both as Asian spreads are near a 15-year low and expected to recover, CNBC TV-18 said in a post on X. The brokerage has cut the target price for JSW Steel to INR 1,300 per share from INR 1,400 per share. It cut the target price for Tata Steel to INR 200 per share from INR 210 per share. Jefferies cut the EBITDA estimate for JSW Steel to 4–15% and for Tata Steel to 2–6%, over FY26 and FY28.
A potential reinstatement of safeguard duty should further lift domestic steel prices, CNBC reported, quoting the brokerage. Sandeep Poundrik, secretary in the Ministry of Steel, said on CNBC-TV18 channel in November that the government was expected to take a decision on safeguard duty on steel soon.
At 0954 IST, shares of JSW Steel traded lower at INR 1,107.40 on the National Stock Exchange. Of the 18 brokerage recommendations available with Informist on the stock, seven have a 'buy' rating with an average target price of INR 1,258 and six have a 'hold' rating with an average target price of INR 1,186. Over 230,000 shares of the company changed hands on the NSE, lower than over 294,000 shares traded till same time Tuesday.
At 0957 IST, shares of Tata Steel traded nearly 1% higher at INR 162.21 on the National Stock Exchange. Nearly 4 million shares of the company changed hands on the NSE, slightly higher than the shares traded till same time Tuesday. Of the 17 brokerage recommendations available with Informist on the stock, 13 have a 'buy' rating with an average target price of INR 198 and the remaining four have a 'hold' rating with an average target price of INR 168. (Arundathi A R)
Equity Alert: Indices rise post flat open; select fin svcs, bank stocks lead
MUMBAI--0946 IST--Benchmark equity indices rose after opening largly flat, led by gains in select financial services and banking stocks. A sustained rise in shares of index heavyweights Reliance Industries and HDFC bank also supported the Nifty 50. Both the benchmark indices opened largely flat, mirroring weakness across both Asian and global markets as investors await the outcome of the US Federal Reserve's policy meeting, which will be announced at 0030 IST Thursday.
At 0944 IST, the Nifty 50 was at 25908.65, up 69 points or 0.3%. The BSE Sensex was at 84916.04, up 249.76 points or 0.3%. All broader market indices were higer, up 0.4-0.5% outperforming the benchmarks. All sectoral indices were trading with gains, with the Nifty Metal and Nifty Media leading the gains, up around 1?ch.
Shares of Grasim Industries rose over 1% and were among the top gainers in the Nifty 50 index after the company's board approved the investment and acquisition of minority stake in its wholly-owned subsidiary Aditya Birla Renewables Ltd. by Global Infrastructure Partners through GIP EM Star Pte Ltd. Global Infrastructure Partners, which is a part of BlackRock, will invest INR 20 billion in the company in multiple tranches through a combination of compulsory convertible preference shares and equity shares, Grasim Industries said in an exchange filing.
InterGlobe Aviation fell over 2% and was the biggest laggard in the 50-stock index. The Ministry of Civil Aviation Tuesday asked the company's budget carrier IndiGo to curtail 10% of its overall routes to help the company stabilise its operations and reduce the horde of cancellations it saw in recent days. On Tuesday, shares of the company had closed nearly 1% higher, breaking a seven-day losing run after the company's Chief Executive Officer Pieter Elbers said that operations of IndiGo had fully stabilised as of Tuesday. (Arya S. Biju)
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)
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)
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)
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 89.80
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.
NSE: National Stock Exchange
NYSE: New York Stock Exchange
NYMEX: New York Mercantile Exchange
SEBI: Securities and Exchange Board of India
RBI: Reserve Bank of India
Internet links:
Securities and Exchange Board of India - http://www.sebi.gov.in
Bombay Stock Exchange - http://www.bseindia.com
National Stock Exchange of India - http://www.nseindia.com
Directory of Indian government websites - http://goidirectory.nic.in
Indian Ministry of Finance - http://www.finmin.nic.in
Reserve Bank of India - http://rbi.org.in
Controller General of Accounts, Government of India - http://www.cga.nic.in
Government's Press Information Bureau - http://www.pib.nic.in
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.
To read more please subscribe
Share this Story:
