Equity Alert
Tata Comm falls 4.5% to 3-month low after Q3 results
This story was originally published at 13:25 IST on 22 January 2026
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Equity Alert: Tata Comm falls 4.5% to 3-month low after Q3 results
MUMBAI--1310 IST--Tata Communications' shares Thursday fell as much as 4.5% to a three-month low of INR 1,543.60 after the company announced its December quarter earnings during post market hours Wednesday. The telecommunications company's consolidated net profit for the December quarter nearly doubled sequentially and surpassed the Street's view. However, the revenue rose in low single digits on quarter and failed to beat analysts' expectations.
At 1309 IST, shares of the company were down 4% on the NSE at INR 1,549.80. Over 1.5 million shares of the company changed hands, many times higher than over 230,000 shares traded till the same time Wednesday. The worst hit among Nifty 200 constituents Thursday, the stock was down for the third consecutive session and shed 14% during the period.
Tata Communications reported a consolidated net profit of INR 3.65 billion for Oct-Dec, above analysts' estimate of INR 2.89 billion. Meanwhile, the revenue rose 1.5% on quarter to INR 61.89 billion, lower than the analysts' estimate of INR 62.54 billion.
The company reported decent growth momentum in its digital business, but margin expansion in the data business was at a slow pace, according to Nuvama Institutional Equities. "... its pace of margin expansion (in data business) leaves a lot to be desired as it chases break-even in digital business," the brokerage said. The company expects the earnings before interest, tax, depreciation, and amortisation of its digital portfolio business to break even in the near to medium term. Nuvama cut the target price of the company's stock by 6% to INR 2,100 from INR 2,235 but retained its 'buy' recommendation on the stock.
Motilal Oswal has cut the revenue estimate for the company for 2025-26 (Apr-Mar) and FY28 by 1% as the company's ambition of doubling data revenue by FY28 remains challenging without further acquisitions. The brokerage also trimmed Tata Communications' EBITDA estimates for FY26 and FY28 by 2-4% due to slower-than-expected margin recovery. "We believe that margin expansion to 23-25% by FY28 could be challenging, given the rising share of inherently lower-margin businesses in Tata Communications," Motilal Oswal said.
The three brokerage reports available on the company with Informist have a 'buy' call on the stock with target prices ranging from INR 2,100 to INR 2,390. (Adhithya Aji)
Equity Alert: Waaree Energies rises 13%; co's Q3 PAT, revenue doubles on yr
MUMBAI--1225 IST--Shares of Waaree Energies rose over 13% to an intraday high of INR 2,740 after the company's consolidated net profit doubled on year to INR 10.62 billion for the December quarter, despite a one-time cost of INR 2.95 billion, and surpassed the Street's estimates of INR 10.43 billion. The company's consolidated revenue also doubled during the quarter to INR 75.65 billion, surpassing estimates of INR 64.83 billion by a huge margin. The company's revenues from solar photovoltaic modules segment more than doubled on year to INR 69.90 billion in the December quarter and was the primary contributor to the company's top line. Revenue from the company's engineering, procurement, and construction segment also more than doubled to INR 8.38 billion in the latest quarter.
The one-time cost incurred was attributed to the legal advice obtained by the company from external counsel in the US after the US Customs and Border Protection formally commenced an investigation against the company and its subsidiary Waaree Solar Americas, Inc. Excluding the one-time cost, the company's profit was INR 13.57 billion for the reporting quarter. The company reported a near three-fold rise in its earnings before interest, tax, depreciation, and amortisation of INR 19.28 billion for the reporting quarter. The company's EBITDA margin rose to 25.49% in the latest quarter from 20.88% in the corresponding year-ago quarter.
The company reported strong earnings for the December quarter, according to ICICI Direct Research. The company's growth was driven by strong execution and scale-up in manufacturing, with the company achieving 3.51 gigawatt module production and 750 megawatt cell production in the latest quarter. The company's order book of INR 600 billion, which rose from INR 470 billion in the trailing quarter, provides strong visibility on earnings as well, according to the brokerage.
At 1223 IST, shares of the company were 8% higher at INR 2,614.90 on NSE. Nearly 8 million shares of the company have exchanged hands on the bourse so far during the session, higher than the over 1 million shares traded till the same time Wednesday. All four brokerage reports on the company available with Informist have a 'buy' recommendation on the stock with an average target price of INR 4,244. (Akshat Saksena)
Equity Alert: Nifty 50 dn 1% from highs as weak trader sentiment halts rally
MUMBAI--1219 IST--Headline indices were knocked off their intraday peaks after the early rally dissipated and the Nifty 50 was down nearly 1% from the session's high. The Nifty 50 is looking weak on technical charts and the rally seen in early trade today is not sustainable, technical analysts said. Investors took positive cues from US President Donald Trump's The World Economic Forum speech overnight, which alleviated concerns of a trade war between US and Europe, leading to a sharply higher open for equity markets in India. The US President's speech in Davos also hinted at a favourable trade deal between India and the US. However, lower trade tensions reduced the demand for safe haven assets, crashing the value of exchange-traded funds of precious metals.
At 1218 IST, the Nifty 50 was at 25238.95 points, up 81.45 points, or 0.3%. The BSE Sensex was at 82129.09 points, up 219.46 points, or 0.3%. The 50-stock index has erased nearly 200 points from its intraday peak. Unless the Nifty 50 reclaims the 25500 point level decisively, it is going to face selling pressure, Jatin Gedia, vice-president of technical research at Teji Mandi Investment Technologies said. The Nifty 50 was in oversold territory, which may have led to a counter-trend rally, but investor sentiment is not likely to improve on comments of a trade deal alone, and investors are likely to be cautious until a trade deal between India and the US is officially announced, the analyst said.
Dr. Reddy's was the best performing constituent of the 50-stock index and was up nearly 6%. State Bank of India was up 1.5%, extending support to the 50-stock index. Meanwhile, Max Healthcare Institute, Titan Co., and SBI Life Insurance Company were the worst hit stocks of the session and were down 1-2%. A fall in shares of index heavyweights ICICI Bank and HDFC Bank was the biggest drag on the Nifty 50.
Shares of Hindustan Zinc were down over 4%, and it was among the worst hit Nifty 200 stock. This followed a sharp fall in silver-related exchange-traded funds. Meanwhile, shares of CreditAccess Grameen were up nearly 9% and the stock added 18% in two days after it reported a net profit in the December quarter against a net loss in the year-ago quarter, aided by a sharp fall in impairment of financial instruments. (Eshitva Prakash)
Equity Alert: PNB Housing Fin falls to over 3-mo low after Q3 sales miss view
MUMBAI--1215 IST--Shares of PNB Housing Finance fell nearly 10% to an over three-month low of INR 837.50 after the company missed Street estimates for its consolidated net profit for the December quarter. The stock continued its losing run for the fifth straight session, shedding over 14% during this period.
The housing finance company reported a consolidated net profit of INR 5.20 billion, up nearly 8% on year. This marked the slowest pace of on-year net profit growth in 14 quarters, primarily due to weak revenue growth and a jump in employee benefits expenses. The net profit was lower than analysts' estimate of INR 5.44 billion. The company's revenue from operations rose over 9% on year to INR 21.19 billion, but was marginally down on quarter.
The bank posted a near 11% on-year rise in its net interest income to INR 7.72 billion during the December quarter. The housing finance company's net interest margin fell to 3.63% in the December quarter from 3.67% in the September quarter and 3.70% in the year-ago quarter. Its gross non-performing assets ratio remained unchanged from the September quarter at 1.04% as on Dec. 31.
Broking firm Morgan Stanley maintained its 'overweight' recommendation on the stock with a target price of INR 1,170. According to the brokerage, the December quarter results of the company were softer than expectations, with the miss driven by weaker net interest income, pre-provision operating profit, and profit after tax.
At 1206 IST, shares of PNB Housing were trading over 9% lower at INR 845.85 on NSE. So far, over 4 million shares of the company have changed hands on the exchange, higher than over 382,000 shares traded till the same time Wednesday.
All the six brokerage recommendations available with Informist on the company have a 'buy' recommendation on the stock with an average target price of INR 1,101. (Arundathi A R)
Equity Alert: Eternal down after rising 8% in early trade post Q3 results
MUMBAI--1145 IST--Zomato-owner Eternal rose nearly 8% to a one-month high of INR 305 in early trade. Later, however, the stock fell over 9% from the day's high to a low of INR 276.05 and remained in the red. The quick commerce major reported robust earnings for the December quarter and beat the Street's view on both the net profit and revenue. The company's quick-commerce platform, Blinkit, reported positive earnings before interest, tax, depreciation, and amortistaion of INR 40 million for the first time on a quarterly basis. Moreover, the board has approved the resignation of the company's managing director, Deepinder Goyal, and Albinder Singh Dhindsa, the current head of Blinkit, is set to take over Goyal's position.
At 1107 IST, shares of Eternal were over 1% lower at INR 280.60. Nearly 98 million shares of the company changed hands, higher than nearly 23 million shares traded till the same time Wednesday.
The company reported 73% on-year growth in its consolidated net profit at INR 1.02 billion, against INR 590 million reported in the year-ago quarter. Analysts' estimate of the bottom line was at INR 780.89 million. Eternal's revenue tripled on year to INR 163.15 billion, higher than analysts' view of INR 162.27 billion.
Blinkit's adjusted revenue for the December quarter jumped to INR 122.56 billion from INR 13.99 billion in the year-ago quarter. However, in the near term, brokerages are concerned over the competitive intensity in the quick-commerce industry. JM Financial has cut the net order value estimate for Blinkit by 5% for 2026-27 (Apr-Mar) and by 6% for FY28 due to heightened competitive intensity over the medium term. However, the brokerage has raised the estimate for Blinkit's margins by 20-45 basis points over FY26 to FY28. This is on account of better than expected operating leverage showcased by the company in the December quarter, JM Financial said.
"Eternal's results underscore that QCom (quick commerce) can be highly profitable at scale and Blinkit's execution remains strong," Emkay Global said. Blinkit chose profitability over growth in the reporting quarter, which reflected in a meagre 9.3% sequential growth in order volume, according to the brokerage. Eternal is focussing on more market share, which will lead to slower margin expansion in FY27 and FY28. On account of this, Emaky cut the target price on the stock 14% to INR 370 from INR 430 and maintained a 'buy' recommendation.
The food delivery business earned an adjusted revenue of INR 30.53 billion, up 27% on year and 7% sequentially. The net order value of food delivery was at INR 98.46 billion, up 16.6% on year. This was backed by healthy monthly transacting customers addition of 800,000, Nuvama Institutional Equities said. The brokerage has raised the earnings-per-share estimate for the stock by 41% for FY26 and by 2.3% for FY27 due to higher than expected profitability. Nuvama maintained a 'buy' call on the stock and raised the target price 7.5% to INR 430 from INR 400.
The going out business of the company reported 16% growth at INR 3 billion. Motilal Oswal believes this segment remains in an investment phase with high losses due to upfront investment in live intellectual properties and District Pass. The brokerage believes the going out business will narrow its losses to INR 1 billion in the March quarter from INR 1.21 billion in the reporting quarter.
Of the nine brokerage reports available on the company with Informist, eight have a 'buy' call on the stock with an average target price of INR 376.75 while the remaining one has a 'sell' recommendation. (Adhithya Aji)
Equity Alert: Brokerages see ex-US markets driving Dr Reddy's earnings growth
MUMBAI--1140 IST--Brokerage firms are optimistic about Dr. Reddy's Laboratory's growth in markets, excluding the US, and said strong growth momentum in India and Europe cushioned the blow from weak generic Revlimid sales and price erosion in the US market. However, a few brokerages have cut their target prices on the stock slightly, owing to higher competition for Revlimid sales and a delay in the launch of the much-awaited Semaglutide drug in a few markets. Owing to a healthy product pipeline and a healthy growth in key geographies, brokerages expect growth in non-US markets to provide stability to the company's earnings in the medium term.
Motilal Oswal Financial Services has reduced its 2025-26 (Apr-Mar) earnings estimates by 4% to factor in the delay in Semaglutide launch in Canada and raised its FY27 earnings estimates for the company by 6% on hopes of better growth prospects in India, Europe, and Russia. The brokerage has cut its target on the stock slightly to INR 1,220. The brokerage sees a slight delay in commercial benefits from opportunities such as Semaglutide and Abatacept.
The company is awaiting regulatory approval for Semaglutide in Canada and is prepared for a launch. However, there are further regulatory hurdles in certain drugs for the pharmaceutical major that it is yet to cross, according to the brokerage. For b-Rituximab, the company received a complete response letter from the US Food and Drug Administration related to observations from the pre-approval inspection at the Bachupally biologics facility. A complete response letter was to the company's b-Denosumab manufacturing partner, Alvotech, linked to observations from the US FDA's pre-licence inspection of its Reykjavik facility, Motilal Oswal said.
The current margin pressure reflects ongoing headwinds in the US market, according to JM Financial Securities. However, strong growth in markets, excluding the US, a robust filing pipeline, and the upcoming generic Semaglutide launches provide medium-term earnings visibility for the company, the brokerage said. It believes that the worst case scenario is largely factored into current valuations of the stock and has raised its target price marginally. JM Financial said that the company's US market performance was better than anticipated, with the generic Revlimid erosion impact being cushioned by growth in base business as well as new launches. Dr Reddy's expects to launch generic Semaglutide in March after the drug's patent expiry.
The nicotine replacement therapy ramp-up has been better than anticipated on the growth and profitability front, according to JM Financial. The growth in Europe was led by new product launches, growth in the nicotine replacement therapy portfolio and foreign exchange benefits, which partially offset pricing pressure on generic drugs, the brokerage noted. The integration of Janssen's Stugeron portfolio and Haleon's nicotine replacement therapy business have materially strengthened the company's non-US franchise, providing greater revenue diversification and reduced dependence on the US generics cycle, Nirmal Bang Institutional Equities said.
Nirmal Bang sees a steadily progressing biosimilars pipeline positioning the company to absorb near-term margin impact. Progress across the biologics pipeline has improved medium-term visibility, with advancement in Abatacept, ongoing work on Denosumab and Rituximab, and preparations for Semaglutide launches across multiple markets. The brokerage has cut the stock's target price marginally. (Eshitva Prakash)
Equity Alert: KEI Industries falls after Q3 revenue misses Street view
MUMBAI--1125 IST—-Shares of KEI Industries fell over 5% to an over five-month low of INR 3,728.70 after the company's December quarter revenue missed the Street's estimate. The stock was down for the fifth straight session, shedding 15% during this period.
The company's revenue for the quarter was INR 29.55 billion, up over 19% from INR 24.72 billion a year ago. However, it missed analysts' estimate of INR INR 30.42 billion. The company posted a robust jump in its net profit in the reporting quarter, supported by a strong performance in the cables and wires segment. The company's net profit for the quarter was INR 2.35 billion, up over 42% from INR 1.65 billion a year ago. It was higher than analysts' estimate of INR 2.25 billion.
Broking firm Nuvama Institutional Equities has a 'buy' recommendation on the stock with a 12-month target price of INR 5,070. JM Financial Institutional Securities has also maintained its 'buy' recommendation on the stock with an unchanged target price of INR 5,100.
At 1109 IST, shares of KEI Industries were over 3% lower at INR 3,809.30 on NSE. So far, nearly 700,000 shares of the company changed hands on the exchange, higher than nearly 148,000 shares traded till the same time Wednesday.
All the five brokerage recommendations available with Informist on the company have a 'buy' recommendation with an average target price of INR 4,970. (Arundathi A R)
Equity Alert: Indices off highs as heavyweights drag; mkt volatility rises
MUMBAI--1115 IST--Equity markets were off their intraday highs after index heavyweights gave up most of their gains. However, the majority of Nifty 50 constituents traded higher and almost every sectoral index was in the green. After easing earlier in the session, market volatility shot up again and the India VIX reached levels seen on Wednesday.
At 1113 IST, the Nifty 50 was at 25205.65 points, up 48.15 points, or 0.2%. The BSE Sensex was at 81991.64 points, up 82.01 points, or 0.1%. Dr. Reddy's Laboratories remained the top gainer among other 50-stock constituents and was up over 5%. Adani Ports and Tata Steel were up 2.5?ch. A near-2% rise in State Bank of India was the biggest support for the Nifty 50 index. Meanwhile, index heavyweights ICICI Bank, HDFC Bank, and Reliance Industries traded in the red, putting pressure on the 50-stock index. The Nifty PSU Bank was the best performing sectoral index and was up nearly 2%. The Nifty India Defence index also saw strong gains, supported by a 1–2% rise in Bharat Forge, Astra Microwave Products, and Data Patterns (India).
SBI Life Insurance Co. fell the most among Nifty 50 companies and was down almost 2%. Hindalco Industries and Max Healthcare Institute also traded near the bottom of the pack. Shares of Eternal fell after rising earlier in the session. The Nifty Realty index was the worst performing sectoral index, and technical analysts have said that it may be open for further downside in the near-term.
Schneider Electric Infrastructure shares were up almost 10% after falling for nine consecutive sessions. Meanwhile, PNB Housing Finance was down almost 8% and was the worst hit Nifty 500 stock. In the Nifty 200 index, which was up 0.4%, Waree Enrgies rose the most and was up over 7%, while Hindustan Zinc lost more than 5%. (Eshitva Prakash)
Equity Alert: InterGlobe Aviation up 1.5% ahead of Dec qtr earnings
MUMBAI--1113 IST--Shares of InterGlobe Aviation rose 1.5% to INR 4,932.50 ahead of the compay's December quarter earnings. The airline operator is expected to report a sharp fall in its bottom line and only modest growth in its top line for the quarter under review, weighed down by severe operational disruptions, which saw around 4,500 flights being cancelled in December. At 1112 IST, the company's shares were at INR 4,906.50, up 1%. The stock is down 13% since the company announced its September quarter earnings in early November.
The December quarter is typically the strongest for InterGlobe Aviation, which operates the low-cost airline IndiGo, particularly in the domestic market where it is the clear leader. However, the robust growth outlook the company guided for in November, led by anticipation of significant capacity additions, was thwarted after operational disruptions forced the aviation regulator to scale back on operations.
The company's net profit for the December quarter is expected to fall 33% on year to INR 16.47 billion, as per the average of six brokerages' estimates. The highest estimate for bottom line is INR 21.90 billion by Motilal Oswal Financial Services Ltd. and the lowest estimate is INR 8.66 billion by Nuvama Wealth Management Ltd.
The company's top line for the December quarter is projected to rise 4% on year to INR 229.78 billion, according to the average of six estimates. The estimates for the company's top line range from a low of INR 225.15 billion by Prabhudas Lilladher Pvt. Ltd. to a high of INR 236.19 billion by Motilal Oswal.
Of the eight research reports on the company available with Informist, five have a 'buy' or equivalent recommendation on the stock, with an average target price of INR 6,460. Of the remaining three, two have a 'hold' call and one has a 'sell' call on the stock. (Gopika Balasubramanium)
Equity Alert: Bank of India shares near 8-year high after Q3 results
MUMBAI--1110 IST--Shares of Bank of India rose 7% to a near eight-year high of INR 168.40 after the company's domestic net interest margin for the December quarter expanded 14 basis points sequentially. The stock was up Thursday after closing lower for the previous two sessions. It shed over 3% during this period.
Bank of India's domestic net interest margin for Oct-Dec rose to 2.80% from 2.66% a quarter ago, but contracted from 2.98% a year ago. The public sector bank's net profit for the reporting quarter rose 8% on year to INR 27.05 billion. Sequentially, it rose 6%. While the bank's net profit beat an analysts' range of estimates from INR 21.67 billion to INR 23.46 billion, modest growth in interest income and near doubling of provisions, kept net profit growth in single digits for the second successive quarter. Bank of India's interest income for the reporting quarter rose 4% on year to INR 189.27 billion. This took its total income for the quarter to INR 212.06 billion, up 6% on year. Systematix Institutional Research has raised its target price by over 10% on the stock to INR 190, maintaining a 'buy' recommendation.
At 1108 IST, shares of the lender were trading almost 5% higher on NSE at INR 164.63. So far, over 24.2 million shares of the company have changed hands on the exchange, three fold higher than nearly 9 million shares traded till the same time Wednesday.
All the three brokerage recommendations available with Informist on the bank have a 'buy' recommendation. (Arundathi A R)
Equity Alert: IIFL Finance down 4% ahead of Oct-Dec earnings
MUMBAI--1052 IST--Shares of IIFL Finance fell over 6% to a low of INR 582.95 ahead of the company's December quarter earnings later in the day. At 1054 IST, shares of the company were down nearly 4% at INR 599.45 on the NSE.
Motilal Oswal Financial Services estimates the non-banking financial company's net profit for the December quarter at INR 4.87 billion, up over 16% from the trailing quarter. The expected rise in net profit is on account of an increase in the net interest income and strong growth in gold loan assets under management.
Motilal Oswal estimates the company's net interest income at INR 16.03 billion for the December quarter, a rise of over 11% on quarter and almost 30% on year. Its net interest income may rise as the company's assets under management growth was about 37% on year at INR 981 billion, according to Motilal Oswal's preview report.
The company's cost ratio is expected to decline to 44.8% from 45.2% reported in the trailing quarter. Provisions and loan losses are likely to decrease almost 4% on quarter for the December quarter, aiding the net profit.
The two reports available on the company with Informist have a 'buy' rating on the stock with an average target price of INR 635. For the December quarter, IIFL Finance reported a net profit of INR 4.87 billion and a net interest income of INR 16.03 billion. (Meera Nair)
Equity Alert: Go Digit General Insurance up over 2% ahead of Oct-Dec results
MUMABI--1044 IST--Shares of Go Digit General Insurance rose over 2% to a high of INR 327.80 on the National Stock Exchange ahead of its December quarter earnings scheduled later in the day. The company's net profit is expected to rise on account of health investment income booked in the quarter. At 1045 IST, shares of the insurance company were at INR 323.75, up 1%.
The company's net profit is expected at INR 1.31 billion, up nearly 11% on year in the reporting quarter, according Emkay Global Financial Services Ltd. Sequentially, the brokerage sees the bottom line rising nearly 13%. The increase in the company's bottom line is on account of healthy investment income booked during the quarter, Emkay said in its report.
The company's gross written premium for the reporting quarter is expected at INR 30.19 billion, up nearly 13% on year. Sequentially, the company's gross premium income is seen growing slightly over 13% due to marginally lower reinsurance premium accepted during the quarter, Emkay said.
Further, Go Digit General's gross direct premium income is expected to show a significant growth of 20% on year due to the growth in its motor and commercial segments, according to Emkay Services. The company's net earned premium is expected at INR 21.44 billion, up nearly 3% on year.
Additionally, the company's claims ratio is expected to marginally decline 40 basis points from 72.9% in the year-ago quarter, according to Emkay. However, the improvement is partly offset by higher expense ratios driven by increase in commissions and operating expenses. Therefore, the company's combined ratio is expected to be flat at 108% on year.
For the September quarter, Go Digit General's net profit was INR 1.17 billion and its gross premium income was INR 26.77 billion. Shares of the company are down 9% since Oct. 28, when it detailed its September quarter earnings.
Of the three brokerage reports on the company available with Informist, two have a 'buy' or equivalent recommendation with an average target price of INR 383. This is nearly 19% higher than the current market price. One brokerage has a ‘sell' recommendation on the insurer with a target price of INR 290. (Shruti Nair)
Equity Alert: Indices remain higher on optimism about India-US trade deal
MUMBAI--1037 IST--Domestic benchmark indices remained higher in early trade Thursday, after falling for three consecutive sessions. The Nifty PSU Bank index and Nifty Media index were the highest gaining sectoral indices, after falling for three and four consecutive sessions, respectively. Market volatility eased as fear gauge India VIX fell over 2?ter rising for eight of the nine previous sessions. This comes on the back of positive statements by US President Donald Trump on the India-US trade deal. Global markets took a sigh of relief as Trump's comments in Davos alleviated concerns about a possible trade war between the US and Europe.
At 1022 IST, the Nifty 50 was at 25350.15 points, up 192.65 points or 0.8%. The BSE Sensex was at 82463.56 points, up 553.93 points or 0.7%. Dr. Reddy's Laboratories was the highest gainer, up over 5?ter its December quarter consolidated net profit beat analysts estimates despite reporting a fall on a yearly basis. Shares of Tata Motors Passenger Vehicles and Coal India were among the top gainers in the 50-stock index as well, up around 3?ch. Adani Enterprises was up 2.4%. The Supreme Court upheld a 2018 arbitral award that asked UCM Coal to pay INR 1.27 billion to the company along with interest, rejecting the former's petition against the Allahbad High Court's verdict in September. Gains in shares of State Bank of India, Bharti Airtel, and Reliance Industries, up 0.4-2%, boosted the 50-stock index. Shares of Eternal fell 2?ter seeing a rise earlier and was the worst performer in the 50-stock index.
Waree Energies, Bank of India, and Oracle Financial Services Software were among the highest gainers in the Nifty 200 during the session after their December quarter earnings, up 4-9%. Oracle Financial Services reported a low double-digit sequential rise in its consolidated net profit after posting a fall for the past two quarters. Its top line growth was the highest in eight quarters. Bank of India reported a single-digit rise in its net profit, which was limited by modest growth in income and provisions that nearly doubled. The bank's global net interest margins improved sequentially by 16 basis points to 2.57%. Hindustan Zinc, KEI Industries, and Tata Communications were the worst performers in the 200-stock index, down 3-6%. (Akshat Saksena)
Equity Alert: Indices open sharply higher; snap 3-session losing streak
MUMBAI--0955 IST--Benchmark indices opened sharply higher Thursday, snapping a three-session losing streak after US President Donald Trump's positive statements on the India-US trade deal. The US President, in his address at The World Economic Forum in Davos, also alleviated concerns about a trade conflict between the US and Europe.
Thursday, largely all constituents of the Nifty 50 traded higher. Companies that declared their earnings post market hours Wednesday saw a sharp reaction in their stocks.
At 0936 IST, the Nifty 50 was at 25422.95 points, up 265.45 points or 1.1%. The BSE Sensex was at 82744.96 points, up 835.33 points or 1%. Shares of Dr. Reddys Laboratories were up over 5% after the company's December quarter consolidated net profit surpassed the view on Street. The company's management has said it is confident of sustaining its current rate of revenue growth in the India market.
Shares of Eternal were up over 1?ter the company's consolidated net profit for the December quarter rose 73% on year to INR 1.02 billion. Analysts had pegged the company's bottom line at INR 780.89 million. However, Emkay Global Financial Services has cut the stock's target price 14% as the brokerage expects weaker margin growth for the company as it is willing to forfeit margins to maintain its market share. A rise in heavyweights HDFC Bank and Reliance Industries was the biggest support for the 50-stock index.
Shares of Waree Energies surged nearly 10?ter the company's consolidated revenue doubled on year in the December quarter. Including the one-time cost, the company reported consolidated net profit of INR 10.62 billion, up around 116% on year and over 26% sequentially. Meanwhile, PNB Housing Finance was down 5?ter the company's consolidated net profit for the December quarter grew at the slowest on-year pace in 14 quarters due to a weak rise in revenue from operations and a jump in employee benefits expenses. The company's net profit fell sequentially as bad debt recovery more than halved during the quarter.
US President Donald Trump said India and the US will have a good deal, while expressing confidence about the future of trade relations between the two countries. Trump added that he would not be imposing tariffs on European countries and has formed a framework for a future deal with North Atlantic Treaty Organization's Secretary General Mark Rutte. The US President also said he would not be using force to acquire Greenland, easing concerns of an escalation. (Eshitva Prakash)
Equity Alert: Systematix ups Dr Reddy's to 'buy', target implies 19% upside
MUMBAI--0903 IST--Systematix Shares and Stocks (India) has upgraded Dr Reddy's Laboratories to 'buy' with a target price of INR 1,381 so as to factor in faster growth in India sales, after the company reported better earnings for the quarter ended December. The brokerage said bets of 2026-27 (Apr-Mar) and FY28 earnings largely hinge on the timely commercialisation of semaglutide in Canada and Brazil and commercialisation of biosimilar abatacept globally. The company's shares closed 1% lower at INR 1,157.20, and the target price implies an upside of over 19%.
However, the broking firm has lowered its price-to-earnings multiple to 21 times the FY28 earnings from 25 times the FY28 earnings to incorporate the lack of visibility around growth beyond FY28 and risks related to execution of biosimilar Abatacept and semaglutide commercial sales. As for December quarter earnings, Dr. Reddy's reported better-than-expected revenue, earnings before interest, tax, depreciation, and amortisation, and net earnings, and net profit, the brokerage said. This was amid lower-than-expected fall in sales in the US which was offset by strong growth in India, the brokerage said. The EBITDA and net profit declined 11% and 14%, respectively, on an year-on-year basis, as expected, owing to a fall in lenalidomide sales. However, the fall in lenalimode sales was slower than expected, the brokerage said.
The brokerage estimates the normalised sales, excluding gRevlimid, in the US in the $260 million-$280 million range, while the latest quarter sales stood at $330 million. During the quarter, growth in emergng market and European Union outperformed expectations, largely led by a favourable currency. (Gopika Balasubramanium)
Equity Alert: Benchmark indices likely to open higher on positive global cues
MUMBAI--0902 IST--Benchmark equity indices are likely to open higher Thursday on optimism around the latest global developments. The US President Donald Trump Wednesday said the US will have a good deal with India. Addressing the World Economic Forum at Davos, Switzerland, Trump also ruled out using force to seize Greenland. Asian indices were largely in the green in early trade Thursday and the indices in the US had closed higher Wednesday.
Trump said he had great respect for Indian Prime Minister Narendra Modi and described him as a close friend, Moneycontrol reported, quoting Trump as saying. "We are going to have a good deal," he said. In his address to the World Economic Forum, Trump said that if the US was denied Greenland, it would "remember" it.
GIFT Nifty contracts suggested a higher opening for the Nifty 50 index. At 0843 IST, the GIFT Nifty's January contract was at 25330 points, over 170 points higher than Nifty 50's close of 25157.50 points on Wednesday. The BSE Sensex closed at 81909.63 points on Wednesday, down over 270 points or 0.3%. "The Nifty 50 is expected to find support at 25050 points and face resistance at 25250 points," Anshul Jain, head of research at Lakshmishree Investment and Securities, said. He expects the market to open higher.
On the earnings front, Dr. Reddy's Laboratories reported a consolidated net profit of INR 12.10 billion, down over 14% on year and a revenue of INR 87.53 billion, up over 4%. The shares closed around 1% lower at INR 1,157.20 on the National Stock Exchange ahead of results. Systematix Shares and Stocks (India) Ltd. maintains 'buy' recommendation with a target price of INR 1,381. Emkay Global Financial Services retained a 'reduce' recommendation on Dr. Reddy's and raised its target price by 9% to INR 1,200.
Eternal posted a robust 73% on-year jump in consolidated net profit for the December quarter to INR 1.02 billion. The company's revenue rose over three times on year to INR 163.15 billion. Emkay Global Financial Services expects competitive intensity to increase in the quick commerce business and Eternal to focus more on market share. This will lead to a slower margin expansion and thus the brokerage cut its target price by 14% to INR 370 from INR 430. The stock closed at INR 283.50 on Wednesday. Market participants will keep their focus on the December quarter results of InterGlobe Aviation, scheduled for Thursday. (Arundathi A R)
Equity Alert: Emkay cuts Eternal's target price on FY27, FY28 margin view
MUMBAI--0830 IST--Emkay Global Financial Services has cut Eternal's target price by 14% to INR 370 from INR 430 as it expects slower margin expansion for the company in 2026-27 (Apr-Mar) and FY28 amid heightened competition in the quick-commerce business. Blinkit achieved profitability earlier than expected, but at the cost of growth, the brokerage said in a report. It has retained its 'buy' recommendation on the stock.
Eternal's December quarter results surprised positively on the profitability front, according to the brokerage. Blinkit reported an adjusted earnings before interest, tax, depreciation, and amortization of INR 40 million, beating the Street estimate of a loss of INR 1.2 billion. However, the platform's growth in net order value fell short of expectations at nearly 14% on quarter, compared to a projection of almost 19% sequential growth. The company's management has said it is willing to sacrifice margins as it is gearing up to face increasing competition in the quick-commerce business. Blinkit's order volume rose 9.3% sequentially, down from the 26% on-year growth in the trailing quarter, leading Emkay to conclude that the company decided to choose profitability over growth in the December quarter.
"We believe that during a land-grab phase (in the quick commerce business), companies should prioritise market share over margins to build scale that can be monetised over time," Emkay Global said. The brokerage added that Eternal's results showed that the quick commerce business could be highly profitable at scale and Blinkit's execution remains strong. Eternal will focus more on market share as the number of competitors increases, which will lead to a slower margin expansion in FY27 and FY28. The path to optimal profitability will be slow and volatile for quick commerce players, the brokerage said.
The company's growth in net order value for its food delivery business was largely in line with expectations, the brokerage said. Zomato's net order value rose almost 17% on year in the December quarter from growth of nearly 14% in the September quarter, largely on the back of a 21.5% on year increase in monthly transacting users, the brokerage said. Hyperpure reported 4.6% sequential revenue growth and reached adjusted EBITDA break even. The company's ticketing platform District reported 20% sequential revenue growth, with its adjusted EBITDA loss widening to INR 1.21 billion.
For the quarter ended December, Eternal reported a consolidated net profit of INR 1.02 billion on revenue of INR 163.15 billion. On Wednesday, shares of the company closed over 5% higher at INR 283.50. (Eshitva Prakash)
Equity Alert: Most Asian indices up on optimism over US-NATO deal framework
MUMBAI--0825 IST--Equity indices in Asia were largely higher Thursday, mirroring gains on Wall Street due to positive sentiment over the US and NATO arriving at a framework for a deal over Greenland. South Korea's KOSPI hit a fresh high yet again despite the country's economy contracting in Oct-Dec. Indices in China and Hong Kong fell.
US President Donald Trump said he would not be imposing tariffs on European countries and has formed a framework for a future deal with North Atlantic Treaty Organization's Secretary General Mark Rutte. The president had earlier also said he would not be using force to acquire the Arctic island, providing a collective sigh of relief over the chance of possible US military action.
South Korea's GDP fell 0.3% in Oct-Dec from the previous quarter on a seasonally adjusted basis, Reuters reported. This fall was against an estimated rise of 0.1%, according to a poll of economists by Reuters. The economy contracted at its steepest pace since the fourth quarter of 2022 following an expansion of 1.3% in the previous quarter. On a yearly basis, the GDP grew 1.5% in the fourth quarter after rising 1.8% in the previous quarter. The country's economy expanded 1% in 2025 compared to 2% growth in 2024. This marks its slowest annual growth rate since 2020. The government expects a growth rate of 1.8% in 2026. The Bank of Korea indicated bringing its current easing cycle to an end after keeping interest rates unchanged, prioritising foreign exchange stability as it was seen as an upside risk for the year's economic growth, Reuters said. The KOSPI, however, led the gains for the session among its regional indices. Shares of Doosan Corp. were up over 9% and those of Samsung Electronics Co. and SK Hynix were up over 4% and 3%, respectively.
Following are the levels of key Asian indices at 0823 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4715.01 |
(-)0.17 |
|
Hang Seng Index |
26564.49 |
(-)0.08 |
|
KOSPI |
5007.18 |
1.98 |
|
Nikkei 225 Day |
53760.85 |
1.87 |
|
TOPIX FIRST SECTION |
3621.26 |
0.88 |
|
FTSE Singapore Straits Times |
4824.92 |
0.31 |
|
S&P/ASX 200 Index |
8833.30 |
0.57 |
(Akshat Saksena)
Equity Alert: US indices end higher; deal framework reached between US, NATO
MUMBAI--0741 IST--US equity indices ended higher on Wednesday buoyed by positive sentiment around the framework of a deal over Greenland between US President Donald Trump and the North Atlantic Treaty Organization Secretary General Mark Rutte. Trump also said he would not impose the proposed escalating tariffs on European countries.
Trump Wednesday said a framework for a deal had been reached between him and NATO Secretary General Mark Rutte over the Arctic Island. Resultant to the negotiations, the US president said he would not impose the import tariffs on European nations, which were scheduled to begin from Feb. 1, CNBC reported. When asked about the deal, Trump did not disclose much, saying "It's a little bit complex, but we'll explain it down the line," according to CNBC. He did, however, disclose that the framework involves mining rights for the US as well as the 'Golden Dome' missile defence system proposed by his administration.
Stocks were already trading higher due to positive sentiment after Trump, in his speech at the World Economic Forum in Davos, said he would not be using force to acquire Greenland. Despite the proclamation of not using force, tensions were still high prior to the agreement as European lawmakers suspended the trade deal between the European Union and the US reached in July.
Advanced Micro Devices rose nearly 8% and NVIDIA was up nearly 3% as investors returned to their preferred stocks. Bank stocks rose after Trump said he would ask the US Congress to implement his proposed credit card cap of 10%, an uncertain prospect seeing the lack of support among lawmakers, according to CNBC. Shares of Citi Group and Capital One Financial Corp. rose around 1?ch.
Shares of Netflix fell 2?ter the company announced lacklustre earnings and were also weighed down by a pause in a share buyback to aid in the acquisition of Warner Bros Discovery's studio and streaming business. Shares of energy companies were the highest gainers in the session, led by Halliburton Co., which was up 4%, after its earnings beat estimates, Reuters reported. Shares of Expand Energy Corp. and EQT Corp. were up 4.5% and 6.5%, respectively, after gas prices touched a six-week high due to cold weather.
Following are the closing levels of US indices Wednesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
49077.23 |
1.21 |
|
NASDAQ Composite |
23224.83 |
1.18 |
|
Dow Jones Industrial Average |
6875.62 |
1.16 |
(Akshat Saksena)
US$1 = INR 91.59
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Nishant Maher
All prices from National Stock Exchange, unless otherwise specified.
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