Equity Alert
Ashok Leyland rises to all-time high on robust Dec sales
This story was originally published at 16:27 IST on 1 January 2026
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Equity Alert: Ashok Leyland rises to all-time high on robust Dec sales
MUMBAI--1545 IST--Shares of Ashok Leyland rose nearly 4% to reach an all-time high of INR 185.56 during the session. Data released by the company Thursday showed commercial vehicle sales grew 27% on year to 21,533 units in December, the highest number of units dispatched since March. The company beat the estimates of Nuvama Institutional Equities, Anand Rathi Research, and Nirmal Bang Institutional Equities, which had projected sales of 19,100-20,000 units. The company's total domestic sales rose 26% on year to 19,855 units in December. This exceeded the domestic sale estimates of 17,600-18,200 units.
The company's sales of medium- and heavy-duty commercial vehicles grew 29% year over year to 14,830 units in December. Sales of the company's light commercial vehicles, including exports, rose 22% on year to 6,703 units. The company's total sales in Apr-Dec rose 11% on year to 150,979 units.
Thursday, the company's shares ended 3.2% higher at INR 184.88. Over 26 million shares of the company traded on the bourse during the session, more than twice the number traded on Wednesday.
Of 25 brokerage reports on the company available with Informist, 19 have given a 'buy' recommendation with an average target price of INR 205. Three brokerages each have a 'hold' and 'sell' recommendation on the stock. (Akshat Saksena)
Equity Alert: Indices end mixed on day 1 of 2026; FMCG stocks drag
MUMBAI--1555 IST--Domestic benchmark indices ended mixed on the first day of 2026. Gains in information technology stocks and automobile stocks were offset by the fall in fast-moving consumer goods stocks. Fall in the shares of FMCG major ITC dragged down the Nifty 50 index.
The Nifty 50 closed at 26146.55 points, up 16.95 points or 0.1%, and the BSE Sensex ended at 85188.60, down 32 points. Shriram Finance and Bajaj Auto ended the session over 2% higher and were the top gainers of the Nifty 50, followed by Eternal, which rose 2%. Most of the information technology stocks in the index ended with gains. Infosys, Wipro, Tata Consultancy Services, and HCL Technologies ended around 1% higher each. ITC was the worst hit, down nearly 10%.
Shares of Shriram Finance hit the all-time high of INR 1,015 and ended nearly 2% higher in the 50-stock index. The stock has risen for three sessions and gained over 6% during the period. Over the last 30 days, the stock has gained nearly 20%. Bajaj Auto rose to an all-time high of INR 9,558 ahead of the sales data from the company. The stock ended over 2% higher, gaining for four consecutive days.
Shares of Mahindra & Mahindra rose over 1?ter the company reported that its wholesale sales rose 25% on year for December. Ashok Leyland ended over 3% higher in the Nifty 200 and hit the all-time high of INR 185.56. The stock rose after the lorry maker's total sales hit a nine-month high of 21,533 units.
Fast-moving consumer goods companies, ITC and Godfrey Phillips India were the worst hit in both the Nifty 200 and Nifty 500 indices. ITC was the worst hit in the Nifty 50 as well. The companies took the hit after the government levied excise duty on cigarettes in the range of INR 2,050-INR 8,500 per thousand sticks based on the length and type of the product. This will be effective from Feb. 1, the finance ministry said in a notification.
Among sectoral indices Nifty Auto was the top gainer, up over 1%, followed by Nifty Realty and Nifty Metal, which rose 0.8?ch. Nifty FMCG was the worst hit, down over 3%. The broader market indices were mixed, with all the smallcap indices ending lower.
Shares of Vodafone Idea rose and were the top gainer in both the Nifty 200 and Nifty 500 indices after the company announced Wednesday that it had amended the agreement with UK-based Vodafone Group which was originally signed in March 2017. Post the amendment, the company is set to receive INR 58.4 billion from the promoter group. The company also lost 1.01 million users in November, compared with 2.08 million users lost in October, data from the Telecom Regulatory Authority of India showed. (Adhithya Aji)
Equity Alert: Nifty 50 Jan ends at premium of 144.45 points to spot index
MUMBAI—1542 IST--The January futures contract of the Nifty 50 closed at a premium of 144.45 points to the spot index. Open interest in the contract rose 0.2% to 14.06 million, according to provisional data.
--Nifty 50 closed at 26146.55 points, up 16.95 points or 0.1% vs Wed
--Nifty 50 January closed at 26291 points, down 5.30 points vs Wed
Nifty 50 options, expiring Tuesday, with maximum change in open interest:
Call: 26200, Put: 26150
Nifty 50 options, expiring Tuesday, with maximum open interest:
Call: 26200, Put: 26000
(Gopika Balasubramanium)
Equity Alert: Emkay sees moderate sales rise for IT cos on seasonal furlough
MUMBAI--1515 IST--Most information technology companies are expected to report a moderate growth in their revenue sequentially in the December quarter, while year on year revenue growth will likely improve, Emkay Global Financial Services said in a report. Seasonal furloughs and fewer working days compared with the September quarter will likely keep revenue growth muted for these companies in Oct-Dec, while continued demand in the banking, financial services, and insurance vertical, fewer deferrals, steady deal momentum, and revenue conversion, are likely to push on-year revenue growth higher for these companies.
At 1515 IST, the Nifty IT index was almost 1% higher at 38169.70 points. The brokerage said the sectoral index has outperformed broader markets by 6% in three months on hopes of demand recovery, depreciation in the rupee, and signs of the earnings downgrade cycle bottoming out. However, overall demand is largely unchanged across the sector, with restrained discretionary spending and a cautious client stance amid macro uncertainty, the brokerage said. Usual seasonal factors are expected to drive moderate sequential revenue growth in IT companies, with furloughs in the December quarter remaining in line with the past trend.
The brokerage expects tier-1 players such as HCL Technologies, Wipro, and LTIMindtree to report sequential revenue growth, while other tier-1 companies will likely see a flattish growth. Margins of Tier-1 companies, except Wipro and LTIMindtree, are expected to expand sequentially. Mid-cap companies may see a wider margin fluctuation, ranging from a fall of 160 bps to 90 bps on-quarter rise. The brokerage also sees net hiring remaining muted.
Tier-1 players are expected to post constant currency revenue growth of 0–3%, while dollar revenue growth will likely decline by 10-40 bps. Tier-2 companies may see constant currency revenue growth of 0.4-5.5%, with reductions of 10-40 bps on reported dollar revenue.
Among verticals, BFSI continues to show positive momentum, supported by interest rate cuts, the brokerage said. Meanwhile, the communication and manufacturing vertical, especially automobile-related demand, is expected to remain soft. Engineering research and development companies will continue to face pressure due to weakness in the automobile sector and tariff-related uncertainties, the brokerage said. It sees growth across other verticals, such as hi-tech, retail, and healthcare, remaining mixed across the sector. Emkay Global added that ongoing artificial intelligence-led technology shifts continue to influence growth momentum in the sector.
Among other triggers for IT companies, analysts at Emkay Global are keenly watching FY26 changes in revenue and margin guidance, and management commentary on the 2026 IT budget. Analysts also await to see if a recovery happens in discretionary spending, dependence of IT companies on the H1B visa, and steps planned to mitigate potential impact from the increase in fee and changes in the visa allocation process. (Eshitva Prakash)
Equity Alert: Jefferies says excise duty on cigarettes to impact ITC volumes
MUMBAI--1339 IST--Shares of ITC fell 10% to an intraday low of INR 362.70 after the government imposed an excise duty on cigarettes in the range of INR 2,050-INR 8,500 per thousand sticks based on the length and type of the product, effective from Feb. 1. Investment banking firm Jefferies expects the excise duty on cigarettes to have a negative impact on ITC, impacting the company's volumes, ET Now said in a social media post on X.
ITC will have to raise prices by 15% to pass on the overall impact of the 40% rise in goods and services tax and the sharp rise in excise duty for cigarettes. The investment firm's calculations suggest that tax hikes could be over 30% if the national calamity contingent duty continues. Even if this duty is subsumed, the impact could still be well over 20%, it said.
At 1405 IST, shares of ITC traded nearly 8% lower at INR 371.25. Over 230 million shares of the company exchanged hands on the bourse so far during the session, nearly 33 times higher than the number of shares traded till the same time Wednesday. (Akshat Saksena)
Equity Alert: Nifty FMCG declines almost 4% to hit eight-month low
MUMBAI--1338 IST--The Nifty FMCG index declined nearly 4% to an eight-month low at 53478.70 points on Thursday, with most of its constituents trading in the red. It was the worst performing sectoral index in the session so far. The index has fallen 2.3% in a week and 3% in the last 30 days.
The fast-moving consumer goods sector in the country is expected to report 6% volume growth in the December quarter, up from 4% a year ago, brokerage Nuvama Wealth Management Ltd. said on Wednesday. Revenue growth in the December quarter is expected to be 7%, the same as a year ago, according to the brokerage. However, cuts in goods and services tax have failed to cheer up stocks of fast-moving consumer goods companies. Even after the government reduced GST rates on most daily-use products, shares of FMCG companies continued to decline.
ITC was the worst hit constituent of the index, declining nearly 9% to an over two-year low of INR 362.70. Cigarette manufacturers have been under selling pressure after India's finance ministry late on Wednesday said it will levy an excise duty of INR 2,050–8,500 per 1,000 sticks, depending on cigarette length from the first day of the next month. Brokerage Jefferies has said that this move will hurt sales volumes of such companies. Other stocks such as United Spirits, Radico Khaitan, and Dabur India were down 1-3%.
Meanwhile, among the fast moving consumer goods stocks in the Nifty 50, shares of Nestle were almost 1% higher and those of Hindustan Unilever were down marginally. Godrej Consumer Products was the best performing stock in the Nifty FMCG index, up more than 1%. (Eshitva Prakash)
Equity Alert: Adani group cos up; Adani Energy hits over 1-year high
MUMBAI--1327 IST--Shares of Adani group companies rose Thursday, with Adani Energy Solutions hitting an over one-year high of INR 1,061.70. At 1314 IST, shares of Adani Energy Solutions were up almost 3% at INR 1,057.20 on NSE.
So far, almost 2 million shares of Adani Energy Solutions changed hands on the NSE, nearly 10 times the 251,286 shares traded till the same time Wednesday. All the six brokerage recommendations available with Informist on the company have a 'buy' recommendation on the stock with an average target price of INR 1,261.
Adani Enterprises' wholly-owned subsidiary Adani Defence Systems and Technologies and its step-down subsidiary Horizon Aero Solutions have completed the acquisition of 39% stake in Flight Simulation Technique Centre. At 1317 IST, shares of Adani Enterprises were trading almost 1% higher at INR 2,254 on NSE.
On Nov. 27, the company had said it would purchase 72.8% stake in Flight Simulation Technique Centre via its arms at an enterprise value of INR 8.2 billion. According to an exchange filing, Adani Enterprises expects to complete the remaining 33.8% stake acquisition in January. Over 803,000 shares of Adani Enterprises changed hands on bourses so far, higher than 405,146 shares traded till the same time on Wednesday. There is only one brokerage recommendation available with Informist on the company, which has a 'buy' recommendation on the stock.
Meanwhile, at 1321 IST, shares of Adani Power were up almost 4% at INR 148.69 on NSE. So far, 50.3 million shares of the company changed hands on the exchange, over 10 times the shares traded till the same time Wednesday. All the seven brokerage recommendations available with Informist on the company have a 'buy' recommendation with an average target price of INR 491.
Shares of Adani Ports and Special Economic Zone rose 1% and were up for the third straight session. At 1323 IST, shares of the company traded 1% higher at INR 1,481.40 on NSE. Over 730,000 shares of the company changed hands on the NSE so far, higher than nearly 490,000 shares traded till the same time Wednesday. Of the 11 brokerage recommendations available with Informist on the company, 10 have a 'buy' call with an average target price of INR 1,798 and the remaining one has a 'hold' call on the stock. (Arundathi A R)
Equity Alert: Indices choppy; losses in FMCG stocks offset gains in IT cos
MUMBAI--1256 IST--Benchmark indices were choppy, with gains in information technology stocks offset by losses in fast-moving consumer goods companies. FMCG major ITC fell nearly 9% and was a drag on the Nifty 50 index. Index heavyweight Reliance Industries rose nearly 1%.
At 1252 IT, the Nifty 50 was at 26152.30 points, up 22.70 points or 0.1% and the BSE Sensex was at 85260.60 points, up 40 points or 0.1%.
Zomato-owner Eternal's stock was the top gainer in the 50-stock index, up 2%. NTPC rose to a one-month high of INR 335.50 and the stock was up nearly 2%, among the top gainers in the index. Information technology stocks continued to gain, with Wipro, Tech Mahindra, Infosys, and HCL Technologies up over 1?ch.
Fast-moving consumer goods stocks Tata Consumer Products and Hindustan Unilever were down nearly 1% and 0.3%, respectively. United Spirits was an underperformer in the Nifty 200, down over 3%.
ITC fell to a three-year low of INR 362.70. It was also the worst hit in both the Nifty 200 and Nifty 500, along with Godfrey Phillips. Both the cigarette makers fell after the government levied excise duty on cigarettes in the range of INR 2,050-INR 8,500 per thousand sticks based on the length and type of the product.
The Nifty IT was the top performer among sectoral indices, up nearly 1% along with Nifty Auto and Nifty Realty. Nifty FMCG was the worst hit among the sectoral indices, down 3%. Most of the constituents in the index were in the red. The index fell to a six-month low of 53478.70 points.
Among other stocks, Vodafone Idea continued to gain and was the top gainer in both the Nifty 200 and Nifty 500 as well. (Adhithya Aji)
Equity Alert: Vodafone Idea rises more; co's subscriber loss slows down Nov
MUMBAI--1245 IST--Shares of Vodafone Idea rose further to an intraday high of INR 11.93. The stock was up from Wednesday's close after the company said it was set to receive INR 58.4 billion from its promoter UK-based Vodafone Group. Moreover, the debt-laden telecommunications company's lost 1.01 million users in November, compared to 2.08 million users lost in October.
At 1244 IST, shares of the company traded 7.5% higher at INR 11.57. Around 2.15 billion shares of the company have exchanged hands so far on the bourse, over three times higher than the number of shares traded till the same time Wednesday. Shares of the company had closed nearly 11% lower in the previous session after media reports on the government's upcoming relief for the company's adjusted gross revenue dues of INR 877 billion fell below Street's expectations, who were hoping for a 50% waiver in these dues.
Of the eight brokerage reports available with Informist on the company, three have a 'hold' call, three have a 'sell' call on the stock, while two brokerages have a 'buy' call. (Eshitva Prakash)
Equity Alert: Escorts Kubota up 3.5%; reports 39% jump in Dec tractor sales
MUMBAI--1240 IST--Shares of Escorts Kubota rose 3.5% to an intra-day high of INR 3,850 after the company reported a nearly 39% increase in its total tractor sales for December to 7,577 units. The stock, however, came off the highs and was trading at INR 3,781.30 on NSE at 1220 IST, up 1.7% from Wednesday.
Nuvama Institutional Equities' estimated the company's total tractor sales for December at 6,200 units. Escorts Kubota's domestic tractor sales grew 36% on year to 6,828 units in December. Nuvama expected the company to sell 5,650 units domestically. The company's tractor exports rose 64% on year to 749 units, beating the brokerage's estimate of 550 units. In the December quarter, the company's tractor sales grew almost 14% on year to 36,955 units. For Apr-Dec, sales of Escorts Kubota's tractors rose 14% on year to 101,413 units.
The company's sales of construction equipment in December fell 7% on year to 812 units. However, the sales volume of December 2025 cannot be compared to December 2024, which saw pre-buying ahead of emission norm changes last year, the company said. It also said there was a visible improvement in sentiment in December compared to previous months. For Apr-Dec, the company's sales for the construction equipment segment fell 18% on year to 3,917 units.
As of 1220 IST, nearly 154,000 shares of the company exchanged hands on the bourse, 12 times higher than the number of shares traded as of the same time Wednesday.
Out of 11 brokerage reports on the company available with Informist, five have a 'hold' recommendation with an average target price of INR 3,588. Three brokerages have a 'buy' recommendation while the remaining three have a 'sell' recommendation on the stock. (Akshat Saksena)
Equity Alert: InterGlobe Aviation up 2%; co gives positive outlook for 2026
MUMBAI--1200 IST--Shares of InterGlobe Aviation rose over 2% to an intraday high of INR 5,175 Thursday. The company's airline, IndiGo, said it will continue international expansion in 2026 and add more to its domestic network, according to an exchange filing. The company said it witnessed accelerated network expansion, the launch of a long-haul service, consistent passenger growth, and important operational learning in 2025.
IndiGo added that it has "rapidly restored" its network and operations to normal and continues to focus on further strengthening its operational processes. The airline is collaborating and providing requested information to the regulator's committee, it said. The operating environment presented periods of industry-wide challenges in 2025, including IndiGo's major operational disruption, which impacted valued customers, the company said. It ended 2025 by welcoming over 123 million customers, an addition of over 10 million compared to the 113 million customers in 2024.
IndiGo operated over 2,200 flights per day, on average, and the company said it maintained an industry-leading on-time performance for 10 out of 12 months in the year. "The learnings from the year gone-by enables IndiGo to enhance its operational reliability, delivering on its strategy of 'Towards New Heights and Across New Frontiers' and staying true to its purpose of giving wings to the nation," it said in the exchange filing.
Over the course of the year, IndiGo launched 10 new international destinations and 30 new international routes, according to the exchange filing. The company also led the restart of direct flights between India and China. IndiGo is set to launch non-stop services to Athens starting Jan. 23, which will also mark the international debut of India's first Airbus A321XLR. It has doubled its order for Airbus A350-900 wide-body aircraft to 60, reflecting confidence in the long-term growth of international travel from India, the company said. IndiGo was the host of the International Air Transport Association Annual General Meeting in Delhi.
On the domestic front, the airline added Hindon, Adampur, Kishangarh and Bikaner to its domestic network and is preparing to commence operations from Noida International Airport in due course. These additions bring IndiGo's network to a total of 139 destinations at year-end with 97 domestic and 42 international destinations. (Eshitva Prakash)
Equity Alert: Indices bounce back after falling flat; IT stocks gain
MUMBAI--1120 IST--Indices regained their momentum lost in early trade, driven by information technology and financial services stocks. The heavyweight stocks Reliance Industries rose nearly 1% and HDFC Bank was up 0.2%.
At 1113 IST, the Nifty 50 index was at 26170.90 points, up 41.30 points, or 0.2% and the BSE Sensex was at 85357.74 points, up 137.14 points, or 0.2%.
Eternal was the top gainer in the 50-stock index, up 2%, followed by shares of InterGlobe Aviation, Mahindra & Mahindra, Adani Ports and Special Economic Zone which rose over 1%. Shares of ITC were trading nearly 8% lower after the company executed a large deal of 37.58 billion shares. The company sold the shares at INR 400.05, which is nearly 1% discount to the previous close. The stock also reacted to the imposition of excise duty on cigarettes in the range of INR 2,050-INR 8,500 per thousand sticks.
Mhaindra & Mahindra rose after the company reported that the wholesale sales rose 25% on year for the month of December.
Information technology stocks of Infosys, Wipro, HCL Technologies, Tech Mahindra, and Tata Consultancy Services rose 0.5-1%. Financial services shares such as Shriram Finance, SBI Life Insurance Co., and Jio Financial Services were up 0.1-1%. Banking stocks such as Axis Bank and ICICI Bank rose 0.4% and 0.2%, respectively.
Shares of Vodafone Idea rose nearly 8% to be the top gainer in the Nifty 200 index. Godfrey Phillips India was down 10% to be the worst hit in both the Nifty 200 and Nifty 500 indices. The shares fell to a six-month low of INR 2,472.
The broader market indices were mixed. All the smallcap indices were down around 0.1% while midcap indices were up around 0.2%. (Adhithya Aji)
Equity Alert: Shares of Blue Dart up 9?ter cut in tax demand against arm
MUMBAI--1047 IST--Shares of Blue Dart Express rose over 9% on NSE to an over one-month high of INR 6,039.50 after the Goods and Services Tax adjudicating authority cut its tax demand on the company's subsidiary Blue Dart Aviation. At 1045 IST, shares of the company traded almost 5% higher at INR 5,795 on the National Stock Exchange.
Following an appeal by the company, the authority reduced the tax demand on Blue Dart Aviation to INR 6.49 million from INR 4.21 billion. According to an exchange filing from Blue Dart, Blue Dart Aviation has accepted and paid the revised tax and interest to avoid prolonged litigation.
So far, over 464,000 shares of the company have changed hands on the NSE, over 170 times the shares traded till the same time Wednesday. The stock has risen for the three sessions out of the last four.
Of the five brokerage recommendations available with Informist on the company, four have a 'buy' call on the stock with an average target price of INR 7,165 and the remaining one has a 'hold' call on the stock. (Arundathi A R)
Equity Alert: Vodafone Idea up; co to get INR 58.4 bln from Vodafone Group
MUMBAI--1033 IST--Shares of Vodafone Idea rose over 6% to an intraday high of INR 11.43 Thursday after the company said it had reached an agreement with UK-based Vodafone Group to amend its merger pact originally signed in March 2017. Post the amendment, the company is set to receive INR 58.4 billion from the promoter group.
Stocks of the company had closed nearly 11% lower in the previous session following media reports of the Cabinet providing the debt-laden telecommunications company a five-year interest-free moratorium on its adjusted gross revenue dues of INR 877 billion. The reported relief was way below expectations, as the Street had originally expected an AGR waiver of at least 50%, according to various analysts. The relief provided to Vodafone Idea might not be enough to address the company's high leverage even without its adjusted gross revenue dues due to its earnings before interest, tax, depreciation and amortisation being insufficient to meet spectrum payment obligations and capital expenditure plans, brokerage Emkay Global said in a report.
At 1030 IST, shares of the company were 5.5% higher at INR 11.36 on the National Stock Exchange. Around 68 million shares of the company have changed hands so far on the bourse. The stock has fallen nearly 6% in a week, but risen 14% in the last 30 days. Along with shares of Vodafone Idea, shares of Indus Towers, which is the telecom tower operator of the former, also rose more than 4%.
Of the eight brokerage reports available with Informist on the company, three have a 'hold' call, three have a 'sell' call on the stock, while two brokerages have a 'buy' call. (Eshitva Prakash)
Equity Alert: Equity Alert: Indices open positive on New Year's day; fincl svcs cos gain
MUMBAI--1005 IST—Domestic benchmark equity indices opened on a positive note on New Year's Day helped by gains in financial services and oil companies stocks. Index heavyweights Reliance Industries and HDFC Bank rose nearly 2%, supporting the Nifty 50 to remain in the green.
At 0946 IST, the Nifty 50 index was at 26169.05 points, up 39.45 or 0.2% and the BSE Sensex was at 85383.02 points, up 162.42 points or 0.2%.
Adani Enterprises rose nearly 2% to be the top gainer in the Nifty 50 index, followed by Eternal which rose over 1%.
Mahindra & Mahindra, InterGlobe Aviation, and Adani Ports And Special Economic Zone were up 1?ch.
Shares of ITC were the worst hit in the index, down 5%. The stock fell after the government imposed an excise duty on cigarettes in the range of INR 2,050-INR 8,500 per thousand sticks. The duty will be based on the length and type of the product, effective from Feb. 1, the finance ministry said in a notification late Wednesday. In a separate notification, the ministry also notified that goods and service tax compensation cess levy on tobacco and related products would be discontinued from Feb. 1. Cigarette-maker Godfrey Phillips India fell to a six-month low of INR 2,535 following the reports of imposition of excise duty on tobacco products. The stock was the worst hit in both the Nifty 200 and Nifty 500 indices.
Shares of Vodafone Idea rose nearly 4?ter the company revised its agreement with the UK-based Vodafone Group originally signed in March 2017. Post the amendment, the company stands to receive INR 58.4 billion from the promoter group. As part of this, Vodafone Group promoters will release INR 23.1 billion over the next 12 months. Along with shares of Vodafone Idea, shares of Indus Towers, which is the telecom tower operator of the former, also rose nearly 2%.
Shares of Adani Total Gas and Adani Total Gas were the top gainers in the Nifty 200 index, up nearly 8% and 5%, respectively.
Blue Dart Express rose nearly 6% in the Nifty 500 index after the Goods and Services Tax adjudicating authority reduced the tax demand against the company's arm, Blue Dart Aviation, to INR 6.5 million from INR 4.21 billion. (Adhithya Aji)
Equity Alert: Cigarette cos down after govt places excise duty on cigarettes
MUMBAI--1001 IST--Shares of cigarette companies slumped in the opening minutes of trade after the government imposed excise duty on cigarettes in the range of INR 2,050-INR 8,500 per thousand sticks based on the length and type of the product, effective from Feb. 1. The ministry also notified that goods and services tax compensation cess levy on tobacco and related products would be discontinued from Feb. 1.
At 0948 IST, shares of ITC were down nearly 5%, the worst hit among Nifty 50 constituents. Shares of the company hit an 18-month low at INR 383.70. Its peer Godfrey Phillips India was down 9%, hitting an over eight-month low at INR 2,512.70. The GST Council had on Sept. 3 agreed to overhaul the indirect tax structure by slashing rates on a host of common and daily-use items. The council also introduced a new GST rate of 40% on luxury goods to subsume the GST compensation cess that some of the items in the 28% GST bracket attracted. However, the council decided to continue the compensation cess on tobacco-related products till the GST-related loans are repaid.
ICICI Securities, which had earlier recommended going long on ITC January futures, advised investors to close their positions at current levels as a stop-loss is triggered. ITC has been under consistent selling pressure, but levels near INR 400 have seen strong, with delivery-based buying limiting the downsides, the brokerage said in a note. On the futures front, the stock has seen aggressive short open interest addition, pushing futures open interest to a one-year-high. Elevated open interest amid muted price action suggests the possibility of a short-covering rally, according to the brokerage.
Of the 21 brokerage reports available with Informist on ITC, 19 have a 'buy' call on the stock with an average target price of INR 504, while one brokerage has a 'sell' and another has a 'hold' call. (Eshitva Prakash)
Equity Alert: Vodafone Idea relief not enough for debt, capex plans - Emkay
MUMBAI--0925 IST--The relief provided to Vodafone Idea might not be enough to address the company's high leverage even without its adjusted gross revenue dues due to its earnings before interest, tax, depreciation and amortisation being insufficient to meet spectrum payment obligations and capital expenditure plans, brokerage Emkay Global said in a report.
The Union Cabinet, in its meeting, decided to provide Vodafone Idea relief on its AGR dues of INR 877 billion by granting a 5-year moratorium on the dues before 2017-18 (Apr-Mar), according to Emkay Global. This will be payable over FY32 to FY41, while AGR dues pertaining to FY18 and FY19 shall be payable over FY26 to FY31 without any change, Emkay said citing media reports. Despite the Street's expectations of at least a 50% waiver on AGR dues, the government did not provide any waivers to the company. Vodafone Idea could see further reduction in its AGR as the Department of Telecommunications will form a committee to recalculate and revaluate the dues, the brokerage said.
Despite having its AGR dues addressed, Vodafone Idea has deferred spectrum payment obligations of around INR 1.2 trillion and capital expenditure plans of INR 75 billion to INR 80 billion for FY26, making the relief granted insufficient due to the company's insufficient earnings before interest, tax depreciation and amortisation, the brokerage said. As of the September quarter, the company's annualised EBITDA is INR 8.98 billion, which is 6.7% of its spectrum debt, along with a cash balance of INR 30.80 billion. The brokerage believes that more capital infusion along with the restructuring of the company's spectrum liabilities is crucial for its long term sustainability. "...leverage remains high even without AGR dues, and the government will need to consider a plan for reducing spectrum debt," the brokerage said.
The brokerage is of the opinion that the government is taking enough steps to ensure that the company remains solvent. However, the government will have to make deeper reforms to make Vodafone Idea into a strong company with manageable leverage. At 0915 IST, shares of the company traded 2.5% higher at INR 11.03 on the National Stock Exchange. (Akshat Saksena)
Equity Alert: Indices seen opening higher Thu, gains likely to be limited
MUMBAI--0850 IST--Benchmark equity indices are likely to extend gains Thursday, after ending higher in the previous session. However, analysts expect the gains to be limited as all global markets are shut on the occasion of New Year. The GIFT Nifty indicates a rise in the Nifty 50 as it is over 200 points higher than the Nifty 50's previous close.
On Wednesday, the 50-stock index closed 0.7% higher at 26129.60 points. The BSE Sensex closed over 500 points higher at 85220.60. The 50-stock index is expected to face resistance at 26200-26285 points and find support at 25975 points, Anshul Jain, technical analyst at Laxmishree Investments and Securities, said.
Market participants await the release of data on goods and services tax collections for December later in the day. They will also focus on automobile stocks as auto companies will declare their monthly sales data for December. Analysts see the GST data showing an improvement in demand and helping cover tax-collection shortfalls.
All benchmark indices on Wall Street ended lower for the fourth straight session on Wednesday, while equity markets in Asia were closed Thursday on account of the New Year holiday. (Arundathi A R)
Equity Alert: US indices fall for 4th straight session Wed, S&P 500 down 1%
MUMBAI--0740 IST--US equity indices closed lower for the fourth consecutive session on Wednesday, defying expectations of a 'Santa Claus rally'. Over the last four sessions, the S&P 500 index and the Dow Jones Industrial Average fell over 1%, and the tech-laden NASDAQ Composite was down nearly 2%. Equity markets in Asia were closed on Thursday on account of New Year's Day.
The Dow Jones Industrial Average was able to achieve gains on a monthly basis, while the S&P 500 and the NASDAQ Composite fell nominally, according to a report by Reuters. However, the three indices have recorded double-digit gains in 2025, making it the third consecutive year of gains, boosted by an 'insatiable appetite' for artificial intelligence stocks, Reuters reported. The Dow Jones Industrial Average index recorded eight consecutive months of gains, its longest streak since 2017-2018. The S&P 500 was also on track for eight consecutive months of growth just before the closing bell but could not manage to do so, ending slightly lower in December, the report said.
Energy stocks and technology stocks were among the worst performers during the session, with Microsoft falling 0.8%, Reuters said. Shares of energy company EQT Corp. fell nearly 2% during the session as well. Shares of NVIDIA, which have gained 39% this year, have been one of the beneficiaries of AI trade, becoming the first company to hit $5-trillion market capitalisation, Reuters said. Shares of NVIDIA ended nearly 1% lower during the session.
The communication services index was the highest gainer for the year due to a 65% rise in Alphabet, Reuters said. Shares of storage chip-makers Micron Technology, Western Digital, and Seagate exceeded their S&P 500 peers as they tripled in value in 2025. Nike rose 4?ter CEO Elliott Hill reported that he bought about $1 million worth of shares recently. Shares of Vanda Pharmaceuticals surged after the company received approval from the US Food and Drug Administration for its drug meant for the prevention of motion-induced vomiting, Reuters said. Shares of the company jumped over 25% during the trading session.
Trading volumes remained low in the holiday-truncated week, with the market closed for New Year on Thursday. "Volume on US exchanges was 11.17 billion shares, compared with the 15.80 billion average for the full session over the last 20 trading days," Reuters said. The monteary policy of the US Federal Reserve is likely to set the tone for 2026. Investors have started pricing in further reductions after recent economic data and expectations of a new 'dovish' Federal Reserve chairman, Reuters said.
Following are the closing levels of US indices Wednesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6845.50 |
(-)0.74 |
|
NASDAQ Composite |
23241.991 |
(-)0.76 |
|
Dow Jones Industrial Average |
48063.29 |
(-)0.63 |
(Akshat Saksena)
US$1 = INR 89.96
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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