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Informist, Friday, Dec. 12, 2025                                      Tel +91 (22) 6985-4000

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Equity Alert: Nuvama cuts InterGlobe's target price, EBITDAR estimate

 

MUMBAI--1020 IST--Brokerage firm Nuvama cut the target price of InterGlobe Aviation by 5% to INR 5,069 and retained a 'hold' rating on the stock owing to near-term challenges for the company caused by the operational disruption in its affordable airline service, IndiGo. The brokerage has also slashed its estimates for the company's December quarter earnings before interest, taxes, depreciation, amortisation, and rent after the company was directed to reduce its scheduled flights. Friday, shares of InterGlobe Aviation traded over 1% higher at INR 4,881 on the National Stock Exchange. The stock has declined more than 9% in a week.

Nuvama has cut its EBITDAR estimate on the company for the December quarter by 40% and by 2% for the March quarter. This downward revision follows the Directorate General of Civil Aviation's orders, which cut IndiGo's domestic scheduled flights by 10%. The brokerage also slashed its EBITDAR estimate for 2025-26 (Apr-Mar), FY27, and FY28 by 14%, 4%, and 3%, respectively, after InterGlobe's downward revision of its passenger unit revenue growth and capacity growth guidance for Oct-Dec. The company profits are expected to be hit as large number of its customers will have to be accommodated on lower scheduled flights, Nuvama said. Even if the passenger load factor increases, yield is expected to be low.

 

The brokerage believes that InterGlobe's available seat kilometres growth will slow down to 9% on year, compared to the company's revised guidance of high single to early double-digit growth from an earlier guidance of high-teen growth. The brokerage sees a 5% reduction in passenger revenue per available seat kilometre, refunds amounting to INR 8.3 billion, and a foreign exchange impact of INR 15 billion in the December quarter to weigh on the company's EBITDAR. A 7% on-year rise in aviation turbine fuel and a rise in cost from new pilot and crew hiring will also pressurise the company's margins.

 

"Indigo's mismanagement led to its worst operational turbulence as revised flight duty time limitation norms took effect; shortages of trained pilots and crew led to more than 4,500 flight cancellations," the brokerage said in a report. Cancellations and further passenger support such as distribution of vouchers and compensations are expected to result in a rise in costs and a loss of revenue. The brokerage said that it expects a risk to the long-term growth forecast of the company due to mounting pressure for IndiGo to cut its dominant domestic market share. (Eshitva Prakash)

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Equity Alert: Goldman Sachs upgrades L&T to 'buy', raises target price 34%

 

MUMBAI--1015 IST--Shares of Larsen & Toubro rose nearly 3% Friday after global broking firm Goldman Sachs upgraded the company's rating to 'buy' from 'neutral'. It also raised L&T's target price by 34% to INR 5,000. This was more than 21% higher than the stock's intraday high of INR 4,114.

 

L&T's strong order backlog, low working capital, and optimisation of capital allocation are expected to drive strong earnings growth through the execution cycle from 2025–26 (Apr-Mar) to FY28, ET Now said in a post on X, quoting Goldman Sachs. The brokerage also expects the margins to improve and support earnings growth through the execution cycle from FY28 to FY30.

 

The brokerage says the company is poised for growth in defence, green hydrogen, and nuclear power segments. These segments are expected to contribute 15% of order inflow in FY35 from the current 4%. The company is expected to have a healthy order backlog and higher confidence in domestic capital expenditure recovery. The brokerage also sees a clear growth visibility for the company in the near, medium, and long terms. L&T's compounding revenue is expected at low double-digit and profit after tax in the mid-teens over the next five years. 

 

At 1003 IST, shares of the company traded nearly 2% higher at INR 4,083.10 on the National Stock Exchange. Over 648,000 shares of the company changed hands on the NSE, higher than over 85,000 shares traded till the same time Thursday.

 

Of the 17 brokerage recommendations available with Informist on the company, 16 have a 'buy' rating on the stock with an average target price of INR 4,385 and the remaining one has a 'hold' rating on the stock.  (Arundathi A R)

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Equity Alert: Indices open higher tracking Asian, Wall Street peers

 

MUMBAI--0956 IST--Benchmark equity indices opened higher, tracking gains in their US and Asian peers. The rise in domestic equity indices follows a rebound seen in the previous session, snapping a three-day losing streak. The Indian rupee continued its depreciation against the dollar and fell to a fresh record low of 90.5600 a dollar Friday. 

 

On Wall Street, the Dow Jones Industrial Average index rose over 1% and hit a fresh record high Thursday, in the wake of the US Federal Reserve's rate decision and commentary. The S&P 500 index was up 0.2%, while the Nasdaq Composite index was down 0.3%, dragged down as Oracle's forecast on sales and profit missed analysts' estimates and the company raised its spending estimates. Most Asian markets also rose Friday, recovering from Thursday's fall. 

 

At 0947 IST, the Nifty 50 was at 26022.60, up 124.05 points or 0.5%. The 50-stock index has moved above the 26000 mark after three sessions. Some analysts were expecting the negative sentiment around the domestic market to continue until the index breaches this level. The BSE Sensex was at 85216.91, up 398.78 points or 0.5%. All broader market indices were also higher, extending their gains from the previous session.

 

Among sectoral indices, barring the Nifty IT index, all others traded largely flat to 1.5% higher. The IT index was down 0.3%, with most of its constituents trading in the red. Infosys and Oracle Financial Services Software were the worst hit, down nearly 1%. 

 

Shares of Larsen & Toubro rose over 2% and were the top gainers in the Nifty 50 after global brokerage Goldman Sachs upgraded the stock to 'buy' from 'neutral', citing growth opportunities in defence, green hydrogen and nuclear power segments. The brokerage also raised its price target on the stock by 34% to INR 5,000, CNBC-TV18 reported, citing the brokerage. The revised target price indicates an upside of around 25% from Thursday's closing price. The company is also said to be preparing to expand its footprint in the global nuclear supply chain, Business Standard reported. (Arya S. Biju)

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Equity Alert: Citi cuts TCS target price by 11% to INR 2,835 with 'sell' rtg

 

MUMBAI--0850 IST--Global brokerage firm Citi has cut the target price on Tata Consultancy Services by 11.2% to INR 2,835 with a 'sell' rating on the stock. Even though demand remains soft, the brokerage expects it to stablise with no further worsening going ahead.

 

Citi sees the company gaining momentum in the second half despite seasonality, ET Now said in a post on X, quoting the brokerage. The flow of deals is expected to be driven by cost optimisation, vendor consolidation, operating model transformation, and rapid-build agile projects. The company's verticals such as banking, financial services, and insurance and technology and services are seen to be improving, the brokerage said. Though communications and media verticals are weak, they are stabilising. Automobiles and retail are seen steady, according to the X post.

 

The brokerage expects the company's business in North America to be better than that in Europe. The company is also focussing on niche skill hiring, scaled fresher intake, and localisation.

 

On Thursday, shares of the company ended marginally higher at INR 3,191.90 on the National Stock Exchange.

Of the 23 brokerage recommendations available with Informist on the company, 20 have a 'buy' or equivalent rating with an average target price of INR 3,763 and the remaining three have a 'hold' rating on the stock.  (Arundathi A R)

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Equity Alert: Indices may rise slightly Fri on positive global cues

 

MUMBAI--0802 IST--Benchmark indices are likely to rise slightly on Friday amid gains in US and Asian markets. However, any gains are likely to capped as US-India trade deal negotiations have been underway for longer than expected, with India's chief economic adviser suggesting that the deal might be signed by March.

 

In the US, the Dow Jones Industrial Average rose over 1% Friday, hitting a fresh record high, as the market found comfort in the fact that the US Federal Reserve kept at least one rate cut on the cards next year. This was positive as analysts had expected the US Fed to be hawkish on Thursday. The S&P 500 index was up 0.2% and Nasdaq Composite index was down 0.3%.

 

Most Asian markets were up, recovering from Thursday's fall. Indices in South Korea, Hong Kong, Japan, Australia, and Singapore were up around 1?ch. Indices in China were down 0.3-0.5%.

 

For the domestic market, the GIFT Nifty futures contract suggests the Nifty 50 may see a sharp rise of around 1% and cross its immediate resistance at 26000 points. At 0741 IST, the December GIFT Nifty contract was at 26129.50 points, more than 200 points higher than the Nifty 50's close of 25898.55 points on Thursday.

 

Sentiment in the market has improved after the Nifty 50 snapped its three-day fall on Thursday, rising 0.6%. However, analysts are still unsure whether the index will be able to hold on to the fresh gains. While the GIFT Nifty suggests the index might even cross 26100 points, technical analysts expect the index to face resistance at that level. The Nifty 50 is expected to find support around 25700 points.

 

Delay in a US-India trade deal has been a major issue for the market, with benchmark indices facing selling pressure around its lifetime high. The Nifty 50 is down around 2% from its lifetime high touched last week.  (Anshul Choudhary)

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Equity Alert: Most Asian indices up on Wall Street cues; Topix up nearly 2%

 

MUMBAI--0755 IST--Most indices in Asia were higher in early trade Friday, tracking US indices, which hit fresh record-highs overnight despite the shares of Oracle plummeting on weak forecast on sales and profit. Japan's broader index Topix led the pack of gainers, up for the fourth session in the last five, rising 2%. The Nikkei 225, which closed lower for the previous two straight sessions also opened higher.

 

Shares of SoftBank Group surged 6?ter Bloomberg reported it is considering acquiring US data centre company, Switch Inc. South Korea's KOSPI was up after closing in the red for the previous three consecutive sessions.

 

Mainland China's CSI 300 index was down for the fourth straight session. China's top leaders concluded an annual economic planning meeting Thursday, affirming broad economic support for the year ahead, which includes boosting consumption and stabilising the property sector, CNBC reported.

 

Following were the levels of key Asian indices at 0756 IST:

 

Index	Level	Change in %
CSI 300 Index	4546.21	(-)0.13
Hang Seng Index	25806.22	1.08
Nikkei 225 Day	50591.54	0.88
TOPIX FIRST SECTION	3412.45	1.64
KOSPI	4163.58	1.29
FTSE Singapore Straits Times	4573.03	1.15
S&P/ASX 200 Index	8684.7	1.08

 

(Arundathi A R)

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Equity Alert: Most US indices close higher Thu; Dow Jones hits all-time high

 

MUMBAI--0730 IST--The S&P 500 and Dow Jones indices hit one-month and all-time highs,  respectively, on Thursday. The technology-heavy Nasdaq Composite, which closed higher for the previous two straight sessions, was dragged down as Oracle's forecast on sales and profit missed analysts' estimates and the company raised its spending estimates.

 

Shares of Oracle plummeted nearly 11% in their biggest one-day drop since late January, Reuters reported. The company also warned that annual spending would run to $15 billion, higher than previously planned.

 

The Dow Jones index closed higher for the second straight session, with the Russell 2000 index closing over 1% higher. "The name of the game is market rotation. We're seeing small-caps, the Dow and cyclicals all start to do better in anticipation of a reacceleration of global growth," Matthew Miskin, co-chief investment strategist at Manulife John Hancock Investments, said.

 

The Dow Jones was driven by gains in some financial stocks. Shares of US-based payment card services company Visa surged over 6%. Shares of American Express, JP Morgan, and Goldman Sachs ended more than 2% higher. Shares of Walt Disney Co. closed over 2% higher after the company announced a $1-billion equity investment in OpenAI, Reuters reported.

 

Following are the closing levels of US indices Thursday:

 

Index	Level	Change in %
S&P 500	6901	0.21
NASDAQ Composite	23593.86	(-)0.25
Dow Jones Industrial Average	48704.01	1.34

 

(Arundathi A R)

 

US$1 = INR 90.37

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

 

Edited by Deepshikha Bhardwaj

 

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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