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Informist, Friday, Jan. 9, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: BHEL, L&T to see pressure on lifting curb on Chinese cos to bid

 

MUMBAI--1100 IST--Broking firm Prabhudas Lilladher expects capital goods companies Bharat Heavy Electricals and Larsen & Toubro to face incremental competitive pressure amid reports that the government is considering rolling back the 2020 procurement restriction on Chinese companies to bid for government contracts, the brokerage said in an event update note. Competitive pressure is expected in these companies' boiler, turbine, and generator segments.

 

The brokerage expects such a move to revive competition, reduce costs, and speed up execution of public and private projects. However, it expects Chinese participation to remain limited even after lifting the curbs on bidding, due to strategic sensitivity and control risks associated with critical infrastructure projects, it said. The brokerage also expects the government to mandate local manufacturing for Chinese companies, if they are allowed to participate in the power equipment segment.

 

At 1041 IST, shares of Larsen & Toubro were trading 1% higher at INR 4,068.30 on NSE. So far, nearly 760,000 shares of the company have changed hands on the exchange, higher than nearly 157,000 shares traded till the same time Thursday. Of the 17 brokerage recommendations available with Informist on the company, 16 have a 'buy' recommendation with an average target price of INR 4,415 and the remaining one has a 'hold' recommendation on the stock.

 

At 1042 IST, shares of Bharat Heavy Electricals were trading nearly 4% higher at INR 281.50 on NSE. So far, nearly 37 million shares of the company have changed hands on the exchange, higher than nearly 2.50 million shares traded till the same time Thursday. Of the eight brokerage recommendations available with Informist on the company, six have a 'buy' recommendation with an average target price of INR 333. One has a 'sell' recommendation and the remaining one has a 'hold' recommendation on the stock.  (Arundathi A R)

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Equity Alert: Indices remain lower on fall in heavyweights; ICICI Bk dn 2%

 

MUMBAI--1051 IST--Benchmark indices were in the red weighed down by the losses in the heavyweight stocks such as ICICI Bank and HDFC Bank, which fell nearly 2% and 1%, respectively. The losses incurred by Adani Enterprises and Adani Ports and Special Economic Zone also dragged down the Nifty 50 index. 

 

Oil and Natural Gas Corp. was the top gainer in the Nifty 50 index, up nearly 2%. Shares of Eternal, Bharat Electronics, and Asian Paints rose nearly 2?ch. ICICI Bank was the worst hit in the index, followed by Adani Enterprises and Adani Ports and Special Economic Zone. These Adani companies were down nearly 1?ch.

 

At 1043 IST, the Nifty 50 was at 25856.80 points, down 20.05 points, or 0.1% and the BSE Sensex was at 84098.36 points, down 82.60 points, or 0.1%.

 

In the broader indices, all the mid-cap indices were in the green, with Nifty Midcap 50 and Nifty Midcap 100 up 0.4?ch. The gains in these indices were supported by the shares of Bharat Heavy Electricals, which rose over 3%. 

 

Bharat Heavy Electricals was among the top gainers in the Nifty 200 index after it received an INR 54 billion order from its joint venture Bharat Coal Gasification and Chemicals for a coal gasification and raw syngas cleaning plant. Mazagon Dock Shipbuilders was the top gainer among the Nifty 200 and Nifty 500 constituents, up nearly 5%. The stock rose after a news report said that the company and German-based Thyssenkrupp Marine Systems GmbH are likely to sign a submarine manufacturing deal this year, Business Standard reported citing a source. 

 

Hitachi Energy India was the worst hit in the Nifty 200 index, down nearly 5% and Elecon Engineering Co. was the worst hit in the Nifty 500 index, down 13%.   (Adhithya Aji)    

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Equity Alert: Elecon Engg shrs dn 11%; co's Q3 net profit falls 33% on year

 

MUMBAI--1045 IST--Shares of Elecon Engineering Co. were trading nearly 11% lower on NSE at INR 449.40 Friday, after falling as much as 14?rlier, after the company's consolidated net profit fell over 33% on year to INR 719.90 million for the December quarter. The stock fell to an intraday low of INR 435. The company's revenue from operations rose 4.3% to INR 5.52 billion in Oct-Dec.

 

Sequentially, the consolidated net profit fell nearly 18% and its revenue was down fell nearly 5%. For the nine months ended December, the company's net profit rose nearly 25% to INR 3.35 billion and its revenue rose over 13% to INR 16.20 billion. By 1002 IST, nearly four million shares of the company had changed hands on the bourse during the session, 4.5 times higher than the number of shares traded at the same time Thursday. 

 

Elecon Engineering Co. net profit for the December quarter of 2024-25 (Apr-Mar) had risen 19% on year to INR 1.08 billion and its revenue was up nearly 12% on year to INR 5.29 billion. The only brokerage report on the company with Informist has a 'buy' recommendation. (Akshat Saksena)

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Equity Alert: BHEL up after UBS initiates coverage with 'buy' rtg, order win

 

MUMBAI--1030 IST--Shares of Bharat Heavy Electricals Friday rose over 5% to a high of INR 285.50 on NSE after a joint venture between the company and Coal India on Thursday received an order for a coal gasification plant in Odisha, for INR 54 billion. Additionally, brokerage UBS also initiated coverage on BHEL with a 'buy' recommendation and a target price of INR 375, Moneycontrol reported.

 

At 1027 IST, the stock was trading at INR 283.90 on NSE, up 4.5%. Over 34 million shares of the company exchanged hands so far on the exchange, against 2.3 million as of the same time Thursday. Shares of the company had plummeted 10% Thursday, joining ranks with other falling capital goods stocks, after media reports that restrictions on Chinese companies bidding for government projects may be lifted.

 

UBS noted BHEL's INR 54-billion coal gasification and raw syngas cleaning plant order, seeing strong order momentum and improving execution. For the September quarter, BHEL had reported a net profit of INR 3.68 billion on revenue of INR 75.12 billion.

 

Of the eight brokerage recommendations available on the stock with Informist, six have a 'buy' call with an average target price of INR 333, while one brokerage recommends 'hold' and another has a 'sell' rating.  (Eshitva Prakash)

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Equity Alert: Indices open lower Fri as fall in financial svcs cos weighs

 

MUMBAI--0950 IST--Domestic benchmark indices opened lower Friday as a fall in the shares of financial services companies weighed. Heavyweight stocks ICICI Bank and HDFC Bank were down over 1% and 0.4% respectively, dragging down the Nifty 50 index. 

 

At 0941 IST, the Nifty 50 was at 25828.65 points, down 48.20 points or 0.2%, and the BSE Sensex was at 84063.80 points, down 117.16 points or 0.1%. 

 

Shares of Zomato-owner, Eternal, were the top gainers among the Nifty 50 constituents, up nearly 3%. Oil and Natural Gas Corp. was up over 1%. Bharat Electronics' shares rose nearly 1%. The stock rose after the company said it received additional orders worth INR 5.96 billion since its last disclosure on Jan. 1. Adani Enterprises was the worst hit in the index, down nearly 2%, followed by Adani Ports and Special Economic Zone which fell over 1%. 

 

Most information technology companies' shares rose. Infosys, Tech Mahindra, and HCL Technologies were up nearly 1?ch. Metal companies stocks, such as Hindustan Zinc, National Aluminium Co., Vedanta, and Hindustan Copper were up 1-2%. The metal stocks ended lower Thursday due to profit booking.      

 

Shares of Vodafone Idea rose 6% in opening trade after the company said it received a communication from the Department of Telecommunications regarding the annual gross revenue payment. As per the order, the company has been directed to pay a maximum of INR 1.24 billion on an annual basis over six years from March 2026 till March 2031. The stock was the top gainer in the Nifty 200, now up 3%. Following this, Indus Towers rose over 2% in the Nifty 200 index. The company is in partnership with Vodafone Idea to set up telecom towers for the operator.

 

Petronet LNG was the top gainer in the Nifty 500 index, up nearly 4%. Elecon Engineering Co. was the worst hit among the Nifty 500 constituents, down over 11%. The stock fell after the company reported that its consolidated net profit for the December quarter declined 33.1% on year to INR 719.9 million.  (Adhithya Aji)   

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Equity Alert: Vodafone Idea shares rise 9?ter co confirms AGR relief

 

MUMBAI--0943 IST--Shares of Vodafone Idea rose almost 9% to a high of INR 12.52 after the company informed exchanges that it had received communication from the Department of Telecommunication, directing it to pay the pending statutory dues linked to adjusted gross revenue. The regulator has asked the telecom company to pay a maximum of INR 1.24 billion on an annual basis over six years from March 2026 till March 2031. Shares of Indus Towers, which is the telecom tower operator of Vodafone Idea, were up over 2%.

 

At 0938 IST, shares of Vodafone Idea were off highs at INR 11.86. Around a billion shares of the company have exchanged hands so far in the opening minutes of trade on the NSE.

 

The telecommunication regulator has also directed the company to pay INR 1 billion annually over four years from March 2032 to March 2035. The remaining AGR dues have to be paid in equal instalments annually over six years from March 2036 to March 2041, according to a filing by the company. For these balance payments, the DoT will set up a committee to reassess the AGR dues, whose decision will be final. Afterwards, the reassessed amount is to be repaid between March 2036 to March 2041 in equal annual instalments. Shares of the company have advanced for five consecutive months as traders awaited the Indian government's call to provide relief to the debt-laden telecommunication company. 

 

Of the eight brokerage recommendations available with Informist on the stock, three have a 'hold' recommendation and another three have a 'sell' call. Two brokerages have a 'buy' call on the stock.  (Eshitva Prakash)

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Equity Alert: Indices in Asia higher; Japan's Nikkei biggest gainer

 

MUMBAI--0845 IST--Indices in Asia were higher Friday, with Japan's Nikkei 225 Day trading up 1% to be the biggest gainer. The CSI 300 index was up 0.5?spite China's annual consumer price inflation rising to a 34-month high in December. The full-year rate, however, fell to its lowest in 16 years. 

 

China's December CPI rose 0.8% on year in December, in line with expectations of a Reuters poll. Even though it reached a 34-month-high, its full-year rate fell to its lowest in 16 years while producer deflation continued, which indicates persistent softness in demand, Reuters said.

 

Shares of Japan-based Fast Retailing Co. rose nearly 9% during the session. This rise came after the company that operates Uniqlo reported that its operating profit rose one-third, and it raised its full-year forecast, a report from CNBC said. Strong global sales helped offset the US tariffs, with the company on track for its fifth consecutive year of profit growth due to stronger sales in China and expansion in North America and Europe, the company said, according to CNBC. 

 

Shares of Rio Tinto fell nearly 6% on the Australian S&P/ASX 200 Index. This came after the company said it has entered into early-stage buyout talks with Glencore, to create a mining giant valued at nearly $207 billion, CNBC reported. Defence stocks in the region rose with investors monitoring the US-Venezuelan conflict and the US President Donal Trump's push to acquire Greenland, CNBC said. In Japan, shares of Kawasaki Heavy Industries and IHI Corp rose over 2%. In South Korea, shares of Korea Aerospace Industries and Poongsan Corp. rose nearly 5% and 6%, respectively and those of Hanwha Aerospace Co rose nearly 8%. Investors will keep an eye on Hang Seng Bank after majority owner HSBC approved a plan to take the lender private, CNBC reported. 

 

Following are the levels of key Asian indices at 0816 IST:

 

INDEX	LEVEL	CHANGE IN %
CSI 300 Index	4762.5524	0.53
Hang Seng Index	26203.75	0.21
KOSPI	4565.27	0.28
Nikkei 225 Day	51643.69	1.03
TOPIX FIRST SECTION	3509.80	0.73
FTSE Singapore Straits Times	4736.55	(-)0.05
S&P/ASX 200 Index	8734.7	0.16

 

(Akshat Saksena)

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Equity Alert: Indices may open tad up, seen in range Fri amid tariff concerns

 

MUMBAI--0833 IST--Benchmark equity indices may open marginally higher, taking positive cues from Asian markets. They are seen in a range on Friday, after falling sharply Thursday. The Nifty 50 index fell 1% Thursday after US President Donald Trump supported a bill that may give powers to impose tariffs of up to 500% on countries buying Russian oil, including India and China. The market may react to a hearing on the legality of these tariffs in the US Supreme Court Friday, according to media reports.

 

At 0830 IST, the GIFT Nifty's January contract was at 26001.50 points, over 124 points higher than the Nifty 50's close of 25876.85 points on Thursday. The Nifty 50 will face resistance at 26000 points and find support at 25700-25500 points, Sundar Kewat, technical and derivatives analyst at Ashika Group, said. On Thursday, the BSE Sensex closed at 84180.96 points, down 780.18 points or 0.9%.

 

Some analysts expect the market to be volatile owing to geopolitical uncertainty and tariff tensions. On Thursday, India VIX, the market's fear gauge, closed 6.5% higher at 10.60. "Overall, the setup looks uncomfortable for the bulls," Rupak De, senior technical analyst at LKP Securities, said in a note. "Selling pressure is likely to persist in the near term unless the Nifty (50) moves back above 26,000," he said.

 

US indices ended mixed, with the S&P 500 closing flat Thursday. The Dow Jones Industrial Average ended the session 0.6% higher while the Nasdaq Composite fell 0.4%. According to a Reuters report, Nvidia and other technology stocks dipped, weighing on the tech-heavy Nasdaq Composite, while defence companies advanced after Trump called for a $1.5 trillion military budget. Most of the Asian indices were higher in early trade Friday, with the FTSE Singapore Straits Times being the sole loser.  (Arundathi A R)

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Equity Alert: S&P, Dow Jones end higher Thu, defence stocks rise

 

MUMBAI--0750 IST--Most benchmark equity indices in the US ended higher on Thursday, barring the tech-laden Nasdaq Composite. Shares of information technology companies fell while those of defence companies rose during the session.

 

Shares of artificial intelligence company NVIDIA Corp. fell more than 2% during the session, and shares of Oracle were down nearly 2% as well. Shares of Apple Inc. recorded losses for seven sessions, according to a report by CNBC. Shares of Apple fell 0.5% during the session. Defence stocks rose after US President Donald Trump proposed a defence budget of $1.5 trillion for 2027, a substantial increase from the budget of $901 billion approved by Congress for 2026, CNBC said. Shares of Northrop Grumman gained over 2% and those of Lockheed Martin rose over 4%. Shares of Kratos Defense & Security Solutions jumped nearly 14% and those of RTX Corp. rose nearly 1%, according to CNBC.

 

Technology and AI stocks will remain an important theme in 2026, with the status of trade to remain a key upside driver, which will be dependent on whether use cases start to rise and the sectors in which they do, Rob Haworth, senior investment strategy director at US Bank Asset Management said, according to CNBC. "We're seeing early signs of that in health care," he said. "When we think about robotics, insurance, diagnostics, all these types of companies are going to be early beneficiaries. That's where we think the growth story is," Haworth was quoted as saying by CNBC. 

 

Worker productivity grew at its fastest pace in two years in the December quarter, according to data from the Labour Department, Reuters said in a report. The number of people applying for unemployment benefits rose moderately due to a low number of layoffs even though demand for labour remained slow, Reuters said. 

 

US data for employment in December will be key, Reuters said. Investors are pricing in two rate cuts in 2026 even though the US central bank indicated only one cut in 2026 in December. The Federal Reserve Bank is expected to keep rates steady at its meeting this month, according to Reuters. 

 

Following are the closing levels of US indices Thursday:  

 

Index	Level	Change in %
S&P 500	6921.46	0.01
NASDAQ Composite	23480.016	(-)0.44
Dow Jones Industrial Average	49266.11	0.55

 

(Akshat Saksena)

 

US$1 = INR 90.12

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

 

Edited by Avishek Dutta

 

All prices from National Stock Exchange, unless otherwise specified.

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.

 

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