Equity Alert
Motilal Oswal begins covering Groww parent with 'buy' guidance
This story was originally published at 15:59 IST on 6 January 2026
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Equity Alert: Motilal Oswal begins covering Groww parent with 'buy' guidance
MUMBAI--1540 IST--Brokerage Motilal Oswal Financial Services has initiated coverage on Billionbrains Garage Ventures with a buy recommendation and a target price of INR 185, implying an upside of more than 19% from Tuesday's closing price. The company's Groww platfrom is well-placed to compound earnings in India's under-penetrated capital markets, the brokerage said in a report. Rapid scale-up, strong operating leverage, and multiple new growth levers beyond core broking are expected to reduce earnings volatility for the company, it said. Shares of Billionbrains Garage closed slightly lower at INR 155.31 after having risen nearly 3?rlier in the session.
Motilal Oswal said the company's revenue trajectory has been strong, with revenues rising nearly threefold between the financial year 2022-23 (Apr-Mar) and FY25, driven by higher customer engagement, rising affluent users, and increasing cross-selling of products. The brokerage expects this momentum to continue, projecting revenues to double over FY25–FY28, aided by an expansion in margin funding, commodities, and credit, alongside a gradual build-up of wealth management offerings. Motilal Oswal expects the company's earnings before interest, tax, depreciation, and amortisation margins to expand to around 66% by FY28 from 59% in FY25.
Billionbrains Garage Ventures held 26.8% share in the broking market in November, the brokerage said. Originally a niche mutual fund platform, Groww now commands a market share in stock trading of around 26% and over 17% in derivatives trade. The company's affluent user base has grown twice as fast as the platform, with around 300,000 affluent customers holding around 33% of assets. This has provided opportunities for multi-product engagement, deepening of wallet share, and long-duration wealth relationships, the brokerage said.
The company held $30 billion worth of assets on the Groww platform, which creates a notable monetisation opportunity through loans against securities and loans against mutual funds, according to the report. Credit products enhance overall average revenue per user and profitability, with low incremental acquisition costs, given that customers are already on the Groww platform.
The brokerage expects the company's EBITDA to rise 25% and its profit after tax to grow at roughly 30% compounded annual growth rate over FY25-FY28. It attributed this high rate of growth to a large part of the company's costs being fixed in nature, with only 9-10?ing variable. Despite regulatory action in futures and options market in FY26, the company remains well-placed to deliver earnings growth of about 10% in the current financial year, followed by sharper growth of 50% in FY27, Motilal Oswal said. (Eshitva Prakash)
Equity Alert: Nifty 50 Jan ends at premium of 103.20 points to spot index
MUMBAI--1537 IST--The January futures contract of the Nifty 50 closed at a premium of 103.20 points to the spot index. Open interest in the contract rose 3.1% to 14.27 million, according to provisional data.
--Nifty 50 closed at 26178.70 points, down 71.60 points or 0.3% vs Mon
--Nifty 50 January closed at 26281.90 points, down 49.40 points or 0.2% vs Mon
Nifty 50 options, expiring Jan. 13, with maximum change in open interest:
Call: 26500, Put: 25500
Nifty 50 options, expiring Jan. 13, with maximum open interest:
Call: 26500, Put: 25500
(Gopika Balasubramanium)
Equity Alert: Ipca Labs hits 3-week high; Bombay HC rules in co's favour
MUMBAI--1532 IST--Shares of Ipca Laboratories rose over 4% to touch an over three-week high of INR 1,475 and traded in the green for the third consecutive session. This follows a Bombay High Court ruling that restrained Anrose Pharma from manufacturing, selling or using names for its medicines similar to Ipca Laboratories' 'Zerodol'. The court asked Anrose Pharma to pay INR 1.5 million to Ipca Laboratories as punitive damages. If the amount is not paid within eight weeks, interest at the rate of 8% will be applicable, the court said.
The high court said that perusal of Anrose Pharma's 'Zerovol-P' mark shows it is virtually identical to Ipca Laboratories' 'Zerodol' trademark. Anrose Pharma has not even attempted to, in any manner, justify its adoption and use of the mark 'Zerovol-P' or that the defendant has any other defence available under the law, the court said.
Zerodol is a brand name for a prescription pain-relieving and anti-inflammatory medicine, primarily used to treat pain, swelling, and inflammation associated with conditions such as arthritis, muscle injuries, and post-surgical recovery.
Out of the 13 brokerage reports available on the company with Informist, 11 have a 'buy' recommendation on the stock with an average target price of INR 1,651. The remaining two brokerages have a 'sell' recommendation on the stock with an average target price of INR 1,303. Tuesday, the stock closed 4% higher at INR 1,469.60 on the NSE. (P. Madhu Kumar)
Equity Alert: Nava up 8?ter board approves arm's $50-mln share buyback
MUMBAI--1455 IST--Shares of Nava rose nearly 8% to an over one-month high of INR 627 on NSE after the company's board approved wholly-owned subsidiary Nava Global Pte., Singapore's share buyback. Nava Global had proposed to buy back 9.92 million shares from the parent company for $50 million, or around INR 4.50 billion, at $5.04 per equity share. The number of shares to be bought back represents 4% of the subsidiary's share capital.
At 1453 IST, shares of the company traded almost 7% higher on NSE at INR 621.85. The stock has risen over 11% in the last seven sessions. After the share buyback, Nava Global will continue to be a wholly-owned subsidiary of Nava, and there will be no impact on the parent company's voting rights or control.
"This transaction underscores our focus on disciplined capital allocation and long-term value creation. By unlocking capital from a mature subsidiary and redeploying it in line with our strategic priorities, we are improving capital efficiency, optimising returns, and enhancing shareholder value, while maintaining the financial strength and growth prospects of our businesses," said Ashwin Devineni, managing director and chief executive officer. (Eshitva Prakash)
Equity Alert: Indices in Europe mixed; FTSE 100, FTSE MIB hit record highs
MUMBAI--1448 IST--Indices in Europe were mixed, with the FTSE 100 and the FTSE MIB trading higher. The FTSE 100 index, FTSE MIB index, and the Euro Stoxx 50 index hit record highs during the session. Investors in the region continue to assess the conflict between the US and Venezuela.
The moves seen in markets suggest that investors have pushed aside fears of geopolitical conflict and remain confident about risk-on assets at the beginning of the New Year, CNBC said in a report. Shares of Danish pharmaceutical company Novo Nordisk rose nearly 6?ter the company launched its 'Wegovy' weight-loss pill in the US on Monday. This could lead the stock to gain for a second consecutive session, CNBC said. Shares of logistics firm Inpost jumped nearly 16?ter the company said it received an indicative proposal to acquire all its shares, CNBC reported.
Annual shop price inflation rose 0.7% in December, slightly above the 0.6% increase seen in November but in line with the three-month average, the British Retail Consortium said, according to a Reuters report. Food inflation in annual terms rose to 3.3% from 3.0% in November, but prices for non-food items declined 0.6%, the same pace at which it declined the previous month. British store chains have raised their prices quicker than last month and might find it difficult to avoid further increases in 2026 because of higher costs, the report said
Following were the levels of major European indices at 1445 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10060.51 |
0.56 |
|
DAX Performance-Index |
24867.80 |
0.00 |
|
CAC 40 |
8189.23 |
(-)0.27 |
|
FTSE MIB Index |
46012.04 |
0.36 |
| STOXX 50 | 5911.02 | (-)0.21 |
(Akshat Saksena)
Equity Alert: Emkay upgrades Bajaj Auto to 'buy'; raises target price by 17%
MUMBAI--1410 IST--Emkay Global Financial Services has upgraded its recommendation for Bajaj Auto to 'buy' from 'add'. The brokerage has raised its target price for the stock by 17% to INR 11,100. The brokerage raised its target price on account of an upgrade in the two-wheeler major's estimated earnings per share for FY27 and FY28 by about 4-9%.
The brokerage expects the company to offer an attractive risk-reward at current levels, backed by strong export trends, coupled with launch of a refreshed Pulsar range in 2026. This is likely to translate into a compound annual growth rate of 14% in Bajaj auto's earnings per share over FY26-FY28. Emkay Global also sees a gradual turnaround in KTM to provide incremental upside potential for Bajaj Auto, building in a compound annual growth rate of 10% in volume, 13% in revenue and 14% in earnings per share for FY26-FY28.
At 1405 IST, shares of the company traded at INR 9,683.50 on NSE, up 2%. So far, nearly 400,000 shares of the company have changed hands on the exchange, higher than almost 239,000 shares traded till the same time Monday.
Of the 26 brokerage recommendations available with Informist on the company, 16 have a 'buy' recommendation on the stock with an average target price of INR 9,863. Eight have a 'hold' recommendation with an average target price of INR 10,191 and the remaining two have a 'sell' recommendation on the stock. (Arundathi A R)
Equity Alert: Most Asian indices higher; Straits Times, TOPIX at record high
MUMBAI--1357 IST--Most benchmark equity indices in Asia gained on Tuesday. Singapore's FTSE Singapore Straits Times hit a record high of 4744.67 points, and Japan's TOPIX index hit a record high of 3539.98 points. Investors continue to assess US-Venezuela tensions, as stocks of defence companies in the region gained.
Defence stocks in Asia gained for a second consecutive session, according to a CNBC report. Shares of Kawasaki Heavy Industries rose nearly 6% and those of IHI Corp. were up nearly 4% in Japan. Shares of South Korea's Korea Aerospace Industries and Poongsan Corp. rose around 9% while those of Hanwha Corp rose nearly 3%.
Singapore's FTSE Singapore Straits Times rose as the country's banks ended 2025 as another record year, according to CNBC. Earnings for the sector were stronger than expected and helped push financial stocks to gain more than 20?spite periods of volatility, OCBC Bank's analysts were cited by CNBC as saying. Banks are expected to maintain their profits on the back of easing lending margins, and strong wealth inflows and solid returns on equity, the report said. Despite the optimistic outlook, the bank warned that risks remained as the country's market was dominated by mature and value-heavy companies that limit exposure to the growth seen in technology stocks. A regional slowdown, especially in China, would weigh on external demand and the spike in oil prices due to the situation in Venezuela could push up operating costs.
Hong Kong's Hang Seng index was up over 1%. Gains in the index were led by real estate and basic materials sectors. Shares of China Hongqiao, one of the world's largest aluminium producers, rose nearly 6% during the session, and those of Zijin Mining Group rose over 6%. Taiwan's Foxxcon reported a quarterly revenue rise of 22.07% on year at $82.73 billion on Monday, according to a Reuters report. Shares of Hon Hai Precision Industry Co., Foxxcon's official entity, were nearly 1% higher.
Following were the levels of key Asian indices at 1355 IST:
|
Level |
Last |
Change in % |
| CSI 300 Index |
4790.6938 |
1.55 |
|
S&P/ASX 200 INDEX |
8682.80 |
(-)0.52 |
|
FTSE Singapore Straits Times |
4731.26 |
1.08 |
|
TOPIX FIRST SECTION |
3538.44 |
1.75 |
|
SSE Composite Index |
4083.6672 |
1.50 |
|
KOSPI |
4525.48 |
1.52 |
|
Nikkei 225 Day |
52518.08 |
1.32 |
| TAIEX | 30447.02 | 1.14 |
| IDX Composite | 8922.748 | 0.72 |
| Hang Seng | 26710.45 | 1.38 |
(Akshat Saksena)
Equity Alert: Apollo Hospitals up 3%; Prabhudas Lilladher sees strong EBITDA
MUMBAI--1350 IST--Shares of Apollo Hospitals Enterprise rose nearly 4% to a one-month high of INR 7,344 on the NSE Tuesday. Brokerage Prabhudas Lilladher expects the company to report healthy earnings before interest, tax, depreciation, and amortisation growth in the December quarter, driven by steady occupancy rates and healthy margins. At 1348 IST, shares of the company traded at INR 7,319.50, up over 3%. The stock has risen almost 5% in the last seven sessions.
Prabhudas Lilladher expects occupancy for Apollo Hospitals to remain steady on quarter at 67–68% in the December quarter, following a 68% occupancy in the year-ago quarter, it said in a report. It expects the hospital segment to deliver a 14% on-year EBITDA growth, driven by a 7-8% increase in average revenue per occupied bed and better margins. The brokerage sees a two-time growth year-on-year basis and a 15% on-quarter growth in the company's HealthCo business' EBITDA. Overall, Prabhudas Lialladher expects a 23% on-year growth in the company's consolidated EBITDA.
The brokerage expects the December quarter to reflect seasonal and capacity-led pressures for hospital operating companies. However, a strong average-revenue-per-occupied-bed momentum, improving operating leverage, Central Government Health Scheme rate hikes, and sustained capacity additions have positioned the sector for accelerated growth over the medium term, the brokerage said.
Of the 13 brokerage recommendations available with Informist on the stock, 12 have a 'buy' call on the stock with an average target price of INR 8,652, while one brokerage has a 'hold' recommendation. (Eshitva Prakash)
Equity Alert: RIL falls to 2-mo low amid concern about slowdown in retail ops
MUMBAI--1345 IST--Shares of Reliance Industries fell over 5% to a two-month low of INR 1,496.30 amid negative sentiment due to a slowdown in the retail segment after its rival Trent's revenue from sale of products fell short of the Street's expectations. At 1341 IST, the stock was at INR 1,502.80, down INR 75.30 or 4.8%. Analysts said the reaction was sentiment-based and the shares would see a recovery in the coming sessions.
"...retail growth from competitor Trent was lower than expected, indicating slow down on overall retail business of RIL as well," Harshraj Aggarwal, an analyst covering the oil and gas sector at YES Securities, said. "Retail segment has significant contribution to RIL's earnings and also to the target price," he added. The retail segment contributed over 13% to RIL's consolidated revenue in the quarter ended September, as per the investor presentation.
"The oil-to-chemical segment's refining margins are also seen under pressure with a correction in key product cracks. However, the shares could gain back in the near term, we believe it is a sentiment-based reaction," Aggarwal said.
As for the December quarter earnings, he expects the company to report a consolidated EBITDA of INR 500.64 billion. He sees RIL's refining throughput falling 0.6% on year and 1.7% sequentially to 17.8 million tonnes, while the company's gross refining margin is expected at $13.6 per barrel. The average revenue per user for the company's telecom business is seen at INR 213.2 and subscribers are expected at 512.4 million. Revenue from the retail segment is seen growing 8.1% on year and 7.9% sequentially to INR 977 billion and the EBITDA margin at 7.59%, he added.
Earlier in the day, the company said its Jamnagar refinery in Gujarat had not received any cargo of Russian oil in the past three weeks and it does not expect any Russian oil deliveries throughout this month as well. Previously, Bloomberg had reported that three vessels laden with Russian oil were headed towards RIL' Jamnagar refinery. (Gopika Balasubramanium)
Equity Alert: Axis Bk up at 52-wk high; brokerages positive on deposit growth
MUMBAI--1243 IST--Shares of Axis Bank rose 1.5% to an over-52-week high of INR 1,304.60. Brokerages were positive on the company's strong deposit growth and its credit to deposit ratio improving. The private-sector bank reported a 14.1% increase in its gross advances on year to INR 11.71 trillion as of Dec. 31. Its deposits at the end of December were at INR 12.61 trillion, up 15%.
According to brokerage Nomura's estimates, the FY26 loan growth estimate for Axis Bank stands at 14% on year, implying a 2.4% on-quarter growth in the March quarter, with potential for upside, Nomura said in a report. The brokerage said that the company's credit cost has been elevated in FY26 to date, due to technical impact in the June quarter and a one-time asset provisioning on certain crop loans in the September quarter.
Nomura added that benefits from deposit repricing and cash reserve ratio cuts are expected to accrue in the March quarter, providing some cushion to net interest margins, which remain under pressure due to repo rate cuts and changes in the company's loan mix. The brokerage said that the bank is on the right track in terms of growth. The credit-to-deposit ratio improved to 91.9%, which signals a 91-basis-point decline on quarter, Nomura said.
The company's deposits grew 15% on year, better than an estimate of a 12.6% on-year growth by Motilal Oswal Financial Services. This growth was led by term deposits, which grew 15.8% on year and 6% on quarter to INR 7.7 trillion, the brokerage said. The bank's gross advances growth was in line with the brokerage's estimates.
Healthy growth was seen in deposit accretion, which outpaced credit growth on a sequential basis, ICICI Securities said in a report. This growth aided the private bank to keep its CD ratio contained. On the margins front, sustained deposit momentum and a relatively stable current account savings account mix are expected to partly cushion funding cost pressures, the brokerage said.
Of the 24 brokerage recommendations available with Informist on the company, 21 have a 'buy' call on the stock with an average target price of INR 1,383 and three have a 'hold' recommendation. (Eshitva Prakash)
Equity Alert: Aluminium, copper cos rise on surge in prices of metals on LME
MUMBAI--1215 IST--Shares of aluminium and copper companies rose as a few companies such as Vedanta, National Aluminium Co., and Hindalco Industries reached their all-time high levels. This came as aluminium prices on the London Metal Exchange jumped to a three-year high of around $3,000 per tonne and copper prices reached multi-year highs of around $13,000 per tonne, according to a report from ICICI Direct Securities. Rising demand from sunrise sectors such as electric vehicles, renewable energy and artificial intelligence data centres, along with global supply-side disruptions and geopolitical tensions, is causing the recent rally in prices, the brokerage said.
Copper prices soared to records above $13,000 per tonne on Monday, driven by fears of shortages and expectations turmoil in Venezuela could accelerate the broader race to secure critical minerals, a report from Reuters said. "Copper prices need to rise further to persuade miners to generate significant new production," SP Angel analyst John Meyer was quoted as saying by Reuters.
At 1210 IST, Hindalco Industries was among the highest gainers in the Nifty 50 index, up 2.5% at INR 955.05. Shares of the company reached an all-time high of INR 970.80 during the session, with over 6 million shares of the company traded on the NSE so far in the day.
National Aluminium Co. was the highest gainer in the Nifty 200 index and was among top gainers in the Nifty 500 index. At 1209 IST, the stock traded nearly 6% higher at INR 350.05 and reached an all-time high of INR 350.50 during the session as well, with over 24 million shares of the company traded on the bourse so far during the session.
Shares of Hindustan Copper also reached an all-time high of INR 574.60 during the session. At 1157 IST, shares of the company traded over 2% higher at INR 564.95, with over 27 million shares of the company having traded on the bourse so far. The company is well positioned to benefit from the rise in prices as it is the only copper miner in India, a report from ICICI Securities said.
At 1207 IST, shares of Vedanta also traded over 1% higher at INR 623.10 after hitting an all-time-high of INR 627.90 during the session as well. Over 6 million shares of the company have traded on the bourse so far. The company's stock is the top pick for ICICI Direct Securities. The brokerage cites the company's expanded aluminium capabilities, good leverage, strong return ratios and an appealing dividend yield of around 6% as reasons behind its preference. Shares of the company's subsidiary Hindustan Zinc also rose during the session due to a rise in silver prices. The price of silver has risen 4% to around $76 per ounce, the brokerage said. At 1206 IST, shares of the company traded nearly 3% higher at INR 645.05. (Akshat Saksena)
Equity Alert: Indices fall more as heavyweights extend losses; RIL down 4%
MUMBAI--1159 IST--Indices fell more due to losses incurred by oil stocks, particularly the Nifty heavyweight Reliance Industries, which extended losses from earlier in the day. The RIL stock was down over 4%, while HDFC Bank, another heavyweight, fell over 1% anddragged the Nifty 50 index down. However, its peer ICICI Bank was up over 2%.
At 1200 IST, the Nifty 50 was at 26172.05 points, down 78.25 points or 0.3%, and the BSE Sensex was at 85063.03 points, down 376.59 points or 0.4%.
Apollo Hospitals Enterprise was the top gainer in the Nifty 50 index, up nearly 3%. The stock hit a one-month high of INR 7,311.50. Bajaj Auto and Hindalco Industries were up nearly 3?ch. Trent continued to be the worst hit, down nearly 8%. The stock fell after rising for four consecutive sessions. Tata Motors Passenger Vehicles was down 2%.
Shares of Trent, Swiggy, and RIL were the worst hit in both the Nifty 200 and Nifty 500 indices. In fact, Swiggy was down nearly 5%.
Nifty PSU Bank was the top gainer among sectoral indices, up over 1%. The gains in the stocks of Union Bank of India, Bank of India, and State Bank of India, which were up 2-3%, supported the sectoral index. Nifty Oil & Gas was the worst-hit sectoral index, down nearly 2%, weighed down by losses in Reliance Industries.
In the broader index, barring Nifty Smallcap 50, all other indices were in the red. Nifty Smallcap 250 and Nifty Midcap 150 were down 0.2?ch.
Among metal stocks, National Aluminium Co. continued to be the top gainer in the Nifty 200 index, and hit an all-time high of INR 350.35 during the day. The stock was up nearly 6%. (Adhithya Aji)
Equity Alert: Emmvee Photovoltaic up; Jefferies initiates coverage on stock
MUMBAI--1130 IST--Shares of Emmvee Photovoltaic Power surged 10% Tuesday to hit an upper circuit of INR 203.40 on NSE. Jefferies initiated coverage on the stock with a 'buy' recommendation and a target price of INR 320, The Hindu Business Line reported, citing a report by the global brokerage. The target price implies a 58% upside from the stock's current market price. At 1117 IST, shares of the company were at INR 202.68 on the exchange, up over 9%. Around eight million shares of the company have changed hands so far on NSE, up 15-fold from the number of shares till the same time Monday.
Jefferies said Emmvee Photovoltaic was well placed to benefit from India's accelerating solar manufacturing push, backed by strong policy support and rising domestic demand. The brokerage said India's solar installations are expected to grow at a compounded annual rate of 24?tween 2024-25 (Apr-Mar) and FY28, creating a favourable backdrop for integrated domestic manufacturers. The brokerage expects Emmvee Photovoltaic to deliver robust earnings growth, projecting compounded annual growth of 56% in earnings before interest, tax, depreciation, and amortisation and of 64% in the net profit over the same period.
Jefferies said that the company was among the first adopters of TOPCon cells in India, with 3 gigawatts of capacity already operational. According to the brokerage, this has resulted in superior operating efficiency and lower costs compared to peers using conventional technologies, the report said. Jefferies said that policy measures such as the approved list of models and manufacturers and domestic content norms for the Indian photovoltaic industry have effectively reserved a large part of the market for domestic players, supporting profitability in the medium term, according to the report. (Eshitva Prakash)
Equity Alert: Indices remain lower as heavyweights drag; metal cos gain
MUMBAI--1045 IST--Benchmark indices were lower in the first hour of trade as gains in financial services stocks were offset by losses in oil stocks. The heavyweight stock ICICI Bank was among the top gainers in the Nifty 50 constituents, up nearly 3%. Meanwhile, its heavyweight peers, Reliance Industries and HDFC Bank, were down over 3% and 1%, respectively.
At 1030 IST, the Nifty 50 was at 26224.45 points, down 25.85 points, or 0.1%, and the BSE Sensex was at 85245.89 points, down 193.73 points, or 0.2%.
Hinadalco Industries was the top gainer in the 50-stock index, gaining over 3%. Bajaj Auto rose over 2?ter Emkay upgraded the recommendation on the stock to 'buy' and upgraded the target price to INR 11,100 from INR 9,500. Trent was the worst hit all the three Nifty indices, down over 7%.
Reliance Industries' shares fell after the company said that its Jamnagar refinery in Gujarat has not received any cargo of Russian oil in the past three weeks and the company is not expecting any Russian crude oil deliveries in January. The company denied a news report claiming that three vessels laden with Russian oil are headed towards Reliance Industries' Jamnagar refinery. The stock hit a one-month low of INR 1,517.80.
Metal stocks of National Aluminium Co. and Hindalco Industries were the top gainers among the Nifty 200 constituents. National Aluminium Co. was up over 5%. In the sectoral indices, Nifty Metal was the top gainer up over 1% and the index hit an all-time high of 11646.50 points.
Shares of Hindustan Copper hit an all-time high of INR 574.60. The stock rose after copper prices rose to above record $13,000 a metric tonne on Monday. The surge was driven by fears of shortages and expectations of turmoil in Venezuela which could accelerate the race to secure critical minerals, Reuters reported.
Shares of quick commerce major Swiggy was among the worst hits in both the Nifty 200 and Nifty 500 indices, down nearly 5%. (Adhithya Aji)
Equity Alert: HDFC Bank down 5% in 2 days; deposit growth below expectations
MUMBAI--1043 IST--Shares of HDFC Bank declined over 2% to a three-month low of INR 956. The stock has declined for two consecutive days after thr bank reported provisional numbers for the December quarter. The company's deposit growth in Oct-Dec fell short brokerages' expectations. HDFC Bank's gross advances rose 11.9% on year to INR 28.45 trillion as on Dec. 31. The bank's deposits at the end of December were at INR 28.60 trillion, up 11.5% on year. At 1035 IST, shares of the company were over 1% lower at INR 964.25 on the NSE and have declined as much as 5% in two sessions.
Constrained deposit growth has weighed on loan growth this quarter as the company's credit-deposit ratio almost touched the 100% mark, brokerage Nomura said in a report. The company's CD ratio increased by 30 basis points on year and 64 basis points on quarter to 99.5% in the December quarter after rising 290 bps in the September quarter. The brokerage said deposit growth was moderate during the quarter, and was lower than the 12.1% on year growth in deposits in the September quarter. The brokerage is focussing on strong deposit mobilisation, which remains key for the bank to drive acceleration in loan growth going forward.
The private sector bank's advances growth was broadly in line with estimates of Motilal Oswal Financial Services, while deposit growth marginally lagged. The company's average current account savings account deposits rose 9.9% on year and 2.4% on quarter.
All the 24 brokerage recommendations on the stock available with Informist have a 'buy' call on the stock with an average target price of INR 1,124. (Eshitva Prakash)
Equity Alert: Tata Motors PV falls 4% to intraday low; JLR Q3 volumes down
MUMBAI--1025 IST--Shares of Tata Notors Passenger Vehicles fell nearly 4% Tuesday before coming off lows. The fall comes after Jaguar Land Rover reported a fall in its volumes on a quarterly and year-on-year basis. The wholesale volumes for the December quarter, excluding the Chery Jaguar Land Rover China joint venture, fell 43.3% on year to 59,200 units, down 10.6% on quarter. Wholesale volumes for the financial year to date also fell 26.6% on year to 212,600 units.
The company witnessed a broad decline in its retail volumes as well, with its retail sales inclusive of Chery Jaguar Land Rover joint venture, falling 25.1% on year to 79,600 units in December. The fall in sales highlights the company's serious operational vulnerabilities that were exposed due to the cyber incident, ICICI Securities said in a research report. Intensified pressure from Jaguar's model wind-down and the US tariffs also affected the volumes. Persistent regional declines in key markets such as North America and China underscore the intensifying global obstacles for luxury automakers, as recovery for Jaguar Land Rover hinges on new launches and normalised production, the brokerage said.
However, the rising 74.3% mix of high-margin premium lines of Range Rover, Sport, and Defender signals resilient demand in the high-end category that could cushion profitability when results emerge, according to the brokerage. Even though the near-term impact is expected to further negatively affect the December quarter results, constant focus on high-margin models provides a foundation for recovery, the brokerage added.
At 1012 IST, shares of Tata Motors Passenger Vehicles traded nearly 2% lower at INR 366.80 on the National Stock Exchange. Nearly 8.70 million shares of the company have traded on the bourse during the session so far, nearly 5 times higher than the quantum during the same time Monday. Shares of the company rose for the previous five consecutive sessions, gaining over 4%.
Out of the 17 brokerage reports on the company available with Informist, seven have a 'buy' recommendation with an average target price of INR 788 while six have a 'sell' rating with an average target price of INR 490. The remaining four have a 'hold' recommendation with an average target price of INR 570. (Akshat Saksena)
Equity Alert: RIL down 4%; co denies reports of Russian crude deliveries
MUMBAI--1010 IST--Shares of Reliance Industries fell nearly 4% to a one-month low of INR 1,517.80 on NSE. The company Tuesday said its Jamnagar refinery in Gujarat has not received any cargo of Russian oil in the past three weeks and it does not expect any Russian crude oil deliveries in January as well. Earlier, a news report claimed that three vessels laden with Russian oil were headed towards Reliance Industries' Jamnagar refinery.
At 1009 IST, shares of the company were slightly off lows at INR 1,526.60, but still trading over 3% lower. The company's shares declined Monday, after rising for three consecutive sessions, during which they added over 3%. The company said on social media platform X that a Bloomberg report claiming "three vessels laden with Russian Oil heading for Reliance Industries' Jamnagar refinery" was blatantly untrue." Reliance had announced in November that it would stop using Russian crude oil at the export-focussed part of its refinery, according to the Bloomberg report. Russian company Rosneft was previously the refiner's largest source of Russian oil, underpinned by a term deal to supply 500,000 barrels a day, as per the report.
All the 15 brokerage recommendations available with Informist on Reliance Industries have a 'buy' call on the stock with an average target price of INR 1,684. (Eshitva Prakash)
Equity Alert: Trent plummets 8%; co's Q3 revenue growth misses estimates
MUMBAI--1005 IST--Shares of Trent fell over 8% to an intraday low of INR 4,060 after the company's December quarter revenue from sales of product fell short of brokerages' estimates. The company reported 17% on year growth in revenue in the December quarter and an 18% growth in Apr-Dec period, as opposed to around 20% growth in Oct-Dec expected by brokerages. At 0945 IST, shares of the company traded a little more than 7% lower at INR 4,108.20 on the NSE. Around 2.5 million shares of the company have changed hands on the bourse so far, higher than the one-month average volume of 782,777.
ICICI Securities expected the company's December quarter revenue growth to be higher than 20% on the back of higher sales in the festive season and the downward revision in goods and services tax. The brokerage expects further downgrade in estimates considering the weak results.
The company's implied net standalone revenue stood at INR 52.20 billion, slightly weaker than Motilal Oswal Financial Services' estimate of 20% on year growth. The brokerage said that revenue growth is primarily driven by an around 28% on year increase in store count, with revenue per store declining 11% on year and around 9% on year fall in the first half of the financial year. The brokerage sees this as a sign of continued cannibalisation in store-level sales. The company's stock price had risen in the last few days on expectations of a pick-up in revenue growth, the brokerage said.
However, the pace of store additions remained robust, with 77 net store additions, bringing the total fashion store count to 1,178, up 28% on year, Motilal Oswal said. The company's Westside store recorded yet another highest quarterly net store addition at 17, taking the total count to 278, up 17% on year. Zudio added 48 net stores in Oct-Dec to reach 854 stores, growing 34% on year.
Motilal Oswal said store additions typically pick up pace in the March quarter, and it is focussing on further scale-up of Trent's fashion presence as it remains the biggest growth driver amid weak same-store sales growth metric. (Eshitva Prakash)
Equity Alert: Indices open lower as heavyweight stocks fall; RIL down 3%
MUMBAI--0931 IST--Domestic benchmark equity indices opened lower Monday as index heavyweights Reliance Industries and HDFC Bank were down over 3% and nearly 2%, respectively. Meanwhile, shares of ICICI Bank were up over 2%.
At 0931 IST, the Nifty 50 was at 26182.50 points, down 67.80 points or 0.3%, and the BSE Sensex was at 85105.51 points, down 334.11 points or 0.4%. Hindalco Industries was the top gainer in the 50-stock index, up nearly 3%, followed by Apollo Hospitals Enterprise, which rose 2%.
Shares of Trent were the worst hit in the Nifty 50 index, down nearly 8?spite the company reporting 17% on-year growth in its revenue from the sale of products, exclusive of goods and services tax, at INR 52.20 billion for the December quarter. The company's sales were below the estimates of brokerages. The stock was also the worst hit in the Nifty 200 and Nifty 500 indices.
Shares of Axis Bank were the top gainers in the Nifty 50 index in the open, up over 1%. The stock rose after the bank's gross advances increased 14.1% on year to INR 11.71 trillion as of Dec. 31. The stock later came off highs, up 0.7%.
Tata Motors Passenger Vehicles' shares were down nearly 3% as the company's UK subsidiary Jaguar Land Rover's wholesale and retail volumes fell on a quarter-on-quarter and year-on-year basis in the December quarter. Wholesale volumes for the December quarter, excluding the Chery Jaguar Land Rover China JV, declined to 59,200 units, down 43.3% on year and 10.6% on quarter
L&T Finance was the top gainer in the Nifty 200 at open, up over 2%. The company Monday said that its retail loan book rose 21% on year to INR 1.12 trillion as of Dec. 3. Poly Medicure was the top gainer in the Nifty 500 index, up 6%. (Adhithya Aji)
Equity Alert: Most Asian indices higher; KOSPI, S&P/ASX 200 fall
MUMBAI--0835 IST--Most equity indices in Asia were higher Tuesday, barring South Korea's KOSPI, and the Australian S&P/ASX 200. This comes as markets in the region continue to weigh the US-Venezuela tensions.
The KOSPI is down after reaching a record high for the previous session. South Korea's foreign exchange reserves fell by $2.6 billion in December to $428.05 billion, its first decline in seven months, according to an article from the Chosun. Samsung Electronics Co. is expected to report an operating profit of $11.7 billion for the December quarter as per analysts, Reuters said in a report. This is largely driven by the severe chip shortage that has pushed memory prices higher as customers scramble to meet demand for artificial intelligence. Shares of Samsung were trading nearly 2% lower on the KOSPI during the session.
Shares of Chinese technology companies led the surge that helped Hong Kong stocks reach a seven-week high, according to a report from South China Morning Post. The shares of Chinese technology companies were seen as alternatives to their US peers as investors are concerned about the latter's expensive valuations, the report said. Investors also wagered that China will ramp up policy support to help economic growth in 2026 as recent monthly data pointed towards a broad-based slowdown.
Following were the levels of key Asian indices at 0823 IST:
|
Level |
Last |
Change in % |
| CSI 300 Index |
4741.4847 |
0.50 |
|
S&P/ASX 200 INDEX |
8692.9 |
(-)0.41 |
|
FTSE Singapore Straits Times |
4718.86 |
0.82 |
|
TOPIX FIRST SECTION |
3522.61 |
1.30 |
|
SSE Composite Index |
4046.9464 |
0.58 |
|
KOSPI |
4440.05 |
(-)0.39 |
|
Nikkei 225 Day |
52191.58 |
0.69 |
| TAIEX | 30271.57 | 0.55 |
| IDX Composite | 8872.61 | 0.15 |
| Hang Seng | 26624.86 | 1.05 |
(Akshat Saksena)
Equity Alert: Indices likely to rise Tue on positive global cues
MUMBAI--0822 IST--Benchmark indices are likely to open higher Tuesday on positive global cues, with indices in the US and Asia up. Positive sentiment around the December quarter earnings has pushed benchmark indices to record highs recently and the sentiment is likely to continue Tuesday.
GIFT Nifty contracts suggest the Nifty 50 index may open more than 100 points higher. At 0757 IST, the GIFT Nifty's January contract was at 26390 points, higher then the Nifty 50's close of 26250.30 points on Monday.
US markets gained overnight with the Dow Jones Industrail Average index up more than 1%. US investors hope President Donald Trump's plans to increase oil production in Venezuela could benefit companies. Analysts in India said crude prices could fall if oil supply from Venezuela increases, giving Indian companies opportunity to buy crude oil at lower prices. Brent crude futures were down slightly Tuesday, with the March contract trading at $61.54 per barrel.
Most Asian markets were up with indices in Hong Kong, Japan, China up 0.7-1.4%. Among others, South Korea's Kospi was down 0.4%. Shares of semiconductor companies in the region continued to gain due to optimism around artificial intelligence.
On Monday, the Nifty 50 index closed lower after rising in the previous three sessions. The Nifty 50 ended at 26250.30 points, down 78.25 points, or 0.3%. The BSE Sensex closed at 85439.62 points, down 322.39 points, or 0.4%. Analysts pegged resistance for the Nifty 50 at 26350-26400 and support at 26150-26100. (Anshul Choudhary)
Equity Alert: Indices in US end higher Mon; Dow Jones hits record high
MUMBAI--0742 IST--Major equity indices in the US ended higher on Monday, with the Dow Jones Industrial Average hitting an all-time high. The tech-laden NASDAQ Composite also ended higher, snapping a five-session losing streak, as investors assess the ongoing US-Venezuela tensions.
The gains were led by energy stocks, which investors believe stand to gain from the US attack on the South American country, CNBC reported. Shares of Chevron jumped 5.1% due to its presence in Venezuela. Shares of oilfield companies such as Halliburton and SLB gained 7.8% and nearly 9%, respectively, CNBC said. This was due to expectations that these companies would support the rebuilding of energy infrastructure in Venezuela.
US President Donald Trump called upon oil companies to spend billions of dollars to improve the infrastructure of the Latin American country. "We're going to have our very large United States oil companies — the biggest anywhere in the world — go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure," Trump said at a news conference Saturday, according to a report by CNBC. Shares of defence companies General Dynamics and Lockheed Martin gained 3.5% and 2.9%, respectively, after the recent attacks on Venezuela showed the US president might rely on quick military strikes as a key part of his policy to deal with geopolitical issues, CNBC reported.
Shares of Tesla ended over 3% higher after recording a fall for seven consecutive sessions, according to a report by Reuters. Shares of Nvidia fell 0.4%, while those of Apple fell 1.4%. The S&P 500 Financial index rose 2.2% as investors look towards upcoming quarterly reports. Shares of JPMorgan Chase and Goldman Sachs hit record highs, Reuters reported. Shares of Goldman Sachs and JPMorgan Chase ended nearly 4% and 3% higher, respectively.
US manufacturing activity fell to a 14-month low in December with a Purchasing Managers' Index reading of 47.9, against 48.2 in November, Reuters reported. A reading below 50 shows contraction in manufacturing. Investors will now await non-farm payrolls data on Friday, which could bear weight on the US Federal Reserve's monetary policy in 2026, Reuters said.
Following are the closing levels of US indices Monday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6902.05 |
0.64 |
|
NASDAQ Composite |
23395.822 |
0.69 |
|
Dow Jones Industrial Average |
48977.18 |
1.23 |
(Akshat Saksena)
US$1 = INR 90.16
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
All prices from National Stock Exchange, unless otherwise specified.
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