More Stories

Informist, Friday, Jan. 2, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 to rise more next week; analysts retain bullish view

MUMBAI--1759 IST--The Nifty 50 is expected to rise next week as it breached the resistance level of 26300 on Friday, which led analyts to retain a bullish view on the market. Analysts are now focusing mainly on the December quarter earnings, which will start coming in this month. On Friday, the Nifty 50 ended at a record closing high of 26328.55 points, up 182 points or 0.1%. 

The support level for the Nifty 50 is expected to be at 26100 points and the resistence is pegged at 26500-26600 level, according to Nandish Shah, deputy vice president at HDFC Securities. "The GST numbers, auto sales figures, quarterly updates from banks and other companies were also good. All this have lifted the sentiment," Shah said. Whenever the Nifty 50 hits an all-time high, it is a positive signal and technically the market looks very bullish, he added. 

On a similar voice, Nagaraj Shetti, senior technical research analyst at HDFC Securities, said the underlying trend of the Nifty 50 is sharply up. "A long bull candle was formed on the daily chart which indicates a decisive break out of the recent consolidation movement," he said in a note. The relative srength index has broken out of its prior consolidation phase, signalling a pick-up in momentum, according to Rupak De, senior technical analyst at LKP Securities. "The trend is expected to remain firm in the near to short term, with a buy-on-dips approach favoring the bulls as long as the index sustains above 26000," he said.   (Adhithya Aji)   

Equity Alert: Nifty 50 Jan ends at premium of 149.75 points to spot index

MUMBAI--1756 IST--The January futures contract of the Nifty 50 closed at a premium of 149.75 points to the spot index. Open interest in the contract fell 0.6% to 13.92 million, according to provisional data.

--Nifty 50 closed at 26328.55 points, up 182.00 points or 0.7% vs Thu

--Nifty 50 January closed at 26478.30 points, up 187.90 points or 0.7% vs Thu

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

Call: 27900, Put: 26300

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

Call: 27000, Put: 26000

(Simran Rede)

Equity Alert: Indices end up with Nifty 50 at record high; fincl cos gain

MUMBAI--1606 IST--Domestic Benchmark indices ended higher on Friday, with the Nifty 50 touching an all-time high of 26340 points and closing at its highest level yet. The index ended higher with gains in the financial services stocks. The heavyweight stocks, Reliance Industries, HDFC Bank, and ICICI Bank ended over 1% higher. 

The Nifty 50 ended at a record closing of 26328.55 points, up 182 points or 0.7%, and the BSE Sensex ended at 85762.01 points, up 573.41 points or 0.7%. Coal India was the top gainer in the Nifty 50, up nearly 7% followed by NTPC which rose nearly 5%. Shares of ITC were the worst hit on the index, ending almost 4% lower. The stock hit a two-year low of INR 345.25. More than half of the constituents in the Nifty 50 ended in green.  

Financial services stocks such as Jio Financial Services, Bajaj Finance, and SBI Life Insurance Co. ended 1-2% higher. Shares of State Bank of India ended over 1% higher. Information Technology stocks Infosys, Tata Consultancy Services, and Wipro ended nearly 1% higher each.      

In the sectoral indices, many hit all-time highs. Nifty Bank, Nifty Infrastructure, Nifty Metal, Nifty Auto, and Nifty Private Bank ended at all-time highs. Nifty Bank hit an all-time high of 60203.75 points, Nifty Metal hit an all-time high of 11433.80 points, Nifty Auto hit 28867.05 points, Nifty PSU Bank hit 8744.15 points, Nifty Infrastructure hit 9771.80 points, and Nifty Private Bank hit 28982.85 points.                  

Coal India's shares hit a one-year high of INR 429.90 after the company said it will allow foreign coal buyers to participate directly in its single-window, mode-agnostic e-auctions to buy coal. The new arrangement took effect on Thursday, and the scheme will open e-auctions for coal consumers in neighbouring countries such as Bangladesh, Bhutan, and Nepal that wish to import coal from India.

NTPC ended nearly 5% higher, with the shares hitting a six-month high of INR 353. The company plans to set up around 30 gigawatts of nuclear capacity across various locations in the country, in line with the government's ambition to reach 100 gigawatts of nuclear capacity by 2047, Press Trust of India reported. 

All the broader indices ended in the green, with the Nifty Midcap 100 ending 1% higher. Nifty Midcap 50 and Nifty Midcap 150 ended 0.9% higher each.

Bosch was the top gainer in the Nifty 200 index, up 9%, while ITC was the worst hit. SJVN was the top gainer in the Nifty 500, up over 11%. Shares of Sapphire Foods India were among the worst hit in the index, down 4%. The stock fell after the company announced Thursday that it will be merged into Devyani International. The shares of the latter ended 0.4% higher. (Adhithya Aji)  

Equity Alert: Time Technoplast up 6% as co gets nod for type-3 gas cylinders

MUMBAI--1520 IST--Shares of Time Technoplast rose almost 6% to a one-month high of INR 199.40 on the NSE after the company said Thursday that it had received approval from the Petroleum Explosives Safety Organisation and TUV Rheinland India for the manufacture and supply of high pressure type-3 fully wrapped fibre-reinforced composite cylinders of two-litre capacity for compressed gas application.

At 1458 IST, shares of the company were 4% higher at INR 196.11. The stock has risen for three consecutive sessions. This rise has aided the stock in recovering from the three straight days of declines till Friday. Around 6 million shares of the company have changed hands so far on NSE.

In a separate notification late Monday, the company had said it recieved a contract worth INR 510 million by Hindustan Petroleum Corp. The contract is for the supply of rigid packaging products, or conipack pails, in sizes ranging from 7.5 litres to 20 litres.

Motilal Oswal Finacial Services has a 'buy' recommendation on the stock with a target price of INR 578 and another brokerage, Systematix Shares and Stocks (India) has a 'buy' call with a target price of INR 615.  (Eshitva Prakash)

Equity Alert: European indices higher, FTSE 100 reaches all-time high

MUMBAI--1453 IST--Indices in Europe traded higher. UK's FTSE 100 index crossed the 10000-point benchmark for the first time to reach an all-time high of 10046.25 points. This reflects the optimism over stocks, largely due to the rally seen by artificial intelligence stocks, even though the country's stock markets are not exposed to the markets. 

The biggest gainers in the FTSE 100 index in 2025 were mining companies such as Fresnillo, which received a boost due to a surge in metal prices, according to a report from Reuters. Defence firms such as Rolls-Royce and Babcock were also among the highest gainers in 2025 as the continent ramped up their defence spending along with banking stocks such as Lloyds, which benefited because of elevated interest rates and decent economic growth, the report said. 

The Pan European Stoxx 600 index was up 0.8% on Friday. Most of the sectors and bourses across the region were in the green with mining stocks emerging as the highest gainers, up 0.9%, according to a report from CNBC. The rise comes as investors return from the New Year's Day holiday, the report added. Shares of Danish energy group Orsted rose over 5% after the company said it has challenged the US government's suspension of the lease for its Revolution Wind joint venture and would seek a court injunction, according to the report. 

Following were the levels of major European indices at 1450 IST:

(Akshat Saksena)

Equity Alert: Asian Indices higher, KOSPI, Singapore index hit all time-high

MUMBAI--1413 IST--Indices in Asia were higher, with the KOSPI and FTSE Singapore Straits Times reaching their all-time highs. South Korea's KOSPI index rose over 2% to hit an all-time high of 4313.55 points and FTSE Singapore Straits Times rose 0.5% to reach an all-time high of 4669.29 points. Singapore's economy recorded 5.7% on-year growth in the December quarter, led by manufacturing sector. The Purchasing Managers' Index for Taiwan and South Korea showed factory activity in the two countries rose in December, after months of decline.

South Korea's factory activity expanded in December after two months of decline, with the PMI for manufacturers by S&P Global standing at 50.1, just above the 50-point mark that denotes expansion, a report from Reuters said. The index was at 49.4 points for the previous two months. "According to manufacturers, new product launches and improved external demand drove the improvement in sales, while confidence in the outlook also improved markedly in December to reach its highest level since May 2022," Usamah Bhatti, economist at S&P Global Market Intelligence, was quoted as saying by Reuters.

Taiwan's Purchasing Managers' Index grew to 50.9 in December from 48.8 in November, crossing the 50-point mark for the first time in 10 months, Reuters said. Taiwan's manufacturing index ended 2025 on a high as firms signal fresh increases in production and new business amid reports of firmer demand conditions, said Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence, according to the Reuters report. The country's TAIEX index was up over 1% at 29357.39. 

In Hong Kong, stocks of educational service companies led gains during the session on the Hang Seng. Stocks of artificial intelligence chip designer Shanghai Biren jumped over 70% after its debut, off a $717 million initial public offering, according to a CNBC report. The initial public offering was subscribed over 2,300 times, even after the upsize option was exercised and the international offer was subscribed 25.95 times, the report said. The Hang Seng Index was up nearly 3% at 26338.47. 

Following were the levels of key Asian indices at 1409 IST:

(Akshat Saksena)

Equity Alert: Coal India up; permits foreign coal buyers to bid at e-auction

MUMBAI--1256 IST--Shares of Coal India rose nearly 6% to an intraday high of INR 424.95 after the company permitted direct participation of some foreign coal buyers in e-auction. The stock was up for the third straight session and gained nearly 7% during this period.

The company allowed Bangladesh, Bhutan, and Nepal to participate in the single window mode agnostic auctions. "This step enhances transparency, competition and global market integration," a senior company official was quoted a ssaying in the filing to exchanges.

At 1230 IST, shares of the company traded 5% higher at INR 420.70 on the NSE. So far, nearly 13 million shares of the company changed hands on the exchanges, higher than nearly 1.5 million shares traded till the same time Thursday.

Of the 13 brokerage recommendations available with Informist on the company, nine have a 'buy' recommendation with an average target price of INR 468. Three have a 'sell' recommendation and the remaining one has a 'hold' recommendation on the stock.  (Arundathi A R)

Equity Alert: Indices remain higher; Nifty Bank hits all-time high 

MUMBAI--1254 IST--Benchmark indices rose more, with financial services companies leading the gains. Index heavyweights Reliance Industries, ICICI Bank, and HDFC Bank rose nearly 1% and supported the Nifty 50 index.

At 1249 IST, the Nifty 50 was at 26291.70 points, up 145.15 points or 0.6% and the BSE Sensex was at 85642.10 points, 453.50 points or 0.5%. 

Shares of Coal India surged after the company allowed direct participation of foreign coal buyers. The state-owned company allowed Bangladesh, Bhutan, and Nepal to participate in electronic auction. The stock was up nearly 6%, the top gainer in the 50-stock index. NTPC rose nearly 4% and Trent rose over 3%. ITC continued to be in lossed and was down nearly 4%, followed by Nestle India which fell nearly 1%.    

Financial services stocks such as Jio Financial Services, Bajaj Finance, and SBI Life Insurance Co. were up around 2% each. The Nifty Bank hit an all-time high of 60152.35 points with constitents Indusind Bank, ICICI Bank, Punjab National Bank, HDFC Bank, and State Bank of India leading the gains. These stock were around 1% higher.  
 

Among sectoral indices, Nifty Energy extended gains and was up nearly 2%. Nifty Auto and Nifty Consumer Durables were up over 1%. Nifty FMCG was the only sectoral index in the red. All the broader market indices were higher, with Nifty Midcap 100 and Nifty Midcap 50 up around 0.9%  

Shares of Bosch were the top gainers among Nifty 200 constituents, up nearly 8%. Transformers and Rectifiers (India) was the top gainer in the Nifty 500 index, up nearly 8%. (Adhithya Aji)

Equity Alert: Force Motors falls after rising 5% on strong Dec sales data

MUMBAI--1235 IST--Shares of Force Motors fell after rising 5% intraday to an over four-month high of INR 21,915. At 1212 IST, the stock traded nearly 2% lower at INR 20,475, after rising for five consecutive sessions wherein it gained nearly 14%. The company's shares rose after it reported total sales of 3,048 units in December, up nearly 50% on year and nearly 6% from November. The company's domestic sales rose 48.7% on year and nearly 7% on month to 2,952 units. The company's exports grew over 88% on year to 96 units but fell nearly 19% on a monthly basis.

Shares of the company gained over three times in 2025 compared to 2024. The stock has gained nearly 42% in the last 180 days. Nearly 176,000 shares of the company traded on the National Stock Exchange during the session so far. This is over five times higher than the number of shares traded Thursday.  (Akshat Saksena)

Equity Alert: Indian Bank up 3% after reporting sharp rise in gross advances

MUMBAI--1200 IST--Shares of Indian Bank rose over 3% to a high of INR 859.55 Friday after the company's gross advances rose nearly 15% on year to INR 6.40 trillion as of Dec. 31, according to provisional figures released by the bank on Thursday. The stock has risen 10% in a week, which has helped limit its 30-day fall to just 0.2%.

At 1200 IST, shares of the bank were at INR 861.10 on NSE, up 3.1%. Around 1.77 million shares have exchanged hands so far on the bourse, three times the number of shares traded till the same time Thursday.

The company said its total deposits rose almost 13% on year to INR 7.90 trillion as of Dec. 31, with the domestic current account savings account ratio falling to 39.02% from 40% in the year-ago period. Loans in the state-owned bank's domestic retail, agriculture and micro, small and medium enterprises segment rose 17% on year to INR 3.92 trillion. (Eshitva Prakash)

Equity Alert: Devyani Intl rises 8%, Sapphire dn 6% on merger announcement

MUMBAI--1120 IST--Shares of Devyani International rose over 8% to an intraday high of INR 159.66 during the session. The shares of Sapphire Foods India fell nearly 6% to an intraday low of INR 247.10. This comes after the merger of the company with Sapphire Foods India through a share-swap mechanism in which Devyani International's 177 equity shares of INR 1 each will be issued to shareholders of Sapphire Foods for every 100 equity shares of INR 2 each. The merger is aimed at accelerating the expansion of Kentucky Fried Chicken or KFC and strengthening the revitalisation of Pizza Hut for long-term sustainable growth. Yum! Brands, parent of Pizza Hut and KFC, has granted its approval for the merger. Devyani International will acquire 19 restaurants currently operated by Yum! India in Hyderabad for around 900 million and will make a one-time payment of around INR 3.2 billion towards merger approval, according to a report from JM Financial Services.

The merger will create one of the largest and most diversified quick service restaurant platforms in India, JM Financial said. The estimated earnings before interest, tax, depreciation and amortisation benefit from the merger is around INR 1 billion to INR 1.50 billion during the first year of integration, which is in 2027-28 (Apr-Mar), according to the brokerage. The merged entity could deliver a compounded annual growth rate in revenue of around 15% over FY25 to FY28, resulting in a revenue of around INR 122 billion in FY28. EBITDA and net profit for the period are expected to grow at a compounded annual growth rate of 24% and 26% for the period respectively. This should result in an EBITDA of INR 14.20 billion. 

As the merger is expected to be completed in 12 to 15 months, FY28 is likely to be the first year of combined operations, Devyani International expects to see full synergy benefits of around INR 2.10 billion to INR 2.25 billion in FY29, according to a report from Emkay Global Financial Services's. This is significant, as it accounts for 15% of Emkay's combined EBITDA estimate for the two companies. The combined entity is expected to have a 50-60% higher revenue compared to the current levels, Emkay said. The merger along with agreement negotiations with Yum! are supposed to provide synergies in terms of improved decision-making, new innovations, use of tech, and better sourcing efficiencies, the brokerage added.

At 1037 IST, shares of Devyani International traded over 2% higher at INR 150.90 on the National Stock Exchange, over 29 million shares of the company have been traded on the bourse so far in the session. Shares of Sapphire Foods India traded 2.5% lower at INR 256.05, with over 4 million shares traded on the bourse so far during the session.

Out of 11 brokerage reports on Devyani International, eight brokerages have a 'buy' recommendation with an average target price of INR 186. Two brokerages have a 'sell' recommendation and one has a 'hold' recommendation on the stock. Out of nine brokerage reports on Sapphire Foods, seven brokerage reports have a 'buy' recommendation with an average target price of INR 346, one has a 'hold' recommendation, and one has a 'sell' recommendation.  (Akshat Saksena)

Equity Alert: Indices remain higher; IT cos turn positive, FMCG cos slide

MUMBAI--1115 IST--Indices continued to be higher, with index heavyweights maintaining their gains. Shares of automobile companies were slightly off highs, while select energy companies extended their gains. A majority of fast-moving consumer goods companies traded in the red. Information technology companies turned positive, with Infosys up almost 1% and HCL Technologies rising slightly, recovering from a fall in early trade.

At 1123 IST, the Nifty 50 was at 26262.80 points, up 116.25 points or 0.4%. The BSE Sensex was at 85537.22 points, up 358.762 points or 0.4%. Coal India extended gains from earlier in the session to top the Nifty 50 index and was up nearly 3%. Shares of Bharat Electronics and Jio Financial also rose more and traded almost 2% higher each. Shares of NTPC extended their day's gains and were up more than 2%. 

Meanwhile, Bajaj Auto extended its fall and was down 1.5% and Ultratech Cement traded in the red after rising in early trade. ITC continued to be the biggest drag on the 50-stock index and traded over 4% lower. Meanwhile, Bharti Airtel, which has a near 5% weightage on the index, was slightly lower after rising previously in the day. 

Most FMCG companies were down. Shares of Nestle fell 0.4% after a short stint of gains. Radico Khaitan, United Breweries, and Godrej Consumer Products were 1–2% lower. Meanwhile, Tata Consumer Products and Hindustan Unilever held on to thin gains. Dabur India outperformed other stocks in the sector and rose over 3%. The Nifty FMCG index was 1.2% lower, the only sectoral index to have fallen. 

Among Nifty 200 stocks, Bosch was up over 5%, while shares of Hyundai Motors India were down almost 2%. The company registered 6.6% year-on-year growth in sales in December at 58,702 units. Transformers and Rectifiers (India) topped the list of rising Nifty 500 stocks, up nearly 7%. Aditya Birla Sun Life AMC was down more than 3% and was among the worst hit constituents of the 500-stock index.

Broader market indices advanced as much as their benchmmark peers. The Nifty Smallcap 250 index was 0.4% higher with shares of Aadhar Housing Finance, Aditya Birla Fashion and Retail, and Action Construction Equipment rising 1-4%. The Nifty Midcap 150 index rose 0.6%. Balkrishna Industries, Astral, and Bharat Forge were the top performing midcap stocks, up 1-2%.  (Eshitva Prakash)

Equity Alert: Shares of EV bus makers Olectra Greentech, JBM Auto rise 6-8%

MUMBAI--1105 IST--Shares of electric bus maker Olectra Greentech rose over 6% to a high of INR 1,274.80 on NSE and those of JBM Auto rose as much as 8% to a high of INR 673.40. Olectra Greentech was up for the second straight session and JBM Auto rose after closing lower in the previous two sessions.

Olectra Greentech Thursday said it has commenced commercial operations of its greenfield electric bus manufacturing facility at Seetharampur, near Hyderabad. The facility is ready with an annual per-shift production capacity of 2,500 buses.

At 1058 IST, shares of Olectra Greentech were over 4% higher at INR 1,251.50 on NSE. So far, 1.88 million shares of the company changed hands on the exchange, higher than nearly 62,500 shares traded till the same time Thursday. There is only one brokerage recommendation available with Informist on the company, which has a 'buy' call on the stock.

At 1059 IST, shares of JBM Auto were trading nearly 6% higher at INR 662.05 on NSE. So far, nearly 8 million shares of the company changed hands on the NSE, higher than nearly 153,000 shares traded till the same time Thursday. There is only one brokerage recommendation available with Informist on the company, which has a 'buy' call.  (Arundathi A R)

Equity Alert: Mkts remain up; index heavyweights, auto stocks extend gains

MUMBAI--1026 IST--Benchmark indices remained higher on the back of gains in index heavyweights and automobile companies. A majority of Nifty 50 constituents traded in the green, and barring the Nifty FMCG index, all other sectoral indices rose.

At 1023 IST, the Nifty 50 was at 26248.05 points, up 101.50 points, or 0.4%. The BSE Sensex was at 85535.91 points, up 347.31 points, or 0.4%. Coal India was up almost 2% and rose the most among other 50-stock companies. A 0.5% increase each in index heavyweights HDFC Bank and ICICI Bank was the biggest support to the Nifty 50. Shares of another index heavyweight, Reliance Industries, were up nearly 1%. Meanwhile, ITC was the top loser and was down over 4%. Brokerages have said that the company's sales and cigarette volume will be hurt following the government's imposition of excise duty on cigarettes in the range of INR 2,050-INR 8,500 per thousand sticks. A fall in ITC shares hit the Nifty FMCG index, which was down over 1%.

The Nifty Auto index was up more than 1% following the December automobile sales data released Wednesday. Barring Bajaj Auto and Tube Investments, which were down around 1%, all other constituents of the Nifty Auto index traded higher. Bosch, Hero Motocorp, and TVS Motor Co. were the biggest gainers and rose 2-3%.

Among other stocks, Force Motors gave up gains from the opening minutes of the trade, but was still over 1% higher. The December total sales of the company were up nearly 50% on year.  (Eshitva Prakash)

Equity Alert: Indices open higher Fri, financial services cos lead gains

MUMBAI--0959 IST--Domestic benchmark indices opened higher Friday, supported by the gains in financial services stocks. Index heavyweights Reliance Industries, HDFC Bank, and ICICI Bank were up nearly 1% in the Nifty 50. At 0944 IST, the Nifty 50 was at 26246.60 points, up 100.05 points or 0.4% and the BSE Sensex was at 85533.320 points or 344.72 points, up 0.4%. 

Hindalco Industries and Asian Paints rose nearly 2% and were the top gainers in the Nifty 50 index. Bharat Electronics rose over 1% after the company said it had received orders worth INR 5.69 billion since Monday. Major orders are for communication equipment, medical electronics, instant fire detection and suppression system, upgrades, spares, and services. 

Financial services stocks such as Jio Financial Services, SBI Life Insurance Co., Bajaj Finance, and HDFC Life Insurance Co were up 1% each.       

ITC was the worst hit in the 50-stock index, down nearly 4%. Numerous brokerages downgraded the company's stock as it is expected to face selling pressure following the imposition of additional excise duty on cigarettes by the government. Titan Co, Bajaj Auto, and Dr. Reddy's Laboratories were the other Nifty 50 stocks that fell over 1% each. 

Vodafone Idea was the top gainer in the Nifty 200 index, up over 3%. The government will form a committee to reassess the annual gross revenue dues of the company. After the reassessment, the INR 876.95 billion of AGR dues will go down substantially and whatever the new amount comes, it has to be paid by FY36–FY41, the Economic Times reported, citing sources. Cigarette maker Godfrey Phillips India was down over 2%.    

Indian Bank's shares rose over 2% after the bank's gross advances grew 14.5% on year to INR 6.40 trillion and total deposits were up 12.5% on year at INR 7.90 trillion as of Dec. 31. Hero MotoCorp was up nearly 3% after the company's December sales rose over 40% on year to 456,479 units. 

Electric bus makers JBM Auto and Olectra Greentech were the top gainers in the Nifty 500 index, up over 7% and 5% respectively. Devyani International rose nearly 4% after Sapphire Foods India announced its merger into the company. The merger will be completed through a share-swap mechanism in which 177 equity shares of INR 1 each of Devyani International will be issued for every 100 equity shares of INR 2 each, held by shareholders of Sapphire Foods India. The shares of Sapphire Foods India were down over 3% and were among the worst hit in the Nifty 500 index.   (Adhithya Aji)

Equity Alert: ITC down 14% in 2 days; brokerages see hit to cigarette sales

MUMBAI--0953 IST--Shares of cigarette companies extended their fall for the second straight day on Friday. Shares of these companies had slumped in the previous session 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. International and domestic brokerages expect a decline in cigarette volumes due to sharp price hikes.

Shares of ITC fell over 5% to a 35-month low at INR 345.25 on NSE. The stock has declined over 14% in two days. Around 50 million shares of the company have exchanged hands so far on the bourse. Brokerage firms Emkay Global Financial Services and Prabhudas Lilladher have downgraded ITC to "reduce" and cut the target prices on the stock by 26–34% after the proposed excise duty by the government on cigarettes. The brokerages see the move hitting the company's cigarette volumes. Nuvama Wealth Management downgraded ITC to 'hold' from 'buy', forecasting a year-on-year decline in the company's cigarette business volume and earnings before interest, tax, depreciation, and amortisation in 2026-27 (Apr-Mar). Shares of Red & White cigarette maker Godfrey Phillips India fell nearly 5% to a near-nine month low of INR 2,185, extending their two-session loss to around 21%. 

Emkay Global sees the tax payout per stick rising by 26–50% from the current cigarette prices across ITC's cigarette portfolio. The brokerage expects the portfolio to witness price hikes of 32% in a staggered manner, with a 27% price hike in FY27 and a 5% hike in FY28.

Of the 21 brokerage reports available with Informist on ITC, 15 have a 'buy' call on the stock with an average target price of INR 501, three brokerages have a 'sell' and another three have a 'hold' call. (Eshitva Prakash)

Equity Alert: Emkay Global, Prabhudas Lilladher downgrade ITC to 'reduce'

MUMBAI--0904 IST--Brokerage firms Emkay Global Financial Services and Prabhudas Lilladher have downgraded ITC to "reduce" and cut target prices on the stock by 26-34% after the proposed excise duty by the government on cigarettes. The brokerages see the move hitting the company's cigarette volumes. Earlier Nuvama Wealth Management downgraded its rating on ITC shares to 'hold' from 'buy.'

On the existing cigarette prices, Emkay Global sees the tax payout per stick rising by 26-50% across its cigarette portfolio. "We expect the portfolio to witness price hikes of 32% in a staggered manner," Emkay said. In 2026-27 (Apr-Mar), the brokerage expects a 27% price hike and 5% for FY28. Given the quantum of price hikes, Emkay expects volumes to be hit and hence sees a decline of 10% in cigarette volumes for FY27 and 2% for FY28. 

Prabhudas Lilladher estimates 23-50% hike in prices of various cigarettes post imposition of new excise rates. The current move takes the overall taxation on cigarettes from 50% to 61%, which is still significantly lower than recommended rate of 75% by the World Health Organization, the brokerage said. Although benefits of lower leaf tobacco prices and some price hikes will improve margins, overall profitability will suffer in medium term, it added. The brokerage expects a hit of 12.5% in volumes in FY27.  (Gopika Balasubramanium)

Equity Alert: Emkay sees Devyani-Sapphire merged entity sales up 15% FY25-28

MUMBAI--0835 IST--The combined entity formed by the merger of Devyani International and Sapphire Foods has a scale of around INR 78 billion as per 2024-25 (Apr-Mar) numbers, with a potential compounded annual growth rate of 15% in its revenue over FY25-28, Emkay Global Financial Services said in a report. The merged entity will have a 50–60% higher revenue and earnings before interest, taxes, depreciation, and amortisation scale as compared to current levels. The brokerage sees the merged entity having a similar revenue scale and EBITDA growth profile to that of Jubilant FoodWorks. The deal with Yum! India is also expected to provide better synergy for Devyani International, Emkay Global said. It has maintained a 'buy' rating on the Devyani International with a target price of INR 190, indicating an upside of 29% from current market price. On Thursday, shares of Devyani International ended slightly lower at INR 147.43 on NSE.

FY28 is likely to be the first year of combined operations and Devyani International expects to see full synergy benefits of INR 2.10 billion–INR 2.25 billion by FY29. Devyani International and Sapphire Foods will merge under a share swap deal. Shareholders of Sapphire Foods will get 1.77 shares of Devyani International for every one share held of Sapphire Foods. The brokerage expects shareholders of both companies to enjoy the potential synergy benefits equally. Additionally, Devyani International will acquire 19 KFC restaurants currently operated by Yum! India in Hyderabad, for a consideration of INR 900 million. The company will pay a one-time charge of INR 3.20 billion to Yum! India, towards merger approval and grant of additional territory rights. Yum! Brands has agreed to continue supporting growth of both KFC and Pizza Hut in India along with approving a set of waivers and commercial arrangements.

After the merger, the overall combined network of both companies stands at 1,200 stores of KFC and around 1,000 stores of Pizza Hut in India. The brokerage sees cost synergies with optimisation of overhead costs being an easily achievable task. The brokerage highlighted that Sapphire Foods operates by a lower gross margin of 50–70 basis points than Devyani International across the Pizza Hut and KFC operations.

The brokerage expects the merger to resolve the tussle over Pizza Hut's expansion in common territories since Devyani International has delivery rights for most of India and Sapphire Foods has Pizza Hut rights for most of southern and western India. The combined entity should make faster decisions in terms of go-to-market strategy and new product innovations. Earlier, decision-making was being delayed due to the involvement of three separate decision makers – Devyani International, Sapphire Foods, and Yum! India.  (Eshitva Prakash)

Equity Alert: Indices seen up Fri; Nifty 50 may hit record high soon

MUMBAI--0830 IST--Benchmark equity indices are likely to rise further Friday amid expectations of the Nifty 50 index touching a lifetime high in the near term, analysts said. The 50-stock index ended above the 26100 level Thursday for the second straight session. The Street expects the December quarter earnings to be better than the first two quarters of the current financial year. Some analysts expect the indices to be volatile in January due to the quarterly results season. 

The 50-stock index is about 180 points away from the record high of 26325.80 points, hit in December. On Thursday, the 50-stock index closed 0.1% higher at 26146.55 points and the BSE Sensex closed 32 points lower at 85188.60.

Among sectors, analysts expect metal companies to do better in the near term after the imposition of 12% safeguard duty on imports of select products for three years. Analysts are also positive on metal companies continuing to post strong earnings on the back of a rally in base metal prices in the December quarter.

Among stocks, shares of cigarette companies are expected to face selling pressure following the imposition of an additional excise duty on cigarettes by the government. Consequently, Nuvama Wealth Management downgraded ITC to 'hold' from 'buy' with a target price of INR 415. Similarly, Emkay Global Financial Services downgraded ITC to 'reduce' from 'add' and cut its target price by 26% to INR 475. Prabhudas Lilladher downgraded the company to 'reduce' from 'buy' and cut its target price by 34% to INR 348.

Benchmark indices in the US were closed on Thursday on account of New Year's Day. Indices in Asia were mixed in early trade, with most of them trading with gains. Market participants will watch out for the first advance estimate of GDP for FY26 from the National Statistics Office, scheduled for release on Wednesday.  (Arundathi A R)

Equity Alert: Asian indices higher, KOSPI hits all-time high 

MUMBAI--0827 IST--Indices in Asia traded higher, with South Korea's KOSPI hitting an all-time high of 4263.13 points in the first trading session of 2026. The Australian S&P/ASX 200 Index was up after falling for four consecutive sessions, losing nearly 1% during the period. The index was closed Thursday on account of the New Year's Day. Some markets in Asia such as Japan and mainland China were closed for the New Year's holiday and the market in South Korea opened an hour later at 0630 IST. Data showed Singapore's economy expanded in the quarter ended December on the back of robust year-on-year growth in the manufacturing sector.

The FTSE Singapore Straits Times index was slightly higher as the country's economy grew 5.7% on year in the December quarter, against the 4.3% growth recorded a quarter ago. The expansion was led by 15% on-year growth in the country's manufacturing sector in the December quarter, jumping from the 4.9% growth seen in the previous quarter, according to a press release by Singapore's Ministry of Trade and Industry. Singapore's Prime Minister Lawrence Wong announced the economy had reported better-than-expected growth of 4.8% in 2025, as part of his New Year's message, according to a report by CNBC. The FTSE Singapore Straits Times index had touched its all-time high of 4667.60 points Tuesday. 

Investors in South Korea are focused on the first trading session of January, as the trend for the month is often seen as a 'barometer' to predict the performance for the rest of the year, according to a report by The Chosun. KOSPI clocked gains of 75.6% in 2025 owing to a recovery in the semiconductor industry, polices that helped enhance shareholder value, and improved transparency in the capital market, the report said. "An analysis of 26 sectors since 2013 shows that sectors that rose in January had approximately a 60% probability of also rising for the entire year," Kim Soo-yeon, a Hanwha Investment & Securities researcher was cited as saying by The Chosun. The January effect, first observed in US markets, refers to a trend of investors selling loss-making stocks by the end of the year to avoid taxes and then buying them back at the start of the year, resulting in a rebound in early-year stock prices, the report said.

Following were the levels of key Asian indices at 0825 IST:

(Akshat Saksena)

US$1 = INR 90.20

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

Edited by Tanima Banerjee

All prices from National Stock Exchange, unless otherwise specified.

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.

NSE: National Stock Exchange
NYSE: New York Stock Exchange
NYMEX: New York Mercantile Exchange
SEBI: Securities and Exchange Board of India
RBI: Reserve Bank of India

Internet links:
Securities and Exchange Board of India - http://www.sebi.gov.in
Bombay Stock Exchange - http://www.bseindia.com
National Stock Exchange of India - http://www.nseindia.com
Directory of Indian government websites - http://goidirectory.nic.in
Indian Ministry of Finance - http://www.finmin.nic.in
Reserve Bank of India - http://rbi.org.in
Controller General of Accounts, Government of India - http://www.cga.nic.in
Government's Press Information Bureau - http://www.pib.nic.in

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.