Equity Alert
Praj Industries rises 13%, after touching over 3-yr low on Tue
This story was originally published at 16:08 IST on 15 December 2025
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Equity Alert: Praj Industries rises 13%, after touching over 3-yr low on Tue
MUMBAI--1535 IST--Shares of Praj Industries rose nearly 13% to an intraday high of INR 341.90 during the session. This comes after the stock hit an over three-year low of INR 293.40 on Tuesday. Over 20 million shares of the company were traded on the bourse during the session, over 51 times the number of shares traded on Friday. The stock has had a poor performance this year, falling over 58% in the past 52 weeks. It has performed poorly on a six-month basis as well, losing more than a third of its value in the past 180 days. However, it has risen nearly 1% in the past 30 days and 11% in the last seven days.
The company reported weak numbers for the September quarter, with the net profit declining over 64% on year to INR 192.84 million, while its revenue rose 3.1% on year to INR 8.42 billion. The company's earnings before interest, tax, depreciation and amortisation margin contracted 490 bps on year to 6.6%, according to a report by brokerage Prabhudas Lilladher. In a post-earnings analysis, the brokerage said the company's near-term prospects remained week due to challenges faced on account of tariff-related uncertainties, liquidity challenges in the domestic market and the lack of visibility for greenfield first-generation ethanol opportunities.
The energy transition and climate action projects that the company won earlier have been stalled, which has resulted in the company's Praj Gen X facility now serving a more diversified customer base, according to a report by brokerage Prabhudas Lilladher. The company's domestic bioenergy business continues to be weighed down by persistent execution challenges and subdued demand for new ethanol plants after India achieved the target of 20% ethanol blending in petrol.
However, the prospective mandates for ethanol blending in petrol to 25-30% and co-product development opportunities with existing ethanol plants may aid the company's long-term growth, the brokerage said. The company's diversification into compressed bio gas, bio-bitumen, and sustainable aviation fuel offers some visibility on medium-term growth, the brokerage added.
On Monday, shares of the company ended 10% higher at INR 334.35 on the National Stock Exchange. Of the seven brokerage reports on the stock available with Informist, three have a 'buy' rating with an average target price of INR 713, three have a 'hold' rating with an average target price of INR 487, while one has a 'sell' rating. (Akshat Saksena)
Equity Alert: Texmaco Rail up 3?ter its JV receives order of INR 1.32-bln
MUMBAI--1533 IST--Shares of Texmaco Rail & Engineering Ltd. rose almost 3% to an intraday high of INR 129.50. The stock, which was almost flat, rose at 1257 IST after its joint venture was awarded an order of INR 1.32 billion to supply a rake of wagons. The stock later came off the high to close at INR 126.84, up 0.7%.
The company's joint venture, Touax Texmaco Railcar Leasing Pvt. Ltd., has been awarded an order worth INR 1.32 billion to supply a rake of bogie low-platform spine car wagons, a specialised railway wagon designed to transport intermodal containers, and bogie van-covered modified wagons. The order is expected to be executed in tranches by July 2026.
Nearly 1.4 million shares of the company changed hands on the NSE, up from nearly 760,000 shares Friday. The two brokerage recommendations on the company available with Informist have a "buy" rating on the stock with an average target price of INR 186. (Arundathi A R)
Equity Alert: SMIFS says cut in GST did not spur demand for footwear industry
MUMBAI--1532 IST--The cut in goods and services tax and the festival season did not spur rise demand for the footwear industry, SMIFS said in a report. Most of the retailers, distributors, and mall store dealers, in an interaction with the brokerage, said that the GST rate cut has not translated into any meaningful rise in consumer demand. In September, the GST on the price of footwear up to INR 2,500 was brought down to a 5% slab from 12%, whereas the GST on footwear above INR 2,500 was unchanged at 18%.
The store footfall and conversion rate remained unchanged and, in some cases, lower maximum retail prices even pressured sales without driving volumes. The performance for the festival season was muted for brands such as Metro Brands, Relaxo Footwears, and RedTape. These companies saw low demand during Diwali due to lower footfalls and online substitutions, the brokerage said.
However, companies such as Campus Activewear and Bata India reported better traction during the festival season due to expanded assortments and new product launches. "Overall, neither GST reductions nor the festive period revived category momentum, pointing to continued consumer caution across the organised footwear market," SMIFS said.
Shares of Metro Brands closed lower by nearly 3% at INR 1,134.300. Bata India and Relaxo Footwears were marginally lower at INR 959.30 and INR 404.25, respectively. Campus Activewear was flat at INR 263.50. Shares of RedTape were nearly 2% higher at INR 126.40. (Adhithya Aji)
Equity Alert: European indices higher ahead of central bank's policy meeting
MUMBAI--1431 IST--European indices opened on a positive note Monday ahead of the European Central Bank's final policy meeting for the year on Thursday. Banking stocks led the gainers as the central bank is expected to keep interest rate steady at 2%. The UK's FTSE MIB Index was up 0.57% and France's CAC 40 index was up 0.39%.
The ECB is likely to raise its growth forecasts again in December, Financial Times reported, citing Christine Lagarde, president of the central bank, as saying. This was after the central bank raised its forecast for annual GDP growth to 1.2% in September. The UK's FTSE 100 rose 0.5%, supported by mining stocks such as Endeavour and Fresnillo, which rose 3?ch, Dow Jones reported.
Other central banks, such as the Bank of England, Sweden's Riksbank, and Norway's Norges Bank, are also set to hold their monetary meetings this week, CNBC reported. The Bank of England is expected to trim interest rates. Investors are also waiting for the US non-farm payrolls data and retail sales figures for October. The November consumer price index is also due on Thursday. The reports were delayed due to the US government shutdown.
Following were the levels of major European indices at 1431 IST:
|
Index |
Level |
Change in % |
|
SLI PR |
2102.28 |
0.70 |
|
CAC 40 |
8112.16 |
0.54 |
|
DAX Performance |
24276 |
0.37 |
|
FTSE MIB Index |
43918.34 |
0.93 |
(Adhithya Aji)
Equity Alert: Most FMCG stocks rise after falling for 2-3 wks; outlook weak
MUMBAI--1413 IST--Shares of most fast-moving consumer goods companies rose after falling for two to three weeks. However, analysts remain cautious about the growth outlook of these companies as demand remains low even after the cuts in goods and services tax.
Shares of Tata Consumer Products and Nestle India rose around 2% and 1%, respectively, after losing around 3?ch over the last three weeks. Shares of Hindustan Unilever and Dabur India rose around 1?ch after losing almost 7% and over 4%, respectively, over the past two weeks.
Companies have said demand for consumer goods is still "dull", said Sachin Bobade, vice-president of research, at Dolat Capital Market Pvt. Ltd. This is despite the GST rate cuts by the government in September, which were widely expected to boost consumption. During the September quarter, revenues of most consumer goods companies were partially hit by the GST rate cut as consumers delayed purchases and dealers resorted to stock clearance. On the valuation front, Bobade said that the valuations of these companies are "not cheap, but there should be growth" to support stock movement.
The Nifty FMCG index has fallen nearly 4% since the announcement of GST rate rationalisation by the GST Council on Sept. 3. So far this year, the index has fallen nearly 4%, underperforming both Nifty 50 and the Sensex, which have risen 10% and 9%, respectively. At 1414 IST, the FMCG index was up 0.6% at 54838 points and it was one of the top gaining sectoral indices. (Arya S. Biju)
Equity Alert: Asian indices end lower as China factory output for Nov falls
MUMBAI--1330 IST--Asian Indices ended lower, weighed down by economic data in China which showed that the world's second-largest economy's factory output slowed to a 15-month low and the retail sales of the country posted the worst performance for the month of November. China's CSI 300 Index fell 0.63% and Hong Kong's Hang Seng Index fell 1.34%.
China's industrial output rose 4.8% on year, which is the weakest pace since August 2024, Reuters reported, citing the data from National Bureau of Statistics. In October the country's industrial output was 4.9%. Retail sales, which is a metric used to gauge consumption of the nation, grew 1.3%, the slowest since December 2022. This is severely lower than the 2.9% reported in October and economists' forecast of 2.8%, Reuters said in a report.
Japan's Nikkei fell more than 1% Monday owing to technology stocks, which tracked the sell-offs in US indices due to investors' concerns over high valuations in its peers, The Economic Times reported. Artificial Intelligence-focused startup company, SoftBank Group Corp. was the major drag on the index. The stock fell 6%. Semiconductor major, Advantest fell 6.4% and another AI related company, Fujikura fell 4.4% in the tech-heavy index.
The banking stocks in Nikkei rose 2% ahead of an expected interest rate cut by the central bank. Higher interest rates boosts returns from lending and investing. At 1435 IST, South Korea's KOSPI fell 1.84% and Taiwan's TAIEX was down 1.14%. Most of the Asian indices were in the red barring Japan's less tech-heavy index, Topix and Indonesia's IDX Composite, which rose 0.22% and 0.27%, respectively.
|
Level |
Last |
Change in % |
|
Nikkei 225 Day |
50168.11 |
(-)1.31 |
|
TOPIX FIRST SECTION |
3431.47 |
0.22 |
|
CSI 300 Index |
4552.06 |
(-)0.63 |
|
KOSPI |
4090.59 |
(-)1.84 |
|
SP/ASX 200 INDEX |
8635 |
(-)0.72 |
|
SSE Composite Index |
3867.92 |
(-)0.55 |
|
TAIEX |
27876.32 |
(-)1.14 |
(Adhithya Aji)
Equity Alert: Morgan Stanley starts Lenskart coverage with 'equalweight' rtg
MUMBAI--1328 IST--Global brokerage firm Morgan Stanley has initiated coverage on Lenskart Solutions with an 'equalweight' rating and a target price of INR 445 per share, below the stock's post-listing high of INR 448.80, according to a CNBC-TV18 report. The brokerage believes the stock is fairly valued at its current levels, and has an optimistic outlook on the company.
The company is relatively protected from broader macro-based challenges, with the brokerage describing the company as a differentiated play on shifting lifestyle dynamics. The company's fully integrated business model and market leadership give it the potential to become the global eyewear leader from India like EssilorLuxottica, the report said.
The company's revenue rose 21% on year in the September quarter and its earnings before interest, tax, depreciation and amortisation was up 45% on year. The company expects both its revenue and EBITDA to improve in the December quarter and is targeting a net addition of 450 stores across India, the report said.
At 1328 IST, shares of the company were trading slightly higher at INR 406.50 on the National Stock Exchange. Over 300,000 shares of the company were traded on the bourse so far this session, lower than nearly 500,000 shares traded till the same time Friday. (Akshat Saksena)
Equity Alert: Indices turn flat; index heavyweights recoup most losses
MUMBAI--1315 IST--Benchmark indices turned flat following a decline in the early trade. Shares of information technology and fast-moving consumer goods companies held onto their gains and index heavyweights were mostly off their respective lows.
At 1315 IST, the Nifty 50 was at 26041.30 points, flat compared to Friday's close. The BSE Sensex was at 85269.22 points and was also flat. Index heavyweights ICICI Bank, Bharti Airtel, and Reliance Industries pared earlier losses and were only marginally lower or flat. Shares of Shriram Finance advanced almost 2%, and it was the second-best performing Nifty 50 stock, behind InterGlobe Aviation. Fast-moving consumer goods companies held onto their gains and shares of Hindustan Unilever, Tata Consumer Products, and Asian Paints were up 1–1.3%.
Among the 200-stock index, Aditya Birla Capital, BSE, Motilal Oswal Financial Services fell around 2.5?ch. Meanwhile, shares of Dixon Technologies (India) rose for the third straight session and were up 2.3%. Shares of IDFC First Bank were up over 2%, and it was the best performing Nifty 200 stock.
The Nifty Media index was the biggest gainer among sectoral indices. Among its constituents, shares of D.B. Corp., Prime Focus, and Saregama India rose 3-7%. Shares of PVR Inox traded more than 5% higher, snapping a seven-day losing streak. The performance of the newly released film 'Dhurandhar' has evoked optimism among traders, with the film surpassing the INR 3 billion mark.
Among others, shares of KEI Industries rose more than 2?ter broking firm Morgan Stanley maintained an 'overweight' rating on the stock. The company was up for the third straight session and gained over 6% during this period. (Eshitva Prakash)
Equity Alert: PVR Inox rises nearly 8%; volume surges over 8 times from Fri
MUMBAI--1225 IST--Shares of PVR Inox rose nearly 8% to INR 1,134, after ending lower for seven consecutive sessions during which it fell over 4%. Over 1.78 million shares of the company exchanged hands on the bourse so far during the session, up over 8 times from the number of shares traded by the end of day on Friday and over 26 times the volume of shares traded at the same time in the previous session. The stock has performed well over the past six months, rising over 15% in the last 180 days. However, the stock has performed poorly this year, falling 24% in the last 52 weeks. The stock has gained over 1% from previous Monday and has gained nearly 2% in 30 days.
The performance of the newly released film Dhurandhar has evoked optimism among investors, with the film surpassing the INR-3-billion mark and the third film to do so in 2025 after Chhaava and Saiyaara, according to Taran Adarsh's post on X. The film reached the benchmark in nine days while Chaava and Saiyaara took 10 and 17 days, respectively. The film now holds the record of having the biggest second Saturday collections of INR 537 million, according to another post on X by Taran Adarsh.
For the quarter ended September, the company reported a consolidated net profit of INR 1.06 billion compared to a loss of INR 118 million reported for the corresponding year-ago quarter. The company's consolidated revenue rose over 12% on year to INR 18.23 billion. At 1225 IST, shares of the company were up nearly 5% at INR 1,102.80 on the National Stock Exchange.
Out of 15 brokerage reports on the stock available with Informist, 12 have a 'buy' rating on the stock with a target price of INR 1,594 and the remaining three have a 'hold' rating. (Akshat Saksena)
Equity Alert: Indices off lows; FMCG, IT, cos aid Nifty 50 limit losses
MUMBAI--1224 IST--Benchmark equity indices were off lows in mid-day trade owing to advances in fast-moving consumer goods companies and information technology companies. The Nifty 50 moved in a 100-point range, with InterGlobe Aviation as the leading gainer.
At 1223 IST, the Nifty 50 was at 26022.35 points, down 24.60 points, or 0.1%. The BSE Sensex was at 85224.36 points, down 43.30 points, or 0.1%. State Bank of India rose 0.5% and the shares recovered from an earlier decline. Shares of SBI Life Insurance also reversed course and traded higher. Among FMCG companies, shares of Asian Paints, Hindustan Unilever, Tata Consumer Products, and Nestle rose 0.2–1.2%. Meanwhile, automobile companies remained under selling pressure and Eicher Motors, Mahindra & Mahindra, and Bajaj Auto were the three of the five worst hit stocks in the session. Oil and Natural Gas Corp. was slightly off lows but was still 2% lower and was at the bottom of the 50-stock index.
Among information technology companies, shares of Infosys, Wipro, HCL Technologies, and were up 0.2-0.6%. The rupee plummeted to new all-time lows Monday. The depreciation in the rupee is seen as a positive for Indian IT companies, which are heavily dependent on US-based clients for their revenues.
Smallcap companies outperformed their benchmark and midcap peers. All the three broader market indices which track smallcap companies recovered from an earlier fall and were in the green. The Nifty Smallcap 50, the Nifty Smallcap 100, and the Nifty 250 index gained marginally. Among its constituents, Aditya Birla Real Estate was up 3.5%, Amber Enterprises traded more than 2% higher, and Aarti Industries surged over 6%.
Among others, shares of Hindustan Zinc and its parent Vedanta hit yet another 52-week high amid a recent surge in silver prices. Investment banking company Jefferies initiated coverage on Hindustan Zinc with a 'buy' rating and a target price of INR 660. The brokerage expects the company to be a big beneficiary of rising silver and zinc prices and low zinc mining costs, according to a CNBC-TV18 report.
Corona Remedies listed earlier today at a 38% premium to its issue price. Wakefit Innovations was able to eke out a small gain after listing almost flat on the National Stock Exchange. (Eshitva Prakash)
Equity Alert: Wakefit Innovations lists at INR 195, same as issue price
MUMBAI--1220 IST--Shares of Wakefit Innovations listed at INR 195 on the National Stock Exchange, the same as its issue price. After listing, the stock fell 9.2% from its issue price to a low of INR 177. Over 17.36 million shares of the company changed hands on the exchange so far in the day. At 1205 IST, shares of the company traded at INR 198.40 on the NSE, up nearly 2%.
The initial public offering of the company closed on Wednesday and was subscribed over 2.5 times with investors bidding for 91.67 million shares against 36.35 million shares on offer. The offering comprised a fresh issue of shares worth INR 3.77 billion and an offer for sale of up to 46.75 million shares. Of the net proceeds, the company proposes to use 1.61 billion on expenditure for lease, sub-lease rent and licence fee payments and 1.08 billion on marketing and advertising expenses.
Wakefit Innovations is a direct-to-consumer home and furnishing company. It offers a range of products including mattresses, furniture, and furnishing, through an omnichannel presence. The company reported a net profit of INR 355.74 million for the six months ended September on a revenue of INR 7.24 billion. (Vaibhav Ranpise)
Equity Alert: KEI Ind up 3?ter Morgan Stanley maintains 'overweight' rtg
MUMBAI--1200 IST--Shares of KEI Industries rose over 3% to an intraday high of INR 4,198.90 after broking firm Morgan Stanley maintained an 'overweight' rating on the stock with a target price of INR 4,793. The company was up for the third straight session and gained over 6% during this period. The target price is up nearly 15% from the current market price.
The brokerage expects strong demand for domestic cable and wire, driven by power transmission and distribution, renewables, infrastructure, real estate, oil and gas, and data centres, ETNow posted on its X platform, quoting Morgan Stanley. Data centres are emerging as a key growth driver and the brokerage expects the company's cables and wires segment to form 8-10% of data centre capital expenditure. Excluding optical cables, the brokerage sees the company as well-positioned with a complete range of power cables.
At 1146 IST, shares of the company traded over 3% higher at INR 4,189.80 on the National Stock Exchange. Over 150,000 shares of the company changed hands on the NSE so far Monday, higher than over 47,000 shares traded till the same time Friday.
Of the 11 brokerage recommendations available with Informist on the stock, nine have a 'buy' rating with an average target price of INR 4,502 and the remaining two have a 'hold' rating. (Arundathi A R)
Equity Alert: Corona Remedies lists at INR 1,470, 38% premium to issue price
MUMBAI – 1156 IST - Shares of Corona Remedies listed at INR 1,470 on the National Stock Exchange, at a premium of 38% to the issue price of INR 1,062. After listing, the stock rose nearly 41% from its issue price to a high of INR 1,497.80. Over 604,665 shares of the company have changed hands on the exchange so far in the day. At 1156 IST, shares of the company were trading at INR 1,466.90 on the National Stock Exchange.
The company's initial public offering, which ended Wednesday, was subscribed 137 times. It had received bids for 626.54 million shares against 4.57 million shares on offer. The public offering comprised an offer for sale of up to INR 6.55 billion.
Corona Remedies is an India-focused branded pharmaceutical formulations company that develops, manufactures, and markets products in women's healthcare, cardio-diabeto medication, pain management, urology, and other therapeutic areas. The company had reported a consolidated net profit of INR 461.96 million for the June quarter on a consolidated revenue of INR 3.47 billion. (Akash Tirlotkar)
Equity Alert: Indices down as fall in heavyweights offsets rise in FMCG, IT
MUMBAI--1125 IST--Benchmark equity indices continued to be down as a decline in index heavyweight stocks offset advances made by select fast-moving consumer goods and information technology companies. The Nifty Media index widened its lead over other sectoral indices and rose more than 2%.
At 1123 IST, the Nifty 50 was at 25970.40 points, down 76.55 points, or 0.3%, compared to a 0.5% decline at its lowest point in the session. The BSE Sensex was at 85030.90 points, down 236.76 points, or 0.3%. Shares of index heavyweights HDFC Bank, Bharti Airtel, and Reliance Industries, which cumulatively hold weightage of over 26% in the 50-stock index, declined 0.3-1%. A rise in shares of InterGlobe Aviation limited losses in the Nifty 50. The stock rose 2.5%, and has been up for the third consecutive session after negative sentiment around delays and cancellations by the company's airline, IndiGo, led to a 15?ll in the company's share price so far in December.
Shares of select fast moving consumer goods companies and information technology companies rose, limiting the slide of benchmark indices. Shares of Infosys, which have a near 5% weightage on the Nifty 50, rose 0.3%. Its peers Tata Consultancy and Wipro also traded with gains. Among FMCG stocks, ITC Nestle India, Hindustan Unilever, and Tata Consumer Products advanced 0.5–1.5% higher.
In the Nifty 500, Transformers and Rectifiers were slightly off highs but were still over 8% higher. Shares of Aarti Industries rose almost 6% amid a surge in trading volumes, with over 5 million shares of the company being traded on the National Exchange so far, much higher than the 117,305 shares traded till the same time Friday. Meanwhile, shares of CCL Products, PNB Housing Finance, and the New India Assurance Co. traded 2–3% lower and were among the worst hit constituents of the Nifty 500.
Among specific stocks, shares of Hyundai Motor fell as much 3?ter global brokerage Citi lowered its target price on the stock by over 5% to INR 2,700 while maintaining a 'buy' rating, according to an NDTV Profit report. (Eshitva Prakash)
Equity Alert: InterGlobe Aviation up, co estimates compensation at INR 5 bln
MUMBAI--1115 IST--Shares of IndiGo-operator InteGlobe Aviation rose over 4% for the third consecutive session to a high of INR 5,014. The company Saturday said it estimated compensation of INR 5 billion to customers whose flights were cancelled within 24 hours ahead of departure and who were left severely stranded at airports across the country.
At 1045 IST, shares of the company were nearly 3% higher at INR 4,988. Over 1.82 million shares of the company changed hands so far on NSE, which is higher than 1.33 million shares traded till the same time Friday. The number of shares traded Monday is higher than the stock's three-month average daily volume of 1.71 million shares.
In an update on X on Saturday, IndiGo said it expected to operate 2,050 flights that day and that the airline was connected to all the 138 destinations it flies to. The airline said its on-time performance was also consistently normal.
Recently, the country's largest domestic airline faced operational disruptions for more than a week due to a mounting pilot shortage that disrupted its operations following enforcement of the new flight duty time limitation rules.
IndiGo is the only airline with assured aircraft deliveries for four to five years, said Elara Capital in a report. The brokerage expects the current pilot shortage issues to be short term and can be resolved within the next two to four quarters.
Of the 11 brokerage reports available on the company with Informist, seven have a 'buy' call on the stock with an average target price of INR 6,061 and two have a 'hold' rating. (Adhithya Aji)
Equity Alert: ONGC hits 7-month low of INR 229.94; down for 4th session
MUMBAI--1114 IST--Shares of Oil and Natural Gas Corp. fell over 3% and hit a seven-month low of INR 229.94. The stock was down for the fourth straight session and shed over 4% during this period.
The stock has lost nearly 3% in the past seven days. At 1051 IST, shares of the company traded over 2% lower at INR 232.52 on the National Stock Exchange. Over 6 million shares of the company have changed hands on the NSE so far Monday, more than six times the shares traded till the same time Friday.
Of the 14 brokerage recommendations available with Informist on the company, 10 have a 'buy' rating with an average target price of INR 301. Two have a 'sell' rating and the remaining two have a 'hold' rating on the stock. (Arundathi A R)
Equity Alert: Vodafone Idea falls after rising 3% on likely AGR relief
MUMBAI--1113 IST--Shares of Vodafone Idea fell after rising over 3% to a high of INR 12.03. The stock rose after news that the government is likely to offer the company an interest-free moratorium of four to five years on over INR 830 billion of its pending statutory dues linked to adjusted gross revenue, according to a report in The Economic Times. Under the upcoming relief package, the outstanding amount owed by the company will be sealed and no accural of interest will take place in the future, the report said.
Under the current schedule, the company has to pay more than INR 180 billion as the first installment in March after the end of the moratorium it received on the adjusted gross revenue payments the government had given in 2021, the report said. However, this moratorium was not interest free and resulted in the arrears of the company increasing every year. In 2019, the Supreme Court had upheld the Department of Telecommunications's stand that the telecom firms must make statutory payments such as spectrum and licence fee based on their adjusted gross revenue, which includes their non-telecom income as well. The relief package is said to only apply to Vodafone Idea and that Bharti Airtel might have to make its arrear installments as scheduled, the report added.
At 1113 IST, shares of Vodafone Idea were down nearly 1% at INR 11.55 on the National Stock Exchange. Over 600 million shares of the company were traded on the bourse so far, nearly 52% higher than the shares traded till the same time on Friday. Out of the eight brokerage reports on the stock avaliable with Informist, three have a 'sell' rating with an average target price of INR 8, three have a 'hold' rating of INR 10 and the remaining two have a 'buy' rating on the stock. (Akshat Saksena)
Equity Alert: Hyundai Motor India dn 3?ter Citi cuts target price by 5%
MUMBAI--1049 IST--Shares of Hyundai Motor India fell as much as around 3% to an intraday low of INR 2,280.30 after global brokerage Citi lowered its target price by over 5% to INR 2,700 while maintaining the 'buy' rating on the stock. The brokerage has cut estimates due to a softer outlook on the company's volume growth, NDTV Profit reported Monday, citing the brokerage.
At 1045 IST, shares of Hyundai Motor India traded over 2% lower at INR 2,292.50 on the National Stock Exchange. The stock is down for the second straight session, and has lost nearly 3% in this period. So far in the day, 400,834 shares of the company have changed hands on the NSE, higher than the 90,654 shares traded till the same time Friday.
The brokerage has cut the forecasts for the company's volumes for 2025-26 (Apr-Mar) to FY28 by around 1.2%. Citi has also trimmed its estimates for the company's earnings before interest and tax for FY26-FY28 by 5-6% on expectations of lower average selling prices, the report said.
Of the 11 research reports on the company available with Informist, eight have a 'buy' or equivalent rating on the stock with an average target price of INR 2,643 and the remaining three have a 'sell' or equivalent rating on the stock with target prices of INR 2,023-INR 2,324. (Arya S. Biju)
Equity Alert: UBS ups target price for Federal Bank 24%, maintains 'buy' rtg
MUMBAI--1048 IST--Broking firm UBS raised its target price for Federal Bank by 24% to INR 310 and maintained its 'buy' rating on the stock. The brokerage said improvement in operating trends were likely to accelerate in the medium term. The target price is up over 17% from the current market price.
The brokerage expects stable credit cost and relatively subdued near-term loan growth due to continued business rationalisation and the recent 25 basis point rate cut. The bank trades at 1.5 times its price to book value ratio in 2026–27 (Apr-Mar), which is similar to IDFC First Bank. UBS sees the gap in loan growth narrowing in the medium term, despite the company's better profile of return on equity. The brokerage has raised its loan growth forecasts for FY28 and FY29 by 100 bps and net interest margin by 5 bps. It also raised the bank's fee income, operational expenditure, and earnings per share estimates for FY28 and FY29 by 5–9%.
At 1045 IST, shares of the bank were up 0.7% at INR 263.10 on the National Stock Exchange. Over 2 million shares of the company changed hands on the NSE, nearly 33% higher than the shares traded till the same time Friday. Of the 26 brokerage recommendations available with Informist on the stock, 23 have a 'buy' rating with an average target price of INR 234. Two have a 'hold' rating and the remaining one has a 'sell' rating on the stock. (Arundathi A R)
Equity Alert: Indices off lows; heavyweights, fincl svcs cos drag down mkts
MUMBAI--1035 IST--Benchmark equity indices continued to be lower but were slightly off their intraday lows as more Nifty 50 companies advanced higher, compared to earlier in the session. However, index heavyweights and financial service companies dragged down the Nifty 50 and restricted a recovery.
At 1032 IST, the Nifty 50 was at 25979.45 points, down 67.50 points, or 0.3%. The BSE Sensex was at 85062.25 points, down 205.41 points, or 0.2%. Among sectoral indices, the Nifty Media index continued to gain steadily and the Nifty Consumer Durables index recovered from a fall earlier and was up 0.3%. A fall in shares of financial services companies and banks were among the biggest drags on the Nifty 50 index. The State Bank of India on Fridaycut its marginal cost of funds-based lending rate by 5 basis points across tenures following the Reserve Bank of India's recent policy rate cut. Bank of Baroda, Indian Overseas Bank, and HDFC Bank also cut their lending rates. Lower lending rates, without commensurate easing in deposit costs, are likely to keep net interest margins under pressure in the near term, according to a report by ICICI Securities. Shares of HDFC Bank, ICICI Bank, and the State Bank of India fell 0.3–0.5%.
Among others, shares of KEC International were up over 3?ter the company received domestic orders worth INR 11.50 billion across various segments. Shares of room air conditioner maker, Amber Enterprises India, rose after its management reiterated guidance, which implies a strong 13–15% outperformance over the consumer durables industry, according to a CNBC report. Demand for consumer durable products has recovered on quarter-on-quarter basis but the room air conditioners industry is still facing inventory issue, according to a Motilal Oswal report. The company is also expected to face higher raw material costs in the near term, according to the brokerage.
All broader market indices, except the Nifty 250 smallcap index, were lower and mid-cap companies were worse off compared to small-cap companies. Among small-cap stocks, Aarti Industries, Action Construction Equipment, and Amber Enterprises India were 1-5% higher. Nifty midcap 150 constituents such as Aurobindo Pharma, APL Apollo Tubes, and Bharat Dynamics fell around 1?ch. (Eshitva Prakash)
Equity Alert: Indices open lower tracking losses in global markets
MUMBAI--0945 IST--Benchmark equity indices opened lower Monday, mirroring losses in global markets and tracking a decline in the rupee. The majority of Nifty 50 constituents traded lower and a fall in shares of index heavyweights weighed on the equity market. The rupee fell to 90.6425 against the dollar, its lowest ever.
At 0942 IST, the Nifty 50 was at 25932.70 points, down 114.25 points, or 0.4%. The BSE Sensex was at 84939.33 points, down 328.33 points or 0.4% from Friday's close. A 0.5?ll in shares of HDFC Bank was the biggest drag on the Nifty 50. Among other index heavyweights, shares of ICICI Bank, Infosys, and Reliance Industries fell 0.4–0.5%. Meanwhile, shares of InterGlobe Aviation rose for the third consecutive session and were up 1%. Asian Paints, Ultratech Cement, and Shriram Finance advanced 0.5-1%. Oil and Natural Gas Corp. was the worst hit Nifty 50 constituent and lost more than 3%.
Barring the Nifty Media index, all other sectoral indices were lower and the Nifty Auto, the Nifty Realty and the Nifty Oil & Gas index fell around 1?ch. Among the Nifty Media's constituents, shares of PVR INOX, D.B. Corp., and Sun TV Network rose 2-4%. Automobile companies were hit hard in early trade, with shares of Mahindra & Mahindra and Eicher Motors falling 1.5?ch. Among the Nifty 200 constituents, shares of Hyundai Motors fell over 2%.
Shares of Vodafone Idea rose 2% in early trade and rose to the top of the Nifty 200 index. According to media reports, the government is likely to offer an interest-free moratorium of four to five years to the company for over INR 830 billion of its pending statutory dues linked to adjusted gross revenue, giving immediate relief to the cash-strapped telecom operator. (Eshitva Prakash)
Equity Alert: Jefferies initiates coverage on Hind Zinc with 'buy' rating
MUMBAI--0840 IST--Investment banking firm Jefferies has initiated coverage on Hindustan Zinc with a 'buy' rating and a target price of INR 660. This was up over 17% from Friday's closing level. The company is a big beneficiary of rising silver and zinc prices with first-decile zinc mining cost, Jefferies was quoted as saying by CNBC-TV18.
Jefferies expects the company's earnings per share to rise 22% in 2025–26 (Apr-Mar), 29% in FY27, and 7% in FY28. The stock is trading at 9.2 times the FY27 enterprise value to earnings before interest, taxes, depreciation, and amortisation, which is above the long-term average of 7.3 times. It also sees robust cash flows and return on equity. Jefferies said that the valuation of the company was justified by a rising share of silver products in earnings before interest and tax.
On Friday, shares of the company ended over 7% higher at INR 561.65 on the National Stock Exchange. Nearly 40 million shares of the company changed hands on the NSE, double the shares traded on Thursday. Of the seven brokerage recommendations available with Informist on the company, five have a 'buy' rating with an average target price of INR 574. One brokerage has a 'hold' rating and one has a 'sell' rating. (Arundathi A R)
Equity Alert: Asian indices open lower as investors await key economic data
MUMBAI--0815 IST--Asian equity indices fell in early trade Monday as investors await data releases and key central bank decisions this week. Japan's Nikkei fell over 1% as the country's central bank is expected to increase interest rates by 25 basis points to 0.75%. South Korea's Kospi fell 1.40% and Hong Kong's Hang Seng index was down nearly 1%.
"We roll into the final week of trading for 2025 before many square off their books and call it a year," Reuters reported, quoting Chris Weston, head of research at Pepperstone Group Ltd. in Melbourne. "Some will have already done so," he added. The traders will focus on key economic data from China, including on the country's retail sales, fixed asset investment, and industrial output numbers for November. Investors will also await US economic data that was delayed by the government shutdown, including the jobs report for November and the monthly consumer price index, Reuters reported.
On Monday, Japan released the 'Tanken' survey, which showed that business sentiment among big manufacturers hit a four-year-high, suggesting that the economy was weathering the hit from US tariffs, as per a Reuters report. The Tanken survey is conducted by the Bank of Japan and measures business sentiment among companies in the country.
Following were the levels of key Asian indices at 0810 IST:
|
Level |
Last |
Change in % |
|
Nikkei 225 Day |
50073.91 |
(-)1.50 |
|
TOPIX FIRST SECTION |
3417.52 |
(-)0.18 |
|
CSI 300 Index |
4576.37 |
(-)0.10 |
|
KOSPI |
4108.11 |
(-)1.42 |
|
SP/ASX 200 INDX |
8643 |
(-)0.62 |
|
SSE Composite Index |
3885.54 |
(-)0.10 |
|
TAIEX |
27931.84 |
(-)0.94 |
(Adhithya Aji)
Equity Alert: Indices seen flat at open; global mkts see selling in AI stocks
MUMBAI--0808 IST--Benchmark equity indices are seen flat at open amid expectations of profit-booking at higher levels. Global cues are weak, with indices in Asia and the US in losses, which could push domestic investors to sell equities.
Globally, equity indices were down due to a sell-off in artificial intelligence-related stocks, including Samsung Electronics, AMD, and Broadcom. Indices in the US closed 0.5-1.7% lower on Friday and most indices in Asia were down early on Monday. South Korea's Kospi was down 1.6% and indices in Japan, Taiwan, and Hong Kong were down around 1?ch.
However, indices in India may not see a big sell-off as India does not offer any major AI-related opportunities. Analysts say the selling in global AI stocks may benefit India as foreign investors may look at the country as an opportunity to hedge against global AI trade.
GIFT Nifty contracts suggest the Nifty 50 may open either flat or with minor gains. At 0735 IST, the December contract of the GIFT Nifty was trading at 26058.50 points, just a few points above the Nifty 50's close last week. On Friday, the Nifty 50 closed at 26046.95 points, up 0.6%.
Sentiment among domestic analysts is positive after the Nifty 50 again crossed 26000 points after a brief period of selling. Technical analysts expect the Nifty 50 to face resistance around 26300 points this week. The index is likely to find support at 25850-25900 points.
India's Consumer Price Index for November came in line with expectations, with year-on-year inflation at 0.7%. This was a signficant jump from the 0.25% inflation in October, largely due to an uptick in food prices and as the base effect faded.
Despite low inflation, there is still no consensus among economists on whether the Reserve Bank of India will cut interest rates in February. While low inflation of under 1% is positive for markets, analysts still expect the Nifty 50 to face selling pressure at higher levels amid looming risks, including the unwinding of the yen carry trade, further delay in the India-US trade deal, and elevated stock valuations. (Anshul Choudhary)
Equity Alert: US mkts end lower Fri on fall in tech stocks, inflation worries
MUMBAI--0739 IST--Benchmark indices in the US ended lower Friday with fall in technology stocks being a major drag and a rise in US Treasury yields adding pressure on the market after some policymakers speak out against easing of monetary policy by the central bank in the near future. The S&P 500 and Nasdaq ended more than 1% lower on Friday. The Dow Jones Industrial Average ended 0.51% lower.
US Treasury yields rose Friday after a group of Federal Reserve officials, who had voted against an interest rate cute at the latest monetary policy meeting of the central bank, expressed their worries that inflation remains too high to warrant lower borrowing costs, Reuters reported. In the Nasdaq index, shares of Broadcom fell over 11% after the chipmaker warned of lower margins in future. This led to concerns about the profitability of surging artificial intelligence investments, as per the Reuters report.
Technology major Oracle fell 4.5?ter the cloud software company's weak financial forecast. The stock was also under pressure due to a Bloomberg report saying the company's data centres for ChatGPT's OpenAI were being delayed. The company had denied the report.
The Labour Department's report on non-farm payrolls, consumer inflation and retail sales data are due this week. These data can offer greater insight into the US economy after the October government shutdown, which led to a delay in the release of data that starved the investors.
Following are the closing levels of US indices Friday:
|
Index |
Level |
Change in % |
|
S%P 500 |
6827.41 |
(-)1.07 |
|
NASDAQ Composite |
23195.169 |
(-)1.69 |
|
Dow Jones Industrial Average |
48458.05 |
(-)0.51 |
(Adhithya Aji)
US$1 = INR 90.73
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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