Equity Alert
Vidya Wires lists just above issue price of INR 52
This story was originally published at 12:21 IST on 10 December 2025
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Equity Alert: Vidya Wires lists just above issue price of INR 52
MUMBAI--1205 IST--Shares of Vidya Wires debuted on the BSE at INR 52.13, marginally higher than the issue price of INR 52. The stock surged more than 12% to a high of INR 58.48. At 1203 IST, shares of the company were trading at INR 56.45. Over 72 million shares of the company have changed hands on the exchange so far in the day.
The company's public offer comprised a fresh issue of shares worth up to INR 2.74 billion and an offer for sale of up to 5 million shares. Ahead of the offer, the company had raised INR 900 million by issuing 17.31 million shares to anchor investors at INR 52 per share.
Vidya Wires is a manufacturer of winding and conductivity products for a range of critical industries and applications. Its products are used in applications such as energy generation and transmission, electrical systems, electric motors, clean energy systems, electric mobility, and railways. The company reported a consolidated net profit of INR 120.55 million for the June quarter on revenue of INR 4.12 billion. (Arundathi A R)
Equity Alert: Indices trade largely flat; weakness in IT, fin svcs cos weighs
MUMBAI--1139 IST--Benchmark indices traded largely flat, paring some of their early gains due to a fall in information technology, financial services, and select automobile stocks. A further fall in the shares of index heavyweights HDFC Bank and ICICI Bank also kept the 50-stock index under pressure.
At 1133 IST, the Nifty 50 was at 25854.05, up 14.40 points or 0.1%. The BSE Sensex was at 84699.36, up 33.08 points. Broader market indices, which were up in early trade, were largely flat to 0.4% lower. Sectoral indices were mixed, with Nifty Metal and Nifty Oil & Gas leading the gains, up around 1% each, while Nifty PSU Bank, Nifty Financial Services, and Nifty Bank were the worst hit, down 0.3-0.5%.
Shares of oil marketing companies such as Indian Oil, Bharat Petroleum Corp., and Hindustan Petroleum Corp. rose around 1% each after Brent Crude Oil futures contracts fell as much as 3% this week. Oil prices edged lower Tuesday due to expectations of ample supply and with investors closely watching talks to end the Russia-Ukraine war, ET Energyworld reported. At 1118 IST, the February futures contract of Brent Crude oil was 0.2% higher at $62.05 a barrel. However, shares of upstream oil companies like Oil & Natural Gas Corp. and Oil India fell as much 1-2%. A fall in crude oil prices is seen as a positive for oil marketing companies as this would improve their earnings, while this is seen as a negative for upstream oil companies as it reduces their net realisation from selling crude oil.
Hindustan Zinc rose around 5% to a near two-month high of INR 515 and was among the top gainers in the Nifty 200 index. Shares of the company rose as analysts expect it to benefit from the sharp rise in silver prices, which rose on rising expectations of a rate cut by the US Federal Reserve and improving demand. Spot silver prices climbed 4.3% to $60.74 per ounce Tuesday, hitting an all-time high, according to media reports. On Wednesday, futures contracts of silver hit a fresh all-time high of $62.02 per ounce on COMEX. Shares of Vedanta also traded higher, up nearly 2%. (Arya S. Biju)
Equity Alert: InterGlobe Aviation dn 2%; Emkay sees 4% volume impact in Q3
MUMBAI--1122 IST--Shares of InterGlobe Aviation fell 2% to an intraday low of INR 4,854 Wednesday after the government asked the company to cut 10% flights from its budget carrier IndiGo's overall routes. Broking firm Emkay Global Financial Services estimated a 4% volume impact for the company in the December quarter.
"We estimate around 4,800 cancellations during 1-10 Dec and 2,100 flights per day for the remaining month; this implies around 4% volume impact for Q3FY26 (Oct-Dec)," the brokerage said. Emkay sees the passenger revenue per available seat kilometre guidance for the December quarter to be slightly down. The on-year growth of available seat kilometres for the company in the March quarter is expected to be 2% lower at 14-15%.
The brokerage has also cut its estimates for the company's revenue and earnings before interest, tax, depreciation, and amortisation by 3% and 8%, respectively for 2025-26 (Apr-Mar).
The flight duty time limitations norms is expected to lead to a 6–7% rise in pilot salary cost. "The entire crisis has led to incidentals like customer (9,500 hotel rooms during 1-7 Dec) and crew accommodation and conveyance (10,000 cabs/buses for customers), baggage tracking and delivery (4,500), etc. which would add to the Q3 (Oct-Dec) CASK (cost per available seat kilometer)," the brokerage said in its report. However, Emkay has a 'buy' rating on the company as the brokerage expects it to revive momentum through normalisation of operations.
At 1045 IST, shares of InterGlobe Aviation traded nearly 1% lower at INR 4,924.50 on the National Stock Exchange. Over 2 million shares of the company changed hands on the NSE, lower than nearly 4 million shares traded at the same time Tuesday. The stock has declined more than 8% from Monday and around 12% in a week.
Of the 11 brokerage recommendations available with Informist on the company, eight have a 'buy' rating with an average target price of INR 6,310. Two brokerages have a 'sell' rating and one has a 'hold' recommendation. (Arundathi A R)
Equity Alert: Aequs lists at INR 140, a 13% premium to its issue price
MUMBAI--1120 IST--Shares of Aequs Wednesday listed at INR 140 on the National Stock Exchange at a premium of 13% to its issue price of INR 124. After listing, the stock rose nearly 22% from its issue price to a high of INR 151. More than 58 million shares of the company have changed hands on the exchange so far in the day. At 1108 IST, shares of the company were trading at INR 147.26 on the NSE, up nearly 19%.
The initial public offering of the company comprised a fresh issue of up to INR 6.70 billion and an offer for sale up to 20.31 million shares. Of the net proceeds, the company plans to use INR 4.33 billion to repay outstanding borrowings. It also plans to use INR 640.02 million to fund capital expenditure for the purchase of machinery and equipment for the company and its wholly owned subsidiary, AeroStructures Manufacturing India Pvt. Ltd.
Aequs is a diversified contract manufacturing company providing vertically integrated product solutions across the aerospace and consumer industries. For the six months ended September, the company reported a consolidated net loss of INR 169.77 million on revenue of INR 5.37 billion. (Eshitva Prakash)
Equity Alert: Meesho lists at INR 162.50, a 46% premium to its issue price
MUMBAI--1100 IST--Shares of Meesho Wednesday listed at INR 162.50 on the National Stock Exchange, at a premium of 46% to the issue price of INR 111. After listing, the stock rose nearly 60% from its issue price to a high of INR 177.49. Over 270 million shares of the company have changed hands on the exchange so far in the day. At 1039 IST, shares of the e-commerce company were trading at INR 176 on the NSE, up over 58%.
The public offering comprised a fresh issue of shares worth INR 42.50 billion and an offer for sale of up to 105.51 million shares. Of the net proceeds, the company proposes to use INR 13.90 billion for investment in cloud infrastructure in Meesho Technologies Pvt. Ltd., which is its subsidiary. The company will use INR 4.8 billion for the payment of salaries of its existing hires and replacement hires for machine learning and artificial intelligence. Another INR 10.2 billion will be utilised for investment in Meesho Technologies for expenditure towards marketing and brand initiatives.
Meesho is a multi-sided technology platform driving e-commerce in India by bringing together four key stakeholders--consumers, sellers, logistics partners, and content creators. For the six months ended September, the company had reported a consolidated net loss of INR 7.01 billion on revenue of INR 55.78 billion. (Eshitva Prakash)
Equity Alert: Vedanta, Hind Zinc up 1-5% as silver futures hit record high
MUMBAI--1022 IST--Shares of Hindustan Zinc surged after the futures contracts of silver hit a fresh all-time high on the Multi Commodity Exchange of India on Wednesday. Shares of the company advanced almost 5% to an intraday high of INR 513.80 after the March silver futures on the MCX rose to an all-time high of $62.02 per ounce. The company had a silver refining capacity of around 800 tonnes per annum as of 2024-25 (Apr-Mar) and silver accounted for nearly 40% of its earnings before interest, tax, depreciation, amortisation mix in the same period, according to a report by ICICI Securities. Shares of its parent company, Vedanta, also rose 1%.
"We prefer playing Hindustan Zinc through its promoter company Vedanta, given valuations turning rich at Hindustan Zinc," ICICI Securities said. At 1005 IST, over 8 million shares of Hindustan Zinc were traded on the National Stock Exchange, almost eight times higher than the number of shares traded till the same time Tuesday. The Nifty Metal index rose almost 1% and was the best performing sectoral index so far in the session. Among other constituents of the index, Hindalco Industries, Jindal Stainless and Tata Steel rose 1–2% each.
Of the seven brokerage recommendations available with Informist on Hindustan Zinc, five have a 'buy' or an equivalent rating with an average target price of 574, while one brokerage has a 'sell' rating and another has a 'hold' recommendation. (Eshitva Prakash)
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% each.
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% each 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% after 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% fall 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% after 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 89.89
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Nishant Maher
All prices from National Stock Exchange, unless otherwise specified.
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