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Informist, Wednesday, Dec. 24, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: PL Capital bullish on Adani Ports buying terminal in Australia

MUMBAI--1730 IST--PL Capital, which is the new brand under Prabhudas Lilladher, sees strong growth visibility for Adani Ports and Special Economic Zone as the company completed the acquisition of the North Queensland Export Terminal in Australia. According to the brokerage, a cash-generative export terminal with high-quality was added through this acquisition, with take-or-pay contracts and a lease life of around 85 years. The brokerage has increased its target price on the company by nearly 6% to INR 1,876 from its previous target price and maintained its 'buy' recommendation on the stock.

PL Capital has already built in conservative volume numbers at few other ports and logistics business, though they had expected the acquisition of North Queensland Export Terminal in 2025–26 (Apr-Mar), it said in a report. The brokerage raised its estimates for FY26, FY27, and FY28 by around 5–6%, on the back of monthly volume run rate of the company and its profitability in the first half of the current financial year.

The brokerage raised the estimates on the company's volume at Krishnapatnam port and Gangavaram port. It adjusted margin estimates for Adani Ports as per the run-rate in the first half of the current financial year and also increased its harbour and logistics businesses revenue run-rate estimates. PL Capital sees the acquisition to drive the company's volume growth and provide better medium-term visibility on volumes. It is also expected to support the company's target of 1 billion tonnes by 2030.

The North Queensland Export Terminal is expected to drive a higher contribution from overseas assets toward the company's growth, the brokerage said in its report. The brokerage sees the terminal to aid earnings before interest, tax, depreciation, and amortisation margins of around 65% and a steady improvement in EBITDA margins of international ports, with the overseas portfolio scaling up.

Wednesday, shares of the company closed 0.1% higher at INR 1,494.30 on the National Stock Exchange. Over 1 million shares of the company changed hands on the NSE, higher than nearly 930,000 shares traded Tuesday.

Of the 11 brokerage recommendations available with Informist on the company, 10 have a 'buy' recommendation with an average target price of INR 1,788. The remaining one has a 'hold' recommendation on the stock.  (Arundathi A R)

Equity Alert: Nifty 50 Dec ends at premium of 22 points to spot index

MUMBAI--1703 IST--The December futures contract of the Nifty 50 closed at a premium of 22 points to the spot index. Open interest in the contract fell 2.2% to 13.33 million, according to provisional data.

--Nifty 50 closed at 26142.10 points, down 35.05 points or 0.1% vs Tue

--Nifty 50 December closed at 26164.10 points, down 42.80 points or 0.2% vs Tue

Nifty 50 options, expiring Tuesday, with maximum change in open interest:

Call: 26200, Put: 26000

Nifty 50 options, expiring Tuesday, with maximum open interest:

Call: 26200, Put: 26000

(Simran Rede)

Equity Alert: Prabhudas Lilladher raises Ajanta Pharma's FY28 sales estimate

MUMBAI--1635 IST--Prabhudas Lilladher sees Ajanta Pharma's margins improving as the company signed an in-licensing agreement with Biocon for marketing Semaglutide in 23 countries. The brokerage expects the company to obtain higher market share and raised its sales estimate for 2027-28 (Apr-Mar) by 3.5% to INR 69.66 billion.

Ajanta Pharma is expected to obtain sales of INR 2 billion in FY28 with healthy margins from the semaglutide franchise across the rest of world markets, the brokerage said in its report. Branded generics business of the company is expected to see revenue at a compounded annual growth of 13-14% over FY25 to FY28.

It also expects the company's growth momentum to continue on the back of new launches, geographic expansion, new therapeutic addition, increase in medical representatives productivity, and volume growth. "A strong annual free cash flow of INR 8 billion-INR 10 billion will further supports sustained investments and potential inorganic opportunities, reinforcing medium-term growth visibility," the brokerage said.

On Wednesday, shares of the company ended over 2% higher at INR 2,734.50 on the National Stock Exchange. Over 1 million shares of the company changed hands on the NSE, higher than over 130,000 shares traded Tuesday. 

All the 11 brokerage recommendations available with Informist on the company has a 'buy' recommendation with an average target price of INR 3,112.  (Arundathi A R)

Equity Alert: Reliance Power ends up 5%; tax appellate tribunal grants relief

MUMBAI--1630 IST--Shares of Reliance Power ended over 5% higher at INR 38.16 on the National Stock Exchange Wednesday. The shares rose nearly 7% to an intra-day high of INR 38.70. This comes after the stock got a sentimental boost following the Mumbai bench of the Income Tax Appellate Tribunal dismissing the Income Tax department's appeal and upholding the relief granted to the company by the Commissioner of Income Tax (Appeals), according to a report from Lokmat Times.

The order from Commissioner of Income Tax (Appeals) had significantly reduced the disallowance from INR 999 million to INR 73.30 million. The stock has risen for two consecutive sessions, gaining nearly 8% during the period. 79.20 million shares of the company changed hands on the bourse, lower than the 81.29 million shares traded by the end of the session on Tuesday.

The stock has gained nearly 7% in the last seven days. It has declined over 4% so far in December. The share declined nearly 40% in the last 180 days and over 14% in the last 52 weeks. It has faced some pressure recently with the Enforcement Directorate's probe into the company over a fake bank guarantee of around INR 680 million submitted to Solar Energy Corp. of India on behalf of Reliance NU BESS, a subsidiary of Reliance Power.   (Akshat Saksena)

Equity Alert: Indices end slightly lower as heavyweights, pharma stocks fall

MUMBAI--1540 IST--Benchmark indices closed slightly lower Wednesday after a range-bound session. A fall in index heavyweights and pharmaceutical companies dragged the Nifty 50 index, even as most automobile companies gained. Indices had been slightly higher until midday, after which investors booked profit, according to analysts. The equity market in India will be closed for the Christmas holiday Thursday.

The Nifty 50 settled at 26142.10 points, down 35.05 points or 0.1%. Analysts had expected a couple of days of consolidation after the 50-stock index closed flat on Tuesday. The BSE Sensex closed at 85408.70 points, down 116.14 points or 0.1%. A near 1% decline in index heavyweight Reliance Industries and a 0.2% fall in ICICI Bank were the biggest drag on the Nifty 50. Pharmaceutical majors Dr. Reddys Laboratories and Sun Pharmaceuticals, which fell over 1% each, also impacted the index negatively. Most information technology stocks ended down, but were off their intraday lows, with Infosys and Wipro falling 0.3% and 1.2%, respectively. Shares of InterGlobe Aviation fell gradually throughout the day and settled 1.5% lower. Shares of retail company Trent rose over 2%, limiting losses. 

Financial services such as Shriram Finance and Bajaj Finance ended higher after giving up some of their intraday gains. Shares of Jio Financial Services ended flat after rising in early trade. Hospital operators, Apollo Hospitals Enterprise and Max Healthcare Institute, closed 1.4% and 0.6% higher, respectively. Shares of several automobile companies ended higher, with Maruti Suzuki, Bajaj Auto, and Mahindra & Mahindra closing 0.3–1% higher. However, Tata Motors Passenger Vehicles was among the worst hit Nifty 50 stocks and closed more than 1% lower.

Among other stocks, Kajaria Ceramics fell 4% and Nuvama Wealth Management cut the price-to-earnings multiple of the stock due to concern about governance after the chief financial officer of one of its subsidiaries allegedly syphoned off INR 200 million. The brokerage now values Kajaria 20% below its 10-year average forward price-to-earnings multiple, cutting the one-year forward multiple to 28 times from 33 times earlier. JBM Auto was the best performing Nifty 500 stock and rose nearly 11%. In the 200-stock index, Bharat Dynamics rose over 3.5%, while BSE declined 2.4%.

Broader market indices mirrored declines in their benchmark peers after having risen in the first half of the session. The Nifty smallcap 250 index ended flat, while the Nifty midcap 150 closed 0.5% lower.  (Eshitva Prakash)

Equity Alert: Avendus Spark initiates LG Electronics coverage with reduce rtg

MUMBAI--1458 IST--Avendus Spark has initiated coverage with a 'reduce' recommendation on LG ELectronics with a target price of INR 1,536, according to a report from CNBC-TV18. The target price is at a near 1% discount to the company's closing price on Tuesday. This is the lowest target price received by LG Electronics after being a near 'consensus buy' for analysts tracking the stock, the report said. The brokerage sounded caution due to likely market share erosion impacting the company's top line along with challenges in its niche premium and super premium categories caused by the entry of new players in the market.

Despite having lower bargaining power and increasing customer choices, the company's reach remains its key strength and competitive advantage, the brokerage was cited as saying by the CNBC-TV18 report. The company also possesses robust in-house manufacturing, with a third facility in the pipeline to cater to the south Indian market and exports along with reducing logistics costs, the report said.     

LG Electronics' stock has fallen for three consecutive sessions, losing nearly 4% of its value during the period. At 1458 IST, shares of the company traded 0.5% lower at INR 1,539 on the National Stock Exchange. Over 670,000 shares of the company exchanged hands on the bourse during the session, 1.4 times the overall shares traded during the previous session.  (Akshat Saksena)

Equity Alert: European indices open higher on holiday-shortened session 

MUMBAI--1446 IST--Indices in Europe rose Wednesday, barring the UK's FTSE MIB Index, which fell 0.2%. Trading volumes are expected to be thin in the holiday shortened session. The indices ended at a record closing Tuesday supported by healthcare stocks after Germany-based pharmaceutical giant Novo Nordisk secured the US Food and Drug Administration's approval for its weight loss pill. 

The shares of Novo Nordisk were over 9% higher Wednesday, CNBC reported. The shares of commodity-linked companies gained with energy companies up 0.4% due to a rise in oil prices. Oil and gas major BP rose 1% after the company agreed to sell 65% stake in its subsidiary Castrol to Stonepeak, an investment firm, for about $6 billion, Reuters reported.

Mining stocks were up 0.1% after prices of precious metals such as gold, silver, platinum, and copper hit record highs on commodity exchanges, as per the Reuters report. Germany's DAX Performance Index and Italy's FTSE MIB Index were closed for Christmas Eve holiday.   

Following were the levels of major European indices at 1441 IST:

(Adhithya Aji)

Equity Alert: Asian indices mixed, Nikkei 225 down after rising 3 for days

MUMBAI--1403 IST--Asian equity indices were mixed and moved in a narrow range ahead of the Christmas holiday Thursday. Japan's Nikkei 225 ended 0.1% lower, snapping a three-day winning streak. The tech-heavy index fell despite a rally in chip stocks. South Korea's KOSPI was down 0.2% and Australia's SP/ASX 200 Index was down 0.4%. 

China's CSI 300 Index rose 0.3% and Hong Kong's Hang Seng Index was up 0.2%. The Nikkei 225 was weighed down by yen strengthening against the dollar. The strong yen will reduce the value of offshore sales for Japan's many heavyweight exporters, The Japan News reported. Automakers were the worst hit in the Nikkei index, with shares of Toyota down 1.8%. Shares of electronics giants Sony and Nintendo fell 2% and 0.8%, respectively. The Nikkei index fell despite the gains in the heavyweight stock, Advantest, which rose 2.5%. The company is a semiconductor equipment maker.

Overnight in the US, the benchmark S&P 500 closed at a record high after US Commerce Department data showed that the GDP expanded at a 4.3% annualised rate in the third quarter. The S&P 500 ended 0.5% higher and the Nasdaq Composite ended 0.6% higher. The Dow Jones Industrial Average ended 0.2% higher Tuesday.

Following were the levels of key Asian indices at 1342 IST: 

(Adhithya Aji)

Equity Alert: Manappuram Fin, Muthoot Fin hit record highs amid volume surge

MUMBAI--1325 IST--Shares of Manappuram Finance and Muthoot Finance have hit record highs amid a surge in volumes during the session. This comes after the February futures gold contract on the Multi Commodity Exchange of India hit its record high of INR 138,676 per 10 grams. Shares of Manappuram Finance rose nearly 7% to hit its all-time high of INR 314.45 with over 18 million shares traded on the National Stock Exchange so far. This marks the sixth consecutive session of the stock trading higher, gaining nearly 11% during the period. The volume of shares traded is nearly 11 times higher than the overall number of shares traded on the bourse for the previous session. At 1321 IST, shares of Manappuram Finance traded over 6% higher at INR 313. 

Muthoot Finance rose over 2% to reach an all-time high of INR 3,890 during the session, with nearly 500,000 shares traded so far. The number of shares traded is nearly 2 times higher than the overall number of shares traded on Tuesday. This is the fourth consecutive session wherein the stock has traded higher, rising nearly 4% during the period. At 1325 IST, shares of Muthoot Finance traded over 1% higher at INR 3,862.60. 

Of the 10 brokerage reports on Manappuram Finance, five have a 'hold' recommendation with an average target price of INR 258 on the stock. Four brokerages have a 'buy' recommendation, while one has a 'sell' recommendation. Of 11 brokerage reports on Muthoot Finance, eight have a buy recommendation on the stock with an average target price of INR 2,941, with two brokerages having a 'hold' recommendation and one having a 'sell' recommendation on the stock.  (Akshat Saksena)

Equity Alert: Indices remain flat; auto cos gain, RIL major drag

MUMBAI--1315 IST--Benchmark indices remained flat as shares of select index heavyweights, pharmaceutical stocks, and information technology continued to be lower. Major hospital operators remained higher and several metal, and automobile companies continued to rise.       

At 1315 IST, the Nifty 50 was at 26186.10 points, down 1.05 points. The BSE Sensex was at 85487.31 points, down 37.53 points. Shares of Trent rose over 2%, and it was the top Nifty 50 stock. Barring Trent and Nestle, most major fast-moving consumer goods traded lower. Hospital operators Apollo Hospitals and Max Healthcare were up 1–2%, while pharmaceutical stocks Sun Pharmaceutical Industries and Dr. Reddy's Laboratories remained lower. All information technology companies in the 50-stock index remained lower.

Index heavyweight Reliance Industries was a major drag on the market, extending its fall to almost 1%. Among other index heavyweights, ICICI Bank traded 0.2% lower after having risen earlier in the session. However, Bharti Airtel, which rose 0.6%, restricted the fall in the market.

Most Nifty 50 automobile companies rose and shares of Maruti Suzuki India, Bajaj Auto, Mahindra & Mahindra, and Eicher Motors were up 0.3-1%. However, shares of Tata Motors Passenger Vehicles declined almost 1%. 

Among Nifty 200 companies, Bharat Dynamics rose the most and was up almost 4%, while Ashok Leyland declined near 1.6%. JBM Auto was the best performing Nifty 500 stock and was nearly 10% higher, while Onesource Speciality fell 2.6%.  (Eshitva Prakash)

Equity Alert: Motilal Oswal maintains 'buy' call on Cholamandalam Invest

MUMBAI--1300 IST--Broking firm Motilal Oswal has reiterated its 'buy' recommendation on Cholamandalam Investment and Finance Co. with a target price of INR 2,000 as it sees the company remaining a robust franchise. The target price is at an upside of over 17% from the current market price of INR 1,702.60.

Investigative news agency Cobrapost raised allegations against the company regarding large-value cash transactions and related-party transactions between the listed non-banking finance company, its subsidiaries and parent Murugappa Group. However, the company refuted the claims and said that the allegations were malicious, distorted, and motivated. It has also expressed confidence that regulatory scrutiny will validate the company's position, according to the report by Motilal Oswal.

The company expects the December quarter to mark a turnaround, with the second half of 2025–26 (Apr-Mar) likely to be seasonally strong, the brokerage report said. Motilal Oswal expects the company to record compounded annual growth of around 20% in its assets under management and around 25% in its profit after tax from FY25 to FY28. A 2.7% return on asset and 20% return on equity was projected for FY28.

At 1232 IST, shares of the company traded over 1% higher at INR 1,700.40 on the National Stock Exchange. Over 1 million shares of the company changed hands on the NSE so far, lower than 6 million shares traded till the same time Tuesday. 

Of the 20 brokerage recommendations available with Informist on the company, 11 have a 'buy' recommendation with an average target price of INR 1,733. Six have a 'hold' recommendation with an average target price of INR 1,615 and the remaining three have a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert: Mkts flat after fincl svcs off highs, pharma stocks further dn

MUMBAI--1220 IST--Benchmark indices turned flat and were unable to hold on to their thin gains after pharmaceutical and information technology stocks slid further. Several fast-moving consumer goods companies joined the list of declining stocks. Financial services stocks were off their day's highs but most still traded in the green.

At 1211 IST, the Nifty 50 was at 26189.25 points, up 12.10 points. The BSE Sensex was at 85512.32 points, down 12.52 points. Dr. Reddys Laboratories and Sun Pharmaceutical Industries fell more and were almost 2% lower. Shares of Wipro and Infosys continued to be down and were around 1% lower each. Shares of companies such as Eternal and Hindustan Unilever traded in the red, and Tata Consumer Products fell 1%.

Apollo Hospitals rose more. The company on Wednesday received an observation letter with 'no objections' from the National Stock Exchange for the scheme of arrangement between the company, its material subsidiary Apollo Healthco, Keimed, and the resultant demerged company Apollo Healthtech. Shriram Finance was the best performing Nifty 50 stock, rising 2%.

Bajaj Finance and Jio Financial Services gave up some of their intraday gains and were slightly higher. Index heavyweight ICICI Bank fell after rising earlier and Reliance Industries moved lower.  

Among other stocks, Kajaria Ceramics fell more than 3% as Nuvama Wealth Management cut the price-to-earnings multiple of the stock on governance concerns after the chief financial officer of one of its subsidiaries siphoned INR 200 million. The brokerage now values Kajaria 20% below its 10-year average forward price-to-earnings multiple, cutting the one-year forward multiple to 28 times from 33 times earlier. 

In the broader market, smallcap indices continued to slightly outperform their benchmark peers in yet another session and the Nifty Smallcap 100 index rose 0.5%.  (Eshitva Prakash)

Equity Alert: Electric bus manufacturing cos rise; JBM Auto up over 10%

MUMBAI--1146 IST--Shares of electric bus manufacturing companies JBM Auto and Olectra Greentech traded higher by over 10% and over 4%, respectively. Shares of JBM Auto rose 11.6% to an intraday high of INR 644.75 and those of Olectra Greentech rose over 6% to their intraday high of INR 1,273. Shares of both companies have been trading higher for four consecutive sessions, with the Olectra Greentech stock rising over 12% and those of JBM Auto rising nearly 19% during this period. JBM Auto's volume of shares traded surged nearly 40 times its three-month average to nearly 13.5 million shares during the session so far. Over 1 million shares of Olectra Greentech exchanged hands on the National Stock Exchange so far. This is nearly 4 times its average three-month volume. At 1136 IST, shares of JBM Auto were trading at INR 637 and those of Olectra Greentech were trading at INR 1,250.10 on the National Stock Exchange.  

Shares of JBM Auto have risen nearly 16% in the last seven days and over 5% in the last 30 days. However, shares of the company have declined over 12% in the last 90 days and over 21% in the last 52 weeks. Shares of Olectra Greentech have risen nearly 8% in the last seven days. However, its shares have declined 24% in the last 90 days and despite rising nearly 8% in the last 180 days, shares have fallen nearly 15% in the last 52 weeks. 

Last weel, Delhi Chief Minister Rekha Gupta urged the people to utilise public transportation, calling it an obligation if Delhi is to remain liveable, according to a report from The Indian Express. The Chief Minister said her administration has set a target of converting all buses in the city to electric buses by the end of 2026, having already converted 3,500 buses to electric buses, the report said. "We will bring our electric vehicle policy very soon," she was quoted as saying by the Indian Express. 

The only brokerage report on Olectra Greentech with Informist has a 'buy' recommendation with a target price of INR 2,086. The only brokerage report available with Informist on JBM Auto has a 'buy' recommendation with a target price of INR 650.  (Akshat Saksena)

Equity Alert: Goldman Sachs starts coverage on Physicswallah with 'neutral'

MUMBAI--1140 IST--Investment banking firm Goldman Sachs has initiated covergae on Physicswallah with a 'neutral' recommendation and a target price of INR 135 per share. Organic traffic, benign competition, and affordable pricing are expected to drive the company's growth, CNBC-TV 18 reported, quoting the brokerage.

The brokerage expects the company's revenue to grow at a compounded annual rate of 24% and earnings before interest, tax, depreciation, and amortisation to rise at a compounded annual rate of over 80% from 2024-25 (Apr-Mar) to FY30 for the company, The Economic Times reported.

It also estimates negative working capital with over 100% free cash flow conversion from FY26.

At 1101 IST, shares of the company were down over 1% at INR 132.81 on the National Stock Exchange. Over 2 million shares of the company changed hands on the NSE, slightly higher than nearly 2 million shares traded till the same time Tuesday. The stock is down for the second straight session and has shed nearly 4% during this period. The stock was listed on bourses on Nov. 18.  (Arundathi A R)

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% fall in Infosys and a 0.3% decline 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% after 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% after 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% after brokerage Jefferies initiated coverage on the stock with a 'buy' recommendation.  (Eshitva Prakash)

Equity Alert: Pine Labs up 8% after 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% captive 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% each. 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% each.

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% below 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% each 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: 

(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% each. 

Following are the closing levels of US indices Monday:

(Adhithya Aji)

US$1 = INR 89.79

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

Edited by Akul Nishant Akhoury

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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