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Informist, Tuesday, Dec. 16, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: PNB Housing Fin dn; ICICI Sec ups rating on valuation comfort

MUMBAI--1330 IST--ICICI Securities has upgraded the shares of PNB Housing Finance to 'add' from 'hold' due to comfortable valuations and an end to the uncertainty around the position of chief executive office, which is expected to be a positive catalyst. It has kept the target price unchanged at INR 970. Shares of PNB Housing Finance fell more than 1% Tuesday to a low of INR 908.05.

ICICI Securities believes onboarding of a new managing director and CEO with strong domain expertise and heading all critical verticals such as sales, credit, and risk in his previous assignments, would ensure the non-banking finance company's sustained growth momentum. "Early bucket delinquencies in business booked in last 12/24 months stand at 0.22%/0.61%, respectively, suggesting better quality of incremental growth," the brokerage said.

The sudden exit of MD Girish Kousgi in July had raised concerns about continuity of business strategy and growth momentum. The broking firm believes a strong foundation led by the previous management would ensure a smooth management transition.

It expects the company to report 18% growth in assets under management for 2025-26 (Apr-Mar) and FY27, which will translate into 2.5% and 2.2% growth in return on assets for FY26 and FY27, as well as 12% and 11% growth in return on equity. "Given that now the top management is in place, the company would be well positioned to deliver its AUM growth guidance (of 17-18% for FY26)," the report said.

The stock is down for the second session, falling 3% over this period. At 1321 IST, shares of the company traded 1.2% lower at INR 910.90. All five brokerage reports on the stock available with Informist have a 'buy' or equivalent rating with an average target price of INR 1,081. So far Tuesday, 424,808 shares of the company have changed hands on the NSE, lower than 1.66 million shares traded during the same period on Monday.  (Simran Rede)

Equity Alert: Antique Stock Broking starts Adani Power coverage with 'buy'

MUMBAI--1259 IST--Antique Stock Broking has initiated coverage on Adani Power with a 'buy' rating and a target price of INR 187. The company is set for multi-year earnings growth, led by capacity expansion to 41.9 gigawatt by 2032-33 (Apr-Mar) from 18.15 GW in FY25, the brokerage said.  

The company has transitioned from a stressed thermal independent power producer to the most efficient private baseload power producer, Antique Stock Broking said. Coal Power is expected to be pushed by favourable conditions with demand expected to rise at a compounded annual rate of 6% over FY22 to FY32, the brokerage said. The rise in demand is fuelled by rising needs from electric vehicles, data centres, artificial intelligence, and manufacturing. The company has secured a dominant share of 70% or 12.4 GW of the ongoing state-led thermal power purchase agreements. Securing these agreements highlights the company's cost and execution advantage, the brokerage said. 

The company's earnings visibility is strong as 90% of its operational capacity and 67% of the 41.9 GW portfolio is linked under long-term power purchase agreements, the brokerage said. The new power purchase agreements offer higher fixed charges with fuel security supported by fuel supply agreements under the Scheme for Harnessing and Allocating Koyala Transparently in India or the SHAKTI scheme. The brokerage expects the company's revenue to grow at a compounded annual rate of 16% over FY25 to FY32. It expects the company's net profit to grow at a compounded annual rate of 17% during the same period. The company will fund around 60% of its INR 2,000-billion capital expenditure pipeline through its internal accruals, leading to steady deleveraging and helping its net debt to earnings before interest tax depreciation and amortisation to decline. The brokerage expects the company's EBITDA to grow at a compounded annual rate of 19% over FY25 to FY32. 

At 1259 IST, shares of Adani Power were slightly lower at INR 144.16 on the National Stock Exchange. Nearly 7 million shares of the company have been traded on the bourse so far this session, less than half the number of over 15 million shares traded till the same time on Monday.

All the six brokerage reports on the stock available with Informist have a 'buy' rating on the stock with an average target price of INR 542. (Akshat Saksena)

Equity Alert: Meesho surges 13% to intraday high of INR 193.44 

MUMBAI--1250 IST--Shares of electronic commerce major Meesho rose over 13% to an intraday high of INR 193.44 on Tuesday. The stock was up for the second consecutive session and has gained 17% during this period. Since its listing on Wednesday, the stock has risen 74% from its issue price of INR 111.

At 1236 IST, shares of the company were trading nearly 7% higher at INR 182.20. Nearly 130 million shares of the company changed hands, which is seven times higher than the number of shares traded till the same time Monday.

The shares of the company listed at a premium of 46% on NSE Wednesday. On its debut day, the stock ended over 53% higher at INR 170.09. The company's initial public offering, which closed on Dec. 5 was subscribed to a whopping 79 times, with bids placed for 21.97 billion shares against the 277.94 million on offer.  (Adhithya Aji)

Equity Alert: Indices fall more after rupee hits fresh record low

MUMBAI--1215 IST--Benchmark indices fell more after the rupee slipped below the 91-per-dollar mark for the first time to hit a record low of 91.07. Metal, information technology, and financial services stocks continued to weigh on the Nifty 50, while fast-moving consumer goods stocks and select consumer durable stocks limited the fall. A near 1% fall in index heavyweight Reliance Industries also hit the market's performance.

At 1215 IST, the Nifty 50 was at 25884.60 points, down 142.70 points or 0.6%. The index was nearly 2% lower than its all-time peak of 26325.80, which it hit at the start of this month. The BSE Sensex was at 84740.45 points, down 472.91 points, or 0.6%. Other than information technology companies and private banks, which were the top losers on the 50-stock index, metal companies were also lower. Shares of Tata Steel, JSW Steel, Jindal Steel, and Hindalco Industries fell 1-2%. Hindustan Zinc was 0.5% lower after gaining for the last five sessions on surging silver prices. The Nifty Metal index was 1.4% lower.

The Nifty IT index remained lower and was down 1%. Among its constituents, Infosys, HCL Technologies, Tata Consultancy Services fell more and were 1-2% lower. Among private banks, shares of Axis Bank fell nearly 4%, and were the worst performers in the Nifty 50. The bank's management indicated that net interest margins are likely to bottom out later than expected, CNBC-TV18 reported. ICICI Bank and HDFC Bank also traded in the red.

The Nifty India Defence index fell 1.4%, weighed down by a 2–5% decline in Dynamatic Technologies, Bharat Dynamics, Unimech Aerospace and Manufacturing, and Garden Reach Shipbuilders & Engineers.  (Eshitva Prakash)

Equity Alert: Axis Bank falls 4%; bk says NIMs recovery likely to be delayed

MUMBAI--1150 IST--Shares of Axis Bank fell over 4% to an intra-day low of INR 1,231 and was among the worst performers in the Nifty 50. This came after the management of Axis Bank indicated that net interest margins are likely to bottom out later than expected, a report from CNBC-TV18 said. The bank revised its outlook, with net interest margins to trough in either the March quarter of 2025-26 (Apr-Mar), compared with its earlier guidance of the third quarter, according to the report. The bank's management told global brokerage Citi that its net interest margins are targeted at 3.8% over the next 15–18 months from 3.73% in the September quarter. The bank told the brokerage its net interest margins are expected to follow a C-shaped recovery path, the report said.

The brokerage has mainatined a 'neutral' rating on the stock with a target price of INR 1,285. The bank's corporate segment is gaining traction with its retail business showing signs of recovery as well, the brokerage was cited as saying by CNBC-TV18. However, the sustained momentum will need to be closely monitored, the report added. The bank's credit card portfolio is seen easing, its personal growth stabilising and no visible stress in the export-oriented micro, small and medium enterprises. However, the brokerage expects the bank to see a seasonal uptick of slippages in the December quarter due to the agricultural cycle, but are expected to be less severe than they were in the June quarter, the CNBC-TV18 report said. The brokerage also expects the bank's optimisation of its fee-to-asset ratio to remain constrained in the near term. 

At 1132 IST, shares of Axis Bank were down nearly 4% at INR 1,236.50 on the National Stock Exchange. Nearly 5 million shares of the company were traded on the bourse so far this session, more than eight times the 590,277 shares traded till the same time on Monday.

Out of 24 brokerage reports on Axis Bank available with Informist, 21 have a 'buy' rating with an average target price of INR 1,384 while the remaining three have a 'hold' rating.  (Akshat Saksena)

Equity Alert: Most fertiliser cos up; govt assures of adequate urea stocks

MUMBAI--1145 IST--Shares of most fertiliser companies rose Tuesday after reports that Finance Minister Nirmala Sitharaman had assured that there would be no fertiliser shortage during the ongoing rabi season as the government had built a "bumper buffer" of urea to meet higher demand following a good monsoon and rising fertiliser use by farmers. At 1137 IST, shares of Fertilizers and Chemicals Travancore, Madras Fertilizers, Chambal Fertilizers & Chemicals, National Fertilizers, Rashtriya Chemicals and Fertilizers, and Gujarat State Fertilizers & Chemicals were up 1-7%. 

This is expected to strengthen the earnings of fertiliser companies, as it would reduce the risk of seasonal shortages, panic buying and sudden policy interventions, which have in the past led to supply disruptions and working-capital stress, Seema Srivastva of SMC Global Securities said. Further, the continued commitment to fertiliser subsidies by the government provides revenue visibility for both public and private fertiliser players, insulating them from extreme global price volatility in urea, gas and phosphates, she said.

From the demand side, a buffer of fertilisers is expected to support stable crop sowing and yields and, in turn, higher fertiliser consumption going forward, Srivastva said. "However, the long-term upside remains capped by regulated pricing and dependence on subsidies," she added. The government has sought Parliament's approval for a net additional expenditure of INR 414.55 billion through the first batch of supplementary demands for grants for 2025-26 (Apr-Mar), of which INR 185.25 billion is towards fertiliser and related subsidies, according to a report by Moneycontrol. (Arya S. Biju)

Equity Alert: Indices remain lower; IT, pvt bank sectoral indices fall 1%

MUMBAI--1142 IST--Benchmark indices continued to trade lower with little movement in the last one hour. The Sensex and Nifty 50 were weighed down by a fall in shares of information technology companies, private banks, and financial services companies. Select insurance companies advanced. Indices were also lower after the rupee slipped below the 91 per dollar mark, falling to a fresh record low of 91.08.

At 1139 IST, the Nifty 50 was at 25884.35 points, down 143.60 points or 0.5%. The BSE Sensex was at 84719.92 points, down 492.70 points or 0.6%. Among banks and financial services, Axis Bank was 4% lower, Jio Financial Services fell 1.5% and HDFC Bank, ICICI Bank also traded in the red. Information technology stocks also dragged the Nifty 50 with shares of Wipro, Infosys, HCL Technologies trading 1-2% lower. The Nifty IT index dropped more than 1%.

Shares of Tata Consumer Products, Nestle India, and Asian Paints were up 1-2% and these fast-moving consumer goods companies were the three best performing stocks among the Nifty 50 gainers. Meanwhile, Eternal extended losses and was almost 5% lower.

Shares of fertiliser-making companies such as Fertilizers And Chemicals Travancore rose more than 7% and those of Chambal Fertilizers & Chemicals advanced 3%. Finance Minister Nirmala Sitharaman said that there would be no shortage of fertilisers during the ongoing rabi season, according to a report by Moneycontrol. The minister said urea stocks had sharply increased within a month through calibrated imports and close monitoring of supplies across states.

Shares of key life insurance companies were up ahead of a discussion on the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, which is likely to be tabled in the Lok Sabha Tuesday. HDFC Life Insurance Co. and SBI Life Insurance Co. rose 0.5–1%. The Union Cabinet Friday approved 100% foreign direct investment in the insurance sector from 74% at present. The bill seeks amendments to the Insurance Act, the Life Insurance Company Act, and the Insurance Regulatory and Development Authority of India Act in order to expand capital access for insurance companies.  (Eshitva Prakash)

Equity Alert:Arvind Fashions up 5%; Motilal Oswal starts coverage with 'buy'

MUMBAI--1115 IST--Shares of Arvind Fashions rose 5% to hit an intraday high of INR 521. The stock was up for the fourth straight session and gained nearly 9% during this period. Motilal Oswal has initiated coverage on the company with a 'buy' rating and a target price of INR 725, which implies 38 times earnings per share in December 2027 and an upside of 46.5%, ET Now posted on its X platform, quoting the brokerage.

The brokerage expects a 13% compound annual growth rate of revenue and a 190 basis point margin expansion. It also sees earnings before interest, tax, depreciation, and amortisation at 10.3% by 2027-28 (Apr-Mar). The company's return on invested capital rose to 12% in FY25 from 5% in FY19, according to the X post by ET Now, quoting Motilal Oswal. The company is at an inflection point, said the brokerage.

Aided by its power brands, the company surpassed its pre-Covid revenue by FY25, despite its exit from businesses which generated around 32% of its FY19 revenue, Motilal Oswal said. The brokerage expects the company's earnings visibility to improve, margin expansion to sustain, and a rise in return ratios. Arvind Fashions is well positioned as a high-quality compounding one among the fashion companies in India, according to the ET Now post, quoting the brokerage.

At 1057 IST, shares of the company rose nearly 4% to INR 513.65 on the National Stock Exchange. Over 500,000 shares of the company changed hands on the NSE, much higher than the 16,915 shares traded till the same time Monday.

All the six brokerage recommendations available with Informist on the company have a 'buy' rating with an average target price of INR 596.  (Arundathi A R)

Equity Alert: Motilal Oswal sees cables, wire sector CAGR 14% over FY25-FY30 

MUMBAI--1040 IST--The strong growth momentum in the cables and wires sector remains intact due to demand in power generation, transmission and distribution sectors, increasing capital expenditure in data centres and demand in real estate and defence sectors, said Motilal Oswal in a report. The cables and wires industry grew 13% over 2022-23 (Apr-Mar) and FY25 to INR 900 billion, according to the brokerage. Given the vast scale and diversified demand across sectors such as construction, railways, defence, data centres, and exports, the compound annual growth rate of the cables and wires industry is estimated at 14% over FY25-FY30, the brokerage added.

India has been a net exporter of cables and wires since FY20. For the first half of FY26, the exports increased 30% on year to INR 118 billion. The strong demand in global markets is primarily driven by capital expenditure in renewables, data centres, and grid-modernisation programmes, driving increased requirements for specialty cables across key regions such as the West Asia, Africa, Europe and Australia, Motilal Oswal said.

"India's data centre industry is on a strong growth trajectory, supported by rapid digitalisation, rising cloud adoption, expanding AI (artificial intelligence) workloads, and favorable regulatory developments," Motilal Oswal said. As data centres scale up, they emerge as the major consumers of high-capacity power cables, control and instrumentation cables, and fiber-optic cables. Typically, 5-10% of the capital expenditure for data centre projects is represented by cables. Industry estimates suggest that about INR 35 million of cable demand is generated for every 1 megawatt capacity addition in data centres, the brokerage said.

The brokerage reiterated a 'buy' rating on the stocks of Polycab and KEI Industries. It has a 'neutral' rating on Havells and RR Kabel. At 1018 IST, shares of Polycab India were 0.4% lower at INR 7,307 and those of KEI Industries were 0.5% lower at INR 4,147. RR Kabel was marginally lower at INR 1,452.90. The stock of Havells India was marginally higher at INR 1,414.30.  (Adhithya Aji)

Equity Alert: Bharti Airtel, Bharti Hexacom rise after Morgan Stanley report

MUMBAI--1035 IST--Bharti Airtel rose nearly 2% to a high of INR 2,103.50 after global brokerage Morgan Stanley raised the company's target price by 20% to INR 2,435 and maintained its 'overweight' rating on the stock, according to a post by CNBC-TV18 on X. The stock has performed well this year, rising 26% in the last 52 weeks. The company's subsidiary Bharti Hexacom rose over 3% to a high of INR 1,759. Bharti Airtel is a promoter of Bharti Hexacom and owns nearly 350 million or 70% of its shares.

Morgan Stanley expects multiple levers to drive mid-single digit growth in Bharti Airtel's average revenue per user in the medium term. This is likely to support double-digit growth in earnings before interest, tax, depreciation, and amortisation for the company's India business, the post said. The brokerage expects sustained improvement in the company's return ratios to above 20%. The ongoing repair phase in the telecom sector is likely to continue in the near term, according to the brokerage. With a tariff hike expected in the September quarter, the stock is likely to start factoring in expectations of higher tariffs even before the actual hike itself, the brokerage said, according to the post by CNBC-TV18. 

At 1009 IST, shares of Bharti Airtel were up 1% at INR 2091.60 on the National Stock Exchange. Over 1 million shares of the company were traded on the bourse so far this session, more than twice the 503,472 shares traded till the same time on Monday. Shares of Bharti Hexacom were up over 2% at INR 1,740.20 on the bourse. Over 100,000 shares of the company were traded during the session so far, over six times the shares traded till the same time on Monday. 

Out of 16 brokerage reports on Bharti Airtel available with Informist, 15 have a 'buy' rating with an average target price of INR 2,113, while one has a 'sell' rating. Out of four brokerage reports available with Informist on Bharti Hexacom, three have a 'buy' rating with a target price of INR 2,088 and one has a 'hold' rating.  (Akshat Saksena) 

Equity Alert: Quick-commerce cos down, Eternal falls after 3 sessions of gain

MUMBAI--1032 IST--Shares of quick-commerce companies Eternal and Swiggy fell on Tuesday. Eternal was down almost 4% in early trade and hit an intraday low of INR 286.70 on NSE. The stock fell after three days of gains, during which it gained over 5%. Swiggy fell for the second straight session and was down over 3% in two days.

At 1030 IST, shares of Eternal traded nearly 4% lower at INR 286.15 on NSE. Almost 18 million shares of the company changed hands on the NSE, much higher than over 6.6 million shares traded till the same time Monday. Of the 15 brokerage recommendations available with Informist on the company, 13 have a 'buy' rating with an average target price of INR 355.85 and the remaining two have a 'sell' rating on the stock.

At 1030 IST, shares of Swiggy traded nearly 2% lower at INR 405.60 on the NSE. Over 10.4 million shares of the company changed hands on the NSE, sharply higher than 2.6 million shares traded till the same time Monday. The 12 brokerage recommendations available with Informist on the company have a 'buy' rating with an average target price of INR 510 on the stock.  (Arundathi A R)

Equity Alert: Market falls further; small-, mid-cap indices extend losses

MUMBAI--1016 IST--Benchmark indices fell further as a rise in shares of select fast-moving consumer goods companies were unable to limit losses in the early trade, owing to a slump in private banks. Broader market indices fared worse than their benchmark peers. 

At 1012 IST, the Nifty 50 was at 25889.10 points, down 138.20 points or 0.5%. The BSE Sensex was at 84744.49 points, down 468.87 points or 0.6%. Axis Bank and index heavyweight Reliance Industries were the top draggers and were down almost 4% and nearly 1%, respectively. Among other private banks, ICICI Bank fell 0.4% and HDFC Bank was almost flat. The Nifty Private Bank index was down 1%. The Nifty Metal index also declined sharply and among its constituents, Hindustan Copper, Jindal Steel, and Steel Authority of India were the worst hit, down 1.5-3.0%.

Bharti Airtel, Tata Consumer Products, Nestle India, and HDFC Life Insurance were among the few stocks that edged higher. A 1% rise in Titan Co. also lent support to the Nifty 50 and the Nifty Consumer Durable index briefly rose before turning flat.

Smallcap and midcap companies were hit harder than their benchmark peers. The Nifty Smallcap 250 index was 0.6% lower and the Nifty Midcap 150 index declined almost 0.7%. Shares of Action Construction Equipment, Aditya Birla Real Estate, and Aavas Financiers faced the sharpest fall among smallcap companies and declined around 2% each. Among midcaps, Bharat Heavy Electricals, AIA Engineering, and Bharat Dynamics fell nearly 2-3%.  (Eshitva Prakash)

Equity Alert: Citi keeps cautious view on IT sector, picks Infosys, HCL Tech

MUMBAI--1005 IST--Global brokerage Citi has reiterated its cautious stance on both global and Indian information technology services, as the sector's demand outlook continues to point to a slow recovery, The Economic Times reported Tuesday, citing the brokerage. Among domestic companies, the brokerage prefers Infosys and HCL Technologies in the large-cap IT space, the report said. 

The overall demand environment for the sector remains stable but lacks clear evidence of a rebound, even as there is hope of a macro-led recovery, including from the interest rate cuts by the US Federal Reserve, the report said. Discretionary spending is "decent" mostly in the banking, financial services, and insurance segment, but those in other segments are still relatively muted, Citi said. 

The brokerage suggests monitoring the disruption in demand as there is still uncertainty over the revival of discretionary spending in IT and as demand for the sector remains slower compared to historical levels. It remains neutral on the US IT sector and prefers multinational IT services and consulting company Capgemini in the European IT sector. 

At 1000 IST, the Nifty IT index was down around 1% at 38047.25 points, with all of its constituents trading in the red, down 0.4-1.9% lower. The sectoral index fell after rising for three straight sessions in which it gained 1.6%. All major indices in the US closed lower Monday as artificial intelligence-related stocks continued to weigh down markets. The tech-heavy NASDAQ Composite closed 0.6% lower Monday. (Arya S. Biju)

Equity Alert: Indices open lower Tue, tracking losses in global equity mkts

MUMBAI--0945 IST--Benchmark equity indices opened lower Tuesday, tracking overnight losses on Wall Street and a decline in other major global equity markets. Information technology and financial services stocks were the hardest hit in the opening minutes of trade. The rupee continued to tumble and hit a new record low at INR 90.82 per dollar. Barring the Nifty FMCG, all other sectoral indices were in the red and the broader market indices fell more than their benchmark peers.

At 0942 IST, the Nifty 50 was at 25928.40 points, down 98.90 points or 0.4%. The BSE Sensex was at 84870.03 points, down 343.33 points or 0.4%. A near 3% fall in shares of Eternal was a major drag on the Nifty 50. Meanwhile, Bharti Airtel led the handful of advancing stocks and its shares rose over 1% after global brokerage Morgan Stanley raised its target price on the stock by 20%.

Most financial services and bank stocks were down and shares of Bajaj Finserv, Jio Financial Services, and Axis Bank declined 0.7-2.5%. Among index heavyweights, shares of ICICI Bank and HDFC Bank fell 0.2-0.5%. IT stocks Infosys, Tech Mahindra, Wipro, and Tata Consultancy dropped 0.5-1%, mirroring a decline in technology stocks on Wall Street, which slumped on scepticism around artificial intelligence trade.

However, fast-moving consumer goods companies defied the market's downward trajectory and shares of Tata Consumer Products rose almost 1%. Nestle eked out a small gain. Shares of Godrej Consumer Products, Marico, and Britannia Industries were 1-2% higher. The Nifty FMCG index was 0.3% higher.

In the Nifty 200, BSE declined almost 2% while Supreme Industries led the pack of gainers in the index and was up almost 3%. In the Nifty 500 index, shares of Tata Teleservices rose more than 8% after declining for the previous four sessions. Meanwhile, Transformers and Rectifiers was down nearly 5% and it was the worst performing stock on the Nifty 500 index.  (Eshitva Prakash)

Equity Alert: Bajaj Auto plans pdt launches to gain mkt share, says Motilal Oswal

MUMBAI--0903 IST--Bajaj Auto is planning several product launches to regain the lost share in the domestic motorcycle market, according to Motilal Oswal Financial Services analysts who met the company's management. Recently, Bajaj Auto's market share loss has been a major concern among investors, the brokerage said.

The company's maket share in the motorcycle segment has came down to 16% so far this financial year from 18.5% in 2019-20 (Apr-Mar), according to the brokerage. To regain the lost market share, Bajaj Auto plans to launch a new 125cc cummuter motorcycle in FY27. The company is also likely to launch one variant of Pulser in December and two other variants of Pulser in March and May next year.     

The management indicated it may launch a product under the Dominar brand and another product in 350cc segment is in the pipeline under the Triumph brand. It is also aiming to benefit from its acquistion of KTM sometime from the second half of 2026. For the first six months of the next year, the management will be busy with restructing the core operations after the acquistion of KTM business. "The company would plan to exit the bicycle business, cars, and other smaller brands and focus on the KTM and Husqvarna brands," the brokerage said.

While the company is planning to arrest the fall in domestic motorcycle market share, the brokerage was still cautious over these plans. Motilal Oswal maintained its neutral rating on the stock with a target price of INR 9,070 per share. Monday, shares of Bajaj Auto closed at INR 8,940 per share, down nearly 1%.

The company was positive on the export business with a ramp-up in Brazil and Mexico operations likely to help sustain momentum in the export markets. "While the demand momentum is likely to remain strong in exports, the recent currency depreciation will also provide a margin cushion for the company in the current quarter," the brokerage said.

The brokerage said its electic vehicle business is expected to drive qrowth in the coming quarters. The Chetak has already gained significant market share over the past two years, the brokerage. The company is planning to launch another model of the Chetak next year.  (Anshul Choudhary)

Equity Alert: Morgan Stanley ups Bharti Airtel price aim 20%, keeps 'overweight'

MUMBAI--0835 IST--Brokerage Morgan Stanley has raised its target price for Bharti Airtel by around 20% to INR 2,435, while maintaining its 'overweight' rating on the stock, CNBC-TV18 said in a post on 'X', citing the brokerage. The revised target price indicates a potential upside of nearly 18% from Monday's close. Shares of Bharti Airtel closed nearly 1% lower at INR 2,069.70 on the National Stock Exchange on Monday.

In the medium term, the brokerage expects multiple levers to drive growth in the telecom major's average revenue per user to mid single digits. This would in turn support double-digit growth in earnings before interest, tax, depreciation, and amortisation for the company's India business, CNBC-TV18 said, citing Morgan Stanley. The brokerage also expects a sustained improvement in Bharti Airtel's return ratios, with return metrics likely to move above 20%.

The brokerage said it expects the ongoing industry repair phase in the Indian telecom sector to continue in the near term. It further said that it expects a tariff hike in the first quarter of 2026–27 (Apr-Mar). According to the brokerage, the stock is likely to start factoring in expectations of higher tariffs over the coming months, even ahead of the actual hike. 

Of the 16 brokerage reports on the company available with Informist, 15 have a 'buy' or equivalent rating on the stock with an average target price of INR 2,113 and the remaining one has a 'reduce' rating on the stock with a target price of INR 2,125. (Arya S. Biju)

Equity Alert: Asian indices opens lower tracking global cues  

MUMBAI--0812 IST--Most Asian indices opened in the red, tracking the sell-off in the artificial intelligence stocks on the Wall Street. Major AI players in the US, such as Oracle and Broadcom, fell over 5% and 2%, respectively, and Microsoft also saw some losses. Japan's Nikkei 225 fell 1.29% in early trade and Hong Kong's Hang Seng Index fell 1.50%.

Basic materials and real estate stocks were the major drag on Japan's Nikkei. Flash purchasing managers index numbers from S&P Global showed that the business activity in Japan for December is expected to be lower than November. The figures came in at 51.5 compared with 52 in November. For Australia, business activity expanded at a slower pace, with the composite PMI falling to 51.5 in December from 52.6 in the previous month, CNBC reported. 

South Korea's Kospi fell 1.6% as shares of Korea Zinc plummeted as much as 11.2% after the company reportedly agreed to sell $1.9 billion of shares of a joint venture controlled by the US government and unnamed US-based strategic investors, Reuters reported.     

Following were the levels of key Asian indices at 0744 IST:

(Adhithya Aji)

Equity Alert: Indices seen opening flat amid negative global cues

MUMBAI--0810 IST--Domestic headline indices are expected to open largely flat amid negative global cues. Most Asian indices were lower in early trade, tracking overnight losses on Wall Street. All major indices in the US closed lower Friday as artificial intelligence-related stocks continued to weigh down markets. However, domestic indices may not see a big sell-off as the country does not offer any major AI-related opportunities.

The S&P 500 and Dow Jones Industrial Average index ended slightly lower Monday after opening the session in positive territory as key stocks related to artificial intelligence continued to be under selling pressure. Investors turned away from artificial intelligence stocks, especially those related to AI infrastructure, and instead moved to areas more sensitive to the economy, such as consumer discretionary, industrials, and healthcare, CNBC reported. The tech-heavy Nasdaq Composite index closed nearly 1% lower at 23057.413 points. 

In Asia, most equity indices opened on a weak note, down 0.1-1.6%. South Korea's Kospi, Hong Kong's Hang Seng Index, Japan's Nikkei 225 Day, and Taiwan's Topix First Section were down around 1-2%. 

The GIFT Nifty contracts suggest the Nifty 50 may open either flat or with minor gains. At 0808 IST, the December contract of the GIFT Nifty was trading at 26038.50 points, just a few points above the Nifty 50's close on Monday. The Nifty 50 ended Monday's session at 26027.30 points, down 0.1%.

"The Nifty index is trading close to price and trendline resistance of 26060 spot levels. Cross and sustenance above the same might take it up to 26200 spot levels in near term," Vipin Kumaar, derivatives and technical analyst at Globe Capital Market, said. He expects the 50-stock index to move sideways by the time it is trading below 26060 levels. "Options data has turned slightly positive with intraday supports in 25950-25875 spot levels and resistance around 26130 spot levels," Kumaar added. (Arya S. Biju)

Equity Alert: US indices end lower ahead of key econ data report

MUMBAI--0737 IST--US indices ended lower as investors braced for key economic data reports that are due this week. The S&P 500 ended slightly lower Monday as some artificial intelligence stocks came under pressure. Investors opted for more sensitive areas to the economy, such as consumer discretionary and industrials. They also had positive optimism on healthcare shares. This came after the tech-heavy index Nasdaq and the S&P 500 finished the Friday session lower. 

Shares of Broadcom and Oracle declined more than 5% and 2%, respectively. Other tech majors such as Microsoft also suffered some losses, CNBC reported. On a weekly basis, the Dow Jones, which is less exposed to tech and AI stocks, rose 1.42% whereas the S&P 500 and the Nasdaq declined 0.44% and 2.07% respectively.

The economic data reports such as non-farm payrolls for November and October retail sales, due this week, could set the tone for the market. Economists forecast the non-farm payroll data to show addition of 50,000 jobs November, significantly lower than 119,000 jobs added in September, as per the CNBC report. Both these data reports will be released Tuesday. These reports were delayed due to the US government shutdown that took place earlier.

Following are the closing levels of US indices Monday:

(Adhithya Aji)

US$1 = INR 90.97

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.

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