Equity Alert
Torrent Pharma hits 1-yr high after co beats Q3 PAT, sales view
This story was originally published at 16:08 IST on 16 February 2026
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Equity Alert: Torrent Pharma hits 1-yr high after co beats Q3 PAT, sales view
MUMBAI--1550 IST--Shares of Torrent Pharmaceuticals hit a one-year high of INR 4,324.90 intraday Monday after the company surpassed the Street's estimates for December quarter net profit and revenue. The stock closed the day 4.5% higher at INR 4,261.50, with over 1.6 million shares changing hands on NSE, higher than nearly 519,000 shares traded on Friday.
The stock closed higher for the third straight session, gaining 5% in this period. Brokerage firm Prabhudas Lilladher has upgraded the stock to 'buy' while some other brokerages have maintained their recommendations on the stock.
The company posted a consolidated net profit of INR 6.35 billion for the December quarter, up over 26% on year. Its revenue from operations rose nearly 18% on year to INR 33.03 billion. Both the earnings metrics of the company beat analysts' estimates of INR 5.99 billion for net profit and INR 32.44 billion for revenue.
Brokerage Prabhudas Lilladher said the acquisition of JB Chemicals & Pharma will make Torrent Pharma the 5th largest player in the domestic market and will further strengthen its position in high-margin chronic therapies and open up many newer therapeutic areas. The broking firm has upgraded the stock to 'buy' from 'accumulate' with a revised target price of INR 4,750 from INR 4,200. It said the cost synergies guidance of INR 4.0 billion to INR 4.5 billion is positive and it sees the earnings before interest, tax, depreciation, and amortisation of the combined entity at INR 77 billion to INR 78 billion in 2027-28 (Apr-Mar).
Broking firm JM Financial expects the company to clock 14% compound annual growth rate in revenue over FY25 to FY28. It expects the company's EBITDA and profit to grow at a compound annual growth rate of 16% and 26%, respectively.
Of the nine brokerage reports available with Informist on the company, six have a 'buy' recommendation with an average target price of INR 4,434 while the remaining three have a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Indices end higher on gains in energy cos; Power Grid up 5%
MUMBAI--1545 IST--Benchmark equity indices ended higher Monday on the back of gains in energy companies and index heavyweights. The Nifty 50 rose above 25600 points, supported by gains in stocks of heavyweights – HDFC Bank and Reliance Industries, which were up over 2% and over 1%, respectively.
The Nifty 50 ended at 25682.75 points, up 211.65 points or 0.8%, and the BSE Sensex was at 83277.15, up 650.39 points or 0.8%. More than half of the constituents in the 50-stock index ended on a positive note.
The state-owned energy companies, Power Grid Corp. of India and Coal India, ended as the top gainers on the Nifty 50, up nearly 5% and over 3%, respectively. Their peers, NTPC and Oil and Natural Gas Corp., rose nearly 2?ch. Adani Enterprises, Max Healthcare Institute, Axis Bank, and Cipla rose around 2?ch. Financial services companies of Shriram Finance, Bajaj Finserv, HDFC Life Insurance Co., and Kotak Mahindra Bank ended 1-2% higher.
In contrast, Tech Mahindra was the worst hit on the index, down over 1%. Shares of automobile companies Maruti Suzuki India, Tata Motors Passenger Vehicles, Mahindra & Mahindra, Eicher Motors, and Bajaj Auto ended around 1% lower each. Bajaj Finance, Jio Financial Services, and Trent ended nearly 1% lower. Shares of Infosys and Wipro ended marginally lower.
Among sectoral indices, Nifty Energy was the top gainer, up nearly 2%. Gains in the stock of Power Grid Corp. of India supported Nifty Energy. The stock of Power Grid Corp. of India was among the top gainers on the Nifty 200 as well. In contrast, Nifty Media was the worst hit, weighed down by the nearly 2?ll in the stock of PVR Inox.
Barring Nifty Smallcap 250, all the broader market indices ended in the green. The Nifty Smallcap 50 was up 0.5%, with Natco Pharma contributing to the gains in the index. The stock ended 7% higher and was among the top gainers in the Nifty 500 index. The shares rose after Natco Pharma received approval from the Central Drugs Standard Control Organisation to manufacture and market generic semaglutide injection in India.
GMR Airports ended the session as the top gainer among the Nifty 200 constituents, up nearly 7%. The stock ended higher after the company reported a net profit of INR 1.22 billion for the December quarter, down 54% on year. The company reported a net profit after posting losses for the past three consecutive quarters. Torrent Pharmaceuticals ended nearly 5% higher and was among the top gainers in the index.
Meanwhile, BSE was the worst-hit stock on the Nifty 200, down over 7%. The stock was also among the worst performers on the Nifty 500. Brainbees Solutions ended over 11% lower to be the worst hit in the Nifty 500 index. The stock fell after the company's net loss for the December quarter widened to INR 284.34 million from INR 77.93 million reported in the year-ago quarter. (Adhithya Aji)
Equity Alert: Capital market cos fall after RBI revises bank funding norms
MUMBAI--1540 IST--Shares of exchanges and capital market companies such as BSE, Angel One, Billionbrains Garage Ventures, Nuvama Wealth Management, and Multi Commodity Exchange fell as much as 5-10% Monday after the Reserve Bank of India Friday tightened the norms for lending by banks to capital market intermediaries from Apr. 1. Now, all such credit facilities needs to be fully backed by collateral and will be subject to stricter norms.
Under the revised norms, banks can extend credit to Securities and Exchange Board of India-regulated brokers and intermediaries only on a fully secured basis, with a minimum 40% haircut on equity shares used as collateral. Funding for margin trading facilities must carry at least 50% cash collateral. The central bank also clarified that banks cannot fund proprietary trading by brokers. However, financing may continue for market-making activities and short-term warehousing of debt securities.
"...100% collateral requirement for funding (out of which 50% must be cash for MTF) and 40% haircut on shares for collateral value calculations may reduce bank funding access and result in high trading cost for brokers," JM Financial said in a report. Among retail brokers, it expects Angel One to reassess funding for its margin trading facility book and Billionbrains Garage Ventures to come to markets as its margin trading facility book scales up aggressively.
"We estimate new RBI norms could affect 10-12% of options turnover, resulting in an (about) 10?rnings impact for BSE," media reports quoted global brokerage Jefferies as saying. The brokerage prefers ICICI Asset Management Company, Billionbrains Garage Ventures, Kfin Technologies, and Computer Age Management as "AMCs and RTAs (registrar and transfer agents) carry lower regulatory risks and benefit from a structural shift in household savings". (Arya S. Biju)
Equity Alert: Nifty 50 Feb ends at premium of 45.25 points to spot index
MUMBAI--1536 IST--The February futures contract of the Nifty 50 closed at a premium of 45.25 points to the spot index Monday. Open interest in the contract fell 2.8% to 15.72 million, according to provisional data.
--Nifty 50 closed at 25682.75 points, up 211.65 points or 0.8% vs Fri
--Nifty 50 February closed at 25728.00 points, up 209.20 points or 0.8% vs Fri
Nifty 50 options, expiring Tuesday, with maximum change in open interest:
Call: 25750, Put: 25500
Nifty 50 options, expiring Tuesday, with maximum open interest:
Call: 26000, Put: 25500
(Gopika Balasubramanium)
Equity Alert: European indices higher; Munich Security Conference in focus
MUMBAI--1530 IST--Equity indices in Europe rose. This comes as market participants across the region assess key points from the Munich Security Conference, along with earnings that are expected to come out during the week.
The Munich Security Conference saw several leaders and policymakers from across the region restating the need to ramp up defence spending to increase the continent's strategic autonomy, with conversations of a common nuclear shield constituting a part of the discourse. This was despite US Secretary of State Marco Rubio adopting a pacifying tone in his speech on Saturday, CNBC reported. German Chancellor Friedrich Merz also acknowledged a "deep divide" in the transatlantic partnership and warned that the order based on rules after World War Two no longer existed. Ukraine President Volodymyr Zelensky said the country would be ready to join the European Union by 2027 and that a date for accession should be included in any peace agreement with Russia.
European mining stocks fell, with shares of Rio Tinto down over 4% during the session after the company suspended operations at its Simandou iron-ore mine in Guinea after a death at the SimFer project on Sunday. Shares of Glencore were 1.5% lower. Shares of BHP Group also fell 1.5% ahead of its earnings update on Tuesday. Among other corporate earnings, Airbus, Nestle, and Renault are some of the companies scheduled to report their earnings during the week.
Following were the levels of major European indices at 1523 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10476.96 |
0.29 |
|
CAC 40 |
8344.15 |
0.39 |
|
FTSE MIB Index |
45685.96 |
0.56 |
|
DAX PERFORMANCE-INDEX |
24962.89 |
0.19 |
|
SLI PR |
2162.09 |
0.23 |
(Akshat Saksena)
Equity Alert: Asian indices mixed; Hang Seng ends higher ahead of holidays
MUMBAI--1505 IST--Asian indices ended on a mixed note Monday. The Hang Seng snapped its fall of two days and ended higher ahead of the Lunar New Year holidays. Investors are betting that the gains seen on Monday, the biggest lunar-year gain in eight years, will continue over the year, the South China Morning Post said.
Shares of Zijin Mining Group rose nearly 5% and those of NetEase and Techtronic Industries rose nearly 1% and 3.5%, respectively. Shares of food delivery platform operator Meituan ended slightly lower after it warned investors of a loss of up to $3.5 billion for 2025 due to intense competition, with the slump expected to continue this year. Shares of Alibaba Group and those of its peer JD.com fell 0.5?ch.
The indices in Japan ended lower after its economy recorded a growth of only 0.2% for the December quarter, way below expectations of a rise of 1.6%. This will give Prime Minister Sanae Takaichi's call for more aggressive fiscal stimulus a boost. Across Asia, there are fears that technology companies with mega capitalisation might announce a pause in production, which might lead to a sharp correction in share of companies that make memory chips. Shares of such companies have risen sharply this year in markets such as South Korea, Nick Ferres, chief investment officer at Vantage Point, was reported as saying by Reuters.
Following are the levels of key Asian indices at 1426 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
Hang Seng Index |
26705.94 |
0.52 |
|
Nikkei 225 Day |
56806.41 |
(-)0.24 |
|
TOPIX FIRST SECTION |
3787.38 |
(-)0.82 |
|
FTSE Singapore Straits Times |
4938.58 |
(-)0.02 |
|
S&P/ASX 200 Index |
8937.10 |
0.22 |
(Akshat Saksena)
Equity Alert: Brainbees down 12% at 1-year low as Q3 consol loss widens YoY
MUMBAI--1500 IST--Shares of Brainbees Solutions fell over 12% to a one-year low of INR 236.80 after the company's consolidated net loss for the December quarter widened on year. The stock was down for the third session in the past four sessions.
Brainbees Solutions reported a consolidated net loss of INR 284.34 million for the December quarter, up from a loss of INR 77.93 million in the year-ago quarter. Its consolidated revenue for the quarter was INR 24.24 billion, up nearly 12% on year. Its net loss included a one-time cost of INR 163.14 million.
Broking firm JM Financial maintained its "buy" recommendation on the stock with a revised target price of INR 390. "While near-term growth and margins remain under pressure, management reiterated confidence in sequential recovery, driven by structural initiatives such as RocketBees, FirstCry Qwik and portfolio realignment in offline stores," according to the brokerage.
At 1448 IST, shares of Brainbees Solutions were over 11% lower at INR 239.35 on the NSE. So far, over 8 million shares have changed hands on the exchange, more than 10 times the 792,000 shares traded till the same time Friday.
The one brokerage report on the company available with Informist has a "buy" recommendation on the stock with a target price of INR 480. (Arundathi A R)
Equity Alert: Alkem Lab up 2.5%; Nuvama upgrades to 'hold' from 'reduce'
MUMBAI--1355 IST--Shares of Alkem Laboratories rose 2.5% to an intraday high of INR 5,537. Nuvama Institutional Equities upgraded its rating on the stock to 'hold' from 'reduce' and raised the target price to INR 5,800 from INR 5,100. The change in rating came after the company reported its earnings for the December quarter, with its consolidated net profit rising nearly 2% on year but down nearly 17% sequentially to INR 6.36 billion. The company's consolidated revenue rose nearly 11% year-on-year but fell nearly 7% on quarter to INR 37.37 billion. Both the net profit and revenue were in line with analysts' estimates. Analysts had estimated Alkem Lab's net profit at INR 6.06 billion and revenue was projected at INR 37.32 billion.
The company reported a mixed quarter, as its growth in the domestic business missed estimates by Nuvama. However, adjusted for its trade generics business, the company's domestic business grew 10% on year. The company has guided to continue outperforming the growth in the Indian pharmaceutical market along with the possibility of adding more medical representatives. The company is also set to purchase 55% stake in Swiss medical technology company Occlutech, with a firm plan to turn around the loss-making business and improving its margins to around 24% from 4% in the next four to five years, Nuvama said. The brokerage believes the company might benefit from potential addition of medical representatives and their visible capital allocation strategy, along with its improving return-on-capital-employed to more than 20%.
According to Nirmal Bang Institutional Equities, Alkem delivered a stable performance for the quarter on the back of resilient growth in the domestic markets and strong traction in the US and non-US markets. However, the company's profitability was weighed down by investments in its medical technology and contract development and manufacturing businesses, the brokerage said. Citing the company's strong execution and balance sheet along with its leadership across its core therapies, the brokerage maintained its forward estimates along with its 'hold' recommendation. However, it reduced its target price on the company to INR 5,981 from INR 6,408. ICICI Securities Direct Research expects the company to report a compound annual growth rate of 12.7% for its revenue and its margins to expand by around 100 basis points to 20.4% over 2024-25 (Apr-Mar) to FY28. The brokerage maintained its 'buy' recommendation on the stock but reduced its target price to INR 6,500 from INR 6,600. More products under price control, regulatory lapses in its US-centric plants, and the slowdown in trade generics are expected to be downside risks for the stock.
At 1339 IST, shares of the company traded 1.5% higher at INR 5,485 on the National Stock Exchange. Nearly 100,000 shares of the company were traded on the bourse so far, sharply higher than the nearly 34,000 shares traded till the same time Friday. Out of seven brokerage reports on the company with Informist, four have a 'buy' recommendation with an average target price of INR 6,559, three have a 'hold' recommendation with INR 5,560 the minimum target price and INR 5,981 as the highest target price on the stock. (Akshat Saksena)
Equity Alert: Banks rise; brokerages positive on acquisition financing norms
MUMBAI--1300 IST--Shares of several banks rose Monday, with Nifty 50 heavyweight HDFC Bank rising nearly 3%. Multiple brokerages said that the introduction of acquisition financing norms is good for banks and opens a new fee and credit-growth area. Formalising the participation of banks in large mergers and acquisition transactions is a structural positive for the banking sector, ICICI Securities said.
The Reserve Bank of India finalised new norms permitting banks to provide acquisition financing for mergers and acquisitions from 2026–27 (Apr-Mar). At 1301 IST, shares of Axis Bank were up nearly 2%. Other lenders such as Canara Bank, Bank of India, and Bank Of Baroda traded 1-2% higher.
The new rules will allow banks to actively participate in corporate takeovers, mergers and acquisitions, and leverage buyouts, JM Financial Securities said in a research report. Increased limits for loans against securities for individuals should provide deeper liquidity, according to the report. Earlier, acquisition funding was largely dominated by non-banking financial services, private equity and offshore lenders. The entry of banks is expected to broaden funding availability, support deal activity, and incrementally improve corporate credit growth, ICICI Securities said in a report.
Banks can fund up to 75% of the acquisition value, with the acquiring entity required to contribute at least 25% equity. This can only be applicable to companies with a minimum net worth of INR 5 billion. For eligibility, listed acquirers must report profits for the last three financial years and unlisted companies must hold a minimum 'BBB-' credit rating. The central bank has directed banks to keep a loan-to-value ceiling of 60% for listed shares and listed convertible debt securities.
In a separate draft, the apex bank said banks would be allowed to fund real estate investment trusts and infrastructure investment trusts regulated by the Securities and Exchange Board of India. The central bank has directed banks to keep a loan-to-value ceiling of 75% for mutual funds, units of exchange-traded funds, real estate investment trusts, and infrastructure investment trust. Only listed REITs with a minimum of three years of operations, positive net distributable cash flows in the preceding two financial years, and without any material adverse regulatory action in the preceding three years are eligible for funding by banks. (Eshitva Prakash)
Equity Alert: Benchmark indices rise further, Nifty Energy index leads gains
MUMBAI--1225 IST--Benchmark equity indices rose further, with gains in heavyweight HDFC Bank providing the maximum support to the Nifty 50. Rise in shares of Power Grid Corp. of India and Axis Bank also lent support to the 50-stock index. However, fall in shares of Infosys, ICICI Bank, and Maruti Suzuki limited the gains. Nifty Energy and Nifty Pharma were the best performing sectoral indices, up around 1?ch. At 1221 IST, the Nifty 50 was at 25558.55 points, up 87.45 points or 0.3%, and the BSE Sensex was at 82879.97 points, up 253.21 points or 0.3%.
Power Grid rose nearly 4% and was the highest gainer in the Nifty 50 followed by Coal India and HDFC Bank, up around 3?ch. Shares of Infosys were down 2% and were the worst performers in the 50-stock index followed by those of Tech Mahindra and Maruti Suzuki, down over 1% and 1.5%, respectively.
GMR Airports, Torrent Pharma, and Adani Green Energy, up 4-7%, were among the best performers in the Nifty 200 index. GMR Airports rose after the company reported a net profit after reporting a loss for three consecutive quarters. Torrent Pharma also reported a healthy net profit of INR 6.35 billion, up over 26% on year, beating analysts estimates of INR 5.99 billion. The company's consolidated sales were INR 33.03 billion, up nearly 18% on year, and higher than the Street's estimate of INR 32.44 billion. The company reported healthy numbers on the back of its business across key geographies, which clocked good growth.
Shares of BSE, down over 7%, were the worst hit in the Nifty 200, after a new circular from the Reserve Bank of India imposed ceilings on banks capital market exposure. "(The) new circular tightens banks' capital market exposures, and will raise costs for brokers and proprietary desks, curbing leverage and liquidity in derivatives, where proprietary trading drives 40% of futures and options turnover," Devarsh Vakil, head of prime research at HDFC Securities was reported by Reuters as saying. Shares of IRB Infrastructure Developers, down 4%, and those of PI Industries, down 3%, were among the worst performers in the 200-stock index.
Shares of pharma companies Natco Pharma and Akums Drugs And Pharmaceuticals were up 9% and nearly 8% respectively, being the best performers in the Nifty 500 index. Natco Pharma Saturday said it had received approval from the Central Drugs Standard Control Organisation to manufacture and market generic semaglutide injection in India. Brainbees Solutions and Blue Jet Healthcare down around 10?ch, were the worst performers in the 500-stock index. (Akshat Saksena)
Equity Alert: Fractal Analytics lists at INR 876, 3% discount to issue price
MUMBAI--1200 IST--Shares of Fractal Analytics listed at INR 876 on the National Stock Exchange, at a discount of around 3% compared to the issue price of INR 900. At 1152 IST, shares of the company traded at INR 857 on the National Stock Exchange, nearly 5% lower than the issue price. Over 5 million shares of the company have changed hands on the NSE so far in the session.
The company's initial public offering, which closed Wednesday, was subscribed 2.7 times, with the company receiving bids for 49.48 million shares, against 18.58 million shares available on the offer. Ahead of the offer, the company raised over INR 12 billion from anchor investors by allotting 13.87 million shares.
Fractal Analytics is an enterprise artificial intelligence company that provides large global enterprises with data-driven insights and assists them in their decision-making through its end-to-end AI solutions. For the six months ended Sept. 30, it had reported a consolidated net profit of INR 718 million on a revenue of INR 15.59 billion. (Arya S. Biju)
Equity Alert: Natco Pharma up 13% as co gets OK for India semaglutide launch
MUMBAI--1150 IST--Shares of Natco Pharma rose 13% to an over one-month high of INR 932 on the NSE after the company Saturday said it had received approval from the Central Drugs Standard Control Organisation to manufacture and market generic semaglutide injection in India.
Semaglutide is a glucagon-like peptide-1 receptor agonist indicated for use against type-II diabetes. Several pharmaceutical majors have already thrown their hats into the GLP-1 race and analysts believe this class of drugs can have a large growth opportunity for Indian pharmaceutical players. Semaglutide's patent in India will expire in March, allowing the entry of multiple generic manufacturers to launch their versions of the drug. Novo Nordisk, which has brought the drug to Indian markets, already markets it under brands such as Wegovy and Ozempic. Natco Pharma has said that it will launch Semaglutide in March.
The launch will leverage existing metabolic insulin teams and will limit incremental hiring, Prabhudas Lilladher said after the approval. Initial margins from the drugs are expected to be lower and the brokerage sees minimal impact to overall earnings before interest, tax, depreciation, and amortisation.
Three brokerages have a 'hold' rating on Natco Pharma with a target price ranging from INR 838 to INR 925. Dolat Capital Market has an 'accumulate' call on the stock with a target price of INR 974. (Eshitva Prakash)
Equity Alert: Aye Finance lists at issue price of INR 129/share
MUMBAI--1114 IST--Shares of Aye Finance listed at the issue price of INR 129 a share on the National Stock Exchange. At 1112 IST, shares of the company were down over 3% at INR 124.80 on the National Stock Exchange, with 5.67 million shares of the company having exchanged hands on the bourse so far during the session. Shares of the non-banking finance company fell nearly 7% to the day's low of INR 120.55.
The company's initial public offering, which closed Wednesday, failed to get full subscription, with bids submitted for over 44 million shares, against more than 45 million shares on offer. The company's initial public offering comprised a fresh issue of shares worth INR 7.10 billion and an offer for sale of shares worth up to INR 3 billion. The company intends to use the net proceeds from the fresh issue to augment its capital base to meet future capital requirements, which are expected to arise out of growth in business and assets.
The non-banking finance company provides loans to micro, small, and medium enterprises across India. For the six months ended September, it had reported net profit of INR 645.97 million and revenue of INR 8.44 billion. (Akshat Saksena)
Equity Alert: Shares of Kwality Wall's list at INR 29.80 on NSE
MUMBAI--1104 IST--Shares of Kwality Wall's (India) listed at INR 29.80 on the NSE and were trading at INR 31.25, as of 1104 IST. Around 35 million shares of the company have been traded on the exchange so far in the day. The ice-cream manufacturing company's stock was part of the special pre-open session as part of the initial public offering. Hindustan Unilever demerged its ice cream business into a new standalone company, effective from Dec. 1. The company's indicative listing price was INR 40.20 per share.
Under the demerger plan, HUL shareholders will receive one share of Kwality Wall's for every HUL share owned. As part of the plan, Unilever group arm Magnum HoldCo. will also acquire a majority stake in Kwality Wall's. At 1104 IST, shares of Hindustan Unilever traded slightly higher at INR 2,310.80 on the NSE.
Of the 15 brokerage reports available with Informist on the company, 12 have a 'buy' recommendation with a target price of INR 2,803 on the NSE, while three have a 'hold' call on the stock. (Eshitva Prakash)
Equity Alert: Indices remain up; gains in shares of PSU cos support market
MUMBAI--1045 IST--Benchmark equity indices remained up, supported by gains in public sector enterprises. The heavyweight banking stock, HDFC Bank, rose over 2% and contributed to the gains in the Nifty 50 index. At 1032 IST, the Nifty 50 was at 25527.65 points, up 56.55 points or 0.2%, and the BSE Sensex was at 82795.24 points, up 168.48 points or 0.2%.
State-owned companies Coal India and Power Grid Corp. of India rose around 3% to be the top gainers in the 50-stock index. Other public sector enterprises such as NTPC and ONGC were up over 1%. Among individual stocks, Axis Bank, Eternal, Bajaj Finserv, and HDFC Life Insurance Co. were up nearly 1?ch.
Infosys and Tech Mahindra were the worst hit in the index, down nearly 2% and over 1?ch. Jio Financial Services, Tata Motors Passenger Vehicles, Maruti Suzuki India, and Wipro were the other worst performers, down nearly 1?ch.
Among the sectoral indices, Nifty Pharma rose nearly 1%. A nearly 6% rise in shares of JB Chemicals & Pharmaceuticals supported Nifty Pharma. In contrast, Nifty Media was the worst hit, down nearly 1%. PVR INOX, which fell over 1%, was among constituents of the Nifty Media that weighed on the sectoral index.
Torrent Pharmaceuticals and GMR Airports were the top gainers among the Nifty 200 constituents, up nearly 6?ch. Shares of Siemens Energy India rose nearly 3?ter the company reported a net profit of INR 3.13 billion, up 35% on year, for the December quarter. The revenue of the company rose nearly 26% on year to INR 19.11 billion.
In contrast, BSE was the worst hit in the Nifty 200 index, down nearly 7%, followed by shares of IRB Infrastructure Developers, which fell over 4%. The shares fell after the company's consolidated net profit for the December quarter fell 97% on year to INR 2.11 billion. The top line of the company fell 8% to INR 18.71 billion for the reporting quarter.
Pharmaceutical companies of Natco Pharma, Akums Drugs and Pharmaceuticals, and JB Chemicals & Pharmaceuticals were among the top gainers in the Nifty 500 index, up 6-11%. (Adhithya Aji)
Equity Alert: Ola Electric dn 7%; Emkay cuts price aim 60%, recommends 'sell'
MUMBAI--1025 IST--Shares of Ola Electric Mobility fell 7% to INR 28.81 on the NSE Monday after the company reported its earnings for the December quarter Friday. Emkay Global Financial Services downgraded the stock to 'sell' from 'buy' earlier and cut its target price 60%. Ola Electric has seen a consistent market share loss and attempts at revitalising its presence in the electric two-wheeler segment will be a long process, the brokerage said.
For the quarter ended December, Ola Electric Mobility reported a consolidated net loss of INR 4.87 billion from INR 5.64 billion loss a year ago. Revenue during the quarter slumped 55% to INR 4.7 billion. The company's gross margin rose by 340 basis points sequentially to 34.3%, aided by a production-linked incentive for its Gen3 vehicle, Emkay Global said in a research report. The electric two-wheeler industry is seeing healthy growth, with a revival in penetration following a dip due to the recent goods and services tax rate cut, the brokerage said. However, Ola has seen a consistent volume decline and market-share loss, it said.
The company is undertaking several measures to improve execution, cut costs, conserve cash and improve brand perception amid severe product and service issues, according to the report. The company on Friday reiterated its gross margin target of 35–40% for 2026–27 (Apr–Mar) in a post-earnings letter to shareholders.
"However, we believe that this (improvement) could be a difficult, long-drawn process, especially amid greater focus from incumbents and scale-up at Ather," Emkay Global said. A turnaround would require the company to have a strong cash balance to survive this phase. Ola had a net debt of INR 6.7 billion as on Dec. 31, as per Emkay Global's calculation. (Eshitva Prakash)
Equity Alert: Indices open a tad lower, rises later; pharma stocks up
MUMBAI--1020 IST--Benchmark indices opened a tad lower and were volatile during the session so far. After swinging between gains and losses, indices were up, with pharmaceutical companies contributing to the gains. The Nifty 50 index was supported by the index heavyweight HDFC Bank, which rose over 1%. At 1020 IST, the Nifty 50 was at 25545.65 points, up 74.55 points or 0.3% and the BSE Sensex was at 82843.37 points, up 216.61 points or 0.3%.
Power Grid Corp. of India and Coal India were the top gainers among Nifty 50 constituents, up around 2?ch. State-owned companies such as NTPC and ONGC were up around 1?ch. Pharma majors Sun Pharmaceutical Industries and Cipla rose 0.4% and 0.5%, respectively. Financial services companies such as Shriram Finance and Bajaj Finserv rose around 1?ch.
Adani Ports and Special Economic Zone, Hindalco Industries, Jio Financial Services, and Infosys were the worst-hit stocks in the index, down around 1-2%. Share of State Bank of India, Hindustan Unilever, and Tata Motors Passenger Vehicles were down nearly 1% as well.
Torrent Pharmaceuticals was the top gainer in the Nifty 200 index, up over 5%. The stock rose after the pharmaceutical major's consolidated net profit rose over 26% on year to INR 6.35 billion for the December quarter. The top line of the company rose nearly 18% to INR 33.03 billion for the reporting quarter.
Shares of GMR Airports rose over 5?ter the company reported a net profit of INR 1.22 billion for the December quarter, down 54% on year. The company reported a net profit after posting losses for the past consecutive three quarters.
Pharma stocks of Natco Pharma and Akums Drugs were the top gainers among Nifty 500 constituents, up 9% and 7% respectively.
Natco Pharma rose after the company received approval from the Central Drugs Standard Control Organisation to manufacture and market generic semaglutide injection in India.
In contrast, BSE was the worst hit in the Nifty 200, down over 7%, and Blue Jet Healthcare was the worst hit in the Nifty 500, down nearly 9%. (Adhithya Aji)
Equity Alert: GMR Airports up 5%, co posts profit in Q3 after 3 qtrs of loss
MUMBAI--0945 IST--Shares of GMR Airports rose over 5% to an intraday high of INR 99.05 on the NSE Monday. The company, after market hours Friday, reported a consolidated net profit for the December quarter, after three straight quarters of losses. The airport operator's revenue rose sharply for the quarter, supported by higher passenger traffic. A tariff revision at the Delhi airport, strong growth in the non-aero segments, and profitability turnaround at the Goa airport drove earnings before interest, tax, depreciation, and amortisation growth, according to JM Financial Institutional Securities.
The company reported a consolidated net profit of INR 1.22 billion for the December quarter, down over 54% on year, but in line with analysts' projection. The company's revenue from operations rose around 51% on year to INR 39.94 billion and was also in line with expectations. The airport operator reported an EBITDA of INR 17.89 billion for the reporting quarter, up 65% on year.
The company's Delhi airport reported its highest-ever EBITDA for a quarter. The company's airports handled a record 31.9 million passengers in the December quarter, led by Delhi airport at a record 20.8 million passengers, Hyderabad airport at 7.8 million passengers, and Mopa (Goa) airport at a record 1.46 million passengers, the company said in a release. It handled the highest-ever monthly passenger traffic of 11.13 million in January, up 3.9% on year.
The interest costs fell on quarter owing to lower interest rates led by refinancing measures undertaken by the company, JM Financial Securities said. The brokerage sees the company entering a low capital expenditure phase in 2026-27 (Apr-Mar) as the capital expenditure for Bhogapuram is largely complete and that for Hyderabad expansion is not due until FY28. Cash flows for the could significantly improve in FY27, JM Financial said. The brokerage has a 'buy' recommendation on the stock at an unchanged target price of INR 120. (Eshitva Prakash)
Equity Alert: Asian markets lower, investors book profit in Hong Kong
MUMBAI--0835 IST--Equity indices in Asia were trading mostly lower Monday. Economic data out of Japan did little to lift investor sentiment during the session. Hang Seng was flat for the session as investors look to book profits ahead of the Lunar New Year.
Japan's economy grew by 0.2% on year for the December quarter, way below expectations of a rise of 1.6% as government spending weighed on economic activity, Reuters reported. The figures have set a tough road ahead for Japanese Prime Minister Sanae Takaichi but should support her advocacy for a more aggressive fiscal stimulus. "Our fear in Asia is that if the mega-cap technology companies announce a pause in capital expenditure, that might lead to a sharp correction in memory stocks that have rallied sharply in markets like Korea this year," Nick Ferres, chief investment officer at Vantage Point was reported as saying. "While rotation is likely to favour emerging markets, we are becoming increasingly cautious on memory stocks in Korea and Taiwan following their exceptional performance and re-rating," he added.
Shares in Hong Kong were flat as investors lock in profits ahead of the Lunar New Year break, a report from South China Morning Post said. Shares of e-commerce giant Alibaba Group were down nearly 3% and those of JD.com were down nearly 2%. Shares of search engine operator Baidu fell nearly 1% and those of food delivery platform Meituan fell over 2%. The Hang Seng will be closed after the morning session Monday and reopen Friday, while indices in mainland China will be closed for the entire week.
Following are the levels of key Asian indices at 0819 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
Hang Seng Index |
26573.98 |
0.03 |
|
KOSPI |
5507.01 |
(-)0.28 |
|
Nikkei 225 Day |
56797.91 |
(-)0.25 |
|
TOPIX FIRST SECTION |
3788.58 |
(-)0.79 |
|
FTSE Singapore Straits Times |
4932.44 |
(-)0.11 |
|
S&P/ASX 200 Index |
8934.20 |
0.19 |
(Akshat Saksena)
Equity Alert: Indices seen in range; volatility in IT stocks seen continuing
MUMBAI--0830 IST--Benchmark indices are expected to be in range with a negative bias, following a sharp fall in the last two sessions. Investor sentiment remains weak and traders are likely to sell on a rise, technical analysts said. Information technology stocks are likely to be volatile this week, with some analysts expecting a rebound, while others seeing more pain for companies exposed to competition from artifical intelligence tools.
On Friday, the American depository receipts of technology majors Infosys and Wipro recovered some losses after falling for two straight sessions. Infosys' ADRs ended 3.6% higher and those of Wipro closed 2.6% higher. There are concerns that a rise in artificial intelligence tools will affect the earnings of traditional software makers, especially those that depend on outsourcing from the US. Analysts are waiting for announcements from the India AI Impact Summit, which starts on Monday in New Delhi. Top executives from leading technology companies such as Google, OpenAI, and Anthropic are expected to attend the summit and provide cues on demand for AI tools.
At 0821 IST, the GIFT Nifty 50 indicated a muted start for the Nifty 50, with the February contract of the GIFT Nifty being 39 points lower than the Nifty 50's previous close. On Friday, the Nifty 50 index closed 1.3% lower at 25471.10 points. The BSE Sensex closed at 82626.76 points, down 1.3%. "Broader setup continues to favour a sell on rise approach unless the index decisively reclaims the 25,800 mark,. Such a move would be essential to negate the current bearish structure and trigger renewed bullish momentum. 25450–25400 zone has now evolved into a crucial make-or-break region," Dhupesh Dhameja, derivatives research analyst at SAMCO Securities, said.
Equity indices in the US ended mixed on Friday, with the S&P 500 snapping a three-session losing streak, but the tech-laden Nasdaq Composite closed lower after yet another decline in technology and communication services. Consumer inflation for January rose 2.4% on year basis, softer than expectations and lower than the 2.7% rise in December. Most indices in Asia were down in early trade Monday, weighed down by poor economic data from Japan, according to media reports. The country reported its economy growing 0.1% on an annualised basis in the December quarter, far below the 1.6% gain forecast as government spending dragged on activity, CNBC TV-18 said.
Among specific stocks, Ola Electric Mobility will be in focus after Emkay Global Financial Services downgraded the stock to 'sell' from 'buy' and cut its target price on the stock by 60% to INR 20 from INR 50. "Ola has seen a consistent volume decline and market-share loss," Emkay Global said. While the company is undertaking several measures to improve execution, cut costs, and improve brand perception amid product, these changes could be a difficult process, especially amid greater focus from incumbents and scale-up at Ather, the brokerage added. (Eshitva Prakash)
Equity Alert: Barring Nasdaq, US equity indices end slightly higher Fri
MUMBAI--0742 IST--Equity indices in the US ended slightly higher Friday barring the Nasdaq Composite index that fell slightly due to losses in technology stocks. The impact of the weakness in technology stocks was somewhat offset by the weaker-than-expected inflation data, which increased the chances of a rate cut in June.
The data from the US Bureau of Labor Statistics showed CPI for January 2.4% on year, down 0.3 percentage point from the preiovus month, CNBC reported. "This should be welcome news for markets, and the presumptive incoming Fed Chair Kevin Warsh," Phil Blancato, Osaic chief market strategist was reported as saying. "This is only one month's worth of data, but if the trend continues it should pave a path for lower interest rates and reined in inflation," Blancato added. The possibility of a 25 basis point rate cut by the US Federal Reserve in June rose to 9.8% from 9.2% on Feb. 13, according to the CMEFedWatch tool.
Disruption from artificial intelligence-affected tech stocks during the course of the week, spread to software, real estate, and financial services stocks. Shares of Morgan Stanley and Charles Schwab have fallen nearly 5% and 11%, respectively. Shares of software company Workday fell 11% and those of real estate firm CBRE fell 16% for the period. Shares of media companies too fell, with Netflix falling 6% for the week. "Investors show no mercy for anything seen as an AI loser. The list is growing by the day, driving divergence between new/old economy sectors and U.S./[Rest Of World] equities," Barclays analyst Emmanuel Cau was reported by CNBC as saying. "Amid erratic price action and fears of AI disruption turning into a broader macro/credit issue, growth, rates & earnings backdrop is okay," he added.
Mega tech stocks such as NVIDIA Corp. and Apple, down over 2?ch, were the biggest drag on the S&P 500, while shares of Applied Materials provided the biggest boost to the index, Reuters reported. Shares of Arista Networks rose nearly 5?ter their forecasts for annual revenue beat expectations. Shares of Applied Materials rose over 8?ter the company forecast better-than-expected numbers for their annual revenue as well.
The US markets will be closed on Monday on account of President's Day.
Following are the closing levels of US indices Friday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6836.17 |
0.05 |
|
NASDAQ Composite |
22546.67 |
(-)0.22 |
|
Dow Jones Industrial Average |
49500.93 |
0.1 |
(Akshat Saksena)
US$1 = INR 90.65
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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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