Equity Alert
Motilal Oswal initiates coverage on Midwest with 'buy' call
This story was originally published at 10:58 IST on 26 December 2025
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Equity Alert: Motilal Oswal initiates coverage on Midwest with 'buy' call
MUMBAI--1045 IST--Broking firm Motilal Oswal has initiated coverage on Midwest with a 'buy' recommendation and a target price of INR 2,000. According to the brokerage, the natural stone and mining company is a leading player in the black granite market and is expected to see steady growth, led by market demand and a stronger resource base, ET Now reported, quoting the brokerage.
"It is a compelling play on India's expanding footprint in advanced materials and critical minerals," the brokerage said in its report. It expects 47% compounded annual growth in the company's earnings before interest, tax, depreciation, and amortisation, and the adjusted profit after tax to rise at a compounded annual rate of 56% over 2024-25 (Apr-Mar) to FY28.
Motilal Oswal expects the company's strategic diversification into quartz and beach mineral sands as the next major growth factors. The improving efficiency and sustainability are expected to generate a strong operating cash flow, according to the brokerage. "As quartz and HMS operations scale up by FY27-28E, the OCF (operating cash flow) is expected to exceed INR 2 billion annually, turning FCF (free cash flow) structurally positive and supporting deleveraging and expansion."
At 1030 IST, shares of the company traded nearly 4% higher at INR 1,683 on the National Stock Exchange. Over 152,000 shares of the company changed hands on the NSE, against over 91,000 shares traded till the same time Wednesday. (Arundathi A R)
Equity Alert: Indices remain lower; bank, healthcare stocks fall more
MUMBAI--1015 IST--Benchmark indices remained lower on a decline in financial services companies and banks. Index heavyweights and healthcare-related stocks fell further, putting pressure on the Nifty 50. Most rising stocks in the Nifty 50 were up only marginally.
At 1010 IST, the Nifty 50 was at 26090.50 points, down 51.60 points, or 0.2%. Analysts have said that a decline below 26100 points may lead to a further fall. The BSE Sensex was at 85237.99 points, down 170.71 points, or 0.2%. Healthcare-related stocks fell more, with Sun Pharmaceutical Industries, Dr. Reddys Laboratories, and Max Healthcare Institute down 0.1-1.2%. Cipla was the only Nifty 50 healthcare stock trading in the green and was up almost 1%. Bajaj Finance and Shriram Finance were among the hardest hit financial services stocks and were down around 1?ch.
Index heavyweights extended the day's losses and shares of HDFC Bank, ICICI Bank, and Reliance Industries traded in the red. Among public and private sector banks, Kotak Mahindra Bank, Axis Bank and State Bank of India were also down.
Outside the 50-stock index, railway companies were the biggest gainers in the early session. Rail Vikas Nigam's stocks were up more 9%. Shares of Railtel Corp. of India, Indian Railway Finance Corp., and Titagarh Rail Systems were up 5–6%.
Among other stocks, the Indian Energy Exchange fell more than 2%. The Central Electricity Regulatory Commission is considering replacing the current ceiling-based transaction fee regime for power exchanges with a lower, fixed per-unit fee. "Even a 30% cut in fees can erode the profitability (of IEX) to same extent (30%), ICICI Securities said in a report. (Eshitva Prakash)
Equity Alert: KNR Constructions rises to nearly 2-mo high, co to sell 4 SPVs
MUMBAI--0957 IST—Shares of KNR Constructions rose nearly 9% to a nearly two-month high of INR 186 after the market opened. This rise came after the company executed share purchase agreements to sell four of its special purpose vehicles to Indus Infra Trust for INR 15.43 billion on Wednesday. KNR Palani Infra, KNR Ramagiri Infra, KNR Guruvayur Infra, and KNR Ramanattukara Infra are the four special purpose vehicles to be sold by KNR Constructions.
The stock has gained over 23% in the last seven days and over 10% in the last 30 days. However, the stock has fallen nearly 9% in the last 90 days and has lost nearly 43% of its value in the last 52 weeks.
At 0947 IST, shares of the company traded 6% higher at INR 181.30 on the National Stock Exchange. Over 10 million shares of the company have exchanged hands on the bourse so far, nearly twice the amount of shares traded till the same time on Wednesday and over 6 times higher than its one-year average volume.
Of the 17 brokerage reports available on the company with Informist, eight have a 'sell' recommendation on the stock with an average target price of INR 172. Five brokerages have a 'hold' recommendation and four have a 'buy' recommendation on the stock. (Akshat Saksena)
Equity Alert: Ola Electric up 5% as govt to sanction INR 3.67 bln as PLI
MUMBAI--0956 IST--Shares of Ola Electric rose 5% to a 10-day high of INR 37.25 Friday. The stock was up for five consecutive sessions and gained 19% during the period. The shares of the electric two-wheeler maker rose after the government's directive that INR 3.67 billion be sanctioned to the company under the production-linked incentive scheme for automobile and auto components.
At 0946 IST, shares of the company were trading over 4% higher at INR 36.89. Over 41 million shares of the company changed hands on the NSE, which is nearly four times higher than the number of shares traded till the same time Wednesday. Markets were closed on Thursday on account of Christmas.
The production-linked incentive scheme launched by the Indian government in 2020 aims to strengthen India's manufacturing capabilities by offering financial incentives to eligible companies based on their increased sales of products made in India. (Adhithya Aji)
Equity Alert: IEX dn 4%; report says CERC may lower fees for power exchanges
MUMBAI--0955 IST--Shares of Indian Energy Exchange fell over 4% to INR 133.29, their lowest in over four months, after The Economic Times reported that the Central Electricity Regulatory Commission was considering a cut in transaction fees charged by power exchanges in India. At 0947 IST, the stock was down around 2% at INR 136.57 on the National Stock Exchange, among the worst hit in the Nifty 500 index.
The electricity regulator is considering replacing the current ceiling-based transaction fee regime for power exchanges with a lower, fixed per-unit fee to improve transparency and predictability, the newspaper reported, citing people aware of the matter. There have been suggestions for a fixed transaction fee of INR 1.5 paise per unit for most segments of trading against the current structure with a ceiling of INR 2 paise per unit, the report said.
For longer-duration contracts such as the term-ahead market, the transaction fees could be reduced further to around INR 1.25 paise per unit, the report said. This move is aimed at greater transparency and predictability for market participants. The regulator is also planning market coupling from 2026, which could benefit smaller exchanges. However, the report stated that discussions were at a preliminary stage and no final decision had been made yet.
Such a move by the electricity regulator could reduce costs for participants and curb fee clustering at the ceiling, impacting exchanges such as Indian Energy Exchange, ICICI Securities said in a report. "If the deliberations convert into regulations, then it will lead to significant dent on earnings of IEX as it is the leading power exchange with strong market share. So even a 30% cut in fees can erode the profitability to same extent other things being same. On top of that, market coupling regulation when it comes in force would also have a hit on the trading volumes," the brokerage said.
Of the six research reports on the company available with Informist, five have a 'buy' or equivalent recommendation with an average target price of INR 201 and the remaining one has a 'reduce' recommendation on the stock with a target price of INR 131. (Arya S. Biju)
Equity Alert: Indices open tad lower as fincl svcs cos, heavyweights fall
MUMBAI--0940 IST--Benchmark indices opened slightly lower Friday and were down for the second consecutive session. Analysts expect the indices to move in a thin range due to reduced trading activity in a holiday-shortened week. Defence companies were among the few stocks to have gained in the opening minutes of trade, whereas quick-commerce companies were hit the hardest.
At 0935 IST, the Nifty 50 was at 26102.80 points, down 39.30 points or 0.2%. The BSE Sensex was at 85257.46 points, down 151.24 points or 0.2%. A fall in shares of financial services companies was a major drag on the 50-stock index, with SBI Life Insurance Co., Bajaj Finserv, HDFC Life Insurance Co., and Shriram Finance declining 0.3-1%. Meanwhile, defence major Bharat Electronics traded over 1% higher, and was the best performing Nifty 50 stock. Outside the Nifty 50, shares of Paras Defence and Space Technologies, Mtar Technologies, and Mazagon Dock Shipbuilders were up 2–3% and the Nifty India Defence index was up 1.5%, higher than any other sectoral index.
A 0.2–0.3?cline in index heavyweights ICICI Bank and HDFC Bank also pulled the 50-stock index lower. Shares of Sun Pharmaceutical Industries were down more than 1%. Quick-commerce company Eternal fell almost 1% and its peer Swiggy was down nearly 2%. Delivery workers from major quick-commerce platforms went on strike across several major cities on Wednesday, in a protest against declining earnings and deteriorating working conditions, according to media reports.
Among other stocks, Ola Electric Mobility rose 4?ter the government directed that incentives amounting to INR 3.67 billion under the production-linked incentive scheme for automobile and auto components be sanctioned to Ola Electric Mobility Ltd.'s subsidiary Ola Electric Technologies Pvt. Ltd. The amount is for claims pertaining to the determined sales value for 2024-25 (Apr-Mar). Meanwhile, Brainbees Solutions was the worst performing stock in the Nifty 500 index, was down almost 3%. (Eshitva Prakash)
Equity Alert: Jefferies retains 'buy' on Adani Ports, sees 26% upside on stock
MUMBAI--0925 IST--Global brokerage Jefferies has reiterated its 'buy' call on Adani Ports and Special Economic Zone after the completion of the acquisition of North Queensland Export Terminal in Australia's Abbot Point, which could speed up the company's international expansion and balance sheet. The brokerage has a target price of INR 1,880 for the stock, indicating a near 26% upside from Wednesday's close.
The completion of this acquisition is expected to boost Adani Ports' volumes by 8% and earnings before interest, taxes, depreciation, and amortisation by 6% on a full-year consolidation basis for 2025-26 (Apr-Mar), as the port has an on-paper capacity of 50 million tonnes per annum, NDTV Profit reported, citing Jefferies. "The acquisition provides visibility on international expansion," Jefferies said, adding that the move aligns with Adani Ports' aim of handling 150 million tonnes of international cargo by 2030.
The deal was funded through a preferential allotment of around 144 million shares of Adani Ports to Carmichael Rail and Port Singapore Holdings at INR 1,199 per share, for their stake in North Queensland Export Terminal. This represents a 6% equity dilution for existing shareholders, the brokerage said. In April, Adani Ports had announced its proposed acquisition of North Queensland Export Terminal for an enterprise value of $2.5 billion. North Queensland Export Terminal, formarly known as Abbot Point Terminal, is Australia's northernmost dedicated deep-water coal export terminal with a nameplate capacity of 50 million tonnes per annum.
At 0921 IST, shares of the company were 0.2% higher at INR 1,497.20 on the National Stock Exchange. Of the 11 research reports on the company available with Informist, 10 have a 'buy' or equivalent recommendation with an average target price of INR 1,798 and the remaining one has a 'hold' recommendation on the stock. (Arya S. Biju)
Equity Alert: Asian indices open higher; Nikkei 225 up 0.9%
MUMBAI--0808 IST--Asian indices rose Friday, with Japan's Nikkei 225 up 0.9%, supported by gains in real estate and technology stocks. The country's core consumer inflation rose 2.3% in December, which was more than the Bank of Japan's estimate of 2%. This led investors to bet on more interest rate hikes.
In the Nikkei index, the top gainers were video game developer Nexon, which rose 2.2%, and the conglomerate SoftBank, which rose 2%. The stock of the latter snapped a three-day losing streak, CNBC reported. The rise in Japan's core consumer prices was below the estimate of 2.5% by economists polled by Reuters and the 2.8% increase in November, as per the CNBC report.
South Korea's KOSPI rose 0.7%. The indices in Australia and Hong Kong were closed on account of Boxing Day holiday.
Following were the levels of key Asian indices at 0743 IST:
|
Level |
Last |
Change in % |
| IDX Composite |
8537.91 |
(-)0.55 |
|
S P/ ASX 200 INDEX |
8762.7 |
(-)0.38 |
|
TAIEX |
28496.16 |
0.44 |
|
SSE Composite Index |
3967.99 |
0.21 |
|
Nikkei 225 Day |
50883.47 |
0.94 |
|
KOSPI |
4136.98 |
0.69 |
|
CSI 300 Index |
4665.47 |
0.49 |
(Adhithya Aji)
Equity Alert: Indices may open tad lower, volume likely to remain subdued
MUMBAI--0813 IST--Benchmark equity indices are expected to open a tad lower on Friday, extending losses from Wednesday's session, when they closed 0.1% lower each. Analysts expect the indices to move in a thin range Friday on reduced trading activity in a holiday-shortened week. Indian equity markets were closed on Thursday on account of Christmas.
The GIFT Nifty contracts suggest the Nifty 50 may open in the negative territory. At 0758 IST, the December contract of the GIFT Nifty was at 26114 points, over 28 points below the Nifty 50's close on Wednesday. The Nifty 50 ended at 26142.10 points on Wednesday, down 35.05 points or 0.1%.
"Nifty (50) index is moving in a board congestion zone 26325-25700 spot zone. Intraday supports are placed around 25900-26060 spot levels and resistances are at 26230 spot levels," said Vipin Kumaar, assistant vice president of derivatives and technical research at Globe Capital Markets.
Major indices in the US closed higher Wednesday, with both the Dow Jones Industrial Average and S&P 500 posting a record closing high amid a broad rally in a holiday-shortened session. The initial claims for US state unemployment benefits dropped for a second straight week, declining by 10,000 to a seasonally adjusted 214,000 for the week ended Dec. 20, data from the US Labor Department showed Wednesday. This was lower than the 224,000 claims forecast by the Reuters poll. Fed funds futures trading still indicates two rate cuts by the end of 2026, according to the CME FedWatch Tool.
Asia-Pacific markets opened higher Friday, with several exchanges in the region, including Australia and Hong Kong, closed for the Boxing Day holiday. Tokyo's core consumer price index, which excludes volatile costs of fresh food, rose 2.3% on year in December, less than market forecasts for a 2.5% gain and slowing from a 2.8% increase in November. The core CPI was however, above the Bank of Japan's 2% target, reinforcing the case for more interest rate hikes. Japan's benchmark Nikkei 225 index rose around 1%, led by gains in real estate and technology stocks, while the Topix was up 0.5%. (Arya S. Biju)
Equity Alert: US indices end higher Wed; S&P 500 closes at new record high
MUMBAI--0731 IST--US equity indices closed higher Wednesday, with the S&P 500 ending at a new all-time high. The index rose 0.3% to 6932.05 points. Investors continue to hope for the Santa Claus rally, a year-end stock market surge that occurs between the last five trading days of the year and the first two trading days of the New Year. This year, it is from Dec. 24 to Jan. 5.
The Dow Industrial Average ended 0.6% higher and the Nasdaq Composite closed 0.2% higher. Shares of the sports shoemaker, Nike, were among the top gainers after Tim Cook, chief executive officer of Apple Inc., said \he bought shares in the company. The stock ended 4.6% higher. Micron Technology rose 3.8% and shares of the investment banking company Citigroup rose 1.8%, CNBC reported.
On Tuesday, the US Commerce Department issued its third-quarter reading of GDP, that came in at 4.3%, which is higher than the estimate of 3.2% from Dow Jones, as per the CNBC report. The report had been delayed due to the government shutdown in autum. Only a few traders currently expect an interest rate cut in the upcoming Fed meeting on Jan. 28, with an 84.5% probability of interest rates remaining unchanged. On the other hand, 15.5% of traders expect a rate cut, the data from CME FedWatch tool showed.
Following are the closing levels of US indices Wednesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6932.05 |
0.32 |
|
NASDAQ Composite |
23613.307 |
0.22 |
|
Dow Jones Industrial Average |
48731.16 |
0.6 |
(Adhithya Aji)
US$1 = INR 89.83
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
All prices from National Stock Exchange, unless otherwise specified.
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