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Informist, Thursday, Dec. 18, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Motilal Oswal starts Crompton Greaves coverage with 'buy' 

MUMBAI--1218 IST--Brokerage Motilal Oswal initiated coverage on the shares of Crompton Greaves Consumer Electricals with a 'buy' recommendation at a target price of INR 350, according to a report by the brokerage. The target price implies an upside of 33.5% from the current market price. Shares of Crompton Greaves rose 6% to a high of INR 264.30 after ending lower for three consecutive sessions, during which it fell nearly 2%. The brokerage expects the 'Crompton 2.0' strategy, which was launched by the company in 2023 and which emphasised a renewed focus on revenue growth and an improvement in profitability, to unlock potential for the company.

The four key pillars for 'Crompton 2.0' are the growth and protection of the company's core portfolio, wins in the kitchen segment, transformation of its lighting business, and foray into new segments. The strategy entails that the company make substantial investments in growth initiatives such as people and process capabilities, brand reinforcement, consumer-driven innovation, and advanced go-to-market strategies, the report said. 

The brokerage expects the earnings and return ratios of the company to improve after a dip seen in 2025-26 (Apr-Mar). It expects the company's earnings before interest, tax, depreciation and amortisation to rise at a compounded annual growth of 17% over FY26 to FY28 and its net profit to rise at a compounded annual rate of 21% over the same period. A possible dip in demand and higher competitive intensity are expected to be the key downside risks for the compnay, according to brokerage Motilal Oswal. 

Crompton Greaves' acquisition of majority stake in Butterfly Gandhimathi Appliances has allowed it to expand its appliance portfolio, the brokerage said. The company expects to realise various revenue and cost synergies in the short to medium term and plans to leverage the mutual strengths of both companies to expand its industry share and market reach, the report said. The company acquired 55% stake in Butterfly Gandhimathi Appliances in March 2022 and currently holds 75% stake in the latter.

The company has established a strong presence in the electrical consumer durables segment by offering diverse products across various categories and maintaining a pan-India footprint, the brokerage said. Higher advertising investments and allocation towards digital platforms have led to an increase in the brand's salience and resulted in higher engagement on social media, the brokerage said. 

According to the brokerage, the company is a significant player in the country's consumer electricals sector, with a strong presence across fans, lighting, pumps, and household appliances. The company is a leader in the fan market with around 25% market share and manufacturing capacity of 1.60 million units per month. The brand is preferred by customers for its durability, efficiency, performance, and better after-sales services, according to channel checks by the brokerage. The company is among the leading players in the lighting segment, with a manufacturing capacity of 5.6 million units per month. The company leads in both the business-to-business and business-to-consumer segments due to its excellent response to changing consumer demand. It is a leader in the residential pumps segment as well, with around 30% market share. 

At 1156 IST, shares of Crompton Greaves Consumer Electricals were up over 5% at INR 262.10 on the NSE. Over 11 million shares of the company changed hands on the NSE, nearly 20 times the shares traded till the same time Wednesday. All 19 brokerage recommendations available with Informist on the company have a 'buy' recommendation with an average target price of INR 391.  (Akshat Saksena)

Equity Alert: Markets remain slightly higher; broader mkt indices recover

MUMBAI--1216 IST--Indices remained slightly higher in mid-day trade on the back of gains in index heavyweights and private banks. Automobile stocks were off their intraday lows. Broader market indices were higher after falling for most of the session so far in the day.

At 1211 IST, the Nifty 50 was at 25874 points, up 55.45 points or 0.2%. The BSE Sensex was at 84687.38 points, up 127.73 points or 0.2%. Shares of InterGlobe Aviation rose over 2%, recovering from a fall at the start of the session. The company's IndiGo airline chief executive officer said that the worst was behind for the company and the disruptions of Dec. 3–5 should not define the company's 19-year journey, according to a post by CNBC TV-18 on social media platform X. MAX Healthcare rose 1.6% and was the second-highest gainer in the 50-stock index behind InterGlobe. The company Thursday said it will buy 100% stake in Yerawada Properties for INR 2 billion. Shares of Sun Pharmaceutical Industries and Mahindra & Mahindra continued to fall, limiting gains.

Shares of ICICI Bank traded 1% higher, Reliance Industries 0.4% higher, and Infosys advanced 1.5%. Shares of HDFC Bank were flat.

Among sectoral indices, the Nifty Energy index fell almost 1%, weighed down by a 1.5% fall in Power Grid Corp., which was among the hardest hit Nifty 50 constituent. Shares of GE Vernova T&D India, Siemens Energy India, and Hitachi Energy India declined 3-5%.

Broader market indices recovered after falling for most of the session. Barring the Nifty Smallcap 250 index, which was off its intraday lows, all other broader indices gained. The Nifty Midcap 50 rose 0.4%, with HDFC Asset Management Co. rising nearly 6% and the Nifty Smallcap 50 was 0.1% higher with Crompton Greaves Consumer Electricals rising almost 5%.  (Eshitva Prakash)

Equity Alert: Indices up a tad; fall in M&M, Sun Pharma shrs limits rise 

MUMBAI--1134 IST--Benchmark indices were up a tad after a slight recovery in the first hour of trading. Shares of private banks and select index heavyweights rose, supporting the Nifty 50. Information technology companies continued to gain and several fast-moving consumer goods companies and financial services traded with gains. A fall in Mahindra & Mahindra and Sun Pharmaceutical Industries limited the market's gains.

At 1130 IST, the Nifty 50 was at 25857.90 points, up 39.35 points or 0.1%. The BSE Sensex was at 84652.03 points, up 92.38 points, up 0.1%. InterGlobe Aviation topped the 50-stock index and was trading almost 2% higher. IT companies such as Infosys, Wipro, HCL Technologies, and Tech Mahindra traded 0.4-1% higher. Among other index movers, ICICI Bank was up 0.8% and Axis Bank was 0.5% higher. Reliance Industries was trading flat. Meanwhile, Mahindra & Mahindra, Tata Motors Passenger Vehicles, Sun Pharmaceutical Industries, and Larsen & Toubro declined 0.5-2%, limiting the gains.

In the Nifty 200 index, HDFC Asset Management Co. and Motilal Oswal gained 3% and 5%, respectively, while Siemens Energy India, Hitachi Energy, and Cummins India fell 3–4%. In the Nifty 500 index, shares of Crompton Greaves Consumer rose 6% to an intraday high of INR 264.30 after Motilal Oswal Financial Services initiated coverage on the stock with a 'buy' recommendation and a target price of INR 350. PTC Industries was down more than 5% and was the worst hit in the 500-stock index.

Among other stocks, shares of Voltas rose 1.5% after brokerage BofA Securities double upgraded the stock to 'buy' from 'underperform'. The brokerage also raised its target price for the stock by 24% to INR 1,555, indicating a potential upside of around 13% from Wednesday's close, CNBC-TV18 reported citing the brokerage. 

Small-cap indices fared worse than other market indices. The Nifty Midcap 150 was able to recover some losses and was 0.1% lower while the Nifty Smallcap 250 index declined 0.4%. Among its constituents, Affle 3i, Aditya Birla Lifestyle Brands, and Asahi India Glass were the hardest hit and declined 1-2%.  (Eshitva Prakash)

Equity Alert: Automobile cos fall Thu; Nifty Auto down for fourth session

MUMBAI--1130 IST--Shares of automobile companies fell on Thursday. The Nifty Auto index was down nearly 2%, hitting a one-month low of 27,013.75 points. The sectoral index was down for the fourth straight session and shed almost 3% during this period.

Bajaj Auto fell almost 2% to a one-month low of INR 8,735. The stock was down for the second straight session. At 1104 IST, shares of the company traded over 1% lower at INR 8,798 on the National Stock Exchange. Nearly 120,000 shares of the company changed hands on the NSE, higher than over 42,000 shares traded till the same time Wednesday. Of the 26 brokerage recommendations available with Informist on the company, 16 have a 'buy' recommendation with an average target price of INR 9,763. Eight have a 'hold' recommendation and the remaining two have a 'sell' recommendation on the stock.  

Eicher Motors fell nearly 2% to a low of INR 7,013.5. At 1102 IST, shares of the company traded nearly 1% lower at INR 7,071 on the NSE. Over 120,000 shares of the company changed hands on the NSE, lower than over 167,000 shares traded till the same time Wednesday. Of the 22 brokerage recommendations available with Informist on the company, 12 have a 'buy' recommendation with an average target price of INR 6,677. Six have a 'hold' recommendation and the remaining four have a 'sell' recommendation.

Mahindra & Mahindra was down 2% at a one-month low of INR 3,540.1. The stock was down for the second straight session, and shed over 2% during this period. At 1059 IST, shares of the company traded over 1% lower at INR 3,565.90 on the NSE. Over 800,000 shares of the company changed hands on the NSE, higher than nearly 287,000 shares traded till the same time Wednesday. All the 21 brokerage recommendations available with Informist on the company have a 'buy' recommendation with an average target price of INR 3,816.

Tata Motors Passenger Vehicles fell to a six-month low of INR 337.70. At 1057 IST, shares of the company traded nearly 2% lower at INR 340.70 on the NSE. Over 7 million shares of the company changed hands on the NSE, higher than over 2 million shares traded till the same time Wednesday. Of the 17 brokerage recommendations available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR 788. Six have a 'sell' recommendation with an average target price of INR 490 and the remaining four have a 'hold' recommendation on the stock.  (Arundathi A R)

Equity Alert: Voltas rises 2% after BofA double upgrades stock to buy

MUMBAI--1055 IST--Shares of Voltas rose around 2% to an intrday high of INR 1,404.50 after brokerage firm BofA Securities double upgraded the stock to 'buy' from 'underperform'. The brokerage also raised its target price for the stock by 24% to INR 1,555, indicating a potential upside of around 13% from Wednesday's close, CNBC TV18 reported citing the brokerage. 

BofA Securities expects Voltas to benefit the most among consumer durable stocks in the near term from a likely normal summer in 2026, as around 70% of its revenue comes from summer-linked products. It also expects the company to benefit from pent-up demand, low base, and cost tailwinds. It forecasts a sharp earnings rebound of 44% compound annual growth rate over 2025-26 (Apr-Mar) and FY28, on a low base. 

However, the brokerage expects the December quarter to be subdued for the company due to seasonality, with weakness largely priced in. Voltas shares have corrected 23% over the past year, primarily due to weak demand following an unusually mild summer, heightened competitive intensity and elevated channel inventory levels, the report said citing the brokerage. These factors weighed on the company's volumes and margins, resulting in earnings downgrades of 44% and 25% for FY26 and FY27, respectively, the report said. 

At 1049 IST, the stock was up 1.4% at INR 1,400.20 on the National Stock Exchange. So far in the day, 228,385 shares of the company changed hands on the NSE, compared with 142,873 shares traded till the same time Wednesday. Of the 16 research reports on the company available with Informist, eight have a 'buy' or equivalent recommendation on the stock with an average target price of INR 1,464. Of the remaining eight, six have a 'hold' or equivalent call on the stock with an average target price of INR 1,424 and two have a 'sell' or equivalent recommendation. (Arya S. Biju)

Equity Alert: JP Morgan, BofA initiate coverage on Tata Motors 

MUMBAI--1021 IST--Two global brokerages, JP Morgan and Bank of America, have initiated coverage on Tata Motors with a bullish view. JP Morgan has an 'overweight' recommendation and Bank of America has a 'buy' recommendation with the same target price of INR 475 on shares of the commercial vehicle entity of Tata Motors.

Shares of the company rose over 4% to a one-month high of INR 403.50. At 1019 IST, shares of Tata Motors were over 2% higher on NSE at INR 395.75. Nearly 4.8 million shares of the company changed hands, slightly lower than 4.9 million shares traded till the same time Wednesday.     

The company is well positioned, given its disciplined local business and expectations of a modest recovery in the Indian commercial vehicle industry after three years of muted growth, JP Morgan was cited as saying by NDTV Profit. The brokerage estimated Tata Motors' earnings before interest, tax, depreciation, and amortisation to grow at a compounded annual rate of 13% over 2025-26 (Apr-Mar) to FY28. The EBIT is pegged to grow at a compounded annual rate of 16% during the same period. In particular, the acquisition of Italy-based Iveco could be value accretive for the company, JP Morgan said. 

Bank of America expects the company to see a recovery in its domestic and European businesses and estimated a compounded annual growth of 15% in its EBITDA for FY26-FY28. The brokerage also forecast steady market gains for Tata Motors supported by margin discipline, lower regulatory risk and a return on capital employed rate of 35%.  (Adhithya Aji)

Equity Alert: Mkts flat as some heavyweights, pvt bks gain; auto cos stay dn

MUMBAI--1032 IST--Indices were flat and off their intraday lows, owing to a rise in shares of private banks and some heavyweights. Information technology companies traded in the green but were off their intraday highs, while traders continued to sell automobile stocks.

At 1014 IST, the Nifty 50 was close to its immediate support level of 25750 points and was at 25791.15 points, down 27.40 points or 0.1%. The BSE Sensex was at 84461.27 points, down 98.38 points or 0.1%. Shares of Sun Pharmaceutical and Mahindra & Mahindra declined around 2% each and were a major drag on the 50-stock index. Shares of healthcare companies were mostly lower, with Dr. Reddy's and Apollo Hospitals in the red and Cipla giving up earlier gains to trade flat. A rise in Infosys and Axis Bank's shares limited losses.

The Nifty Auto index lost 1.6% and was the worst performing sectoral index. Among its constituents, UNO Minda, Samvardhana Motherson International, Hero Motocorp lost 2–3%. The Nifty IT index was off its intraday highs and rose 0.4%. Infosys, Wipro, and Tata Consultancy Services were up 0.4-1.0%. Shares of Tech Mahindra traded flat after rising earlier. 
 

Among index heavyweights, shares of Reliance Industries fell 0.4% while those of HDFC Bank recovered from an earlier fall. ICICI Bank traded 0.5% higher and Bharti Airtel traded in the green after falling earlier. These four stocks cumulatively hold almost 35% weightage in the Nifty 50 index. 

Asset management companies led gains in the Nifty 200 and the Nifty 500 index. Shares of NIPPON Life India Asset Management, HDFC Asset Management Co., UTI Asset Management Co., and Motilal Oswal Financial Services rose 2–5% after the board of the Securities and Exchange Board of India approved limiting brokerage paid by asset management companies to brokers and distributors.  (Eshitva Prakash)

Equity Alert: AMCs surge as expense ratio cut by SEBI lower than expected

MUMBAI--1030 IST--Shares of asset management companies rose sharply as the final reduction in mutual funds' expense ratio was lower than what was proposed by the Securities and Exchange Board of India in its consultation paper in October. The regulator excluded statutory levies from the total expense ratio and cut the limit by 10 basis points across most slabs based on assets under management, while the cut was proposed to be 15 bps in the October consultation paper.

"...this may be neutral for larger AMCs while it could be slightly positive for smaller AMCs considering lower scheme sizes," brokerage Prabhudas Lilladher said in a report. Post the expense ratio changes, shares of Canara Robeco AMC rose as much as 10% intraday and those of Nippon Life India AMC, HDFC AMC, and UTI AMC rose 5-7%. At 1018 IST, shares of the these companies were slightly off highs but still up 3-8%, with Canara Robeco as the top gainer.

Shares of these companies had fallen after the SEBI's consulation paper on expense ratios. The surge in Canara Robeco AMC's shares comes after the stock lost over 15% since the announcement of the October consulation paper. UTI AMC had also lost 15% during this period till Wednesday, while HDFC AMC had fallen 10% and Nippon Life had fallen over 4%.  (Anshul Choudhary)

Equity Alert: Indices open down on fall in auto, healthcare cos; AMCs gain

MUMBAI--0940 IST--Indices opened slightly lower Thursday due to selling pressure in automobile and select healthcare stocks in the early minutes of trade. Information technology companies rose and Wednesday's Nifty 50 leader Shriram Finance was able to make small gains. Asset management companies were the biggest gainers in the Nifty 200 and the Nifty 500 after the Securities and Exchange Board of India approved revising the limit on brokerage paid by asset management companies to brokers and distributors, which will now exclude statutory levies.

At 0938 IST, the Nifty 50 was at 25780.10 points, down 38.45 points or 0.2%. The BSE Sensex was at 84440.52 points, down 119.13 points or 0.1%. A fresh selloff was possible if the Nifty 50 breached the 25775 mark, leading to the index retesting 25700–25650 levels, Shrikant Chouhan, head equity research at Kotak Securities, said in a note Wednesday. Shares of automobile companies such as Mahindra & Mahindra, Bajaj Auto, Tata Motors Passenger Vehicles, and Hero Motocorp declined 1–2%. A marginal decline in index heavyweights HDFC Bank and ICICI Bank also weighed on the 50-stock index.

Sun Pharmaceutical Industries fell over 2% and was the worst hit stock in the Nifty 50. The company said that the US Food and Drug Administration gave a classification of 'official action indicated' after an inspection at the company's facility in Baska, Gujarat. Shares of healthcare companies Apollo Hospital and Dr. Reddy's Laboratories also traded in the red.

Information technology companies such as Infosys, Wipro, HCL Technologies, and Tata Consultancy Services rose around 1% each and were the top four stocks of the 50-stock index. The month of December has been generally good for IT stocks, according to Rupak De, senior technical analyst at LKP Securities. 

Shares of asset management companies such as NIPPON Life India Asset Management, HDFC Asset Management Co., UTI Asset Management Co., and Nuvama Wealth Management rose 4–6%. SEBI approved revising the limits on brokerage paid by asset management companies to brokers and distributors to prevent investors from being charged twice for research-related costs. The brokerage limit for cash market transactions has been reduced to 6 basis points from the existing 12 bps, which also used to include statutory levies. 

Barring the Nifty IT, which gained almost 1%, all other sectoral indices fell. The Nifty Auto and the Nifty Pharma fell 0.7–1.0%. Broader market indices were hit harder than their benchmark peers yet again, with the Nifty Smallcap 250 and the Nifty Midcap 150 indices declining 0.3–0.5%.  (Eshitva Prakash)

Equity Alert: Indices may open flat amid negative global cues, weak rupee

MUMBAI--0810 IST--Domestic headline indices are expected to open largely flat Thursday amid weak global cues and expectations that the domestic currency will remain under pressure despite the rebound it saw on Wednesday. The benchmark indices had been on a losing run for the past three sessions and lost 0.8-0.9% during this period. 

Overnight, all three major indices in the US fell, dragged down by artificial intelligence-related stocks. The tech-heavy Nasdaq Composite closed 1.8% lower, while the S&P 500 was down 1.2%, and the Dow Jones Industrial Average was down 0.5% ahead of the country's delayed inflation report set to be released later in the day. Economists surveyed by Dow Jones estimate the Consumer Price Index to rise 3.1% in the 12 months through November, after the October report was skipped due to the federal government shutdown.

Most Asian indices opened lower, tracking overnight losses on Wall Street. South Korea's Kospi and Japan's Nikkei 225 were down over 1% each in early trade. The two-day meeting of the Bank of Japan will start Thursday, with the central bank widely expected to increase its key interest rates by 25 basis points to 0.75% Friday. Now, investors will focus on Governor Kazuo Ueda's press conference for guidance on the pace and limits of further policy normalisation by the apex bank. Market participants also await an address by US President Donald Trump.

The GIFT Nifty contracts suggest the Nifty 50 may open largely flat or with minor gains. At 0803 IST, the December contract of the GIFT Nifty was trading at 25889 points, over 70 points above the Nifty 50's close on Wednesday. The Nifty 50 ended at 25818.55 points on Wednesday, down 0.2%.

On Wednesday, the rupee appreciated against the dollar, after four straight sessions of record closing lows, as banks aggressively sold dollars on behalf of the Reserve Bank of India. However, the Indian unit is widely expected to remain under pressure until any progress in the India-US trade deal. (Arya S. Biju)

Equity Alert: Asian indices open down on sell-off in AI stocks on Wall Street

MUMBAI--0805 IST--Asian indices opened lower, taking cues from the sell-off in technology stocks on the Wall Street. Market participants looked forward to the speech by US President Donald Trump, in which he is expected to speak about his accomplishments in his 11 months in office. The two-day monetary policy meeting of the Bank of Japan will commence Thursday where the central bank expected to raise interest rates to 0.75%, its highest level in 30 years. 

Japan's Nikkei 225 was down 1.14% and South Korea's KOSPI fell 1.15%. Hong Kong's Hang Seng Index fell 0.14% and the mainland CSI 300 was down 0.28%. Shares of Chinese chipmaker MetaX Integrated Circuits fell 7% after gaining nearly 700% in their market debut in the Shanghai Stock Exchange. The company raised nearly $600 million in its initial public offering, CNBC reported.    

Australia's SP/ASX 200 Index declined 0.25%. Shares of Australian energy giant Woodside fell 1.84% after the company announced that its Chief Executive Officer and Managing Director Meg O'Neill had resigned and accepted the role of CEO at British oil and gas major BP, CNBC reported. 

Following were the levels of key Asian indices at 0738 IST:

(Adhithya Aji)

Equity Alert: US indices end lower as AI stocks weigh, S&P 500 falls over 1%

MUMBAI--0735 IST--US indices ended lower Wednesday with the S&P 500 continuing its losing streak for the fourth session. The artificial intelligence stocks were the major drag on the indices after media reports said that the tech major Oracle lost its primary investor out of one of its data centre projects. The tech-heavy indices such as the S&P 500 and the Nasdaq Composite ended 1.16% and 1.18% lower, respectively.

Oracle's shares fell 5.4% after its largest data centre partner Blue Owl Capital backed out of the $10 billion deal for its next facility because the former faces increased concern about its rising debt and artificial intelligence spending, Financial Times reported, citing sources. However, Orcale has denied the report and said it is moving forward with the project. Other technology stocks, such as chipmaker Broadcom and the heavyweight stock Nvidia lost 4% each, CNBC reported.

Shares of Oracle and Broadcom incurred sizeable losses in December, a month that has seen investors move into value-oriented areas of the market such as financials. The stock of Oracle has declined more than 11% and Broadcom declined around 19% over the month, CNBC reported. 

Shares of the semiconductor company Advanced Micro Devices lost more than 5% and Google's parent company Alphabet lost over 3%. The Dow Jones Industrial Average posted its losing streak for the fourth consecutive session, down 0.5%. The S&P 500 and the Dow Jones Industrial Average ended lower Tuesday after the Bureau of Labor Statistics released its November jobs report, which showed that the unemployment rate rose to a four-year high 4.6%, raising concern about the US economy, as per the CNBC report.  

Following are the closing levels of US indices Wednesday:

(Adhithya Aji)

US$1 = INR 90.06

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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