Equity Alert
Hindustan Copper hits all-time high as copper prices surge
This story was originally published at 11:38 IST on 24 December 2025
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Equity Alert: Hindustan Copper hits all-time high as copper prices surge
MUMBAI--1130 IST--Shares Hindustan Copper rose nearly 6% to an all-time high of INR 432. The stock was up for the fifth consecutive session and gained over 17% during the period. The company gained after futures contracts of copper on the Multi Commodity Exchange of India rose to fresh all-time highs tracking the gains in prices of copper on the London Metal Exchange.
At 1053 IST, shares of Hindustan Copper were nearly 5% higher at INR 427.75. Nearly 22 million shares of the company were traded, which is more than two times higher than the number of shares traded till the same period Tuesday.
Copper prices on LME rose due to the weakening of dollar as it makes the dollar-denominated commodities appealing for holders of other currencies, leading to high demand. At 1059 IST, the December copper contract was up over 1% at INR 1,154.35 per kilogram after rising to an all-time high of INR 1,155.7 per kg. Copper prices also rose due to concerns about shortage of supply amid growing demand for the industrial metal.
The three brokerage reports available on the company with Informist have a 'buy' recommendation on the stock of Hindustan Copper. (Adhithya Aji)
Equity Alert: Indices off highs as pharma stocks, RIL decline more
MUMBAI--1120 IST--Benchmark indices were off highs owing to a fall in select index heavyweights and pharmaceutical companies. Information technology companies remained lower, while financial service companies gained steadily.
At 1115 IST, the Nifty 50 was at 26209.80 points, up 32.65 points or 0.1%. The BSE Sensex was at 85616.63 points, up 91.79 points or 0.1%. Shriram Finance, Bajaj Finance, and Coal India were up 1-2%, rising more than other Nifty 50 companies. Among healthcare stocks, Sun Pharmaceutical Industries and Dr. Reddys Laboratories fell 1% and 2%, respectively, and were a major drag on the 50-stock index. Shares of Cipla were flat. However, shares of hospital operators and health service providers such as Apollo Hospitals and Max Healthcare were among the best performing Nifty 50 stocks and were up 2% and 1%, respectively.
A 0.5?ll in Infosys and a 0.3?cline in Reliance Industries also restricted the market from rising more. Meanwhile, other index heavyweights such as ICICI Bank and Bharti Airtel traded with gains.
Several metal companies extended gains from the previous few sessions and the Nifty Metal index was up 0.5%, rising for the sixth straight session. Shares of copper miners such as Hindalco Industries and Vedanta were up almost 1% and 2%, respectively. Hindustan Copper was also up, rising nearly 5?ter futures contracts of copper on the Multi Commodity Exchange of India hit fresh all-time highs, tracking prices on the London Metal Exchange. Copper prices on the LME rose due to weakening of the dollar and concerns about supply tightness after China's top smelters agreed to zero treatment and refining charges for 2026.
Among other stocks, Jindal Steel was down 1?ter Nuvama Institutional Equities reduced the stock's target price by nearly 10% to INR 1,264 from INR 1,400, citing a fall in steel prices and higher cost of production, which are likely to weaken steel spreads. Meanwhile, Pine Labs was off its intraday highs but was still up 2?ter brokerage Jefferies initiated coverage on the stock with a 'buy' recommendation. (Eshitva Prakash)
Equity Alert: Pine Labs up 8?ter Jefferies initiates coverage with 'buy'
MUMBAI--1040 IST--Shares of Pine Labs rose nearly 8% to a high of INR 251.8 after broking firm Jefferies initiated coverage on the stock with a 'buy' recommendation. The brokerage has set a target price of INR 300 per share as the company is expanding its presence in online and international payments.
The company's strong network is expected to drive revenue at a compounded annual growth rate of 23% over 2024-25 (Apr-Mar) to FY28, CNBC-TV 18 reported, quoting Jefferies. The earnings before interest, tax, depreciation, and amortisation margin is seen rising to 27% by FY28 and the valuation of the company is likely to offer rerating potential, according to the CNBC-TV 18 report.
At 1032 IST, shares of the company traded over 5% higher at INR 246.26 on the National Stock Exchange. Nearly 4 million shares of the company changed hands on the NSE, higher than over 322,000 shares traded till the same time Tuesday.
There is only one brokerage recommendation available with Informist on the company with a target price of INR 225. (Arundathi A R)
Equity Alert: Nuvama cuts Jindal Steel's target price nearly 10%
MUMBAI--1017 IST--Nuvama Institutional Equities has a 'buy' recommendation on Jindal Steel's shares but reduced its target price by nearly 10% to INR 1,264 from INR 1,400. A fall in steel prices and higher cost of production are likely to weaken steel spreads. However, spreads are expected to bottom out in the December quarter with earnings before interest, tax, depreciation and amortisation per tonne of around INR 8,200 for Jindal Steel, the brokerage said in a report. This implies a sequential fall of around INR 1,800 per tonne.
To factor in lower steel prices, the brokerage has cut its EBITDA estimates on the company by 16% for FY26, and by 13% and 7% for FY27 and FY28, respectively. However, the EBITDA per tonne is expected to expand by around INR 3,500 to INR 4,000 over FY27 and FY28 from FY26 due to higher volumes and realisations along with a reduction in costs.
Blended steel realisation is expected to fall by around INR 2,000 per tonne on a quarterly basis in the December quarter due to oversupply in the domestic steel market. The company's EBITDA per tonne is expected to fall to INR 8,215 per tonne in the December quarter due to an increase in coking coal costs by $5 to $7 per tonne of steel and a rise in iron ore prices by around INR 500 per tonne of steel. However, an on-quarter rise of 12% in the company's volumes to 2.1 million tonnes is expected to restrict the sequential fall in EBITDA to INR 17.30 billion, down 8% for the December quarter.
Jindal Steel has increased its total steel capacity to 12.6 mtpa from 9.6 mtpa, operating at an average capacity utilization of 40-45%. An addition of another 3-million-tonnes-per-annum basic oxygen furnace is expected to be commissioned by the end of March, which will take the company's total capacity to 15.6 mtpa. Despite subdued demand, Jindal Steel will be able to meet the lower end of its volume guidance of 8.5 million tonnes to 9 million tonnes and achieve a compounded annual growth of 17% over FY25 to FY28, the brokerage said.
The company's EBITDA is expected to double by FY28 to INR 197 billion, implying compounded annual growth of 28% over FY25 to FY28. This is likely due to compounded annual growth of 17% in its volumes over the period and structural cost savings through its 100?ptive thermal coal plant as it is on the verge of commissioning its Utkal B1 of 5.5 mtpa and its 18 mtpa slurry pipeline by March along with its ramp up of 525 megawatts of the 1.05 gigawatt power plant. The growth in EBITDA over the period is also expected to be helped by a rise in steel prices, said Nuvama Institutional. (Akshat Saksena)
Equity Alert: Mkts remain up as fincl svcs cos gain; IT, pharma cos cap rise
MUMBAI--1015 IST--Benchmark indices remained marginally up on further gains in financial services stocks. A rise in select index heavyweights was also positive for the domestic indices. Meanwhile, a fall in major pharmaceutical companies and information technology stocks limited market gains. Several analysts had expected the Nifty 50 to consolidate for a couple of sessions after ending flat the previous day.
At 1014 IST, the Nifty 50 was at 26227.85 points, up 50.70 points, or 0.2%. The BSE Sensex was at 85670.50 points, up 145.66 points, or 0.2%. Financial services companies such as Bajaj Finance, Shriram Finance, and Jio Financial Services rose more and were 1-2.4% higher. Index heavyweights HDFC Bank and ICICI Bank were among the biggest supports for the 50-stock index, rising 0.1% and 0.3%, respectively. Other private banks, such as Axis Bank and Kotak Mahindra Bank, also traded in the green. Mahindra & Mahindra Financial Services was the best performing Nifty 200 stock and was up nearly 3%.
A decline in major pharmaceutical names limited a rise in indices, with shares of Dr. Reddy's Laboratories and Sun Pharmaceuticals Industries falling 1% and 2%, respectively. IT stocks remained lower and Infosys, Wipro, and Tech Mahindra were among the worst performing Nifty 50 stocks. The Nifty IT index was 0.2% lower and the Nifty Pharma and the Nifty FMCG index also declined.
The Nifty Media index was the best performing sectoral index, rising almost 1% with shares of Nazara Technologies and Prime Focus rising more than 3?ch. The Nifty Realty index was up 0.5%, with most of its constituents trading higher. (Eshitva Prakash)
Equity Alert: Coal India hits 7-mo high after co approves listing of two arms
MUMBAI--1014 IST--Shares of Coal India rose 3% to a seven-month high of INR 412.40 on Wednesday. The stock rose for the sixth consecutive session and gained 8% during this period. On Tuesday, the board of the company approved a plan to list its largest and second-largest coal-producing subsidiaries – Mahanadi Coalfields and South Eastern Coalfields.
At 1008 IST, shares of the company were up over 1% at INR 405.95. Over 9 million shares of the company were traded, higher than nearly 6 million shares traded till same time Tuesday.
Earlier, media reports had surfaced saying that Bharat Coking Coal Ltd., an arm of Coal India, was gearing up to launch its initial public offering of INR 13 billion. The issue was expected to be a pure offer for sale in which Coal India would offload 10% stake aggregating to 465.7 million shares, Mint reported.
Of 13 brokerage reports available on the company with Informist, nine have a 'buy' recommendation on the stock with an average target price of INR 468 and three have a 'sell' rating. One has a 'hold' rating. (Adhithya Aji)
Equity Alert: Motilal Oswal sees Hero MotoCorp volumes grow 6% over FY25-28
MUMBAI--1005 IST--Motilal Oswal Financial Services has reiterated its 'buy' recommendation on Hero MotoCorp with a target price of INR 6,782, indicating an over 18% upside from Tuesday's close. The brokerage expects the company's volume to grow at a compounded annual growth rate of around 6% over 2024-25 (Apr-Mar) and FY28, driven by new launches and a ramp-up in exports. The company will also benefit from a gradual recovery in rural demand, given strong brand equity in the economy and executive segments, the brokerage said in a report after its meeting with the company's management.
The company's revenue is expected to grow at a compounded annual growth rate of around 10% over FY26-FY28 and its earnings before interest, tax, depreciation, and amortisation is expected to grow around 12% over the same period, Motilal Oswal said. The brokerage also expects the company's profit after tax to grow at a compounded annual growth rate of around 13% over FY26-FY28.
"Demand for 2Ws (two-wheelers) has picked up well post-GST (goods and services tax) rate cuts, and it is expected to be sustained," the report said, citing the company's management. The demand has been broad-based, with healthy growth visible across all segments. The management expects demand in the entry-level segment to be sustained, given the positive rural sentiment, while recovering its lost share in the 125-cubic-centimetre engine capacity segment, aided by healthy feedback for its recent launches such as the Glamour upgrade and the Xtreme125R dual-channel ABS variant. Overall, the management has maintained its volume growth guidance of 8-10% for the two-wheeler industry in Oct-Mar. The company is also seeing a pick-up in its exports business and expects its market share to increase to 10% by March from around 8% currently.
After outperforming its peers over the last few months, Hero MotoCorp now aims to reach 9% retail market share in scooters by March. So far this year, the company's market share in the domestic scooter segment has improved 80 basis points on year to 5.9%. Similarly, it expects to grow its market share in electric vehicles to 14-15% by March-end from 12% so far this year. Further, with its recent price hike of 10% and expectations of receiving the production-linked incentive eligibility certificate in the March quarter, along with its aggressive cost reduction initiatives, the management aims to have a positive contribution to electric vehicles by the June quarter of the next fiscal. "It is likely to take about 15–18 months for the segment to become EBITDA-positive in EVs after that," the report said, citing the company.
The company's management also indicated that while it has fully passed on the GST rate cut benefit to consumers, it has taken this opportunity to reduce discounts on its products. The company has used this lever to increase its promotions across different brands. At 1000 IST, shares of Hero MotoCorp were 0.6% lower at INR 5,709 per share. (Arya S. Biju)
Equity Alert: Ajanta Pharma hits 5-month high after signing pact with Biocon
MUMBAI--1000 IST--Shares of Ajanta Pharma rose nearly 5% to a five-month high of INR 2,793.6, after it signed a pact with Biocon to market Semaglutide. This is the third time in the last four sessions that the stock was higher.
The company signed an in-licensing agreement with Biocon for Semaglutide, which is a GLP-1 (glucagon-like peptide-1) receptor agonist. Under the agreement, the biopharmaceutical company will supply Semaglutide to Ajanta Pharma for exclusive marketing in 23 countries and semi-exclusive marketing in three countries across Africa, West Asia, and Central Asia. Ajanta plans to commercialise the products after receiving regulatory approvals, which are expected in late 2026 or early 2027.
At 0942 IST, shares of the company traded almost 4% higher at INR 2,772.30 on the National Stock Exchange. Over 264,000 shares of the company changed hands on the NSE, higher than over 12,000 shares traded till the same time Tuesday.
All the 11 brokerage recommendations available with Informist on the company have a 'buy' recommendation on the stock with an average target price of INR 3,112. (Arundathi A R)
Equity Alert: Mkts tad up in early trade as fincl svcs, pvt sector bks rise
MUMBAI--0940 IST--The Nifty 50 was marginally higher, after falling into the negative territory in the opening minutes of trade. Information technology stocks extended their decline from the previous session, when investors had booked profits from a recent surge. Coal India continued to gain and was the best performing Nifty 50 constituent. Gains in select private sector banks and financial services stocks supported the 50-stock index. Equity markets will be shut Thursday due to the Christmas holiday.
At 0937 IST, the Nifty 50 was at 26220.15 points, up 43 points or 0.2%. Analysts expect 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 BSE Sensex was at 85661.31 points, up 136.47 points or 0.2%.
Financial services and bank stocks aided the Nifty 50 index with shares of Shriram Finance, Bajaj Finance, and Jio Financial Services rising 1–2%. Shares of HDFC Bank were up 0.2% and Axis Bank rose 0.6%.
Shares of Coal India were up more than 2% after the company's board gave its in-principle approval to the plan for listing its largest and second-largest coal-producing subsidiaries, Mahanadi Coalfields and South Eastern Coalfields, respectively. Other energy companies such as NTPC, Power Grid Corp. of India, and Oil and Natural Gas Corp. were also trading higher, extending gains from Tuesday. Premier Energies was among the best performing Nifty 200 stock and its shares rose nearly 3%.
Meanwhile, shares of IT companies such as Tata Consultancy Services, HCL Technologies, Tech Mahindra, and Wipro declined 0.2% to almost 1%. Among the Nifty 200 constituents, Coforge and Persistent Systems fell around 1?ch.
Among other stocks, Ajanta Pharma was up 4% after it announced a licensing agreement with Biocon for semaglutide, a GLP-1 (Glucagon-like peptide-1) receptor agonist. Under the agreement, Biocon will supply semaglutide to Ajanta Pharma for exclusive marketing in 23 countries and semi-exclusive marketing in three countries across Africa, West Asia and Central Asia. (Eshitva Prakash)
Equity Alert: Nuvama cuts Kajaria Ceramics' price aim on governance concerns
MUMBAI--0825 IST--Nuvama Wealth Management has cut the price-to-earnings multiple of Kajaria Ceramics due to concerns about governance after the chief financial officer of one of its subsidiaries siphoned INR 200 million. The brokerage now values Kajaria 20?low its 10-year average forward price-to-earnings multiple, cutting the one-year forward multiple to 28 times from 33 times earlier.
The lower target multiple led to a decline of 12% in Kajaria Ceramics' target price to INR 1,160 per share while the brokerage maintained its 'hold' recommendation on the stock. On Tuesday, shares of Kajaria Ceramics closed at INR 1,015.60 on NSE, down over 3%.
The company has been under scrutiny after Kajaria Bathware's CFO's fraud came to light last week. "...the quantum of the fraud shall not have any material impact on the financial statements. However, it does raise questions about the checks and balances in place," Nuvama Wealth said. "The company should initiate steps to have a robust internal control system."
The brokerage has not changed its earnings estimates considering the size of the fraud will not have material impact on financials. It expects the company's adjusted profit to rise over 85% in 2025-26 (Apr-Mar), and nearly 13% in FY27. Its revenue is likely to rise just over 4% in FY26 and nearly 8% in FY27, estimates showed.
The brokerage said the company's cost-cutting measures earlier this year, including unifying sales teams, cutting travel expenses, and optimising raw material costs, will aid earnings growth. "Amid a slowdown and volume pressures, Kajaria Ceramics continues to focus on market share gains," Nuvama said. (Anshul Choudhary)
Equity Alert: Asian indices open mixed ahead of Christmas Eve holiday
MUMBAI--0818 IST--Asian equity indices opened mixed, with several of them set to close early due to the Christmas Eve holiday. Japan's Nikkei 225 and South Korea's KOSPI rose 0.2?ch in early trade.
Japanese public broadcaster NHK said the country was set to issue about $190 billion in new government bonds to fund its fiscal 2026 budget, CNBC reported. Meanwhile, minutes of Bank of Japan's October meeting showed that policymakers debated the need to continue raising interest rates to levels deemed neutral to the economy with some arguing doing so would help achieve long-term, stable growth, Reuters reported.
Hong Kong's Hang Seng Index was up 0.3%, but China's CSI 300 Index was down 0.3%. The latter fell after rising for three straight sessions. Australia's S&P/ASX 200 Index was down 0.5%. The index snapped a four-day winning streak. Hong Kong and Australian markets are expected to close early.
Spot gold prices hit another record Wednesday, crossing $4,500 per ounce for the first time. The gold touched a series of all-time highs this year, soaring over 70% year to date, CNBC reported. US futures were trading near the flatline in early Asian hours. Overnight, Wall Street posted gains as artificial intelligence-related stocks continued the rally, as per the CNBC report.
Following were the levels of key Asian indices at 0743 IST:
|
Level |
Last |
Change in % |
| CSI 300 Index |
4610.63 |
(-)0.22 |
|
S&P/ ASX 200 INDEX |
8744.8 |
(-)0.58 |
|
FTSE Singapore Strait Times |
4631.66 |
(-)0.16 |
|
TOPIX FIRST SECTION |
3418.4 |
(-)0.14 |
|
SSE Composite Index |
3918.24 |
(-)0.04 |
|
KOSPI |
4126.08 |
0.21 |
|
Nikkei 225 Day |
50542.64 |
0.26 |
(Adhithya Aji)
Equity Alert: Nifty 50 may open tad up, sentiment weak amid mixed global cues
MUMBAI--0813 IST--The Nifty 50 index is expected to open slightly higher Wednesday after closing largely flat in the previous session. Sentiment, however, remains weak amid mixed global cues. Uncertainty around the India-US trade deal timeline, global trade negotiations and the trajectory of the rupee are expected to continue to impact market sentiment, analysts said.
On Wednesday, the Nifty 50 index is seen finding support at 26110 points and facing resistance at 26200-26250 levels, Anshul Jain, head of research at Lakshmishree Investment and Securities, said. He expects some profit booking during the session after its recent gains. The GIFT Nifty contracts suggest the Nifty 50 may open largely flat or with minor gains. At 0756 IST, the December contract of the GIFT Nifty was at 26235.50 points, over 58 points above the Nifty 50's close on Tuesday. The Nifty 50 ended at 26177.15 points on Tuesday, just 4.75 points above the previous close.
Overnight, major US indices closed higher, extending gains for the fourth straight session, as artificial intelligence-related stocks continued to outperform during a holiday-shortened week. Traders continue to bet on two interest rate cuts by the US Federal Reserve next year, even after the better-than-expected US GDP data.
The Commerce Department reported that the US economy grew at a 4.3% annualised rate in the third quarter, much better than the 3.2% estimated by a Dow Jones poll. Meanwhile, other economic data from the region painted a less rosy image of the economy as US consumer confidence weakened in December amid deepening anxiety over jobs and income. Factory production was unchanged in November after declining in October.
Asian indices opened largely mixed Wednesday as several indices are set to close early for Christmas Eve. Japan's Nikkei 225, was up 0.3%, while the Topix traded 0.1% lower. South Korea's Kospi and Hong Kong's Hang Seng index rose 0.2-0.3% higher, while mainland China's CSI 300 was down 0.1%. (Arya S. Biju)
Equity Alert: US indices end higher Tue as rally in tech stocks continues
MUMBAI--0733 IST--US equity indices ended higher on Tuesday, with the S&P 500 closing at a record high, supported by a rally in artificial intelligence-related stocks. US GDP data for the third quarter came in well above expectations, prompting investors to bet on lower chances of interest rate cuts by the US Federal Reserve. The Dow Jones Industrial Average ended 0.2% higher and the Nasdaq Composite ended 0.6% higher Tuesday.
The commerce department said that US GDP expanded at a 4.3% annualised rate in the third quarter, the most since the third quarter of 2023, Reuters reported. This print was also above the 3.3% estimate of economists polled by Reuters. According to the CME Fedwatch tool, there is an 85.6% chance of status quo by the Federal Reserve in January, while the odds of a rate cut are 14.4%.
AI-related stocks fell last week due to a selloff triggered by concerns about inflated valuations and worries that high capital spending by technology companies would exert pressure on their profits. The stocks rebounded and added to gains in the indices in the holiday-shortened week, as per the Reuters report. Tech giant Nvidia rose 3%, the biggest boost to the S&P 500 index. Stocks of Amazon, Alphabet, and Broadcom rose over 1?ch.
Following are the closing levels of US indices Monday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6909.79 |
0.46 |
|
NASDAQ Composite |
23561.84 |
0.57 |
|
Dow Jones Industrial Average |
48442.41 |
0.16 |
(Adhithya Aji)
US$1 = INR 89.73
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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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