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Informist, Wednesday, Jan. 7, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Emkay sees Radico Khaitan outperform other alcohol makers in Q3

MUMBAI--1546 IST--Revenue of alcohol producers in Oct-Dec is very dependent on the states where they have a presence, Emkay Global Financial Services said in a report. The brokerage said Radico Khaitan is likely to outperform other players in the sector, with high-teen revenue growth and a 50% growth in earnings in the December quarter. Emkay said earnings of low-alcohol beverage players are likely to be weak during the quarter. It has cut the target price recommendation for United Breweries and Sula by 6–13% on a weak medium-term outlook. 

The brokerage sees domestic players reporting better revenue compared to their peers as they have an edge in research and design, which aids in addressing consumer needs. Domestic players are also better positioned for margin expansion due to captive units. It has retained an 'add' recommendation on Sula Vineyards, but lowered its target price slightly to INR 240 from INR 275 earlier, and cut the company's earnings by 3–4% for the period between 2026-27 (Apr-Mar) and FY28. For United Breweries, the brokerage has a 'reduce' recommendation, and has cut its target price on the stock to INR 1,600 from INR 1,700. The brokerage has maintained a 'buy' recommendation on Allied Blenders and Radico Khaitan, and maintained 'reduce' on United Spirits.

The brokerage expects the decline in grain prices to help extra-neutral alcohol producing companies and aid margins for captive extra-neutral alcohol users. Radico Khaitan and Allied Blenders have captive extra-neutral alcohol capacities, which will imply gross margin benefits, the brokerage said.

The brokerage expects Radico to continue relatively outperforming its peers with high-teen revenue growth, as market share gains in Andhra Pradesh are likely to reflect in the better volumes in popular segments, the brokerage said. It expects United Spirits to see mid-single-digit growth, with low single-digit volume growth.

Allied Blenders is likely to report mid-single-digit growth and the brokerage sees market changes in its key state, Telangana, likely affecting its volumes in the mass premium segment. In the low-alcohol beverages segment, the brokerage sees low single-digit revenue growth for United Breweries and flat sales for Sula Vineyards. Volume recovery in Andhra Pradesh is key for United Spirits, the brokerage said, adding that the company's Maharashtra market is likely to remain affected by consumers shifting to cheaper alternatives.

The brokerage said Maharashtra-made liquor policy continues to influence the performance of Indian-made foreign liquor players. Retailers are reporting better margins with Maharashtra-made liquor policy compared to Indian-made foreign liquor. With the matter in the Bombay High Court, all industry participants are allowed to have their own Maharashtra-made liquor. However, the brokerage said the final verdict may cause hindrance to players' strategies playing out if the ruling favours the state government and hence restricts participation by companies with foreign investments. (Eshitva Prakash)

Equity Alert: Indices end lower Wed as financial services, auto stocks fall

MUMBAI--1545 IST--Domestic benchmark indices ended lower Wednesday due to a fall in the shares of automobile and financial services companies. Nifty 50 heavyweights HDFC Bank and and Maruti Suzuki India were down over 1% and nearly 3%, respectively. These stocks dragged the Nifty 50 index down.

The Nifty 50 ended at 26140.75 points, down 37.95 points or 0.1% and the BSE Sensex ended at 84961.14 points, down 102.20 points or 0.1%.    

Shares of Titan Co. ended as the top gainers in the Nifty 50 index, up nearly 4%. The stock hit an all-time high of INR 4,312.10. Shares of Cipla hit a three-month low of INR 1,455 after the US Food and Drug Administration issued observations to the company's partner, Greece-based Pharmathen International's facility. 

Maruti Suzuki India was among the worst hit in the 50-stock index. The stock fell after rising for six consecutive sessions. The stock plummeted after HSBC said the company's earnings before interest and tax margin was below the mark of 10%, which could disappoint the market. Commodities also posed near-term risk for the stock, CNBC-TV18 reported, citing HSBC.  

Tata Motors Passenger Vehicles ended nearly 2% lower for the second consecutive session. On Tuesday, the company had reported that its 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. Moreover, the company's rival Mahindra and Mahindra launched the electric vehicle XUV 3XO, starting at INR 1.39 million, and its new sports utility vehicle XUV 7XO, starting at INR 1.37 million.

Among sectoral indices, the Nifty IT was the top gainer, up nearly 2%. All the constituents of the index ended with gains, with Infosys, Tata Consultancy Services, Tech Mahindra, HCL Technologies and Wipro up 1-2%. Meanwhile, the Nifty Auto was the worst hit among sectoral indices, down nearly 1%, weighed down by losses in Maruti Suzuki India and Tata Motors Passenger Vehicles.

Most indices in the broader market ended with gains, with the Nifty Smallcap 50 up 0.8%. It was supported by the gains in the shares of Neuland Laboratories, which ended over 4% higher.  

Tata Elxsi ended as the top gainer in both the Nifty 200 and Nifty 500 indices, up nearly 10%. The stock hit a three-month high of INR 5,923. It rose after global brokerage JP Morgan upgraded the recommendation on the stock to 'neutral' from 'underweight' and raised the target price to INR 4,800 from INR 4,000, CNBC-TV18 reported.  (Adhithya Aji)

Equity Alert: Nifty 50 Jan ends at premium of 97.15 points to spot index

MUMBAI--1542 IST--The January futures contract of the Nifty 50 closed at a premium of 97.15 points to the spot index. Open interest in the contract rose 1.5% to 14.28 million, according to provisional data.

--Nifty 50 closed at 26140.75 points, down 37.95 points or 0.1% vs Tue

--Nifty 50 January closed at 26237.90 points, down 47.20 points or 0.2% vs Tue

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

Call: 26200, Put: 26100

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

Call: 26200, Put: 25500 

(Gopika Balasubramanium)

Equity Alert: European indices mixed; investors asses US-Greenland tensions

MUMBAI--1505 IST—European indices were mixed on Wednesday as investors assess threats made by US President Donald Trump to occupy Greenland. European defence stocks were up, poised to gain for the fourth consecutive session. 

The Stoxx Europe Aerospace and Defense index rose around 1%, CNBC reported. The US president and his team were looking into a "range of options" to acquire Greenland, White House Press Secretary Karoline Leavitt said on Tuesday. The US president has emphasised the need to occupy Greenland, saying the US needs it for national security, while pointing to the Russian and Chinese activities in the region, the report said. 

In response, Greenland as well as Denmark, of which the autonomous territory is a part, have continuously said that the region is not up for grabs. European leaders issued a statement on Tuesday saying, "Greenland belongs to its people. It is for Denmark and Greenland, and them only, to decide on matters concerning Denmark and Greenland," CNBC reported. As part of a separate statement, Danish Defence Minister and Deputy Prime Minister Troels Lund Poulsen said the country had taken a decision to spend $13.8 billion to rearm Greenland in lieu of the "the serious security situation we find ourselves in," according to the report. The Danish minister also said he hoped the US recognised the fact and was ready to co-operate on the common interest for Arctic security. "... Denmark would like to continue to be an ally of the United States. But that requires a mutual willingness to show respect and cooperation," Troels Lund Poulsen was quoted as saying by CNBC. 

Shares of logistics firm InPost fell nearly 6%. The stock had gained 28% in the previous session after the company said it received an indicative proposal for an acquisition of all its shares, CNBC reported. Shares of Bayer rose over 1%. This was after the company announced it was suing Covid-19 vaccine manufacturers Pfizer, BioNTech and Moderna. Bayer accused the companies of utilising its messenger ribonucleic acid for their own immunisations for the virus. The company accused the company of patent infringement in a lawsuit filed in Delaware federal court. 

Investors will await Eurozone inflation data for December. Economists polled by Reuters pegged the print at 2%, in line with the European Central Bank's target, according to CNBC. 

Following were the levels of major European indices at 1457 IST:

(Akshat Saksena)

Equity Alert: Maruti Suzuki down 4%, snaps 6-day gains; metal prices a concern

MUMBAI--1450 IST--Shares of Maruti Suzuki fell over 4% to an intraday low of INR 16,524. Prior to Wednesday's slide, the stock had risen for six consecutive sessions, during which it had risen 4.5%. Investors booked profit on the stock after the recent rally, said Rupak De, technical analyst at LKP securities.

"The near-term headwind for the automobile sector are the rise in commodity prices, especially that of aluminium and steel," an analyst covering the sector at a domestic brokerage said. With the safeguard duty in place, there will likely be fluctuation in domestic steel prices, which is also a concern, he said. There is also uncertainty over whether automobile companies would take price hikes to save margins because of the existing "anti-profiteering approach" after the goods and services tax cut. In the near-term, sales outlook is fine, at least till the end of March quarter, the analyst said.

Global brokerage HSBC said that if the company's earnings before interest and tax margins fall short of the 10% mark, it could end up disappointing the market, CNBC-TV 18 said, citing the brokerage. HSBC maintained its 'buy' rating on Maruti Suzuki with a revised price target of INR 18,500 per share. The brokerage said the automaker's market share has normalised back to 40%, though the overall demand outlook remains buoyant. Maruti Suzuki's December and March quarter margins are critical for the stock, the brokerage said. Brokerage company Bernstein maintained its 'outperform' rating on the stock and raised its price target to INR 19,000 from INR 17,800 earlier, according to the media report.

Maruti Suzuki's total production rose over 34.4% on year to 211,939 units in December, mainly driven by robust increase in production of both passenger cars and utility vehicles. Its light commercial vehicles' output jumped 59% on year to 3,348 units. 

Of the 17 brokerage reports available with Informist on the company, 14 have a 'buy' call with an average target price of INR 17,685 while three brokerages have a 'hold' call.  (Eshitva Prakash)

Equity Alert: Asian indices mixed; KOSPI, SSE Composite hit record highs

MUMBAI--1440 IST--Indices in Asia were mixed on Wednesday. South Korea's KOSPI, Shanghai's SSE Composite Index, Indonesia's IDX Composite, and the FTSE Singapore Straits Times hit fresh record highs. Investors continue to assess the ongoing US-Venezuela tensions.

The mixed performance by Asian indices was after recent record rallies seen on Wall Street, as investors shift focus to the uncertainties caused by developments in Venezuela and global interest rates. "Global uncertainty continues to deepen," Tan Boon Heng of Mizuho Bank was quoted as saying by the Associated Press. This remark comes after US armed forces arrested Venezuela's President Nicolas Maduro over the weekend and US President Donald Trump threatened to take control of Greenland, the report said. 

The Nikkei 225 index traded over 1% lower. According to a report by Reuters, China Tuesday banned exports of dual-use items to Japan as a part of series of countermeasures in response to remarks made by Japan's Prime Minister Sanae Takaichi. In remarks to parliament in November, Takaichi said a Chinese attack on Taiwan would be a "survival-threatening situation" for Japan, meeting the threshold to exercise the right of collective self-defence under the country's war-renouncing constitution. Dual-use items are software or technological goods that have both civilian and military applications, such as certain rare-earth elements that are essential for making drones and chips. A report by China Daily, a publication owned by the ruling Chinese Communist Party, Tuesday said that Beijing was considering tightening the licence review of rare earth exports to Japan more broadly, Reuters reported. 

Shares of Hyundai Motor Co. rose as much as 15% to hit a record high during the session, Reuters reported. Hyundai's announcement on the planned deployment of Atlas humanoid bots at its facilities is not enough to explain the rally seen by the company's stock, Shin Yoon-chul, an analyst at Kiwoom Securities said, according to a report by Reuters. The analyst said investors seemed to be expecting the partnership between the company and NVIDIA to extend beyond its simple chip supply relationship. The expectations seemed to have arisen after a meeting between Hyundai Motor Group Chair Euisun Chung and Nvidia CEO Jensen Huang at the Consumer Electronics Show in Las Vegas, the report said. Shares of Hyundai were up nearly 14%. 

Following were the levels of key Asian indices at 1439 IST: 

(Akshat Saksena)

Equity Alert: Indices remain in the red as auto, financial svcs stocks down

MUMBAI--1432 IST--Benchmark indices remained lower due to a fall in financial services and automobile stocks. Shares of automobile maker Maruti Suzuki fell nearly 3%. The stock, along with index heavyweight HDFC Bank, which shed over 1%, weighed on the Nifty 50. 

At 1430 IST, the Nifty 50 was at 26098.60 points, down 80.10 points or 0.3% and the BSE Sensex was at 84828.37 points, down 234.97 points or 0.3%. Shares of Titan Co. rose 4%, the top gainer in the 50-stock index. Information technology companies remained higher. Infosys, Tech Mahindra, Wipro, and Tata Consultancy Services were up 1–2%.  

Shares of Maruti Suzuki India fell after HSBC said the company's earnings before interest and tax margins were below the mark of 10%, which could disappoint the market. Commodities are also posing near-term risk for the stock, CNBC-TV 18 reported, citing HSBC. Cipla was the worst hit, down over 4%. The issuance of observations by the US Food and Drug Administration to its partner, Pharmathen International, affected the company materially. 

Tata Elxsi continued its gaining momentum and was up 10%. The stock rose more after global brokerage JP Morgan upgraded  

the recommendation on the stock to 'neutral' from 'underweight' and raised the target price to INR 4,800 from INR 4,000, CNBC-TV18 reported. It was the top gainer in both the Nifty 200 and Nifty 500 indices.

JP Morgan also maintained an 'overweight' reccomendation on the stock of Kpit Technologies with a target price of INR 1,400. The brokerage said that demand conditions in auto engineering research and development improved over the past three months, as per a CNBC-TV18 report.  (Adhithya Aji)   

Equity Alert: Indian Hotels dn; Morgan Stanley reduces co to 'equalweight'

MUMBAI--1430 IST--Shares of Indian Hotels Co. fell over 3% to an over one-month low of INR 703.30 Wednesday. The stock was down for the third straight session and has shed 6% during this period. Brokerage Morgan Stanley downgraded the stock to 'equalweight' from 'overweight'. It has cut the target price by 4% to INR 780, according to Moneycontrol report.

The brokerage has cut estimates for the company's earnings per share from 2025–26 (Apr-Mar) to FY28 by 2–3%, Moneycontrol reported, quoting the brokerage. This is led by slightly lower estimates for revenue per available room. The domestic hotel revenue per available room is likely to grow 9-10% in the December quarter and earnings before interest, tax, depreciation, and amortisation are expected to grow 10% on year, according to the report.

At 1419 IST, shares of the company traded over 1% lower at INR 715.20 on NSE. So far, 3 million shares of the company changed hands on the exchange, higher than nearly 2 million shares traded till the same time Tuesday.   

Of the 16 brokerage report available with Informist on the company, 12 have a 'buy' recommendation with an average target price of INR 863. Two have a 'hold' recommendation and the remaining two have a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert: Cipla down 5%; US FDA action on Pharmathen may dent FY26 EBITDA

MUMBAI--1320 IST--An analyst at a domestic brokerage firm sees Cipla's earnings before interest, tax, depreciation, and amortisation for 2025-26 (Apr-Mar) being hit by 5% in case the company faces supply disruptions for its Lanreotide drug. The tumour treatment drug is manufactured by the company's Greece-based partner, Pharmathen International. The US Food and Drug Administration conducted an inspection of Pharmathen International's manufacturing facility in Sapes, Rodopi, Greece, in November, and issued a Form-483 with nine observations. On Wednesday, the regulator released details of its observations, which flagged concerns of contamination and weak control systems. Shares of Cipla spiralled after this development and crashed almost 5% intraday to an over three-month low of INR 1,455. 

The analyst said the latest observations issued by the US regulator do not translate into immediate supply disruptions for Cipla, but might lead to tougher action on its Greek contract manufacturing organisation partner, which in turn could result in supply jitters in the near term. An 'official action indicated' observation from the US FDA does not lead to a halt in drug production, but further action such as an 'import alert' issued by the food regulator will cause a production stoppage.

In case production halts, it could lead to a downward revision in earnings per share for Cipla, the analyst said, adding that Pharmathen's response to the regulatory action was important to determine further outlook. Cipla in a conference call in October had reaffirmed its goal to achieve $1 billion in annual revenue in the US by 2026-27 (Apr-Mar) after it had clocked sales of $934 million in the US in FY25. 

Cipla has been facing supply challenges for the Lanreotide drug since 2024, as its partners were unable to supply the required quantities. "The previous (2024) supply issue for the drug was due to different challenges as companies were adding in more production lines," the analyst said. "The current issue is very different than a production problem."  

The US FDA noted that Pharmathen International's plant did not follow procedures to prevent contamination and that its aseptic processing areas were deficient. The regulator said that the company failed to establish adequate procedures to ensure drug quality and purity. In addition, the facility used for manufacturing the drugs was not clean and was not maintained in good condition.  (Eshitva Prakash)

Equity Alert: Indices fall more; financial services cos continue to drag dn

MUMBAI--1300 IST--Indices fell more as shares of financial services continued to be the laggard. The Nifty 50 index was dragged down by shares of HDFC Bank and Bharti Airtel, which fell around 1%, respectively.

At 1218 IST, the Nifty 50 was at 26109.20 points, down 69.50 points, or 0.3% and the BSE Sensex was at 84847.74 points, down 215.60 points, or 0.3%. 

Titan Co. continued gaining momentum, up nearly 5% to be top gainer in the 50-stock index. Jio Financial Services surged to over 2% intraday. Eternal rose nearly 2% after a large deal. Cipla's shares were the worst hit in all the three Nifty indices, down nearly 5%. The stock hit a three-month low of INR 1,455. 

In broader indices, barring Nifty Smallcap 250 which fell marginally, all the other indices were in the green. Nifty Smallcap 50 rose 0.3%, supported by the gains in stocks of Neuland Laboratories and Natco Pharma, which rose over 3% and 2%, respectively. 

In the sectoral indices, Nifty Auto was among the worst hit, down nearly 1%. The sectoral index was dragged by the losses in Tata Motors Passenger Vehicles' shares, down over 2%. The stock was also among the worst hit in the Nifty 50 index.  

Tata Elxsi's shares were the top gainer among the Nifty 200 constituents, up nearly 7% and Elecon Engineering rose nearly 9% to be the top gainer in the Nifty 500 index. The shares of Elecon Engineering rose ahead of its December quarter earnings on Friday.

Meanwhile, Mahindra & Mahindra Financial Services and Indian Hotels Co. were among the worst hit in the Nifty 200 index. The stocks were down nearly 4% and 3%, respectively. The stock of Indian Hotels Co. fell after the global brokerage Morgan Stanley downgraded the stock's recommendation to 'equalweight' from 'overweight', ET Now reported.   (Adhithya Aji) 

Equity Alert: Devyani Intl rises; Macquarie, Goldman Sachs bullish on merger

MUMBAI--1257 IST--Shares of Devyani International rose over 1% to an intraday high of INR 140.49. Global brokerage firms Goldman Sachs and Macquarie believe the proposed merger between the company and Sapphire Foods would improve operating control and provide meaningful cost synergies, a report from NDTV Profit said. The merger will also provide a clearer path for a turnaround in Pizza Hut restaurants, which is operated by Devyani International. However, both the brokerages have identified a recovery in demand as a key aspect.  

Macquarie believes that while the management is moving towards low double-digit gains in margin for Pizza Hut in the near term, the long-term ambition is converging Kentucky Fried Chicken or KFC's mid-teen margin profile of 16–19%, the report said. Macquarie expects synergy benefits of INR 2.1 billion-INR 2.25 billion, of which around 60% is expected to be realised in the first year of the merger with full benefits expected by the second year, NDTV Profit said. The brokerage also highlighted the strategic shift of key operations, such as including supply chain and technology for the two brands, innovation and marketing for Pizza Hut, and moving in-house from Yum!, the report said. Macquarie has maintained an 'outperform' recommendation on Devyani International while retaining the target price of INR 200. The brokerage believes the merger should bring complementary geographies and capabilities under one unified operating structure, the report said. 

Goldman Sachs expects Pizza Hut to turn its contribution margin positive in the first year after the merger on the back of royalty waivers and decreased store addition commitments along with the ability to shut unprofitable outlets, the report said. The brokerage also indicated a potential upside at KFC with the transition of technology and control over the supply chain could support growth in its same-store sales, primarily in the delivery channel that accounts for 40–45% of overall sales. The brokerage has maintained its 'buy' recommendation on the stock with a 12-month target price of INR 170. The brokerage is focused on the operational flexibility that will be unlocked by the merger, the report said. 

At 1256 IST, shares of the company traded slightly higher at INR 139.03 on the National Stock Exchange. Nearly 2 million shares of the company have been traded so far during the session, lower than nearly 4 million shares traded at the same time Tuesday. 

Of 11 brokerage reports on the company with Informist, eight 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. (Akshat Saksena)

Equity Alert: Shares of Senco Gold rise 14%; company's sales rise 51% YoY

MUMBAI--1101 IST--Shares of Senco Gold rose nearly 14% to a high of INR 368.40 during the session. This comes after the company's sales and revenue grew 51% on year for the December quarter as compared to a 6.5% growth in the September quarter and a 28% growth seen in the June quarter, the company said in a quarterly update. The company expects to achieve over 25% growth in 2025-26 (Apr-Mar). The company's outlook is higher than brokerage expectations, with Emkay Global Financial Services estimating a revenue growth of 20% to INR 75.99 billion for FY26.    

Senco Gold's revenue rose 31% for the first nine months ended December, which includes around 21% growth in its same-store sales. The company's trailing 12-month revenue was around INR 80 billion. The on-year growth for the company in the December quarter includes growth of around 49% in its retail business and a growth of around 39% in same-store sales. The company's total showroom count rose to 196 with the launch of four new franchise showrooms in the December quarter. For the nine-month period, the company has launched 11 franchises along with five company-owned stores. Senco Gold believes it's on course to achieve its annual target of opening 20 new showrooms in FY26 to achieve its target of 200 showrooms. 

At 1042 IST, shares of the company traded over 10% higher at INR 356.70 on the National Stock Exchange. Nearly 12.60 million shares of the company exchanged hands on the bourse during the session, nearly 101 times higher than the number of shares traded at the same time on Tuesday.   

Out of three brokerage reports on the company with Informist, two have a 'buy' recommendation and one has a 'hold' recommendation. (Akshat Saksena)

Equity Alert: Kalyan Jewellers up 7%; co's Q3 revenue jumps on festive demand

MUMBAI--1100 IST--Shares of Kalyan Jewellers India rose almost 7% to an over three-month high of INR 535 on NSE on Wednesday after the company released its Oct-Dec business update, which showed its consolidated revenue for the December quarter rose 42% on year. At 1042 IST, shares of the company were slightly off highs and traded 5% higher on NSE. Around 9.49 million shares of the company have exchanged hands so far on the bourse, 17 times the number of shares traded till the same time Tuesday. 

Revenue from the company's India operations grew about 42% on year during the period, driven primarily by strong festive demand. The company's revenue from international operations, which contributed to 11% of its December quarter top line, grew 36% on year. In Oct-Dec, the company launched 21 Kalyan showrooms in India, one Kalyan showroom in the UK, and 14 Candere showrooms in India. As of Dec. 31, its total number of showrooms across India and international markets stood at 469 with 318 Kalyan India stores, 38 Kalyan West Asia stores, two Kalyan USA stores, one UK Kalyan store and 110 Candere stores.  

In India, demand during the period after Diwali also continued to be strong despite volatility in gold prices, the company said in the business update. It added that growth was broad-based across plain gold and studded categories. The December quarter recorded same-store sales growth of around 27%.

All the four brokerage recommendations available with Informist on the stock have a 'buy' rating with an average target price of INR 683.  (Eshitva Prakash)

Equity Alert: Indices remain lower as shares of financial svcs cos weigh

MUMBAI--1045 IST--Benchmark indices continued to trade lower Wednesday as the fall in shares of financial services companies weighed. Index heavyweight HDFC Bank was down over 1%. However, its peer ICICI Bank rose nearly 1%. 

At 1034 IST, the Nifty 50 was at 26132.40 points, down 46.30 points or 0.2% and the BSE Sensex was at 84897.19 points, down 166.15 points or 0.2%. 

Titan Co. was the top gainer in the Nifty index during the first hour of trade. The stock was up over 4% and hit an all-time high of INR 4,300. Sun Pharmaceutical Industries' shares were up nearly 2%. Most of the information technology stocks were in the green, with Infosys, Tech Mahindra, Wipro, and HCL Technologies up 1-2%. These stocks rose tracking the gains on the Wall Street due to a surge in technology stocks. 

Cipla fell over 2% to be among the worst hit in the 50-stock index. The stock fell after the US Food and Drug Administration issued numerous observations to the company's partner Pharmathen International. The US FDA said the company did not comply with procedures to prevent contamination, sampling plans and test procedures, and failed to establish procedures to assure drug's purity and quality, CNBC-TV 18 reported.

Among the sectoral indices, Nifty Consumer Durables was the top gainer, up nearly 2%, supported by gains in Titan Co and Kalyan Jewellers India. Nifty Auto was the worst hit, down 0.5%. 

Shares of Kalyan Jewellers India rose 5%, to be the top gainer in the Nifty 200 index. The Kerala-based jewellery maker's stock rose after its consolidated revenue for the December quarter rose 42% on year, driven by strong festive demand during the period. Meanwhile, Mahindra & Mahindra Financial Services was the worst hit in the index, down nearly 3%.

Elecon Engineering Co. was the top gainer in the Nifty 500, up over 6%, while Sun TV Network was the worst hit, down over 3%.  (Adhithya Aji) 

Equity Alert: Tata Motors PV down for 2nd session after JLR Q3 volumes fall 

MUMBAI--1040 IST--Shares of Tata Motors Passenger Vehicles fell over 2% to a low of INR 360.45. The stock was down for the second straight session and shed 3.5% during this period. The stock was down after the company, in a quarterly update late Monday, said Jaguar Land Rover's wholesale and retail volumes fell on a quarter-on-quarter and year-on-year basis in the December quarter.

According to the quarterly update, sales during the December quarter were hit as production returned to normal levels only by mid-November after the cyber incident with the company. The company's rival Mahindra and Mahindra launched the electric vehicle XUV 3XO, starting at INR 1.39 million, ex-showroom. It also launched its new sports utility vehicle XUV 7XO, starting at INR 1.37 million.

Wholesale volumes of Jaguar Land Rover in the December quarter, excluding the Chery Jaguar Land Rover China JV, were at 59,200 units, down 43.3% on year and 10.6% on quarter. JLR's retail sales were at 79,600 units during the same period, down 25.1% on year and 6.7% on quarter, the company said.

At 1022 IST, shares of Tata Motors Passenger Vehicles were down nearly 2% at INR 362.05 on NSE. So far, over 3 million shares of the company have changed hands on the exchange, lower than over 9 million shares traded till the same time Tuesday.

Of the 17 brokerage recommendations available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR 788. Six have a 'sell' recommendation with an average target price of INR 441 and the remaining four have a 'hold' recommendation with an average target price of INR 570.  (Arundathi A R)

Equity Alert: Cipla dn 3%; report says co's partner gets US FDA observations

MUMBAI--1022 IST--Shares of Cipla fell over 3% to an intraday low of INR 1,481.50 on NSE on Wednesday amid media reports that the US Food and Drug Administration released details of its observations on Pharmathen International, with which Cipla has a partnership to commercialise Lanreotide in the US market. At 1020 IST, around one million shares of the company were traded on the bourse so far Wednesday, almost sevenfold higher than the number of shares traded till the same time Tuesday.

The US FDA's observations point to multiple compliance gaps at Pharmathen's facilities, CNBC-TV 18 said in a social media post on X. These observations include Pharmathen not taking enough precautions to prevent contamination and the company having a weak control system to ensure sterile conditions.

The regulator also said that there were deficiencies in aseptic processing areas and laboratory controls, including the absence of appropriate procedures, according to the report. The US FDA noted failures in establishing adequate processes to ensure the purity and quality of drug products, along with lapses in following approved sampling plans and testing procedures.

Of the 19 brokerage reports available with Informist on the stock, 13 have a 'buy' call on the stock with an average target price of 1,706. Three brokerages say 'hold', while another three have a 'sell' recommendation.  (Eshitva Prakash)

Equity Alert: Titan at all-time high; co's jewellery ops surge past estimates

MUMBAI--1000 IST--Shares of Titan Co. rose over 4% to an all-time high at INR 4,290 on the NSE on Wednesday after the company said its jewellery business registered a volume growth of 41% in the December quarter and the domestic sales rose 38% on year in Oct-Dec. This surge in jewellery business was higher than the growth expected by brokerages for this segment. The company said this revenue growth was driven by a substantial increase in average selling price of products, which offset flattish buyer growth. 

Sales of the company's jewellery business--Tanishq, Mia and Zoya--grew 40% on year, and CaratLane grew 42% on year. This was significantly ahead of the estimate of 25–30% on year growth by Nomura. The brokerage firm has maintained a 'buy' rating on Titan with a target price of INR 4,500 and expects the company's earnings per share to grow at a compound annual growth rate of 24% over 2025-26 (Apr-Mar) to FY28. The brokerage expects the company's jewellery business to continue to grow faster than the industry and gain around 10% market share by FY28 from unorganised players, which comprise 60% of the industry, as it deepens its reach in lower-tier cities and towns.

After the festive season, gold prices had softened and were down from peak levels, which had led to buyer growth returning, but this has gone back to being flattish for the December quarter, Nomura said in a research report. The brokerage expects the 'old gold exchange offer' marketing amid elevated gold prices to aid sales growth for the company. However, it also sees higher promotions and higher contributions from the old gold exchange scheme can put pressure on its margins. 
 

Nomura sees Titan's foray into lab-grown diamonds with the beYon brand to be positive as it will now enable it to cater to consumers who have a preference for lab-grown diamonds. The industry margins for this segment are estimated to be higher than real diamond jewellery and hence will be gross margin accretive to the overall business, according to the Nomura report.

JM Financial Institutional Securities had an around 25% on year growth projection for the company's jewellery business. Revenue growth was driven largely by a higher selling price, the brokerage said in a report. It noted that gold coins nearly doubled on quarter in sales, reinforcing their strong investment proposition. The brokerage expects the company's jewellery business' earnings before interest and tax margin of 10.8%, down around 40 basis points on year due to custom duty losses. (Eshitva Prakash)

Equity Alert: Indices open lower on fall in financial svcs stocks; IT cos up

MUMBAI--0942 IST--Domestic benchmark indices opened lower Wednesday, dragged down by losses in financial services stocks. Index heavyweight HDFC Bank fell over 1% and weighed on the Nifty 50 index. All information technology stocks opened with gains. 

At 0932 IST, the Nifty 50 was at 26126.80, down 51.90 points or 0.2% and the BSE Sensex was at 84875.29 points, down 188.05 points or 0.2%. 

Shares of Titan Company were the top gainers in the 50-stock index, up nearly 4%. The company Tuesday said that its jewellery business registered volume growth of 41% in the December quarter. Revenue growth of this business was driven by a "substantial" increase in average selling price of products, which offset flattish buyer growth.     

Most information technology stocks were up, with Infosys, HCL Technologies, Wipro, and Tech Mahindra up nearly 1% each. The stocks rose after US indices ended higher on Tuesday, on gains in technology stocks.

Financial services and bank stocks such as Bajaj Finserv, Shriram Finance, Bajaj Finance, and State Bank of India were down around 1% each. Pharmaceutical major Cipla was the worst hit in the Nifty 50, down nearly 3%. The stock was also the worst among the Nifty 200 constituents. Tata Passenger Vehicles was down over 2%, among the worst hit in the index. 

Tata Technologies rose 5% to be the top gainer in the Nifty 200. JBM Auto was the top gainer in the Nifty 500, up nearly 5%. Meanwhile, Metropolis Healthcare was the top loser in the index, down nearly 3%.   (Adhithya Aji)  

Equity Alert: Indices seen flat Wed; investors likely to buy in second half

MUMBAI--0900 IST--Analysts expect benchmark indices to remain in a range Wednesday after closing lower for the previous two sessions. However, they see a positive bias on likely better December quarter financial results, expecting investors to buy in the second half of the session.

The GIFT Nifty contracts suggest Nifty 50 index will be flat, trading 29 points higher than the Nifty 50's previous close. At 0855 IST, the GIFT Nifty's January contract was at 26207 points, higher than the Nifty 50's close of 26178.70 points Tuesday. The Nifty 50 is seen facing resistance at 26350-26400 points and may find support at 26100 points, Nirav Harish Chheda, technical and derivatives analyst, Nirmal Bang, said.

The US indices closed higher Tuesday after the Dow Jones Industrial Average rose to a record high. The E-mini Dow Futures contract was over 300 points higher than the previous close of the Dow Jones Industrial Average index. Asian indices were trading mixed in early trade Wednesday, with South Korea's KOSPI leading the gainers.

Tuesday, the Nifty 50 closed lower for the second session at 26178.70 points, down 71.60 points or 0.3%. The BSE Sensex closed at 85063.34 points, down 376.28 points or 0.4%. Market participants will watch for the first advance estimate of GDP for 2025-26 (Apr-Mar), scheduled to be released later in the day, followed by consumer price inflation for the month of December, to be released Monday.  (Arundathi A R)

Equity Alert: Indices in Asia largely down; defence cos snap 2-session gains

MUMBAI--0822 IST--Asian indices were largely lower Wednesday as shares of defence sector companies in the region snapped a two-day winning streak, even as investors assess the geopolitical risks pertaining to Venezuela and Greenland. 

Shares of Japan's Kawasaki Heavy Industries fell 1% during the session. South Korean company Korea Aerospace Industries stock fell over 1% and Hanwha Corp fell 1.5%. Shares of Poongsan Corp dropped over 4% during the session. White House Press Secretary Karoline Leavitt said US President Donald Trump and his team were looking into "a range of options" to acquire Greenland, which could include the utilisation of the country's military, CNBC reported. The statement further ramps up the president's already aggressive stance towards Greenland, which the president aims to acquire as a part of US, CNBC said.

Australia's S&P/ASX 200 index was trading 0.4% higher. This rise comes after domestic inflation data of the country was below analysts' estimates. The country's CPI rose 3.4% on year in November, below Reuters' expectations of 3.7%. This was also lower than the 3.8% rise seen in October, CNBC reported. For the month, the CPI stayed flat in original terms, while rising 0.2% in seasonally adjusted terms, according to a release from the Australian Bureau of Statistics. The unchanged monthly inflation from October indicates that price pressures may be cooling along with the case for a hike in interest rates, CNBC said. 

Shares of South Korean Hyundai Motor surged 11.5% during the session. The shares of the company have risen for six consecutive sessions after it announced that it was planning to deploy humanoid robots in its US factories from 2028, CNBC said. 

Following were the levels of key Asian indices at 0814 IST: 

(Akshat Saksena)

Equity Alert: US indices end higher Tue; S&P 500, Dow Jones hit record highs

MUMBAI--0735 IST--Stock indices in the US ended higher on Tuesday. The S&P 500 and the Dow Jones Industrial Average hit record highs of 6948.69 points and 49509.92 points, respectively, as investors seemed to have shrugged off anxieties from the US attack on Venezuela.

The market's reaction to the news about Venezuela highlights the gap seen between headline risk and actual price action, said Angelo Kourkafas, senior global investment strategist at Edward Jones, according to a report by CNBC. Despite Nicolas Maduro's arrest being a significant geopolitical event, it has no immediate implication for oil supply, the factor markets truly care about, Kourkafas said, according to CNBC. The pro-cyclical rally seen since the start of the week reflects strong fundamentals, including an expected expansion of earnings momentum both within and beyond mega-cap technology, the analyst added. 

Shares of Amazon and Palantir ended over 3% higher each, CNBC said. Shares of Moderna surged nearly 11% after Bofa Global Research raised the stock's target price, which helped the S&P 500 Health Care Sector index rise nearly 2%, Reuters reported. Memory and storage sector stocks gained during the session after NVIDIA's Chief Executive Officer Jensen Huang gave details, which included a new layer of storage technology, at a Consumer Electronics Show in Las Vegas. Shares of San Disk rose over 27%, those of Western Digital rose 17%, and those of Seagate Technology rose 14%. Shares of Micron Technology gained 10%, as all four stocks hit record highs, Reuters reported. However, Huang's comments on the efficiency of the new chips raised concerns over demand for data cooling systems, with shares of Johnson Controls and Trane Technologies falling 6.2% and 2.5% respectively. AIG said Chief Executive Officer Peter Zaffino would step down from his position, prompting shares of the company to fall 7.5%, according to Reuters. 

Investors await economic data as the effects of the record 43-day federal government shutdown subside, with the job openings data and the labour turnover survey data on Wednesday along with the December jobs report on Friday, Reuters said. Markets also analysed comments by Richmond Federal Reserve President Tom Barkin who re-emphasised the US central bank's careful take on further rate cuts, in contrast to comments by Governor Stephen Miran, which advocated stronger rate cuts, Reuters reported. 

Following are the closing levels of US indices Tuesday:

(Akshat Saksena)

US$1 = INR 89.88

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.

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