Equity Alert
JM Financial sees Eternal-owned Blinkit's Q3 growth moderating
This story was originally published at 10:39 IST on 17 December 2025
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Equity Alert: JM Financial sees Eternal-owned Blinkit's Q3 growth moderating
MUMBAI--1025 IST--JM Financial maintained its 'buy' rating on Eternal but cut its target price on the stock by a little over 11% to INR 400. The brokerage expects sequential growth of Eternal's quick-commerce venture Blinkit moderating in the December quarter due to high competitive intensity and an unfavourable base.
However, the slight moderation in sequential trends does not change JM Financial's medium-to-long-term investment thesis for Eternal, it said in its report. According to the brokerage, Blinkit's profitability trajectory is expected to improve in the near term due to take-rate expansion, operating leverage, and benefits from the inventory-led model.
JM Financial expects Blinkit's net order value growth in the December quarter to moderate to 13% sequentially due to upfront festival spending in the preceding quarter. However, it sees this moderation as transitory and expects the quick-commerce company to still register over 120% growth in its net order value for the December quarter and 90% on-year growth in net order value in 2026-27 (Apr-Mar). The brokerage also expects margins to remain stable at 5.3%.
At 1022 IST, shares of Eternal traded at INR 285.30 on the National Stock Exchange, up 0.3% from Tuesday. Over 11 million shares of the company changed hands on the NSE so far, lower than over 17 million shares traded till the same time Tuesday.
Of the 15 brokerage recommendations available with Informist on the company, 13 have a 'buy' rating with an average target price of INR 352, while the remaining two have a 'sell' rating on the stock. (Arundathi A R)
Equity Alert: Indices fall slightly as heavyweight stocks decline
MUMBAI--1020 IST--Benchmark indices fell marginally after posting thin gains in the first half an hour of trade. While information technology and select automobile stocks continued to be higher, a further fall in index heavyweights weighed on the indices. A decline in private bank and financial services stocks also weighed on the Nifty 50.
At 1018 IST, the Nifty 50 was at 25834.80 points, down 0.1%, compared to a 0.2% rise at open. The BSE Sensex was at 84595 points, down 84.69 points or 0.1%. Shares of Shriram Finance, which lent the biggest support to the Nifty 50's rise, were off their all-time highs and traded 1% higher. Shares of Max Healthcare Institute were down almost 2%, and were the worst hit in the 50-stock index. Private banks and financial service stocks were down in early trade. Shares of HDFC Life Insurance Co., SBI Life Insurance Co., Kotak Mahindra Bank, and Bajaj Finserv dropped 0.3–1.3%.
Index heavyweights ICICI Bank and HDFC Bank, which declined 0.6-1.3% respectively, were the biggest drags on the Nifty 50 index. The two stocks have a cumulative weightage of over 20% on the index. Bharti Airtel, which has a near 5% weightage, fell marginally after rising earlier.
Shares of Reliance Industries were off highs and traded almost flat. Global brokerage Morgan Stanley expects earnings upgrades and valuation re-rating for Reliance Industries in every quarter of 2026, considering the strong outlook for its business and cash flows, according to a post by CNBC-TV18 on X.
Among other stocks, Indian Overseas Bank fell more than 3%, after the company said that its promoter, the government, has proposed to sell 2% stake or 385.13 million shares of the bank through an offer for sale on Wednesday and Thursday. (Eshitva Prakash)
Equity Alert: Akzo Nobel falls to three-mo low of INR 3,080.20 post large deal
MUMBAI--1007 IST--Shares of Akzo Nobel fell 15% to a three-month low of INR 3,080.20 after a large deal on the NSE aggregating INR 15.44 billion. The deal was executed at a discount of 13% to the stock's closing price Tuesday. The floor price was at INR 3,163.7. At 0943 IST, shares of the company traded nearly 13% lower at INR 3,157.20. Over 8 million shares of the company changed hands, sharply higher than 9,800 shares traded till the same time Tuesday.
Earlier, a media report said that the promoter of the company, Imperial Chemical Industry, was likely to sell a 9% stake through a block deal. The size of the offer is expected to be INR 12.91 billion with a floor price of INR 3,150, CNBC TV 18 reported, citing sources.
One brokerage report on the company available with Informist gives a 'buy' rating on the stock with average target price of INR 3,675. (Adhithya Aji)
Equity Alert: Indices tad up on gain in IT, auto cos; some heavyweights fall
MUMBAI--0945 IST--Benchmark indices opened slightly higher Wednesday, aided by gains in Shriram Finance and State Bank of India. Information technology stocks and automobile stocks also kept the indices higher. A decline in select index-heavyweights prevented a further rise in the indices. The rupee had appreciated almost 1% against the dollar after hitting all-time lows Tuesday, which spooked traders.
At 0946 IST, the Nifty 50 was at 25886.75 points, up 26.65 points or 0.1%. The BSE Sensex was at 84740.34 points, up 60.48 points or 0.1%. Shares of Shriram Finance rose over 2% in the opening minutes of the trade after the company late Tuesday said its board would meet Friday to consider a proposal to raise funds through a rights issue, preferential allotment, qualified institutional placement, among other permitted methods. A 1% rise in shares of State Bank of India lent support to the Nifty 50, while index heavyweights such as ICICI Bank and HDFC Bank fell 1% and 0.5%, respectively, dragging down the index. Shares of Axis Bank were up over 1?ter a sharp decline Tuesday.
Most information technology companies traded higher. Infosys, Wipro, HCL Technologies, and Tata Consultancy Services rose 0.5-1.0%. Major automobile companies also aided the 50-stock index. Shares of Eicher Motors, Tata Motors Passenger Vehicles, and Maruti Suzuki traded 0.7–1.4% higher.
Among others, Akzo Nobel declined 13?ter nearly 5 million shares changed hands on the NSE, around 0915 IST. Media reports Tuesday suggested that its promoter, Imperial Chemical Industries, was likely to sell up to 9% stake in the company through a block deal. The company was the worst performing stock in the Nifty 500 index. Shares of Reliance Infrastructure hit upper circuit yet again and were up 5%.
In the Nifty 200 index, shares of Indraprastha Gas were up 4% after global brokerage Nomura upgraded its rating on the stock to 'buy'. Polycab India fell more than 3% and was the worst performing stock in the 200-stock index.
Most sectoral indices were in the green, with Nifty PSU Bank rising more than 1%. The Nifty Metal and the Nifty Oil and Gas Index were up 0.7?ch. The Nifty Consumer Durable index and the Nifty FMCG index, which were the leading indices Tuesday, fell. Broader market indices were mixed in early trade and most such indices turned flat after a short rise. (Eshitva Prakash)
Equity Alert: Shriram Fin hits record high; board to mull raising funds Fri
MUMBAI--0955 IST--Shares of Shriram Finance rose over 3% to a fresh record high of INR 875.45 Wednesday after the company said its board would meet Friday to consider raising funds through a rights issue, preferential allotment, qualified institutional placement, among other permitted methods. The non-banking finance company, however, did not disclose the amount it plans to raise.
At 0948 IST, shares of Shriram Finance came slightly off highs and traded nearly 2% higher at INR 863.35. The stock was the top gainer in the Nifty 50 index. It rose after losing nearly 1% in the previous session. So far in the day, over 3 million shares have changed hands on the NSE compared to the 900,225 shares traded till the same time Tuesday.
In another development related to the company, several media reports said that Mitsubishi UFJ Financial group Inc. was nearing a deal to acquire minority stake in Shriram Finance. The Japanese lender may invest more than 500 billion yen or around $3.2 billion, to purchase around 20% stake in the company, reports said citing people familiar with the matter. The NBFC is said to be in preliminary talks with other potential investors, including Sanlam Group, Abu Dabhi Investment Authority, and Temasek to sell 5–15% stake, The Hindu Businessline reported, citing two sources aware of the development.
Of the 19 research reports on the company available with Informist, 17 have a 'buy' or equivalent rating on the stock with an average target price of INR 795 per share. The remaining two have a 'hold' rating on the stock. (Arya S. Biju)
Equity Alert: Nomura upgrades Indraprastha Gas rtg to 'buy' from 'neutral'
MUMBAI--0900 IST--Nomura upgraded its rating on the shares of Indraprastha Gas to 'buy' from 'neutral' on attractive valuations after a sharp correction over the past one month and multiple margin tailwinds. The brokerage has a target price of INR 230 per share for the company. The brokerage sees the softening of Henry Hub gas prices as positive for the company due to the lower cost of imported gas.
The shares of Indraprastha Gas have seen a sharp correction of 14% over the past one month, the brokerage said in its report. Nomura expects the company's margin to benefit from lower tax and transmission tariffs. The transition of Delhi Transport Corp. nears completion and it will support volume growth, CNBC-TV 18 said in its post on X, quoting Nomura. The risk-reward turns of the company are favourable after a sharp stock correction, the brokerage said.
Tuesday, shares of the company ended over 1% lower at INR 183.42 on the National Stock Exchange. Over 1 million shares of the company changed hands on the NSE, higher than the 719,592 shares traded Monday.
Of the 17 brokerage recommendations available with Informist on the company, 10 have a 'buy' rating with an average target price of INR 257. Four have a 'hold' rating and the remaining three have a 'sell' rating on the stock. (Arundathi A R)
Equity Alert: Brokerages see new insurance bill as negative for PB Fintech
MUMBAI--0855 IST--Global brokerage UBS has maintained its 'sell' rating on PB Fintech with a target price of INR 1,660, indicating around 9% downside from Tuesday's close. The brokerage sees the newly passed Insurance Amendment Bill as a negative for the company as it proposes to limit commissions payable to insurance players, NDTV Profit reported, citing UBS. "For every 1% reduction in unit economics, earnings could be impacted by 3–4%," the brokerage said. On Tuesday, shares of PB Fintech closed 5.5% lower at INR 1,820.50.
Parliament Tuesday passed the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, which will help revamp India's insurance framework, with a host of changes to the Insurance Act, 1938, the Life Insurance Corporation Act, 1956, and the IRDAI Act, 1999. The bill also proposes to allow the Insurance Regulatory and Development Authority of India to set limits to any commission or reward received by insurance agents, according to media reports.
Among other brokerages, Kotak Securities said that the proposal to cap insurance commission could weigh on PB Fintech's stock. IRDAI already has the flexibility to fix commission caps and the amendment reinforces this power, the brokerage said.
Meanwhile, Citi has maintained its 'buy' rating on PB Fintech with a target price of INR 2,225, indicating an over 22% upside potential. There is only a low probability of the regulator backtracking on the current democratised commission framework, the report citied the brokerage as saying. Penalising efficient distributors runs counter to the regulator's objective of improving insurance penetration, Citi added. (Arya S. Biju)
Equity Alert: Morgan Stanley sees earnings upgrades for RIL every qtr in 2026
MUMBAI--0841 IST--Morgan Stanley expects earnings upgrades and valuation re-rating for Reliance Industries in every quarter of 2026, considering the strong outlook for its business and cash flows, according to a post by CNBC-TV18 on X. The brokerage maintained its 'overweight' rating for the company and raised its target price to INR 1,847, indicating an upside of nearly 20% from the current market price. On Tuesday, shares of Reliance Industries closed at INR 1,542.30 on NSE.
The brokerage expects the company's investments of $80 billion to start giving benefits from 2026. Reliance Industries is likely to redeploy capital into "new growth frontiers," the brokerage said. "Fourth monetisation cycle is underway as all verticals turn free cash flow positive," Morgan Stanley said. (Anshul Choudhary)
Equity Alert: Asian indices open higher, data shows Japan exports up 6.1%
MUMBAI--0817 IST--Most Asian indices opened on a positive note after trade data in Japan showed that the country's exports grew 6.1% for November, beating the expectation of an average 4.8% growth and sharply higher than 3.6% in October. Japan's Nikkei was up 0.2% and South Korea's KOSPI rose 0.6%. The South Korean index rose after falling for two sessions.
China's CSI 300 index was up 0.5% and Hong Kong's Hang Seng Index rose 0.4%. Both these indices rose after falling for two consecutive sessions. The shares of Japanese financial institution SBI Shinsei Bank rose over 12?ter an initial public offering of $2.1 billion. The shares were priced at 1,450 yen, CNBC reported.
The November job data in the US came in better than expected, with the addition of 64,000 jobs beating the market expectations of 45,000 jobs additions. However, the unemployment rate rose to an over four-year high of 4.6% which sparked concerns among investors.
Following were the levels of key Asian indices at 0810 IST:
|
Level |
Last |
Change in % |
| KOSPI |
4020.93 |
0.54 |
|
Nikkei 225 Day |
49537.19 |
0.31 |
|
CSI 300 Index |
4518.40 |
0.46 |
|
TOPIX FIRST SECTION |
3371.65 |
0.03 |
|
Hang Seng Index |
25310.09 |
0.30 |
|
SSE Composite Index |
3827.51 |
0.07 |
|
TAIEX |
27664.33 |
0.46 |
(Adhithya Aji)
Equity Alert: Indices may open flat amid mixed global cues, weak rupee
MUMBAI--0815 IST--Benchmark equity indices are expected to open largely flat after closing in the red for two sessions in a row. Mixed global cues, a weak rupee, selling by foreign investors, and uncertainty over the India-US trade deal are expected to continue to impact market sentiment Wednesday.
Overnight, the S&P 500 and the Dow Jones Industrial Average closed in the red as investors accessed key US jobs data for October and November, which had been delayed due to the 43-day federal government shutdown. Meanwhile, the tech-heavy Nasdaq Composite ended the session 0.2% higher. The US unemployment rate rose to a four-year high of 4.6% in November against the backdrop of economic uncertainty stemming from US President Donald Trump's aggressive trade policies, Reuters reported.
US employers added 64,000 jobs in November, which followed a drop of 105,000 jobs in October, according to the US Bureau of Labor Statistics. This included the departure of more than 150,000 federal employees who took deferred buyouts as part of the Trump administration's push to cut government jobs earlier this year, Reuters reported.
Equity indices in Asia were mixed in early trade after the mixed US jobs data failed to move the needle on the rate outlook by the US Federal Reserve, leaving investors awaiting further cues to guide their next move. Bets of an interest rate cut by the US Fed have not changed much following the job data, with the CME FedWatch Tool showing only a 25.5% probability of a rate cut in the January meeting, compared to a 24.4% chance a day before. Further, trade data from Japan showed that the country's exports grew 6.1% on year in November, more than the 4.8% rise estimated by economists polled by Reuters.
The GIFT Nifty contracts suggest the Nifty 50 may open largely flat. At 0810 IST, the December contract of the GIFT Nifty was trading at 25922.50 points, 62 points above the Nifty 50's close on Tuesday. The Nifty 50 ended at 25860.10 points on Tuesday, down 0.6%. (Arya S. Biju)
Equity Alert: US indices end mixed as investors assess Nov jobs report
MUMBAI--0740 IST--US indices, barring the tech-heavy Nasdaq composite, ended lower Tuesday. Nasdaq composite gained 0.2%. Investors assessed the November jobs report that was released on Tuesday, which came in better than expected. However, the unemployment rate came in at 4.6%, higher than economists' forecast of 4.5%, raising concern about the state of the US economy. The artificial intelligence stocks weighed on the S&P 500 index as investors continued to take profits from AI trade and move on to other areas of the market such as healthcare and utilities.
The November jobs report showed an addition of 64,000 jobs and an unemployment rate of 4.6%, according to the Bureau of Labor Statistics. Economists surveyed by the Dow Jones expected an addition of 45,000 jobs for the month, CNBC reported. The unemployment rate rose to 4.6% which was above the economists' forecast of 4.5%, raising concern about the state of the US economy, as per the CNBC report. There are lower chances of another rate reduction by the US Federal Reserve at its upcoming policy meeting on Jan. 28 as the figures from CME FedWatch tool showed that 74.5% of investors expect interest rates to remain unchanged.
The S&P 500 index ended lower for the third consecutive session as key artificial intelligence stocks such as Broadcom, Oracles, and Microsoft extended losses. Health stocks fell 1.3% with Pfizer slipping 3.4%. The company forecast a challenging year ahead due to weaker sales of COVID-19 products and squeezed margins, Reuters reported. Nasdaq submitted paperwork with the US Securities and Exchange Commission, seeking to change the timing of the trade of stocks, as per the Reuters report.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6800.26 |
(-)0.24 |
|
NASDAQ Composite |
23111.462 |
0.23 |
|
Dow Jones Industrial Average |
48114.26 |
(-)0.62 |
(Adhithya Aji)
US$1 = INR 90.36
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.
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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