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Informist, Tuesday, Dec. 23, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Views divided on mkt direction Wed; record highs still on cards

MUMBAI--1623 IST--Analysts were divided on the market direction for Wednesday, with some expecting a sideways movement, while most expect it to rise. Analysts, however, are unanimous in their opinion that these indices will reach record-high territories in the near term, with one analyst expecting a record high in the ongoing holiday-truncated week itself.   

On Tuesday, the Nifty 50 ended flat at 26177.15 points. The 50-stock index rose to over 26200 points for a brief period owing to some short-covering in futures and options contracts, according to Rupak De, senior technical analyst at LKP Securities. After the muted session on Tuesday, analyst expects the Nifty 50 to face resistance around 26310 points, crossing which, the index may continue to move up to 26500–26700 points in the near term. 

"The underlying trend of Nifty remains positive," Nagaraj Shetti, senior technical research analyst at HDFC Securities, said in a note. "The market is expected to resume its uptrend after 1 or 2 sessions of consolidation movement or range-bound action." 

Information technology and metal stocks still look strong on technical charts, according to analysts. Moreover, the public sector banks and enterprises are showing a "smart recovery" in the absence of foreign portfolio investment sellers and strong demand from domestic retail investors, according to Rupak De. The Nifty PSU Bank index has risen 1.7% in the last seven days and has been up for four consecutive sessions. 

Analysts are focussing on the trajectory of the rupee, which has been volatile recently, and the uncertainty around global trade negotiations. Key global economic data such as the US October advance report on durable goods and advance GDP figures due later in the day are also being monitored.  (Eshitva Prakash)

Equity Alert: Indices end flat as IT cos, heavyweights drag; energy stocks up

MUMBAI--1540 IST--Benchmark indices closed flat Tuesday after a range-bound session. A decline in shares of some index heavyweights, information technology, and healthcare stocks was countered by a rise in energy and fast-moving consumer goods companies. Over 56% of the total stocks on the National Stock Exchange advanced. 

The Nifty 50 settled at 26177.15 points, up 4.75 points. The Nifty 50 moved in a range of 26119.05 to 26233.55. The BSE Sensex closed at 85524.84 points, down 42.64 points. Coal India was the biggest gainer among Nifty 50 companies and ended nearly 4% higher. The company's arm, Bharat Coking Coal, plans an initial public offering of INR 13 billion soon, according to media reports. Other energy companies such as NTPC, Oil and Natural Gas Corp., and Power Grid Corp. of India closed 0.5–0.8% higher, but were off their intraday highs. Shriram Finance rose for the fifth straight session and ended around 2.5% higher. The stock has risen 13% in the last seven days.

Meanwhile, information technology companies such as Tata Consultancy Services, Tech Mahindra, Wipro, and Infosys fell 0.5–1.3%. The stocks were down after a several-session rally, which was hindered by profit booking, according to analysts. The Nifty IT index closed almost 1% lower after rising for four consecutive sessions. Healthcare-related stocks such as Sun Pharmaceutical Industries, Cipla, and Max Healthcare Institute closed 0.2-1% lower.  

A 0.4% fall in ICICI Bank and an over 1% decline in Bharti Airtel was a major drag on the Nifty 50. Among other index heavyweights, however, HDFC Bank closed almost 1% higher, supporting the 50-stock index. Gains in shares of fast-moving consumer goods companies such as Hindustan Unilever and ITC, and a rise in Kotak Mahindra Bank also supported.

Shares of most railway companies traded higher for the second session after Indian Railways over the weekend announced a new fare structure effective from Friday. Shares of Indian Railway Finance Corp. and Rail Vikas Nigam closed almost 3–4% higher. Jupiter Wagons, IRCON International, and RailTel Corp. of India were among the top gainers in the Nifty 500, up 5–8%. 

Among other stocks, Cholamandalam Investment and Finance Co. ended almost 6% higher after it termed the allegations of corporate misgovernance against the company as malicious and baseless "with ulterior motives." Investigative news agency Cobrapost, in a blog post late Monday, highlighted a "worrying pattern" of large-value cash transactions and related-party transactions between the listed non-banking finance company, its subsidiaries and the parent Murugappa Group. 

The Nifty Media index was the best performing among other sectoral indices and ended almost 1% higher, followed by the Nifty Metal index. Meanwhile, the Nifty PSU Bank and the Nifty IT index ended 0.3% and 1% down, respectively. Smallcap indices outperformed their benchmark peers, and outpaced the rise in midcap indices in the broader market. The Nifty Smallcap 250 index closed 0.4% higher, while the Nifty Midcap 150 index was slightly up.  (Eshitva Prakash)

Equity Alert: Consumer Durables Q3 demand stayed weak despite GST cut-Emkay 

MUMBAI--1525 IST--Demand for consumer durable products in the December quarter remained weak despite the cuts in goods and services tax rates, Emkay Global Financial Services said in a report after hosting a consumer durables sector expert. Sales of room air conditioners are expected to have fallen in the December quarter as well despite the rate cuts, as per the report. The brokerage noted that the bulk of the investor mindshare after the GST cuts was taken up by the automotive industry. As a result, not enough attention was paid to whether other sectors were seeing any benefits.

The expert the brokerage hosted was hopeful that demand in the consumer durables sector would benefit from the GST cuts over the next few quarters, as per its report. Demand in the sector throughout 2025 has been weak, barring an uptick in Jan-Mar. The expert estimated that the room air-conditioner industry had declined 10% in 2025, but expects it to rebound strongly with around 20% growth in 2026, supported by a low base, according to the report.

Washing machines, though, are witnessing accelerated demand growth of around 10% on year in the financial year 2025-26 (Apr-Mar), compared with 6% and 5%, respectively, in FY25 and FY24. The growth is driven by the lack of accessibility of domestic help in the northern and eastern parts of the country, the brokerage said in its report. Demand for refrigerators remains subdued and needs product innovation for revival with features that can be demonstrated on the shop floor to influence consumers, it said. The expert saw room for new players to emerge and act as catalysts for renewed innovation and competitive intensity in the industry.

Air-conditioner brands are building inventory as they head towards the end of the December quarter, ahead of the star rating transition by the Bureau of Energy Efficiency, with brands permitted to sell the current inventory till June. Despite the impending transition and inflation of raw material prices, the expert did not expect any meaningful hike in prices as brands focus on pushing volumes. LG India's entry into the fixed-speed air-conditioner market through its "Essential" series back in October marked a strategic shift for the company to address the lower end of the market. The primary goal of the launch was to capture around 30% of the entry-level segment, which the company has ignored in the past. "The company has introduced 1.5-ton window AC and 1.5-ton split AC models under this series and expects to sell around 0.5–0.6mn (million) units cumulatively," according to the report.

As input costs move higher because of rupee depreciation and rising commodity prices, efficient players with tight cost discipline are likely to perform better, the brokerage said. Secondary sales expense in the room air-conditoner segment accounts for about 8-10% of sales, highlighting the importance of disciplined spend management, it said. "Companies with efficient operating structures, particularly in marketing and logistics, are likely to outperform," it added.  (Akshat Saksena)

Equity Alert: ICICI Sec ups Akums Drugs' target price by 6%, retains 'buy'

MUMBAI--1500 IST--ICICI Securities raised the target price of Akums Drugs and Pharmaceuticals by over 6% to INR 600 from its previous target price and retained its 'buy' recommendation on the stock. The revised target price is an upside of over 32% from the current market price of INR 453.40. The brokerage expects the company's contract development and manufacturing organisation vertical to grow in single digits in the second half of 2025-26 (Apr-Mar).

ICICI Securities sees the pressure on the company's CDMO segment growth to reverse as the active pharmaceutical ingredient prices are now stabilising. According to the brokerages' analysis, prices of 30 APIs in the domestic market indicate that the prices of 15 APIs among them have either remained flat or improved, while the fall in prices of a few are also not very significant.

The recent export contracts for Zambia and Europe, expected to have $25 million revenue from FY27 and 35-million-euro (INR 3.69 billion) revenue from FY28, are expected to boost margins and ensure the company's revenue growth at around 14% to FY28 from FY26. The brokerage raised the company's FY27 and FY28 earnings per share by around 4% and 20%, respectively. "Driven by better traction in base CDMO (contract development and manufacturing organisation) business and new export orders, its CDMO business is likely to grow at 11.8% CAGR (compound annual growth rate) over FY25-28E with EBITDA (earnings before interest, tax, depreciation, and amortisation) margin of around 13.6% in FY28E," the brokerage said in its report.

At 1457 IST, shares of the company traded over 2% higher at INR 453.40 on the National Stock Exchange. Over 3.7 million shares of the company changed hands on the NSE so far the day, lower than over 7.5 million shares traded till the same time Monday. The stock was up for the fourth straight session and gained over 14% during this period. There is only one brokerage recommendation available with Informist on the stock, and it has a 'buy' recommendation with a target price of INR 565.  (Arundathi A R)

Equity Alert: Muted opening in Europe as consumer stocks weigh on indices

MUMBAI--1436 IST--European equity indices opened on a muted note as the rise in healthcare stocks was offset by a fall in consumer-facing stocks. The UK's FTSE 100 Index was up 0.1% and Germany's DAX Performance-Index was up 0.2%. The French CAC 40 was flat. 

Shares of pharmacuetical major Novo Nordisk rose 5.8% after the US Food and Drug Administration approved its weight loss pill, giving the company major competitive advantage in the increasingly lucrative weight management market, Reuters reported. Shares of healthcare companies rose 0.8%, outpeforming peers.

However, consumer discretionary shares took a hit with the stock of luxury goods company Richemont falling around 1%. Shares of energy companies fell 0.1% after rising for four sessions. Investors are waiting for the third quarter US GDP data later in the day. The numbers are expected to show that the US economy has continued to grow strongly, as per Reuters.

Following were the levels of major European indices at 1422 IST:

(Adhithya Aji)

Equity Alert: Railway cos extend gains for second day on passenger fare hike

MUMBAI--1420 IST--Shares of most railway companies traded higher for the second session after Indian Railways Sunday announced a new fare structure effective from Friday. The country's second-largest employer expects a gain of INR 6 billion in revenue for 2025-26 (Apr-Mar), according to All India Radio News.

Shares of Indian Railway Finance Corp. and Rail Vikas Nigam were up around 4% each and were among the top gainers in the Nifty 200. Jupiter Wagons, IRCON International, and RailTel Corp. of India were the top gainers in the Nifty 500, up 6-10%. Titagarh Rail Systems, Ramkrishna Forgings, BEML, Texmaco Rail & Engineering, and Container Corp. of India were up 1.2-3.5%. 

Under the rationalised fare structure, the Indian Railways has kept the fare for ordinary class journeys under 215 kilometres but increased the price for journeys beyond 215 km by 1 paisa per km. The railway has raised the fare by 2 paise per km for non-air-conditioned and AC class mail and express each. However, it also said that fares in suburbs and on monthly season tickets have not been increased. 

Indian Railways also said that the rail network and operations have expanded significantly over the last decade and it is increasing its workforce to support higher levels of operations and to improve safety. To meet the cost of a higher workforce, the company said it was focusing on higher cargo loading along with a small rationalisation of passenger fares, according to All India Radio News.

The passenger fares are likely to keep increasing as per Indian Railways plans, according to a post by CNBC-TV18 on X citing Harshit Kapadia, capital goods' analyst at Elara Securities (India). He believes Rail Vikas Nigam to emerge as the largest beneficiary of the capital expenditure plan for railways announced by the government. 

The actual capital expenditure of railways in the upcoming budget should be watched out for, he said, according to the post. The budget for railways is expected to increase to INR 3 trillion as per the government's vision, the post cited Kapadia. Railways are seeing a 97% cost-to-income ratio, the post said.  (Simran Rede)

Equity Alert: Most Asian indices up tracking Wall Street gains after AI rally

MUMBAI--1405 IST— Most of the Asian equity indices were trading higher, taking cues from overnight gains on Wall Street due to a rally in artificial intelligence-related stocks. Japan's Nikkei 225 ended marginally higher, extending gains for the third consecutive session. FTSE Singapore Strait Times rose 0.6% after openin 0.1% higher.

The inflation reading for Singapore released Tuesday showed that consumer-price growth was steady for November. The CPI rose 1.2% on year, unchanged from October, giving room for the central bank to keep its policy unchanged for now, Dow Jones reported. 

South Korea's KOSPI closed 0.3% higher. Shares of shipbuilding company Hanwha Ocean rose 12% in the index after US President Donald Trump said the company was going to work with the US Navy to build its new frigates, CNBC reported. The Hang Seng Index, which rose 0.2% at the open, fell in its last hour of trade due to losses in basic materials stocks. China's CSI 300 Index closed 0.2% higher, rising for the third consecutive session. 

Following were the levels of key Asian indices at 1355 IST:

(Adhithya Aji)

Equity Alert: Coforge off one-month low; co to mull fund-raising on Fri

MUMBAI--1320 IST--Coforge fell 7% to an over one-month low of INR 1,739.30. The fall came after the company said it would hold a board meeting on Friday to consider raising funds by issuing equity shares and other eligible securities. The company plans to issue securities through a qualified institutional placement, preferential issue or other methods. The stock has fallen over 4% in the last seven days and over 6% in the month so far. Despite the stock gaining nearly 7% in the last 90 days, it has fallen over 2% in the last 180 days and over 5% in the last 52 weeks. 

Apart from the board meeting, the company will also hold an analyst meeting on the same day, according to a report by CNBC-TV18. This marks the second fundraising planned by the company in the last 18 months, with the company having previously raised INR 22.40 billion by issuing shares through a QIP to acquire Cigniti Technologies, the report said. Coforge had issued these shares at a price of INR 4,600 each, but with the stock undergoing a stock split wherein one share of INR 10 was split into five shares of INR 2 each, the effective price of the QIP came down to INR 920.

Analysts expect the company to be raising money for capabilities in engineering services, data analytics services and service-now led revenue such as consulting, implementation, and support, according to the report. Analysts estimate the company might also be looking at the geographies of Midwest and Westcoast in the US along with New Zealand and the Asia-Pacific region. Analysts expect the company to focus on its healthcare and UK public sector verticals as well, the report said. 

The company is dedicated to achieving a revenue run rate of $2 billion over the next few quarters as it has negligible cash on its books, according to the report. The company has also assured at its last analyst meet that no further data centre investments were on the horizon. Concerns about further dilution of the stock, along with its weak cash conversion guidance in comparison to its peers, and whether it would be able to achieve its guidance of 70% free cash flow, are reasons for the stock being under pressure, the report said. 

At 1305 IST, shares of Coforge were down nearly 5% at INR 1,781.90 on the National Stock Exchange. Over 2.7 million shares of the company changed hands with the NSE so far during the day, sharply higher than over 500,000 shares traded till the same time Monday.

Of the 18 brokerage recommendations available with Informist on the company, 14 have a 'buy' recommendation with an average target price of INR 2,012. The remaining four brokerages have a 'hold' recommendation on the stock.  (Akshat Saksena)

Equity Alert: Mkts remain flat; railway stocks extend gains on fare hike news

MUMBAI--1315 IST--Indices remained flat as they moved in a range for the majority of the session so far. In the broader markets, small-cap companies were better off than mid-cap indices and their benchmark peers. Shares of railway companies surged for the second straight day after the Indian Railways announced rationalisation of passenger fares. 

At 1312 IST, the Nifty 50 was at 26187.50 points, up 15.10 points. The BSE Sensex was at 85570.83 points, up just 3.35 points. Adani Ports and Special Economic Zone, Bharti Airtel, and Infosys were the worst-hit Nifty 50 stocks and were down 0.7-1.4%. A 0.5% fall in ICICI Bank also deterred indices from rising higher. Meanwhile, Coal India, Shriram Finance, and Ultratech Cement traded 1.6–4.0% higher.

Major automobile companies mostly rose and shares of Tata Motors Passenger Vehicles, Hero Motocorp, Mahindra & Mahindra, and Eicher Motors were up 0.2-1.5%. However, Bajaj Auto and Maruti Suzuki India fell nearly 1% and 0.3%, respectively.

Shares of railway companies such as IRCON International, Rail Vikas Nigam, and Indian Railway Finance Corp. rose 4-10%, extending gains for the third straight day. Over the weekend, the Indian Railways announced fare hikes for long-distance travel of over 215 kilometres from Dec. 26. These fares will be 2 paise higher per km for mail or express non-AC and AC trains, and 1 paise higher per kilometre for ordinary class tickets.  (Eshitva Prakash)

Equity Alert: Nuvama ups Century Plyboards target price by 6%, retains 'buy' 

MUMBAI--1230 IST--Broking firm Nuvama Institutional Equities has raised its target price for Century Plyboards (India) by nearly 6% to INR 1,028 and maintained its 'buy' recommendation on the stock. The brokerage is rolling forward its price-to-earnings ratio of 40 at the earnings per share for the December quarter of 2027-28 (Apr-Mar), it said in a report.

Nuvama has a positive outlook on the stock as the company is confident of achieving INR 120 billion of revenue by FY31, targeting 18% of compounded annual growth. The company also said it could achieve INR 7 billion-INR 7.5 billion of revenue from its current gross block and needs further investment of INR 20 billion-INR 25 billion by FY29 to achieve the FY31 target. 

The brokerage sees the company's December quarter margins muted, in line with the September quarter, due to elevated raw material costs of both timber and resins along with industry-level overcapacity. The ramp-up of the company's Badvel unit has been strong with the medium-density fiberboard category achieving a blended utilisation of 56% from 70% with capacity doubling due to the new unit, the brokerage said in the report. Nuvama expects Century Plyboard's margins to improve significantly from the second half of FY27, as utilisation hits 90%. The company's particle board is expected to record earnings before interest, tax, depreciation, and amortisation breakeven by the December quarter of FY26.

At 1232 IST, shares of Century Plyboards were up nearly 1% at INR 832.20 on the National Stock Exchange. The stock is up for the third straight session and gained nearly 5% during this period. Over 107,000 shares of the company changed hands with the NSE so far the day, which is sharply higher than over 19,000 shares traded till the same time Monday.

Of the 12 brokerage recommendations available with Informist on the company, eight have a 'buy' recommendation with an average target price of INR 899. Three have a 'hold' recommendation and the remaining one has a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert: Indices remain range-bound; select IT cos partially recover

MUMBAI--1226 IST--Benchmark indices continued to move in a range in midday trade, with most index heavyweights declining. Energy companies remained higher, while a few information technology companies were able to recover from a fall earlier in the day.

At 1226 IST, the Nifty 50 was at 26183.80 points, up 11.40 points. The BSE Sensex was at 85524.31 points, down 43.17 points. Tata Motors Passenger Vehicles gained steadily and was up 2%. Shares of Ultratech Cement were off highs, but trading 1.5% higher. Coal India remained the top Nifty 50 constituent and was up almost 4%. Others in the energy sector such as Power Grid Corp., NTPC, and Oil and Natural Gas Corp. were over 1% higher. Meanwhile, shares of Wipro and Tata Consultancy Services traded close to their day's lows and were almost 1% lower each. HCL Technologies was able to find its way back into the green and traded 0.6% higher. 

Index heavyweights painted a mixed picture, with shares of HDFC Bank rising 0.6%, while those of ICICI Bank, Bharti Airtel, and Infosys declined 0.5–1.4%.   

The Nifty Media index was the best performing sectoral index and was up almost 1%. Among its constituents, Nazara Technologies rose nearly 8% and Prime Focus, Network18 Media & Investments, and Sun TV Network were up 3–9%.

Among others, Jupiter Wagons rose for the third consecutive session and was up over 13%. The stock has advanced over 13% after promoter Tatravagonka A.S. on Monday acquired 2.87 million shares for INR 1.35 billion at a price of INR 470 per share, a premium of nearly 81% to the previous closing price. Meanwhile, KSH International made its debut on the National Stock Exchange at a discount of 3.6% to the issue price. The stock is down nearly 8% after a little over 3 million shares of the company exchanged hands so far on the bourse.  (Eshitva Prakash)

Equity Alert: Coal India up for fifth session; co's arm plans INR 13-bln IPO

MUMBAI--1200 IST--Shares of Coal India were up for the fifth straight session, having gained 5% during this period. The stock rose nearly 4% to an intraday high of INR 400.75 Tuesday.

The company's arm, Bharat Coking Coal, plans an initial public offering of INR 13 billion soon. The issue is expected to be an offer for sale, with Coal India planning to dilute around 10% of its equity stake in Bharat Coking Coal. This translates into the sale of nearly 465.7 million equity shares, Mint reported. The entire IPO proceeds will go to Coal India and not to its arm, as no fresh shares are being issued and the stake sale is aimed at improving transparency and unlocking value through market participation, according to the news report.

At 1152 IST, shares of the company traded nearly 4% higher at INR 400.35 on the National Stock Exchange. Over 11 million shares of the company have changed hands on the NSE so far, higher than over 1 million shares traded till the same time Monday. Of the 13 brokerage recommendations available with Informist on the company, nine have a 'buy' recommendation on the stock with an average target price of INR 468. Three have a 'sell' recommendation while the remaining one has a 'hold' recommendation.  (Arundathi A R)

Equity Alert: Cholamandalam Investment rises 8% after 2 sessions of fall

MUMBAI--1143 IST--Cholamandalam Investment and Finance Co. rose 8% to an intraday high of INR 1,713.40 after falling for two consecutive sessions. The stock fell to its three-month low of INR 1,554.70 during the previous trading session. In Monday's session, over 5.78 million shares of the company exchanged hands on the National Stock Exchange, which was nearly 2.5 times higher than the volume of shares traded on the bourse on Friday and was the highest in nearly 5 months. At 1123 IST,  the stock was up over 7% at INR 1,700 on the National Stock Exchange. Over 5 million shares of the company traded on the bourse so far during the session.

The shares fell during the previous session after a report from Cobrapost, a non-profit news website and television production house, made several allegations against the company and the parent Murugappa group. The report alleged that more than INR 100 billion has been moved through related-party transactions, which have mostly benefited Murugappa Group entities, family members, and key management personnel of the company. Cobrrapost said Cholamandalam Investment and Finance has made cash deposits of around INR 250 billion across 14 banks over the past six years. Of the 14 banks, eight of them are private entities while the remaining are public sector banks, according to the report. Murugappa Management Services, a privately held promoter group company, was allegedly used as a special purpose vehicle to divert funds of INR 6.75 billion which was extracted from 17 group companies, according to the report. The boost in commissions to INR 9.42 billion between 2024 and 2025 for the company's insurance business raised concerns, as a substantial part of its revenues comes from financing vehicles and loans. The report questioned whether the company was bundling insurance with vehicle loans, which is a prohibited practice by regulatory agencies like the Insurance Regulatory and Development Authority of India. 

Cholamandalam Investment and Finance Co. in an exchange filing Tuesday denied these claims and labelled them as malicious and baseless. The company said it has complied with all regulations on reporting its related-party transactions and business practices in its financial statements. The company further said that its asset quality and liquidity position continue to be robust and that there is no revision in its guidance that was provided in the past. The company's cash and bank balances stood at INR 149 billion as of Nov. 30. On the large cash deposits, the company said it primarily caters to the needs of over 5 million small road transport operators and self-employed non-professionals across 1,700 branches in India. These borrowers earn and pay in cash which are collected and deposited in banks and the collection process is subject to internal and external scrutiny. This process is also covered by its internal systems and is subject to a statutory audit, the company said. For the issue of related-party transactions, the company said it was in compliance with legal and accounting requirements and that all such transactions have been disclosed in full and complete details provided in its financial statements, according to the filing. 

Apart from the company's remarks, analysts said the payments made by Cholamandalam Management Services to various group entities were standard industry practice and the amount was not excessive, according to a report from CNBC-TV18. Analysts also said that the INR 250 billion worth of cash deposits constitute less than 12% of Cholamandalam Investment and Finance Co.'s collections and should be seen as a positive because its cash collections constitute nearly 20-40% of the total collection, the report added.

The stock was down for five out of the past six sessions. It fell nearly 9% during this period. 

Of 20 brokerage reports on the company available with Informist, 11 have a 'buy' recommendation on the stock with an average target price of INR 1,733, six have a 'hold' recommendation and three have a 'sell' recommendation.  (Akshat Saksena)

Equity Alert: Orient Cement up 9%, ACC down after Ambuja Cements OKs merger

MUMBAI--1140 IST--Shares of Orient Cement rose over 9% to INR 179, their highest in over a month, after brokerages said that the merger swap ratio announced for ACC and Orient Cement, as part of their merger with Ambuja Cements was positive for its shareholders. Meanwhile, shares of ACC fell over 2% soon after opening to INR 1,746, their lowest price in over two years as the merger swap ratio was seen as neutral for the company. Shares of Ambuja Cements rose over 4% to an over one-month high of INR 563.5.

Ambuja Cements's board Monday approved the schemes of amalgamation of ACC and Orient Cement with itself, paving the way for the creation of a large single cement entity under the Adani group. The company also announced it would issue 328 equity shares to shareholders of ACC for every 100 shares held and 33 equity shares to Orient Cement's shareholders for every 100 shares held, as part of the merger scheme. This merger swap ratio was at a minor discount to ACC's closing level on Monday, while it was at 9% premium to Orient Cement's closing level. On Monday, shares of ACC closed nearly 2% higher at INR 1,782.50 on the NSE, and those of Orient Cement ended up 1% at INR 163.52.

At 1127 IST, shares of Orient Cement and Ambuja Cements was up around 5% and 2%, respectively, while those of ACC were down around 1%. Though the deal appears to be neutral for ACC, it is positive for Ambuja Cement's shareholders, as ACC trades at a steep discount to Ambuja Cement, brokerage Motilal Oswal Financial Services said in a report. 

The merged entity will deliver operational synergistic benefits by optimising logistics networks, strengthening balance sheet, and facilitating efficient capital allocation, Emkay Global said, citing the management of Ambuja Cement. The company had guided for cost savings of at least INR 100 per tonne in the near-to-medium term post the marger. This initiative also aligns with Ambuja Cement's strategic plan of increase its cement production capacity to 155 million tonnes per annum by 2027-28 (Apr-Mar).  (Arya S. Biju)

Equity Alert: Indices move in range; IT, select heavyweights weigh on mkts

MUMBAI--1120 IST--Indices moved in a range in early trade, weighed down by declines in shares of select index heavyweights and information technology companies. Metal companies, which have been up for most of the session, were off their intraday highs. Fast moving consumer goods companies and energy companies prevented indices from sliding further.

At 1114 IST, the Nifty 50 was at 26191.55 points, up 19.15 points. The 50-stock index has been moving in a below 100-point range throughout the session, from a high of 26206.55 points to a low of 26119.05 points. The BSE Sensex was at 85575.09 points, up 7.61 points. Energy companies such as Coal India, Power Grid Corp. of India, and NTPC continued to edge higher. Several fast-moving consumer goods companies such as Tata Consumer Products, Hindustan Unilever, and ITC were up after dipping lower at the session's start. Information technology companies such as Infosys, Wipro, and Tech Mahindra were off their intraday lows. Shares of Shriram Finance rose over 1% and were higher for the fifth straight session.

Index heavyweight ICICI Bank fell 0.6% and Bharti Airtel declined 1%. These stocks, along with Infosys, were a major drag on the market.

Among other stocks, Cholamandalam Investment and Finance Co. rose more than 7% after the company called the allegations of corporate misgoverance against it as malicious and baseless "with ulterior motives". Investigative news agency Cobrapost in a blog post late Monday highlighted a "worrying pattern" of large-value cash transactions and related-party transactions between the listed non-banking finance company, its subsidiaries and the parent Murugappa Group. The stock had fallen over 5% in the past two sessions.  

A majority of sectoral indices were up, with the Nifty Media, Nifty Media, and the Nifty Energy index rising around 0.7-1.0%. However, the Nifty Auto and the Nifty IT index declined 0.1% and around 1%, respectively.

In the broader market, the Nifty Smallcap 250 index and the Nifty Smallcap 100 index rose 0.3% each. Meanwhile, the Nifty midcap 150 index was flat, with shares of Balkrishna Industries, ACC, Ajanta Pharma around 1% lower each.  (Eshitva Prakash)

Equity Alert: Indices turn flat; tech stocks off lows, energy cos gain

MUMBAI--1021 IST--Benchmark indices turned flat after moving lower in early trade on the back of gains in financial services, banks, and energy companies. Information technology stocks continued to trade lower, but were off their intraday lows. A fall in select index heavyweights prevented indices from rising further. Small-cap indices performed slightly better than their benchmark peers and other broader market indices.  

At 1015 IST, the Nifty 50 was at 26183.30 points, up 10.90 points. The BSE Sensex was at 85564.69 points, lower by 2.79 points, as compared to Monday's closing level. Information technology companies continued to trade lower and except Mphasis all other constituents of the Nifty IT index traded in the red. Shares of Coforge fell over 4% and those of Persistent Sytems, and Orcale Financial Services Software were 1% lower each. An almost 2% fall in technology major Infosys was a major drag on the market. Shares of Wipro and HCL technologies were 0.3% lower each, but off their intraday lows when they had fallen 1%.

Coal India, Oil and Natural Gas Corp., and Power Grid Corp. of India were up 1-3% and were among the top constituents of the Nifty 50 index. Shares of Reliance Industries were flat after falling in the first half-hour of trading. A 0.6% rise in shares of yet another index heavyweight, HDFC Bank, supported the Nifty 50. Financial services and bank stocks such as Bajaj Finance, Kotak Mahindra Bank, Shriram Finance, and SBI Life Insurance Co. were 0.4-0.7% higher. However, ICICI Bank and Bharti Airtel traded nearly 1% lower each, putting pressure on the Nifty 50.

Smallcap indices outperformed their benchmark peers and the Nifty Smallcap 250 index was 0.4% higher. Shares of Alok Industries, Akums Drugs and Pharmaceuticals, and Aarti Industries rose 3-8%. However, not all broader market indices could replicate these gains and the Nifty Midcap 150 index was flat.  

Among other stocks, Orient Cements rose nearly 6%. Brokerages Tuesday said that the merger swap ratio announced for ACC and Orient Cement, as part of their merger with Ambuja Cements, was neutral for ACC shareholders, but positive for shareholders of Orient Cement since the merger swap ratio was at a minor discount to ACC's closing level on Monday, while it was at 9% premium to Orient Cement's closing level.  (Eshitva Prakash)

Equity Alert: KSH Intl lists at INR 370, 3.6% discount to issue price

MUMBAI--1020 IST--Shares of KSH International fell as much as 8% on its listing day to a low of INR 354. The stock listed at INR 370 on the National Stock Exchange, a discount of 3.6% to the issue price of INR 384 per share.

Ahead of the initial public offering, the company had raised INR 2.13 billion from anchor investors by allotting 5.55 million shares at INR 384 per share. The initial public offer comprised a fresh issue of up to INR 4.20 billion and an offer for sale of up to INR 2.90 billion.

KSH International manufactures and exports magnet winding wires. The company's products are critical components in transformers, motors, alternators and generators. The company reported a net profit of INR 226.81 million for the June quarter on revenue of INR 5.59 billion.  (Arundathi A R)

Equity Alert: Motilal Oswal initiates coverage on FSN Comm with 'neutral'

MUMBAI--0956 IST--Motilal Oswal initiates coverage on FSN E-Commerce Ventures with a 'neutral' recommendation and a target price of INR 280, an upside of 11% to the current market price. The brokerage expects the company's consumer-facing brand Nykaa to be the beneficiary of India's shift from offline to online retail and from unorganised to organised formats, particularly in the beauty and personal care segment. "With a leading position in the online BPC market, the company is well-placed to scale up as the category matures", Motilal Oswal said. 

The brokerage expects the company to deliver a compound annual growth rate of 26% in the beauty and personal care gross merchandise value over 2024–25 (Apr-Mar) to FY30 and 22% over FY25 to FY37. This is likely to be driven by continued online adoption and a rising premium mix, according to the brokerage. The earnings before interest, tax, depreciation, and amortisation of the segment are estimated to post a compound annual growth rate of 35% over FY25 to FY30, supported by operating leverage and increasing contribution from owned brands under the house of Nykaa, Motilal Oswal said.

Nykaa's beauty and personal care segment, which contributes 90% of the company's revenue, is estimated to sustain a healthy customer addition of 25.2% for FY27 and 22.5% for FY28, Motilal Oswal said. The company recorded a customer addition of 18.1% in FY24 and 27.4% in FY25. The online beauty and personal care market is expected to grow two times faster than overall market of the segment, supported by rising internet penetration, digital influence, and formalisation of retail, according to the brokerage. 

The fashion business of the company is expected to post gross merchandise value compound annual growth rate of 20% over FY25 to FY37. The brokerage also estimates a gradual EBITDA margin expansion for the segment over the same period. Failure to continuously refresh assortments in a fast-evolving beauty landscape, demand slowdowns in discretionary consumption, escalation in customer acquisition costs, and slower-than-expected profitability in the fashion segment are key downside risks, according to Motilal Oswal. 

Tuesday, shares of the company fell after rising 4% for two consecutive sessions. At 0952 IST, shares of the company were tradin nearly 1% lower at INR 252.10 on NSE. Over 951,338 shares of the company changed hands, which is higher than 522,514 shares traded till the same timeiod Monday.  (Adhithya Aji)

Equity Alert: Indices slightly lower after flat open; IT cos, heavyweights dn

MUMBAI--0940 IST--Benchmark indices opened flat and moved slightly lower in the opening minutes of the trade Tuesday, after rising for two straight sessions. Information technology stocks that had risen in the previous few days were hit the hardest and select index heavyweights also fell. A rise in shares of energy and metal companies, however, limited further losses.

At 0934 IST, the Nifty was at 26143.50 points, down 28.90 points or 0.1%. The BSE Sensex was at 85410.03 points, down 157.45 or 0.2%. Shares of IT companies such as Infosys fell almost 2% and those of Tata Consultancy Services, Wipro, and HCL Technologies fell around 1% each. Healthcare-related stocks such as Sun Pharmaceutical Industries, Dr. Reddy's Laboratories, and Max Healthcare Institute traded in the red, while Cipla was slightly up. Meanwhile, Coal India rose the most among Nifty 50 companies and was up more than 2%. Other energy companies such as Oil and Natural Gas Corp. and Power Grid Corp. of India rose around 1% each.

A rise in shares of Nifty heavyweight HDFC Bank limited the losses. However, shares of ICICI Bank fell 0.6% and were a drag on the 50-stock index. Reliance Industries also traded lower.

Shares of metal companies such as Tata Steel and JSW Steel traded in the green, while among the small companies, Hindustan Copper, NMDC, and Welspun Corp. rose 1–2%. The Nifty Metal index rose for the fifth straight session and was up 0.6%, while the Nifty IT index, which had risen for the previous four sessions, slumped over 1%. The Nifty Energy index was 0.5% higher.

Among other stocks, Ambuja Cements rose 2% after the company's board approved the scheme of amalgamation of ACC and Orient Cement with itself, which paves way for the creation of a large single cement entity under the Adani group. "We believe that the merger will simplify the corporate structure and would help Ambuja in optimising overall cost structure," ICICI Securities said. While this will result in around 10% earnings per share dilution for Ambuja Cements, the company is well positioned in terms of growing better-than-industry and continuous focus on operational efficiencies, the brokerage said.  (Eshitva Prakash)

Equity Alert: Merger swap ratio neutral for ACC, positive for Orient Cement

MUMBAI--0850 IST--Brokerages said Tuesday that the merger swap ratio announced for ACC and Orient Cement, as part of their merger with Ambuja Cements, was neutral for ACC shareholders, but positive for shareholders of Orient Cement. Brokerages said in their reports that the merger swap ratio was at a minor discount to ACC's closing level on Monday, while it was at 9% premium to Orient Cement's closing level.

Ambuja Cements announced Monday that it will issue 328 equity shares to ACC shareholders for every 100 shares held as part of the merger scheme. Further, Ambuja Cements will issue 33 equity shares to Orient Cement's shareholders for every 100 shares held. On Monday, shares of ACC closed nearly 2% higher at INR 1,782.50 on the NSE, and those of Orient Cement ended up 1% at INR 163.52.

Brokerages were largely positive around the merger plans of Ambuja Cements. Post the announcement, Motilal Oswal Financial Services maintained its 'buy' recommendation on the stock with a target price at INR 750. Emkay Global Financial Services retained its 'add' recommendation on the stock and a target price of INR 650. On Monday, shares of Ambuja Cements had closed marginally higher at INR 539.95.

"Though the deal appears to be neutral for ACC, we believe that it is positive for ACEM (Ambuja Cements) shareholders, as ACC trades at a steep discount to ACEM," brokerage Motilal Oswal said. "This deal also removes the uncertainties about the merger timelines (subject to regulatory approvals) and would help to create a single pure-play cement entity for the Adani group."  (Anshul Choudhary)

Equity Alert: Indices seen opening higher on positive global, domestic cues

MUMBAI--0814 IST--Benchmark equity indices are expected to open higher Tuesday, extending their gains for the third straight session after losing almost 1% in the four sessions before that. While uncertainty over the long-awaited India-US trade deal timeline remains an overhang, the slight recovery in the domestic currency against the dollar in the past few sessions and positive global cues are seen supporting the market, analysts said.

The GIFT Nifty contracts suggest the Nifty 50 may open slightly higher. At 0752 IST, the December contract of the GIFT Nifty was at 26265 points, around 93 points above the Nifty 50's close on Monday. The Nifty 50 ended 0.8% higher at 26172.40 points on Monday. Having closed above the 26150-points mark Monday, some technical analysts now expect the Nifty 50 to hit a fresh record high in the immediate near term. However, Tuesday's session is expected to remain volatile on the expiry of the weekly derivatives contract of the Nifty 50. 

After the slight recovery in the past three sessions, the domestic currency fell against the dollar Monday as banks persistently bought dollars on behalf of oil marketing companies. The Indian unit had appreciated nearly 2% against the dollar in the three sessions before Monday after hitting a fresh record low last week. Foreign portfolio investors turned net sellers of Indian equities Monday, after being net buyers for three days in a row. They sold stocks worth INR 4.57 billion Monday. Meanwhile, domestic investors continued to be net buyers and bought stocks worth INR 40.58 billion Monday. 

Overnight, major US indices closed higher buoyed a continued rebound in artificial intelligence-related stocks and a broad-based rise across most sectors. The S&P 500, Dow Jones Industrial Average, and the tech-heavy Nasdaq Composite closed 0.5-0.6% higher, exntending gains for the third day in a row. Most indices in Asia were also higher in early trade, tracking overnight gains in their Wall Street peers. Australia's S&P/ASX 200 led the gains in the Asian market, up over 1%.  (Arya S. Biju)

Equity Alert: Asian indices open higher tracking positive global cues

MUMBAI--0756 IST--Most Asian indices opened on a positive note Tuesday tracking the overnight gains on Wall Street, which was boosted by rise in technology stocks. Japan's Nikkei 225 was up 0.1% and the broad-based Topix was up 0.5%. Singapore's FTSE Singapore Strait Times was up 0.1% ahead of the release of the country's November inflation report. Economists expect the country's inflation rate to rise to the highest level in 2025, CNBC reported.

South Korea's KOSPI was up 0.5% and Australia's SP/ASX 200 Index was up 0.9%. China's CSI 300 Index was up 0.1% and Hong Kong's Hang Seng Index was up 0.2%. 

In the US, shares of Nvidia rose more than 1% following a Reuters report that the company plans to commence the shipping of H200 chips to China by mid-February. Other tech companies such as Micron Technology was up 4% and Oracle rose over 3%. The S&P 500 ended 0.6% higher, while the Nasdaq Composite and the Dow Jones Industrial Average ended 0.5% higher each.  

Following were the levels of key Asian indices at 0755 IST:

(Adhithya Aji)

Equity Alert: US indices end higher at start of holiday-shortened week

MUMBAI--0731 IST--US equity indices closed higher on Monday, supported by gains in artificial intelligence-related stocks. The indices rose for the third consecutive session at the start of the holiday-shortened week. The tech-heavy S&P 500 rose 0.6%. The Nasdaq Composite and Dow Jones Industrial Average were up 0.5% each.

Key artificial intelligence stock Nvidia rose over 1% after Reuters reported that the tech giant aimed to start shipping AI chips to China before the Lunar New Year holiday in mid-February. The company plans to fulfil initial orders from existing stock, with shipments expected to total 5,000 to 10,000 chip modules, which is equivalent to about 40,000 to 80,000 H200 AI chips, Reuters reported, citing sources. 

Micron Technology rose around 4%, while Oracle advanced more than 3%. Investors are watching to see whether AI stocks can retain their momentum heading into the year-end, especially when investors move into the cheaper sectors of the market due to concerns regarding higher valuations. The market is also doubtful whether a 'Santa Claus rally' will materialise, as the S&P 500 struggles to hold a key technical level, CNBC reported.

"From a market perspective, there's not a whole bunch of things that are going to move it, in my opinion, so everybody is, rightfully so, looking for the Santa Claus rally," Will McGough, deputy chief investment officer at Prime Capital Financial, was quoted as saying by CNBC. He is waiting to see at what level the market ends, especially with the S&P 500 nearing the 7,000 level, he added. So far, the index has risen about 17% in 2025, which is lower than the rise of 24% in 2023 and 23% in 2024, as per the CNBC report. 

The New York Stock Exchange will close early Wednesday on Christmas Eve and will be closed Thursday for Christmas.   

Following are the closing levels of US indices Monday:

(Adhithya Aji)

US$1 = INR 89.65

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

Edited by Tanima Banerjee

All prices from National Stock Exchange, unless otherwise specified.

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