Equity Alert
Motilal Oswal starts coverage on Billionbrains Garage with 'buy'
This story was originally published at 14:35 IST on 12 January 2026
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Equity Alert:Motilal Oswal starts coverage on Billionbrains Garage with 'buy'
MUMBAI--1411 IST--Shares of Billionbrains Garage Ventures rose nearly 3% to a high of INR 163.50 after falling for two consecutive sessions. Motilal Oswal initiated coverage on the stock with a 'buy' recommendation and a target price of INR 185.
The brokerage believes that the parent company of online investment and trading application Groww is well positioned to compound earnings in a structurally underpenetrated Indian capital markets ecosystem. The company's cash average daily turnover market share is robust at 25.8%, while the derivatives market share has grown to 17.3%, despite regulatory issues. Moreover, active users in the cash segment have been increasing, despite an increase in user fees, specifically raising the minimum brokerage charge to INR 5 from INR 2. This indicates price inelasticity and a pricing lever to offset any future impacts, Motilal Oswal said.
"Groww has recently launched commodities as a product, which should provide incremental broking revenue," the brokerage said. The higher-value customer segment is expanding, leading to larger order sizes and higher monetisation potential, according to Motilal Oswal. Meanwhile, the brokerage revenue contribution is expected to decline to 67% in 2027-28 (Apr-Mar) from 85% in FY25. The absolute revenue is likely to record compounded annual growth of 16% over FY25-FY28, the brokerage said.
Groww's affluent user base has grown two times faster than the platform, with 300,000 affluent customers holding 33% of the assets. "This has provided opportunities for multi-product engagement, deepening of wallet share, and long-duration wealth relationships," Motilal Oswal said. The company is expected to report an earnings growth of 10% in FY26 and follow it up with stronger growth of 50% in FY27 and 32% in FY28.
The tech-led model provides a lean cost structure, which is expected to drive earnings before interest, tax, depreciation, and amortisation margin expansion of 66.4% by FY28 and a compounded annual growth of 30% in profit after tax over FY25-FY28.
At 1407 IST, Billionbrains Garage Ventures' shares were nearly 2% higher at INR 161.98. Over 24 million shares of the company changed hands, higher than over 18 million shares traded till the same time Friday. (Adhithya Aji)
Equity Alert: Realty cos dn as Signatureglobal says won't meet FY26 guidance
MUMBAI--1353 IST--Investors sold shares of real estate companies after Signatureglobal (India) detailed provisional sales data for the December quarter and said it would not be able to meet the sales guidance of INR 127 billion for 2025-26 (Apr-Mar). However, the company said it would attempt to maintain sales at the same levels as last year.
"...there has been a sharp hike in prices in NCR (National Capital Region) compared to other markets like Mumbai or Banglore, which affected the company's expectations," an analyst covering real estate and building materials sector at a domestic brokerage said. "...they (Signatureglobal) have said that the demand turned softer, for mid-income market which is mainly the Delhi market," the analyst said. Late Sunday, Signatureglobal said its pre-sales in Oct-Dec fell 27% on year to INR 20.20 billion, while its collections rose 14% on year to INR 12.30 billion.
The fall in share prices of other companies is largely sentiment based, the analyst said, adding that Signatureglobal is a major NCR player, while the porfolios of others differ. The analyst sees most companies maintaining or surpassing their guidance, given real estate companies perform best in the December and March quarters. The analyst prefers DLF, Oberoi Realty, Brigade Enterprises, and Adity Birla Real Estate over others as he feels valuations are reasonable.
At 1350 IST, the Nifty Realty was down 1.7% at 859.10 points and was the worst-performing sectoral index. Only three constituents – Anant Raj, Brigade Enterprises, and Lodha Developers – traded with gains. Signaturglobal was the worst hit, having fallen over 5%. Others such as DLF, Godrej Properties, Oberoi Realty, and Prestige Estates Properties were down 2-4%. (Gopika Balasubramanium)
Equity Alert: Asian mkts up barring IDX Composite; KOSPI reaches fresh highs
MUMBAI--1350 IST--Indices in Asia were higher during the session barring Indonesia's IDX Composite. South Korea's Kospi index reached a fresh high of 4652.54 points. The South Korean index ended higher for a seventh consecutive session, gaining nearly 10% during the period. The indices in the region traded higher as investors analysed oil prices amid tensions in Iran.
Iran has entered into the third week of protests that has seen over 500 people being killed. Meanwhile, US President Donald Trump has been reportedly considering a possible intervention in the country, according to a CNBC report.
Stocks in Hong Kong rose during the session with gains in technology stocks and the stabilising inflation data in China complimenting each other to contribute to the rise, a report from South China Morning Post said. Shares Kuaishou Technology were up over 7% along with those of Meituan and Alibaba Group Holding, which were up over 6% and over 5%, respectively. The authorities had launched a market competition probe into food delivery platforms on Friday. Meituan offered its full support to the move, saying that it would try to make every effort to fully cooperate. Taobao Shangou, Alibaba's food-delivery platform, also supported the probe and said it recognised fair competition as a core principle of the market economy. "These companies have been locked in an arms race with each other, spending heavily to build out new businesses," Kenny Ng Lai-yin, a strategist at Everbright Securities International, was quoted as saying by South China Morning Post.
The Hang Seng Index was the highest gainer among the Asian indices during the session, up 1.3% at 26569.88 points, and China's CSI 300 index was up nearly 0.7% at 4789.92 points during the session. Meanhwile, Taiex was up 0.9% at 30558.86 points.
Following are the levels of key Asian indices at 1350 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4789.92 | 0.65 |
|
Hang Seng Index |
26569.88 | 1.29 |
|
KOSPI |
4624.79 | 0.84 |
|
Nikkei 225 Day |
51939.89 | 1.61 |
|
TOPIX FIRST SECTION |
3514.11 | 0.85 |
|
FTSE Singapore Straits Times |
4769.05 | 0.51 |
|
S&P/ASX 200 Index |
8759.40 | 0.48 |
| TAIEX | 30558.86 | 0.89 |
| IDX Composite | 8890.15 | (-)0.52 |
(Akshat Saksena)
Equity Alert:Mkt recovers; US envoy says next call on India-US trade deal Tue
MUMBAI--1310 IST--Benchmark indices made a sharp recovery after US Ambassador to India Sergio Gor, who assumed charge in New Delhi on Monday, said that the next call on the India-US trade deal is likely to take place Tuesday, according to media reports. Analysts had earlier said that domestic indices were weighed down in recent sessions by the uncertainty surrounding the US-India trade deal.
At 1302 IST, the Nifty 50 index was up slightly at 25690.35 points. The BSE Sensex was at 83560.74 points, down by a mere 15.50 points. The market saw a recovery in most sectors. Metals and select fast-moving consumer goods companies lifted the 50-stock index and heavyweight banks such as the ICICI Bank and the HDFC Bank also lent support. Coal India continued to gain steadily and was up almost 3%. Shares of Asian Paints advanced sharply and were up 2%. Among other FMCG companies, Tata Consumer Products, Nestle India, Hindustan Unilever, and ITC rose 0.4–1.0%. Metal stocks such as Tata Steel, Hindalco Industries, and JSW Steel rose 1-2?ch.
Sergio Gor said the US and India remain in regular contact as negotiations continue, underscoring that dialogue has not stalled despite areas of disagreement, Moneycontrol.com reported. The official said India and the US are maintaining momentum in their trade discussions, signalling continuity in engagement at a time when both countries are navigating tariff disputes and concerns over market access, according to the report. The official also said India will be invited next month to join Pax Silica as a full member, which signals a major expansion of India–US cooperation in semiconductors, artificial intelligence and critical supply chains, according to media reports.
Shares of automobile companies such as Eicher Motors and Tata Motors Passenger Vehicles were down 2% and nearly 1%, respectively. The Nifty Auto index, however, was off the day's lows, but was still 1% lower.
Broader indices, however, were unable to chart their way back into the green. The Nifty Smallcap 250 fell nearly 1% and the Nifty Midcap 150 was down 0.6%. Midcap stocks such as Apar Industries, Bharti Hexacom, and Bharat Heavy Electricals were down 3–4%. Aditya Birla Real Estate, Asahi India Glass, and Aditya Birla Sun Life AMC were down 3-4% and were the worst-hit smallcap stocks. (Eshitva Prakash)
Equity Alert: Avenue Supermarts pares gains after hitting 1-month high
MUMBAI—1255 IST--Shares of Avenue Supermarts came off highs after hitting a one-month high of INR 3,918.60. At 1253 IST, shares of the company were trading slightly higher at INR 3,810 on NSE. The shares of the company rose after the company posted a consolidated net profit of INR 9.23 billion for the December quarter surpassing the Street's expectation of INR 8.07 billion.
The company's consolidated net profit for Oct-Dec, the highest in seven quarters, was largely on account of new store additions that led to expansion in its retail business. However, revenue per square foot of the retail business area took a hit and negatively impacted the revenue growth in the December quarter. The revenue, however, grew over 13% on year to just above INR 176 billion, falling short of the analysts' expectation of INR 179 billion.
Broking firm Prabhudas Lilladher has raised estimates for the company's earnings per share by 4.6% for 2025–26 (Apr-Mar), 3.5% for FY27, and by 3.3% for FY28. This is due to the higher-than-expected net profit in the December quarter, led by higher gross margins and benefits of cost control, the brokerage said in its report. The company added 10 stores in Oct-Dec and the brokerage expects the store additions to accelerate in the March quarter. It sees a total of 57 store openings in FY26, 65 stores in FY27, and 70 stores in FY28.
For the March quarter, the brokerage expects the company's gross margin at 14.2% and earnings before interest, tax, depreciation, and amortisation margin at 7.1% on a low base, which will translate into healthy double-digit net profit growth. However, increasing competition from quick-commerce companies across fast-moving consumer and non-FMCG goods is deteriorating mix and making store economics volatile. This, according to Prabhudas Lilladher raises concerns over the long-term sustainability of Avenue Supermarts' margins. The brokerage estimated the company's earnings per share to grow at a compounded annual rate of more than 12% over FY26 to FY28. Prabhudas Lilladher arrived at a discounted-cash-flow based target price of INR 3,783, up over 1% and maintains a 'hold' recommendation on the stock.
So far, over 1.6 million shares of the company have changed hands on the exchange, higher than nearly 150,000 shares traded till the same time Friday.
Of the nine brokerage recommendations available with Informist on the company, four have a 'buy' recommendation with an average target price of INR 4,352. Three have a 'hold' recommendation and the remaining two have a 'sell' recommendation on the stock. (Arundathi A R)
Equity Alert: Trent up 2% as co to increase number of stores in key mkts
MUMBAI--1243 IST--Shares of Trent rose nearly 2% to an intraday high of INR 4,037.90, after the company's chief executive officer said the country's largest fashion retailer is planning to focus on increasing its store portfolio and optimisation. The stock was up after falling for two consecutive sessions and was among the top gainers in the Nifty 50.
"The agenda is to pursue growing reach and share of revenues as we selectively increase density of presence across key markets with an improving customer proposition," P. Venkatesalu, chief executive officer of the company, was quoted as saying by The Economic Times. He said the company will continue to grow its presence in both existing and new geographies. The small markets will mature over time, Venkatesalu said.
Prioritising dense store networks in high-footfall catchments and using scale for more bargaining power with vendors and real estate developers, is a similar strategy of the world's largest retailers, Inditex, owner of Zara, and British department store chain Primark, The Economic Times report said.
At 1243 IST, shares of the company were 1.6% higher at INR 4,037.70. Almost 488,000 shares of the company traded hands, which is marginally higher than 413,218 shares traded till the same time Friday.
Of the 11 brokerage reports available on the company with Informist, eight brokerages have a 'buy' recommendation on the stock with an average target price of INR 5,854. Two brokerages have a 'hold' recommendation and one has a 'sell' recommendation. (Adhithya Aji)
Equity Alert: Market down as Street anxious on delay in India-US trade talks
MUMBAI--1226 IST--Market participants are anxious over the delay in US-India trade deal, especially after US president favoured levying tariffs up to 500% on countries importing Russian crude oil, which puts India alongside its neighbour China in a tight spot. Domestic indices have fallen around 2.5% in last five days and was down for the sixth session Monday. The Nifty 50 fell 0.8% Monday and at 1226 IST, the index was off lows at 25664.85 points, down 18.45 points or 0.1%.
The benchmark index has been falling since Jan. 2 but the fall was sharper in the last two sessions, when the index declined 1.7%. This was mainly due to the looming tariff threat from the US, amid expecation of closure of trade deal between the countries in early 2026. While market participants see the threat as a contingency measure, they said the sentiment is negative particularly due to the trade deal delay.
On Thursday, Republican Senator Lindsey Graham announced that Trump has approved the Sanctioning Russia Act granting sweeping authority to the president to penalise Russia's trading partners over their purchase of Russian oil. "This bill would give President Trump tremendous leverage against countries like China, India, and Brazil to incentivise them to stop buying the cheap Russian oil that provides the financing for Putin's bloodbath against Ukraine," Graham had said in a post on social media platform X. The bipartisan legislation would require the US to impose a punitive 500% tariff on all goods imported from any country that continues to purchase Russian oil, petroleum products or uranium.
When asked about the US President's lastest punitive bill against Russia, a senior analyst at a domestic brokerage, said, "...so you are basically trying to pull the rug from the guy's feet, essentially denying him (Putin) any kind of dollar revenue." "This is more like an enabling resolution, which you might use in terms of a contingency. With this, may be India may fall in line, maybe even Turkey, ...but what makes you think, like, you know, China will fall in line," the analyst said. "...unless you are 100% sure China will also fall over, what is the point in even actually, like, you know, pushing for something like this."
"So that is the way I see it and I think the market has also seen it that way ...otherwise, something like this could have actually completely undermined the market," the analyst said. "...the delay in trade deal is the original, you know, agreement to be signed is causing a bit of an anxiety in the minds of people," he added. (Gopika Balasubramanium)
Equity Alert: TCS, HCL Tech fall as much as 1% ahead of Q3 earnings
MUMBAI--1214 IST--Shares of information technology companies HCL Technologies and Tata Consultancy Services were trading lower ahead of their earnings later in the day. Shares of HCL Technologies fell over 1% to an intra-day low of INR 1,641.50 and those of TCS fell 1% to an over-month low of INR 3,174.30.
TCS's net profit is expected to fall 1.8% sequentially to INR 129.79 billion for the December quarter, exclusive of exceptional items. The fall in the company's bottom line is likely die to annual wage hikes, seasonal furloughs and planned investments. Its revenue is expected to rise 1.5% sequentially to INR 668.01 billion on the back of growth in overseas markets and the depreciation of the rupee against the dollar.
At 1148 IST, shares of TCS traded 0.7% lower at INR 3,186.40 on NSE. Over 760,000 shares of the company were traded during the session so far, slightly higher than over 710,000 shares traded till the same time Friday.
Of the 25 brokerage reports available on TCS with Informist, 21 have a 'buy' recommendation with an average target price of INR 3,829. The remaining four brokerages have a 'hold' rating on the stock with an average target price of INR 3,881.
HCL Technologies is expected to report a sector-beating performance in the December quarter, with its consolidated net profit expected to rise over 12% sequentially to INR 47.49 billion and its consolidated revenue seen rising 3.9% sequentially to INR 331.86 billion for the quarter. The rise in HCL Technologies' revenue is likely to be aided by a ramp-up in deals seen in the high-tech sector and the banking, financial services, and insurance sectors. The company is also expected to benefit from the depreciation of the rupee against the dollar. This expected performance of the company is after accounting for restructuring costs, annual salary increments, and seasonal furloughs. The company is expected to experience positive seasonality in its software business due to a surge in annual enterprise software contract renewals and licence sales, which typically peak toward the end of the calendar year.
Shares of the company were 1% lower at INR 1,646.50 on NSE with 1.57 million shares of the company having exchanged hands on the bourse so far during the session. The volume traded so far during the session is slightly lower than the 1.76 million shares of the company traded till the same time on Friday.
Of the 23 brokerage reports available on HCL Technologies with Informist, 16 have a 'buy' recommendation with an average target price of INR 1,818. Out of the remaining seven, six brokerages have a 'hold' recommendation with an average target price of INR 1,671 and one has a 'sell' recommendation. (Akshat Saksena)
Equity Alert: Nifty 50 below immediate support as auto cos, heavyweights fall
MUMBAI--1206 IST--Benchmark equity indices fell more, and the Nifty 50 index breached its immediate support level. A majority of the 50-stock index's constituents were trading lower. A slide in automobile stocks led to quick losses in benchmark indices, which were also weighed down by life insurance companies shedding most gains from earlier in the session.
At 1201 IST, the Nifty 50 was at 25504.85 points, down 178.45 points or 0.7%. The BSE Sensex was at 82940.76, down 635.48 points or 0.8%. Technical analysts saw the index's support placed at 25550 to 25500 points. Eicher Motors was the worst hit Nifty 50 constituent and traded over 2% lower. Other automobile stocks such as Tata Motors Passenger Vehicles, Mahindra & Mahindra, and Bajaj Auto were down 1-2?ch. Among other declining stocks, Adani Ports and Special Economic Zone and Eternal shed 2?ch. The Nifty Auto index was nearly 2% lower. Coal India outperformed its Nifty 50 peers and was up almost 3%. Trent was up nearly 1%. Shares of HDFC Life Insurance Co. and SBI Life Insurance Co. were well off their day's highs, but still traded 1% higher.
Index heavyweight ICICI Bank charted its way back into the green, holding onto thin gains, while shares of HDFC Bank fell sharply. Reliance Industries, which has an almost 10% weightage in the Nifty 50, was down 1.5%.
Among Nifty 200 companies, BSE, Hindustan Zinc, and Vedanta rose 1-3% and were the best performing stocks. Meanwhile, Hitachi Energy India, Cummins India, and Bharat Heavy Electricals fell around 5?ch and were the worst performing constituents of the 200-stock index.
The Nifty Realty index was the second worst performing sectoral index behind Nifty Media. Among realty companies, Godrej Properties, Prestige Estates Projects, and DLF fell 3–4%. All other sectoral indices were also in the red.
Among other stocks, Signatureglobal (India) was down 6?ter the company reported a 27% year-on-year drop in pre-sales at INR 20.20 billion in the December quarter. For the nine months ended December, the company's pre-sales fell 23% on year to INR 66.80 billion. (Eshitva Prakash)
Equity Alert: Solar-module makers' shrs rise; China mulls new export rules
MUMBAI--1100 IST--The stocks of solar-module makers such as Premier Energies and Waaree Energies rose after a media report said China will cancel or reduce tax rebates on hundreds of products as it looks to assure trade partners concerned over rising Chinese exports. Shares of Premier Energies rose over 4% to an intraday high of INR 748.95 and those of Waaree Energies rose over 5% to an intraday high of INR 2,674.70.
An order dated Friday from the Chinese finance ministry said that the government will remove value-added tax rebates for 249 products, including solar cells, ceramic roof tiles, and lithium hexafluorophosphate from Apr. 1. Chinese industries, including solar, have been struggling with overcapacity and intense price competition, CNBC-TV 18 reported.
Shares of Premier Energies rose after falling for six consecutive sessions. The stock shed over 15% during the period. Meanwhile, shares of Waaree Energies rose after falling for two consecutive sessions and the stock shed nearly 5% during the period. At 1055 IST, shares of Premier Energies were trading over 1% higher at INR 726.55 and those of Waaree Energies were marginally higher at INR 2,545.90. (Adhithya Aji)
Equity Alert: Signatureglobal down 7?ter Q3 pre-sales fall 27% YoY
MUMBAI--1052 IST--Shares of Signatureglobal (India) fell over 7% to an over two-year low of INR 935.90. This was after the company's pre-sales in the December quarter fell 27% on year to INR 20.20 billion and pre-sales for Apr-Dec were down 23% on year at INR 66.80 billion. The company's collections grew 14% on year to INR 12.30 billion for the December quarter but fell 4% on year to INR 30.90 billion for Apr-Dec.
The company has now revised its pre-sales guidance for 2025–26 (Apr-Mar) to INR 102.9 billion from INR 127 billion due to softness seen in the overall market, according to a report by ICICI Direct Research. The company sold 408 units in the December quarter, down 73% on year and 23% on quarter. For Apr-Dec, the company sold 1,746 units, almost half the number of units it sold for the nine-month period a year ago. The area sold by the company during the December quarter fell 42% on year to 1.44 million square feet. However, the company's average sales realisation rose 22% on year to INR 15,182 per square foot during Apr-Dec. The rise in the company's average sales realisation signals a shift towards premium markets, ICICI Direct Research said.
At 1052 IST, shares of the company were trading over 5% lower on NSE at INR 956.40. Over 943,000 shares of the company exchanged hands on the bourse so far during the session, more than twice the number of shares traded till the same time on Friday. All five brokerage reports on the company available with Informist have a 'buy' recommendation with an average target price of INR 1,536 on the stock. (Akshat Saksena)
Equity Alert: Hitachi Energy at 1-mo low; China cos may bid for govt contracts
MUMBAI--1027 IST--Shares of Hitachi Energy India fell nearly 6% to a one-month low of INR 16,840. The stock was down for the third straight session and had shed 14% during this period.
The fall in the stock price came amid reports that the government may allow Chinese companies to bid for government contracts, particularly in infrastructure, power and manufacturing. Traders sold call options at multiple strikes while adding new out-of-the-money put contracts.
At 1016 IST, shares of the company were trading over 5% lower at INR 16,907 on NSE. So far, over 158,000 shares of the company changed hands on the exchange, lower than over 339,000 shares traded till the same time Friday.
Of the seven brokerage recommendations available with Informist on the company, five have a 'buy' recommendation with an average target price of INR 21,630, while the remaining two have a 'sell' recommendation on the stock. (Arundathi A R)
Equity Alert: IREDA up 4% on strong performance in Oct-Dec
MUMBAI--1025 IST--Shares of Indian Renewable Energy Development Agency rose over 4% to a high of INR 142.30 after the company reported 38% growth in its net profit at INR 5.85 billion and a 25% jump in revenue from operations at INR 21.30 billion for the December quarter.
The company delivered a strong performance in the December quarter by sustaining assets under management growth at 28% on year to INR 879.75 billion. This was driven by healthy sanctions and roburst disbursements across solar, state utilities, and ethanol segment, ICICI Direct Research said. Meanwhile, net interest income grew nearly 40% on year to 8.69 billion, supported by balance sheet expansion and the company saw an improvement with its interest spread at 2.63%, according to ICICI Direct Research.
"Despite temporary stress witnessed in Q1FY26, performance in Q3FY26 confirms normalization in margins, asset quality and earnings," ICICI Direct Research said in a report.
At 1006 IST, shares of Indian Renewable Energy Development Agency were up over 3% at INR 140.86. Over 20 million shares of the state-owned company changed hands, higher than 5 million shares traded till the same time Friday.
The two brokerage reports available on the company with Informist have a buy rating on the stock. (Adhithya Aji)
Equity Alert: Indices remain lower; select FMCG, metal stocks limit losses
MUMBAI--1020 IST--Benchmark equity indices remained lower, as a fall in healthcare-related stocks and index heavyweights still dragged on the Nifty 50. However, rise in stocks of insurance companies limited the fall. A rise in select metal companies and fast-moving consumer goods stocks also stemmed the decline in the Nifty 50.
At 1020 IST, the Nifty 50 was at 25550.20 points, down 133.10 points or 0.5%. The BSE Sensex was at 83106.10 points, down 470.14 points or 0.6%. Coal India was the top gainer in the 50-stock index and was up over 2%. Shares of Trent rose over 1% and those of fast moving consumer goods companies such as Nestle India and ITC traded higher. Shriram Finance and Axis Bank turned red after being higher in the opening hour of trade. HDFC Life Insurance Co. and SBI Life Insurance Co. were 1–2% higher. Metal companies such as Tata Steel and Hindalco Industries also traded higher.
SBI Life Insurance saw an annual premium equivalent growth of more than 22% on year, while HDFC Life Insurance registered a modest growth of 9% on year due to a high base, according to a report by Prabhudas Lilladher Capital. Overall, the private sector's market share continues to see steady expansion while LIC is slowly ceding market share to them, according to the report.
The Nifty Media index was almost 2% lower, with shares of PVR Inox, Saregama India, and Network18 Media & Investments declining 1–3%.
Of the companies expected to announce their earnings later in the day, HCL Technologies and Tata Consultancy Services traded slightly lower. Tata Consultancy Services is likely to post subdued earnings for the December quarter, which is traditionally a weak quarter for the industry due to fewer working days and furloughs. The Tata group's company is expected to post a low single-digit sequential increase in its consolidated top line for the reporting quarter on the back of growth in overseas markets and the depreciation of the rupee against the dollar. Meanwhile, HCL Technologies is expected to turn in a sector-beating performance in the December quarter with a double-digit sequential rise in its consolidated bottom line, driven by a higher contribution from the more profitable software business and the depreciation of the rupee. (Eshitva Prakash)
Equity Alert: Shares of Tejas Network fall after co posts net loss for Q3
MUMBAI--1016 IST--Shares of Tejas Networks fell nearly 9% to a one-year low of INR 380 after the company Friday reported a consolidated net loss for the December quarter. The stock was down for the third straight session and shed 15% during this period.
Tejas Networks posted a consolidated net loss of INR 1.97 billion in Oct-Dec as against a net loss of INR 3.07 billion a quarter ago and a net profit of INR 1.66 billion a year ago. The company's revenue from operations for the reporting quarter fell 88.4% on year to INR 3.07 billion.
At 1016 IST, shares of the company were trading nearly 9% lower at INR 381 on NSE. So far, over 5 million shares of the company have changed hands on the National stock Exchange, higher than nearly 293,000 shares traded till the same time Friday.
There is only one brokerage recommendation available with Informist on the company and it has a 'buy' call on the stock. (Arundathi A R)
Equity Alert: Indices open lower, extending losses for sixth straight day
MUMBAI--0940 IST--Domestic benchmark index opened lower Monday, extending losses for the sixth consecutive session. Select life insurance companies and other financial service stocks traded higher, but were unable to offset the declines seen in heavyweight stocks and in healthcare-related companies. India VIX, the market's fear gauge, jumped almost 8% and rose for the third consecutive quarter.
At 0931 IST, the Nifty 50 was at 25575.60 points, down 107.70 points, or 0.4%. The BSE Sensex was at 83198.78 points, down 377.46 points or 0.5%. Healthcare stocks such as Apollo Hospitals Enterprise and Max Healthcare Institute traded 2% lower each and were the worst hit in the Nifty 50. Meanwhile, financial services companies such as HDFC Life Insurance Co., SBI Life Insurance Co., and Shriram Finance were up 1-2%. Index heavyweights Reliance Industries and ICICI Bank were 1% lower each, and were the biggest drags on the Nifty 50.
Most sectoral indices were lower, except the Nifty Metal and the Nifty FMCG index, which moved between gains and losses in the opening minutes of trade. The Nifty Media index was over 2% lower.
Shares of Avenue Supermarts rose almost 3?ter the company reported a sharp net profit growth for the December quarter, higher than the Street's estimates. The company reported a 17.6% increase in its net profit for the December quarter at INR 9.2 billion, against the Street's estimate of INR 8.1 billion.
Among other stocks, Lemon Tree Hotels rose 2?ter the company Saturday confirmed that its board has approved the execution of a share purchase agreement for Coastal Cedar Investment B.V., an affiliate of Warburg Pincus, to acquire the entire 41.09% stake in Fleur Hotels Ltd. held by APG Strategic Real Estate Pool N.V. The shareholders' agreement executed entails a primary investment of up to INR 9.60 billion. Meanwhile, shares of Tejas Networks fell over 7?ter the company posted a consolidated net loss of INR 1.97 billion in Oct-Dec, as compared to a net loss of INR 3.07 billion a quarter ago and a net profit of INR 1.66 billion a year ago. (Eshitva Prakash)
Equity Alert: Nuvama cuts Avenue Supermarts target price on slow growth view
MUMBAI--0850 IST--Nuvama Institutional Equities has cut its target price for Avenue Supermarts by 5% to INR 4,351 from INR 4,580 due to a slower growth run-rate and increasing pressure on the company's margins. Avenue Supermarts, which retails products under the D-Mart brand of stores, reported nearly 18% higher net profit for the December quarter at INR 9.2 billion, a seven-quarter high. The higher growth in profit was primarily because of higher gross margin, brokerage Nuvama said in a research report. Reduced discounting amid goods and services rate cuts aided the company's gross margins, the brokerage said.
The brokerage has also altered its 2025-26 (Apr-Mar) and FY27 revenue and net profit estimates for the company due to slower growth and margin pressure. The company's revenue estimate for FY26 was reduced 0.6% and the FY27 bottom line growth expectation was cut 3.5%. Nuvama cut its revenue estimate for the company by 3.7% for FY27.
Gross margin for the company improved by 50 basis points on year to 14.6%, according to the report. This growth is attributable to increasing margins on fast-moving consumer goods products due to reduced sales promotion on the back of GST cuts, the brokerage said. Costs for the company rose due to a surge in wages for entry-level positions, following a demand-supply mismatch of the skilled workforce, according to the report. Other expenses per square foot contracted 6% on year, which the brokerage said was "encouraging." The management's increased thrust on rental properties is resulting in higher interest and depreciation costs, Nuvama said.
The company's standalone revenue growth of 13.2% on year was primarily hit by deflation in staples, the brokerage said. The company's like-for-like growth for the quarter was 5.6% on year, as against 8.3% in the year-ago quarter. Revenue per square foot decreased slightly on year and bills cut per store contracted 2.1%, while DMart's average bill size grew 1% on year. Like-for-like growth measures the revenue growth from sales of the same stores which have been operational for at least 24 months at the end of the reporting period.
DMart added 10 stores in the December quarter, taking the total store count to 442. The current addition of 27 stores in the nine months ended December implies an asking rate of 33 store additions in the March quarter, compared to 28 in the same quarter a year ago, which the brokerage said was manageable for the company.
Widening loss in the company's subsidiary, calculated by taking the difference between consolidated and standalone figures, likely stems from a higher proportion of delivery sales as opposed to pick-up orders. The company's management has increased focus on larger metro towns for DMart Ready, its online grocery and home essentials platform. The city count for DMart Ready was unchanged sequentially at 19 as of December, as compared to 25 cities in December 2024.
On Friday, shares of the company ended slightly higher at INR 3,801.30 on the NSE. (Eshitva Prakash)
Equity Alert: Indices seen opening slightly higher on positive global cues
MUMBAI--0840 IST--Benchmark indices are seen opening marginally higher Monday, taking positive cues from tjeir Asian peers. They are seen moving in a thin range and selling pressure is expected to persist in the markets in the near term amid uncertainty about US tariffs on countries importing Russian oil. Investors will track the December quarter results of information technology majors Tata Consultancy Services and HCL Technologies, due later in the day.
GIFT Nifty contracts suggest a slightly higher opening for the Nifty 50 index on Monday. At 0836 IST, the GIFT Nifty's January contract was at 25790 points, over 100 points higher than the Nifty 50's close of 25683.30 points on Friday. The Nifty 50 is seen facing resistance at 25940-26000 points and finding support at 25550–25000 points, Vipin Kumaar, derivatives and technical analyst at Globe Capital Market, said.
Tata Consultancy Services is likely to post subdued earnings for the December quarter while HCL Technologies is expected to turn in a sector-beating performance in the December quarter with a double-digit sequential rise in its consolidated bottom line. HCL Tech's performance is likely to be driven by higher contribution from the more profitable software business and the depreciation of the rupee.
In the US, benchmark indices had closed higher on Friday, with S&P 500 index rising to a record high. The rise in indices was after a weaker-than-expected jobs report. Meanwhile, federal prosecutors have opened a criminal investigation of Federal Reserve Chair Jerome Powell regarding the $2.5-billion renovation to the central bank's headquarters in Washington, and his related testimony to Congress, CNBC reported, quoting Powell as saying. The probe was the result of the Fed "setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of" President Donald Trump, CNBC reported, quoting Powell as saying. Most Asian indices were trading with gains in early trade, with Japan's Nikkei 225 leading the pack of gainers. (Arundathi A R)
Equity Alert: Indices in Asia rise tracking gains on Wall Street
MUMBAI--0826 IST--Markets in Asia rose in early trade Monday, tracking gains on Wall Street after data showed that the unemployment rate in the US fell last month. Investors are keeping an eye on oil prices as Iran enters into its third week of protests.
Protests in Iran have seen the death of over 500 people, CNBC reported citing a US-based rights group. Meanwhile, US President Donald Trump is weighing options for an intervention in the country, the report added. Investors will continue to monitor oil prices and await developments pertaining to Iran.
Shares of South Korean logistics company Hyundai Glovis Co. were up nearly 8%. The stock rose after analysts raised their target price on the company, CNBC said. US-based Boston Dynamics, in which Hyundai Glovis has an 80% stake, last Monday said it was partnering with Google DeepMind to integrate artificial intelligence into humanoid robots. The KOSPI was trading over 1% higher during the session.
Japanese markets were closed for a holiday, CNBC said. Hirofumi Yoshimura, the coalition partner of Japanese Prime Minister Sanae Takaichi, said the prime minister may call an early general election. The comments came after local media citing government sources said Takaichi was contemplating a snap election in February, CNBC said.
Taiwan's exports in December rose 43.4% to $62.48 billion, slightly below expectations, Reuters reported. December marks the 26th consecutive month of rise in the country's exports, according to the finance ministry of the country. The country's exports rose on the back of high demand for its chips and AI-related technology, Reuters said. The growth came in despite a 20% tariff on exports to the US. However, the exports of semiconductors are currently excluded from the tariffs. In January, the finance ministry expects exports to rise between 50% and 56% from the previous year.
Following are the levels of key Asian indices at 0821 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4752.51 | (-)0.13 |
|
Hang Seng Index |
26278.01 | 0.18 |
|
KOSPI |
4639.68 | 1.16 |
|
Nikkei 225 Day |
51939.89 | 1.61 |
|
TOPIX FIRST SECTION |
3514.11 | 0.85 |
|
FTSE Singapore Straits Times |
4770.83 | 0.55 |
|
S&P/ASX 200 Index |
8750.2 | 0.37 |
(Akshat Saksena)
Equity Alert: S&P 500 hits fresh high; futures dn after Powell investigation
MUMBAI---0748 IST--Indices in the US ended higher Friday, with the S&P 500 reaching a fresh new high of 6978.36 points. This high came after the release of the December jobs report. Futures on Wall Street fell late Sunday after reports said the Department of Justice opened a criminal investigation into Federal Reserve Chair Jerome Powell.
Data showed that US non-farm payrolls increased by 50,000, below the 73,000 increase estimated by economists polled by Dow Jones, according to a report from CNBC. Even though the data was weaker than expected, it showed that the country's economy is still persevering with the unemployment rate inching down to 4.4% against an estimation of 4.5% by economists. Investors saw this as a sign that the economy may improve soon, according to CNBC. The December data was the first since October that was not affected by the record government shutdown, with the October data not released and the one for November being delayed, CNBC said.
Mortgage lenders rose after US President Donald Trump said he ordered his representatives to acquire mortgage bonds worth $200 billion to bring down housing costs, according to a Reuters report. Shares of Loandepot jumped over 19% while those of Opendoor Technologies and Rocket Companies rose over 13% and nearly 10%, respectively. Among other stocks, shares of General Motors fell over 2?ter the company said it would take a charge of $6 billion to undo some of the investments it made in the electric-vehicle segment, Reuters said.
The US Supreme Court on Friday said it would not issue a ruling on the legality of Trump's tariffs, leaving investors waiting for clarity on the issue. Investors expect higher-than-usual volatility if the courts decide to strike down Trump's tariffs, a Reuters report said.
Meanwhile, futures on the Wall Street fell after US Federal Reserve Chairman Jerome Powell said he was under criminal investigation, according to a report from CNBC-TV18. In an post on the Federal Reserve's official handle on X, Powell claimed that the investigation was a result of the central bank making their decisions on interest rates based on their "best assessment of what will serve the public," rather than following Trump's preferences, CNBC-TV18 said. "On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment related to my testimony before the Senate Banking Committee last June," Powell was quoted as saying by CNBC-TV18. The Dow Jones Industrial Average futures were down 200 points and those of S&P 500 and Nasdaq fell 30 and 150 points respectively, the report said.
Following are the closing levels of US indices Friday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6966.28 |
0.65 |
|
NASDAQ Composite |
23671.35 |
0.81 |
|
Dow Jones Industrial Average |
49504.07 |
0.48 |
(Akshat Saksena)
US$1 = INR 90.19
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.
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