Equity Alert
Nuvama cuts NCC target price by 30%; maintains 'buy' rating
This story was originally published at 15:52 IST on 9 February 2026
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Equity Alert: Nuvama cuts NCC target price by 30%; maintains 'buy' rating
MUMBAI--1540 IST--Brokerage Nuvama Institutional Equities has cut its target price for NCC by over 30% to INR 181, while maintaining a 'buy' recommendation on the stock. Approval issues and a stretched payment cycle prompted the brokerage to cut its earnings-per-share estimates for the company. Nuvama has reduced the company's earnings per share estimate by 9% for 2025–26 (Apr-Mar), 14% for FY27, and by 14% for FY28. On Monday, the stock rose 2% to hit an over one-month high of INR 159.75.
The company reported a net profit of INR 820.1 million, down nearly 56% on year. Its revenue for the quarter fell by over 13% to INR 40.43 billion. Monday, shares of the company ended 1% higher at INR 158.05. Monday, nearly 4 million shares of the company have changed hands on the exchange, lower than the nearly 7 million shares traded on Friday.
Prabhudas Lilladher has maintained a 'buy' recommendation on the stock with a revised target price. The brokerage has raised its target price by over 80% to INR 200. The brokerage assigned a 15 times multiple to FY28 earnings per share under its base-case assumptions. This multiple reflects the company's established engineering, procurement, and construction execution capabilities, diversified order book, and improving medium-term earnings visibility as execution normalises, according to the brokerage.
Elara Securities has cut its earnings estimate by 1% for FY26, 10% for FY27, and by 22% for FY28. The brokerage has reiterated its 'accumulate' recommendation on the stock, with the target price reduced by over 12% to INR 180. "Near-term execution pressures are likely to continue, with recovery dependent on sustained improvement in payment flows and normalisation of certification," the brokerage said.
Brokerage ICICI Direct, the retail wing of ICICI Securities, has maintained its 'buy' recommendation. It sees well-diversified order backlog, robust execution capabilities, and a strong focus on working capital to be key triggers over the next few years. (Arundathi A R)
Equity Alert: Nifty 50 Feb ends at premium of 41.70 points to spot index
MUMBAI--1538 IST--The February futures contract of the Nifty 50 closed at a premium of 41.70 points to the spot index Monday. Open interest in the contract fell 3.6% to 15.38 million, according to provisional data.
--Nifty 50 closed at 25867.30 points, up 173.60 points or 0.7% vs Fri
--Nifty 50 February closed at 25909.00 points, up 173.90 points or 0.7% vs Fri
Nifty 50 options, expiring Tuesday, with maximum change in open interest:
Call: 26000, Put: 25800
Nifty 50 options, expiring Tuesday, with maximum open interest:
Call: 26000, Put: 25800
(Simran Rede)
Equity Alert: Equity indices in Europe recover from last week's volatility
MUMBAI--1520 IST--Equity indices in Europe were higher, as global indices recovered from the sell-off seen last week over concerns that artificial intelligence could disrupt traditional software services companies. The region continues to assess earnings of Italian multinational group UniCredit.
Investors are still reeling from the volatile week due to concerns over AI disrupting the traditional software business. This is however, still expected to loom over investors, Reuters said. Shares of Poland-based Inpost were up over 13?ter a consortium led by Advent and FedEx said it will acquire the firm for 7.8 billion euros, or $9.2 billion, CNBC reported.
Shares of UniCredit rose 6?ter the company beat analysts' expectations for its 2025 results and lifted its profit guidance to 11 billion euros, or $13 billion, in 2026. The company said in 2028, it plans for a net profit of 13 billion euros, or $15.42 billion. The bank's bottom line will be pushed by stakes in other banks bought under the strategy of Andrea Orcel, the bank's chief executive officer, Reuters reported. Shares of Natwest were down nearly 5?ter the bank said it will buy Evelyn Partners for 2.7 billion sterling pounds, or $3.67 billion, CNBC said.
Shares of Novo Nordisk rose over 8?ter US-based telehealth company Hims & Hers said it has reversed course to launch a compounded version of the company's Wegovy weight-loss pill after the US Food and Drug Administration warned it would take strict action against the latter. "Since launching the compounded semaglutide pill on our platform, we've had constructive conversations with stakeholders across the industry. As a result, we have decided to stop offering access to this treatment," Hims & Hers was reported as saying by Reuters.
Following were the levels of major European indices at 1518 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10401.02 |
0.30 |
|
CAC 40 |
8279.85 |
0.07 |
|
FTSE MIB Index |
46453.99 |
1.26 |
|
DAX PERFORMANCE-INDEX |
24812.16 |
0.37 |
|
SLI PR |
2157.84 |
0.16 |
(Akshat Saksena)
Equity Alert: Asia mkts up, Nikkei 225 tops 57000 on strong win for PM party
MUMBAI--1427 IST--Equity indices in Asia ended higher for the session with the South Korean KOSPI leading gains along with Japan's Nikkei 225 and Topix First Section. The Nikkei crossed 57000 point for the first time and the KOSPI recovered its 5300 point mark just a day after falling below the 5000 point mark on Friday. The indices in Japan surged during the session after Prime Minister Sanae Takaichi's party won a landslide victory and now has a stronger mandate.
The ruling Liberal Democratic Party in Japan has secured a two-thirds majority in the 465 seat lower house. The Nikkei surged nearly 6% to cross the 57000 point mark before settling and ending nearly 4% higher at 56363.94 points. "The victory gives Takaichi a stable majority, enabling decisive action on fiscal stimulus, AI, semiconductors, energy security, and strategic reforms," Marc Jocum, a senior investment strategist at Global X ETFs Australia, was quoted by Reuters as saying. The anticipation of more borrowing pushed Japanese government bond yields to their highest since 1996 at 1.3%.
The KOSPI breached the 5300 point benchmark for the first time in three trading days. The foreign investors and institutional investors were net buyers, helping the index rise. Foreign investors made net purchases of 16.90 billion Korean won or $11.55 million and institutional investors made net purchases of 23.90 billion Korean won or $16.33 million. Individuals were net sellers for the session, net selling 64.80 billion Korean won or 44.28 million. In China, the blue chips index rose nearly 2% ahead of inflation numbers due Wednesday, which are expected to report a pullback in food prices and continued deflation in producer prices, Reuters reported.
Following are the levels of key Asian indices at 1427 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4719.06 |
1.63 |
|
Hang Seng Index |
27027.16 |
1.76 |
|
KOSPI |
5298.04 |
4.10 |
|
Nikkei 225 Day |
56363.94 |
3.89 |
|
TOPIX FIRST SECTION |
3783.57 |
2.29 |
|
FTSE Singapore Straits Times |
4955.34 |
0.42 |
|
S&P/ASX 200 Index |
8870.10 |
1.85 |
| IDX Composite | 8013.42 | 0.99 |
(Akshat Saksena)
Equity Alert: Tata Steel rises 5% to new high; consol PAT up over 8 fold YoY
MUMBAI--1302 IST--Shares of Tata Steel rose nearly 5% to an all-time high of INR 206.34. The company reported a consolidated net profit of INR 26.89 billion for the December quarter, up over eight times on year, which beat analysts' estimates of INR 24.32 billion. The company reported a consolidated revenue of INR 570.02 billion in the reporting quarter, up over 6% on year, but was below expectations of INR 577.12 billion by analysts.
Higher volumes led to the absorption of fixed costs and partially offset the fall in steel realisation, Nuvama Institutional Equities said. The profitability of Tata Steel's operations in the Netherlands fell and its loss from operations in the UK sustained, the brokerage said. The company will have to wait to realise the benefits of higher spot steel prices in Europe, which is likely to be reflected in phases in 2026-27 (Apr-Mar). The brokerage estimates the company's upcoming capital expenditure to be funded by internal accruals, which is likely to keep its net debt from increasing. The brokerage maintained its 'hold' recommendation to wait for lower prices to re-enter the stock. Nuvama raised its target price to INR 189 from INR 175. The brokerage also raised its earnings before interest, tax, depreciation, and amortisation by 5% in FY27 and 7% in FY28 to account for higher steel prices and profitability in the Netherlands.
The company's EBITDA performance is expected to improve in subsequent quarters due to its cost-restructuring measures, Motilal Oswal Financial Services said. The brokerage raised its FY26 earnings estimates, with EBITDA estimate by 2% and net profit by 3%, on the back of better volumes and net sales realisation expectations. The brokerage also raised its EBITDA estimates by 2% for FY27 to reflect better pricing and cost expectations. The brokerage maintained its 'buy' rating with target price raised to INR 240 from INR 210.
Systematix Instittional Equities expects the company's revenue to rise at a compounded annual growth rate of 8% over FY25-FY28, and its net profit and EBITDA to rise 90% and 32%, respectively. The brokerage maintained its 'buy' recommendation and raised the target price to INR 230 from INR 181. ICICI Securities raised its target price on the stock to INR 226 from INR 210 and maintained its 'buy' recommendation on the stock. The brokerage upgraded its EBITDA estimates by 6% for FY27 and 3% in FY28. JM Financial raised its earnings estimates by around 12-13% for FY27 and FY28. The brokerage maintained its 'buy' recommendation and raised its target price to INR 240 per share from INR 215 to account the improved steel price expectations across regions. Emkay Global Financial Services raised its EBITDA estimates for FY27 and FY28 by 3-8% to account for price resilience in Europe and near-term price gains in India. The brokerage raised its target price on the stock to INR 230 from INR 200 and maintained a 'buy' recommendation on the stock.
Global brokerage Jefferies maintained its 'buy' recommendation with a target price of INR 240. The brokerage said the higher valuations are justified on account of improving volume growth and improving return-on-equity, according to a report from NDTV profit. Morgan Stanley maintained its 'overweight' recommendation with a target price of INR 215. The brokerage believes the carbon border adjustment mechanism and steel action plan will lift European prices substantially. JPMorgan raised its target price to INR 221 from INR 207 and maintained its 'overweight' recommendation on the stock. HSBC also raised its target price on the stock to INR 235 from INR 215 and maintained its 'buy' recommendation on the stock.
At 1233 IST, shares of Tata Steel were over 2% higher at INR 201.83 on the National Stock Exchange. Over 49 million shares of the company were traded on the bourse so far, sharply higher than 10 million shares traded at the same time Friday. Of the 13 brokerage reports on the company with Informist, 11 have a 'buy' recommendation with an average target price of INR 214 and two have a 'hold' recommendation. (Akshat Saksena)
Equity Alert: Nomura ups Godrej Properties to 'neutral'; stock rises 7%
MUMBAI--1300 IST--Brokerage Nomura Financial Advisory has upgraded its recommendation for Godrej Properties to 'neutral' from 'reduce', saying that the current valuation of the company appears to be 'fair' and concerns about net debt growth are subsiding. However, it has cut the target price by 1.5% to INR 1,920. The brokerage did not upgrade the recommendation to 'buy' as it would like to see stronger evidence of execution that should be in line with the company's pre-sales growth trajectory, it said in a report. Shares of Godrej Properties rose over 7% to the day's high of INR 1,821.40.
Nomura raised its 2025-26 (Apr-Mar) pre-sales estimates by 5% to INR 335 billion, pegging the pre-sales estimate for the March quarter at INR 95 billion. The brokerage expects the company's pace of net debt growth to moderate and net debt to peak out from FY27 to FY28, on the back of profit recognition from completed projects.
Elara Securities reiterated its 'buy' recommendation on the stock. The brokerage favours the company's strategy on the back of strong micro market selection, margin-accretive project addition, increasing economic share, and deepening footprints in existing markets and expansion beyond the top six to seven markets, it said in a report. The brokerage said that Godrej Properties is on track to grow operating cash flow on year in FY26 and end the March quarter with a surplus cashflow. Nuvama Institutional Equities maintained its 'hold' recommendation on the stock and cut its target price by 9% to INR 1,925 based on a valuation rollover to Oct-Dec in FY28.
At 1245 IST, shares of Godrej Properties were nearly 6% higher at INR 1,797.60 on NSE. So far, over 3 million shares of the company have changed hands on the exchange, higher than over 1 million shares traded till the same time Friday.
Of the seven brokerage reports available with Informist on the company, five have a 'buy' recommendation with an average target price of INR 2,656. Of the remaining two, one has a 'sell' recommendation and the other has a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Indices remain higher on gains in financial services, metal cos
MUMBAI--1220 IST--Indices remained higher, buoyed by gains in stocks of financial services and metal companies. The gains in the stock of State Bank of India continued to support the Nifty 50 index, along with shares of heavyweight stock Reliance Industries, which rose nearly 1%. At 1222 IST, the Nifty 50 was at 25857.60, up 163.90 points or 0.6%, and the BSE Sensex was at 84062.74 points, up 482.34 points or 0.6%.
State Bank of India continued to be the top gainer in the 50-stock index, up nearly 7%. Metal stocks of Tata Steel and Hindalco Industries rose nearly 3% and over 2%, respectively. Financial services stocks of Shriram Finance, SBI Life Insurance Co., Kotak Mahindra Bank, and Jio Financial Services rose 1-4%. Among individual stocks, Tata Motors Passenger Vehicles, Bharat Electronics, Titan Co., Dr. Reddy'd Laboratories, and Adani Enterprises were up 2-3%.
Max Healthcare Institute was the top loser in the Nifty 50 index, down over 1%. It was followed by shares of ITC and heavyweight banking stock, ICICI Bank, which fell nearly 1?ch.
Kalyan Jewellers continued to be the top gainer among Nifty 200 constituents, up over 12%. Godrej Properties rose nearly 6% to be among the top gainers in the index. Shipping Corp. of India continued its gaining momentum in the Nifty 500 index, up nearly 16%. The stock hit a one-month high of INR 256.50.
Shares of REC were the worst hit in the Nifty 200 index, down nearly 3%. The stock fell after the board of Power Finance Corp. approved the company's merger with REC. The merger was first announced by Finance Minister Nirmala Sithraman in the Union Budget for 2026-27 (Apr-Mar). The global brokerage Bernstein said that the merger is expected to be positive for Power Finance Corp. and broadly nuetral for REC, ET Now reported.
Jubilant Pharmova was the worst hit in the Nifty 500 index, down nearly 4%. For the December quarter, the company reported a consolidated net profit of INR 559 million, down 44.6% on year. The revenue of the company was at INR 21.23 billion, up 16.5% on year, for the reporting quarter. (Adhithya Aji)
Equity Alert: Siemens falls 4?ter co misses Street view for Q3 PAT
MUMBAI--1205 IST--Shares of Siemens fell over 4% to the day's low of INR 3,036.70 after the company's December quarter net profit missed the Street's view by a wide margin. The stock was down for the second session and shed 8% during this period.
The company has reported a net profit of INR 2.77 billion for the December quarter, way lower than analysts' estimate of INR 4.06 billion. The bottom line was down nearly 55% on year. Siemens' consolidated revenue from operations rose 14% on year to INR 38.31 billion. Its total expenses for the quarter rose 15% on year, faster than its revenue, to INR 34.86 billion.
The board has approved the company's change of financial year to uniform financial year, starting on Apr. 1 of every year and ending on Mar. 31 of the following year, including observing a one-time transitional financial year from Oct. 1, 2024 to Mar. 31, 2026 (18 months), the company said in a filing with exchanges. Accordingly, the quarter from Oct. 1, 2025 to Dec. 31, 2025 has been considered as the fifth quarter of the financial year ending Mar. 31, 2026.
Motilal Oswal has maintained its 'neutral' rating on the stock with a revised target price of INR 3,150 from INR 3,250. The brokerage expects a broad-based capital expenditure revival and margin improvement to be the key drivers for earnings and valuation re-rating. "We cut our estimates by 7%/6%/5% for 18MFY26/FY27/FY28 to factor in 5QFY26 (Oct-Dec) performance and divestment of LV (low voltage) motors," the brokerage said. It also sees a compound annual growth of 9% for the company's revenue over six months ending 2023-24 (Apr-Mar) to FY28. " Overall, we expect the smart infrastructure segment to maintain its growth trajectory, and we expect a gradual improvement in digital industries and mobility," it said.
HDFC Securities has maintained its 'buy' recommendation on the stock, on the back of robust order backlog and stable order inflows. It has cut the target price for the stock by nearly 2% to INR 3,625. The brokerage has lowered its estimates to factor in delayed capital expenditure recovery, commodity, and foreign exchange impact.
Nuvama Institutional Equities has retained its 'hold' recommendation on Siemens. It has also reduced its target price by over 3% to INR 3,070. The brokerage cut its estimates for operating profit margin to 11–11.5%, resulting in an earnings per share estimate cut by 8–9% for FY26 to FY28. JM Financial has maintained its 'add' recommendation on the stock with a target price of INR 3,480.
At 1124 IST, shares of Siemens were trading more than 2% lower at INR 3,103.60 on NSE. So far, over 442,000 shares of the company have changed hands on the exchange, higher than nearly 70,000 shares traded till the same time Friday.
Of the seven brokerage reports available with Informist on the company, five have a 'buy' recommendation with an average target price of INR 3,576, while the remaining two have a 'hold' recommendation. (Arundathi A R)
Equity Alert: REC, PFC fall; brokerages broadly positive on merger of cos
MUMBAI--1200 IST--Shares of REC and Power Finance Corp. fell around 5% and over 3% to their intraday lows of INR 354.35 and INR 405.50, respectively. Power Finance Corp. Friday approved the company's merger with REC, first announced by Finance Minister Nirmala Sitharaman in the Union Budget for 2026-27 (Apr-Mar) on Sunday.
"The Board of Directors of PFC took note of the Budget announcement and accorded its in-principle approval for restructuring in the form of a merger of PFC and REC, while ensuring that, post-merger, PFC continues to remain as a 'Government Company' under the Companies Act, 2013 and other applicable laws," REC said in an exchange filing. The government's plan to restructure PFC and REC aims to streamline the two non-banking finance companies to achieve scale and improve their efficiency, Sitharaman told the media at the post-Budget briefing on Feb. 1.
At 1155 IST, shares of REC and PFC were down 2.7% and 0.5%, respectively. Both the stocks were up in early trade, but soon fell into negative teritory and remained lower. Shares of PFC fell after rising for six straight sessions, during which it gained around 11%.
Brokerages remain largely positive on the merger. ICICI securities expects the merger to improve scale, operational efficiency and capital deployment, it said in a note Monday. Global brokerage Bernstein Research sees the merger as positive for PFC and broadly neutral for REC at current levels, it was quoted as saying in a post on 'X' by ET Now. While both stocks are cheap by valuation, the move will yield a bigger benefit for PFC shareholders, CNBC TV18 reported, citing a Bernstein analyst.
The removal of holding company discount and simplified public sector undertaking structure is seen as a key positive, according to Bernstein. Brokerage UBS believes that post the merger, the entity could see better pricing power given large overlap in customer base, likely higher growth and elimination of holding company discount that exists in the current structure. For REC holders, swap ratio is the key in the near term, CNBC TV18 reported, citing UBS. Meanwhile, Morgan Stanley said it had no near-term preferance between REC and PFC until the structure of the merger is clarified. (Arya S. Biju)
Equity Alert: Sarda Energy dn 7?ter co's Q3 consol PAT, sales fall 3% YoY
MUMBAI--1146 IST--Shares of Sarda Energy & Minerals fell over 7% to a nearly one-week low of INR 490. The stock was down after five consecutive sessions, during which it rose over 12%. The fall in the stock came after the company Saturday reported weak earnings for the December quarter.
The company's consolidated net profit and revenue for the reporting quarter fell 3.6% and 3.3%, respectively. It recorded a net profit of INR 1.90 billion on a revenue of INR 12.61 billion. Its total expenses for the quarter rose over 2% on year to INR 11.16 billion, which ate up most part of the company's revenue.
At 1143 IST, shares of the company traded at INR 511.45, down 3.4%. The stock was among the worst performers in the Nifty 500 index. So far in the day, 770,980 shares of the company have changed hands on the NSE, higher than 144,223 shares traded till the same time Friday. (Simran Rede)
Equity Alert: Indices rise more on gains in financial services, SBI shrs
MUMBAI--1103 IST--Benchmark indices rose more, supported by gains in financial services stocks and shares of State Bank of India. The Nifty 50 was also supported by index heavyweight Reliance Industries, which rose nearly 1%. At 1051 IST, the Nifty 50 was at 25853.25 points, up 159.55 points or 0.6% and the BSE Sensex was at 84055.90 points, up 475.50 points or 0.6%.
State Bank of India was the top gainer in the 50-stock index, up nearly 7%. The stock hit an all-time high of INR 1,139.70. Share of financial services companies such as Shriram Finance, SBI Life Insurance Co., Kotak Mahindra Bank, Jio Financial Services, and HDFC Life Insurance Co. were up 1-2%. Among individual stocks, Titan Co., Adani Enterprises, Hindalco Industries, Bharat Electronics, Tata Passenger Vehicles and Dr. Reddy's Laboratories were up nearly 2?ch.
Shares of Tata Steel were up nearly 2%. The company reported a consolidated net profit of INR 26.89 billion for the December quarter, more than eight times the INR 3.27 billion that the company reported in the year-ago quarter. This was above analysts' view of INR 24.32 billion. The revenue of the company rose over 6% to INR 570 billion for the reporting quarter.
Max Healthcare Institute was the worst hit in the Nifty 50 index, down over 1%. Shares of ITC, Nestle India, and ONGC were down nearly 1?ch. Heavyweight banking stocks ICICI Bank and HDFC Bank were down 0.5% and 0.2%, respectively.
All the broader market indices were up, with Nifty small-caps up 2?ch and Nifty mid-caps up over 1?ch. Gains in the shares of Kaynes Technology India, which rose 5%, supported gains in the Nifty Smallcap 50. The Nifty Smallcap 100 was supported by gains in the stock of BEML, which rose 5% as well.
Barring the Nifty FMCG, all the other sectoral indices were higher. The Nifty PSU Bank and Nifty Media were the top gainers, up nearly 4%. The Nifty PSU was supported by gains in the shares of State Bank of India and the Nifty Media was supported by a rise in shares of Prime Focus, which rose nearly 9%.
Shares of IFCI rose over 13% to a six-month high of INR 68.13. The stock rose 9% to be among the top gainers in the Nifty 500 index. IFCI indirectly holds 2.35% stake in the National Stock Exchange of India. The stake is held through Stock Holding Corp. of India, in which IFCI has 52.86% stake. Stock Holding Corp. of India holds 4.4% stake in NSE. (Adhithya Aji)
Equity Alert: SBI rises 7% to all-time high; Q3 earnings beat estimates
MUMBAI--1017 IST--Shares of State Bank of India rose nearly 7% to an all-time high of INR 1,139.70. The bank reported its earnings for the December quarter on Saturday, with its net profit rising over 4% on quarter and over 24% on year to INR 210.28 billion, beating estimates of INR 173.57 billion. The company's net interest income rose 9% on year to INR 451.90 billion, beating estimates of INR 422.76 billion. State Bank of India's whole bank net interest margin was 2.99% and its domestic net interest margin was 3.12%, as of Dec. 31.
The bank has reported sector-beating earnings for the December quarter, brokerages said. State Bank of India's core earnings were stronger than private banks for the third consecutive quarter with stable net interest margins, higher-than-sector loan growth, and strong fees, Nuvama Institutional Equities said. The bank's slippages were low at 0.5% of lagged loans. Its provision coverage ratio was at 75.5% and its gross non-performing asset ratio declined to 1.57% as on Dec. 31 from 1.73% a quarter ago. The brokerage raised its target price on the stock to INR 1,250 from INR 1,150 and maintained a 'buy' recommendation on the stock.
State Bank of India beat Nirmal Bang Institutional Equities' estimate for its net profit and pre-provision operating profit on the back of higher non-interest income. However, the bank's deposit growth remained lower at 9% on year. Its asset quality was its best in two decades, the brokerage said. The brokerage also raised its target price on the stock to INR 1,291 from INR 1,216 and maintained its 'buy' recommendation on the stock. The brokerage said it was optimistic on the bank's outlook citing its leadership in corporate and retail segments, ample liquidity, and 'pristine' asset quality.
Being more confident on its growth, State Bank of India has raised the upper end of its credit growth guidance to 13-15% from 12-14%. Taking into account the bank's December quarter earnings and improved growth guidance, Emkay Global raised its earning estimates by 2-4% over 2025-26 (Apr-Mar) to FY28 and expects the bank to report a healthy return-on-assets of around 1.0-1.1% and a return-on-equity of around 15-17%. The brokerage maintained its 'buy' recommendation on the stock and raised its target price to INR 1,225 from INR 1,100.
HDFC Securities expects the bank to sustain its productivity and efficiency gains along with stable asset quality, and sustainable return-on-assets of 1.1%. The brokerage maintained its 'buy' recommendation on the stock and raised its target price to INR 1,200 from INR 1,035. Nomura said the bank's core profitability remained superior to peers and its loan growth surpassed its peers despite a large base. The brokerage raised its FY26 loan growth estimates for the bank to 16% from 13% and increased its FY26 earnings per share by 5% and 2%, respectively for FY27 and FY28. The brokerage maintained its 'buy' recommendation on the stock and raised its target price to INR 1,235 from INR 1,100.
Global Brokerage Jefferies raise its target price on the stock to INR 1,300 from INR 1,190 and maintained its 'buy' recommendation on the stock, according to an NDTV Profit post on X. The brokerage cited the bank's sector-beating performance and strong asset quality. The brokerage's long-term framework outlined an upside scenario of INR 1,380 and a downward scenario of INR 960, pointing towards favourable risk-reward, NDTV Profit said in a report. Global brokerage Bernstein maintained a more cautious 'market perform' recommendation and highlighted its high valuations due to a run-up in stock price despite strong operations. Kotak Institutional Equities maintained a 'buy' recommendation as well, raising its target price to INR 1,250 from INR 1,100.
At 1047 IST, shares of the State Bank of India were over 6% higher at INR 1,135.50 on the National Stock Exchange. Over 19 million shares of the company were traded on the bourse so far, sharply higher than nearly 2 million shares traded at the same time Friday. Of the 18 brokerage reports on the company with Informist, 17 have a 'buy' recommendation with an average target price of INR 1,149 and one has a 'hold' recommendation of INR 970. (Akshat Saksena)
Equity Alert: Shipping Corp surges 14?ter Q3 consol PAT jumps 5-fold YoY
MUMBAI--1059 IST--Shares of Shipping Corp. of India surged over 14% to an over-two-month high of INR 252.94. The sharp gains in the stock followed the company's robust earnings for the December quarter. At 1057 IST, shares of the company traded 12.3% higher at INR 249.10.
For the reporting quarter, the company Friday reported a fivefold on-year jump in its consolidated net profit at INR 4.05 billion. Its revenue rose 22.5% on year to INR 16.12 billion. A nearly 2?ll in the company's total expenses and an over 22% rise in revenue helped the net profit surge on year. The company also declared interim dividend of INR 3.5 per share and set the record date for the same as Feb. 17.
So far Monday, over 29 million shares of the company have changed hands on the NSE, sharply higher than the 490,441 shares traded during the same period on Friday. (Simran Rede)
Equity Alert: Kalyan Jewellers up around 12?ter robust Oct-Dec earnings
MUMBAI--1055 IST--Shares of Kalyan Jewellers rose nearly 12% to a high of INR 424.70 after the company reported strong earnings for the December quarter, with its consolidated net profit surging over 90% on year and revenue rising over 24%. At 1048 IST, the stock was up over 10% at INR 419.20 on the National Stock Exchange. So far in the day, over 25 million shares of the company have changed hands on the NSE, compared to the 1.6 million shares traded till the same time Friday.
The Kerala-based jewellery maker's consolidated net profit for the December quarter jumped over 90% on year and around 60% sequentially to INR 4.16 billion. Its consolidated revenue for the quarter rose over 42% on year and around 32% sequentially to INR 103.43 billion.
The company expects to end the current financial year on a strong note, despite the continuing volatility in prices of precious metals, due to strong traction and higher consumption amid the ongoing wedding season in India, its management said in a post-earnings call with analysts and investors.
Brokerage Motilal Oswal Financial Services, remains constructive on the company's business because of its consistent success in customer acquisition, improving operating margin, and deleveraging balance sheet, it said in a report Monday. Meanwhile, delay in showroom expansion and potentially higher competitive intensity in core South Indian markets are seen as the key risks for the company, ICICI Securities said.
The two brokerage reports on the company available with Informist have a 'buy' recommendation on the stock with target prices INR 650 and INR 775. (Arya S. Biju)
Equity Alert: Nuvama ups Kaynes Tech to 'buy' after co's Q3 PAT rose 15% YoY
MUMBAI--1025 IST--Brokerage Nuvama Institutional Equities has upgraded Kaynes Technology India to 'buy' from 'hold' after the company posted an over-15% on-year rise in its consolidated net profit for the December quarter. The brokerage has a target price of INR 5,200 on the stock. The brokerage cuts the net profit estimates for 2025–26 (Apr-Mar) by 4% and for FY27 by 15% to reflect December quarter performance and outlook. The stock rose nearly 5% to the day's high of INR 3,875 and was up for the second session.
Prabhudas Lilladher has maintained a 'buy' recommendation on the stock and cut its earnings estimate for FY27 by 2.7%. It has also tweaked estimates for FY28. The brokerage has reduced the target price marginally to INR 5,502. Prabhudas estimated a compound annual growth rate of 45.2% for the company's revenue from FY26 to FY28. It also estimated a 44.3% and 37.7% compound annual growth for its earnings before interest, tax, depreciation, and amortisation and net profit, respectively, for the same period.
"Considering Q3 (Oct-Dec) performance, we cut our revenue estimates by 8?ch, and APAT estimates by 10-12% for FY26-28E," HDFC Securities said in its report. The brokerage has maintained a 'reduce' recommendation with a revised target price of INR 4,030 from INR 4,530.
Kaynes Technology has reported its consolidated net profit for the December quarter at INR 766.42 million. Its consolidated revenue for the quarter rose nearly 22% on year to INR 8.04 billion.
At 1022 IST, shares of Kaynes Technology were trading nearly 4% higher at INR 3,830 on NSE. So far, over 1 million shares of the company have changed hands on the exchange, lower than over 2.5 million shares traded till the same time Friday.
Of the seven brokerage reports available with Informist on the company, six have a 'buy' recommendation with an average target price of INR 6,320 while the remaining one has a 'hold' recommendation. (Arundathi A.R.)
Equity Alert: Nuvama, Nirmal Bang trim Jubilant Pharmova target price 13–16%
MUMBAI--1000 IST--Nuvama Institutional Equities and Nirmal Bang Institutional Equities have cut their target prices for Jubilant Pharmova by 16% and 13%, respectively, to INR 1,300 and INR 1,175. However, both the brokerages have retained a 'buy' rating on the stock. At 0956 IST, shares of Jubilant Pharmova were down over 3% at INR 905.75 on the National Stock Exchange.
Nuvama expects the company's near-term performance to be impacted by remediation or shutdown of its facility at Montreal in Canada, supply shortages of single-photon emission computed tomography products and higher depreciation. During the December quarter, the company had incurred a cost of INR 443 million pursuant to the temporary suspension of manufacturing operations for remediation of official action indicated observations at its Montreal contract manufacturing facility. The brokerage also reduced its estimates for the company's earnings before interest, taxes, depreciation, and amortisation for 2025-26 (Apr-Mar) and FY27 by 11-12% and that for profit after tax by more than 20%.
US tariff developments remain supportive for Jubilant Pharmova, given its US-based sterile injectables footprint, Nirmal Bang said. However, near-term execution issues and margin volatility warrant a more measured valuation, the brokerage added. While operations at the Montreal facility resumed during the March quarter, the cost base remains elevated in the near term, with operating leverage from the ramp-up in the Spokane manufacturing facility expected to build up progressively rather than immediately, Nirmal Bang said.
Nirmal Bang has reduced its estimates for the company's EBITDA for FY27 and FY28 by 10% and 8%, respectively. Its revenue estimates were cut by 1.4–2.3% and its PAT estimates were cut by 11–15% for FY27 and FY28. The brokerage has factored in a lower margin trajectory driven by a sustained increase in employee and material costs, unfavourable business mix, and slower-than-expected margin normalisation in the contract development and manufacturing organisation sterile injectables business in these estimates, it said. (Arya S. Biju)
Equity Alert: Indices open higher on India-US trade deal optimism; SBI up 6%
MUMBAI--0945 IST--Benchmark equity indices opened higher after the release of the joint statement on the recently concluded India-US trade deal, in which the US is set to cut reciprocal tariffs on Indian goods to 18% from 25%, lifted sentiment. This trade deal is also seen as a $30-trillion market opportunity for Indian exporters. The Nifty 50 was supported by gains in the stock of State Bank of India, which rose nearly 6% on the back of strong December quarter earnings.
At 0936 IST, the Nifty 50 was at 25799.40 points, up 105.70 points or 0.4%, and the BSE Sensex was at 83917.79 points, up 337.39 points or 0.4%.
State Bank of India was the top gainer in the Nifty 50 index. Dr. Reddy's Laboratories was the second-highest gainer, up nearly 2%. Shares of Tata Steel, Eternal, Titan Co., Adani Enterprises, and Hindalco Industries were up 1?ch. Financial services stocks like Jio Financial Services, Shriram Finance, SBI Life Insurance Co., and Kotak Mahindra Bank were up 1?ch.
Shares of State Bank of India rose after the bank reported a net profit of INR 210.28 billion and total income of INR 1.41 trillion, both 4% higher sequentially. Moreover, the state-owned bank has also revised its credit growth guidance for 2025-26 (Apr-Mar) due to robust demand for credit across segments.
Max Healthcare Institute and Eicher Motors were the worst performers on the 50-stock index, down 1?ch. Fast-moving consumer goods stocks of ITC, Nestle India, and Hindustan Unilever were down nearly 1?ch.
Kalyan Jewellers was the top gainer among the Nifty 200 constituents, up 11%. The stock rose after the jewellery seller reported a consolidated net profit of INR 4.16 billion for Oct-Dec, up over 90% on year, on a revenue of INR 103.43 billion, up over 42% on year. The stock was one of the top gainers among Nifty 500 constituents as well.
In contrast, Siemens was the worst hit in the Nifty 200 index, down over 3%. The consolidated net profit of the company for the December quarter fell nearly 55% on year to INR 2.77 billion.
Shipping Corp. of India rose 13% to be the top gainer in the Nifty 500 index. The stock rose after the consolidated net profit of the company rose five-fold on year to INR 4.05 billion for the December quarter. Sarda Energy & Minerals was the worst hit in the Nifty 500 index, down nearly 4%. (Adhithya Aji)
Equity Alert: Indices seen higher after India-US trade deal joint statement
MUMBAI--0827 IST--Benchmark equity indices are posied to see a gap-up open Monday after India and the US Saturday released a joint statement on the recently concluded trade deal. The market will also track sharp gains in the US market on Friday and Asian indices in early trade Monday.
The US-India trade deal is seen as a big boost for India's labour-intensive export sectors. "It is important to understand that India has a $41 billion export surplus in trade with the US," V.K. Vijayakumar, chief investment strategist at Geojit Investments, said. "This may come down as we import more energy, defence and aviation-related goods and high technology stuff from the US," he said.
Following this positive development on the long-awaited trade deal with the US, the GIFT Nifty contracts gained over 224 points from the Nifty 50's previous close, indicating a rise in the index Monday. The resistance for Nifty 50 is pegged at 25850-26000 points while its support is pegged at 25600-25550 points, according to Vipin Kumaar, assistant vice president – technical and derivatives at Globe Capital Market. On Friday, the 50-stock index had closed 0.2% higher at 25693.70 points and the BSE Sensex had ended 0.3% up at 83580.40 points.
On Friday, US indices rebounded after the major sell-off in artificial intelligence stocks subsided. Indices in Asia surged in the early trade Monday after Japan's Prime Minister Sanae Takaichi registered a historic win in the recent snap election, boosting expectations that she will pursue drastic fiscal changes to strengthen Japan's economy.
Back home, shares of Tata Steel and State Bank of India will be in focus after the companies reported their December quarter earnings on Friday and Saturday. SBI reported better-than-expected net profit for the quarter on the back of the biggest annual jump in other income in 10 quarters. The bottom line of Tata Steel jumped over eight times on year as its expenses grew at a slower pace than its revenue. (Simran Rede)
Equity Alert: Equity indices in Asia rise, Nikkei hits fresh high
MUMBAI--0813 IST--Equity indices in Asia were higher, with Japan's Nikkei 225 and Topix First Section surging to record highs after Sanae Takaichi secured a historic victory in the snap elections, catapulting investor sentiment in the region. A recovery on Wall Street also contributed to the gains in the region.
The Liberal Democratic Party of Japan secured two-thirds of the majority in the 465-seat lower house, CNBC reported, citing a report by Japanese broadcaster NHK. A strong win for Takaichi could be the "best outcome" for the markets in the medium term as strategic investments and tax reform help boost the equity markets, Sree Kochugovindan, senior research economist at Aberdeen Investments, was reported as saying. The country's indices have hit several highs in the last few months, led by "Takaichi Trade", with markets expecting the prime minister's economic policy to thrust the stock markets and keep the yen weaker while pushing for a looser monetary policy and higher government spending. CyberAgent Inc was among the top gainers, up over 8%, on the Nikkei. Shares of semiconductor maker Advantest Corp. were up nearly 14% and those of Sumitomo Electric Industries were up nearly 11%.
US equity indices also gained on Friday, helping lift Asian equity indices, though concerns remain over investments in artificial intelligence companies and whether they will be able to provide returns. This comes as four US tech giants plan to spend $650 billion towards AI alone, Reuters reported. "Investors are sensibly rotating from AI spenders to beneficiaries, services to manufacturing, US exceptionalism to global rebalancing," BofA analysts were reported as saying. "We are long Main St, short Wall St," they added.
Following are the levels of key Asian indices at 0810 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4704.21 |
1.31 |
|
Hang Seng Index |
27038.76 |
1.80 |
|
KOSPI |
5313.48 |
4.41 |
|
Nikkei 225 Day |
56692.92 |
4.50 |
|
TOPIX FIRST SECTION |
3788.83 |
2.43 |
|
FTSE Singapore Straits Times |
4973.31 |
0.79 |
|
S&P/ASX 200 Index |
8877 |
1.93 |
| IDX Composite | 7908.55 | (-)0.34 |
(Akshat Saksena)
Equity Alert: US indices bounce back; Dow Jones index crosses 50,000 points
MUMBAI--0735 IST--Equity indices in the US made a comeback on Friday after ending lower for a couple of sessions due to fears of artificial intelligence disrupting businesses of services software companies. The Dow Jones Industrial Average index crossed 50,000 points for the first time on Friday.
Shares of NVIDIA and Broadcom were among the top gainers, up 8% and 7%, respectively, CNBC reported. Shares of Oracle and Palantir were also among key gainers, rising nearly 5?ch. However, shares of software companies threatened by AI such as ServiceNow, down 2%, remained weak. "We're in a gold rush right now with AI," Falcon Wealth Planning founder Gabriel Shahin was reported as saying. Shahin believes that the market is in the middle of a "great recalibration" where investors are going to move away from growth stocks and into value, CNBC said. On Friday, investors lapped up industrial and financial stocks. Shares of Caterpillar were up over 7% and those of Goldman Sachs rose over 4%.
Shares of Amazon were down nearly 6?ter the company missed the Street's view of its earnings per share for the quarter. The tech giant reported revenue of $213.39 billion against an expectation of $211.33 billion and earnings per share of $1.95 against an estimate of $1.97 by LSEG, CNBC said. The company also said it would record capital expenditures of around $200 billion in 2026 against an expectation of $146.60 billion, according to Factset. The company made a capital expenditure of around $131 billion in 2025.
Investors are expected to await a monthly employment report and a consumer prices report as these were pushed back slightly on account of the three-day government shutdown in the US. The non-farm payrolls data in the US for January is expected to report an increase of 70,000 jobs, Reuters said citing its poll. Even after acknowledging the stabilisation in the job market, the US Federal Reserve held its interest rate steady at its meeting after a survey showed layoffs by US employers surged in January.
Following are the closing levels of US indices Thursday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6932.30 |
1.97 |
|
NASDAQ Composite |
23031.21 |
2.18 |
|
Dow Jones Industrial Average |
50115.67 |
2.47 |
(Akshat Saksena)
US$1 = INR 90.75
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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