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Informist, Thursday, Feb. 19, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Goldman Sachs cuts KPIT Tech price aim on shift in business model

MUMBAI--1000 IST--Global brokerage Goldman Sachs has slashed its target price on KPIT Technologies by over 10% and reduced its earnings per share estimate around 3-5% from 2025-26(Apr-Mar) to 2027-28(Apr-Mar), according to a post by ET-Now on social media platform, 'X'. At 0955 IST, shares of KPIT Technologies traded 0.5% lower at INR 857.20 on the NSE.

Goldman Sachs expects near-term disruption from the company's decision to shift to a solutions-based business model, according to the post. KPIT Technologies sees better margins and higher market share in the medium term as it pivots from being a primarily services company to a solutions company, Kishor Patil, chief executive officer and managing director of the company, said in a post-earnings call with analysts on Jan. 30. The engineering, research and development company will be working on making this shift in the next 12–18 months and over the following years, according to its management.

Of the nine brokerage reports available with Informist on the company, four have a 'buy' call on the stock with an average target price of INR 1,393. Three brokerages have recommended 'hold', while two others have a 'sell' call.  (Eshitva Prakash)

Equity Alert: Goldman Sachs raises Eicher Motors target price 7%

MUMBAI--0940 IST--Broking firm Goldman Sachs has raised its target price for Eicher Motors by 7% to INR 9,200. The brokerage has reiterated its 'buy' recommendation on the stock on the back of improving volume momentum and earnings upgrades, CNBC-TV18 reported, quoting the brokerage.

Volumes of Royal Enfield Hunter 350 increased to 20,000 units per month post the goods and services tax cuts in September 2025 on sub-350cc motorcycles, the brokerage said. This is higher than 15,000 units per month reported a year ago. The brokerage expects the company's announced capacity acceleration over the next 24 months to support further volume growth for the Hunter 350, according to CNBC-TV18 report. It also said demand could see an additional boost heading into the Pay Commission cycle in 2027-28 (Apr-Mar) and beyond.

The brokerage has raised the estimate for Eicher Motors' earnings per share for FY26 to FY28 by up to 3%, reflecting stronger outlook. At 0925 IST, shares of Eicher Motors were over 1% higher at INR 8,100 on NSE. So far, nearly 43,000 shares of the company have changed hands on the exchange, higher than over 19,000 shares traded till the same time Wednesday.

Of the 13 brokerage reports available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR 8,486. Of the remaining six, four have a 'hold' recommendation with an average target price of INR 7,769 and two have a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert: Oil explorers rise, oil refiners dn as crude oil prices surge

MUMBAI--0935 IST--Shares of companies involved in oil exploration rose, while those that refine the commodity were down in early trade Thursday. This was after the April futures contract of Brent crude oil spiked over 4% to $70.35 per barrel on the Intercontinental Exchange Wednesday as US-Iran tensions continued, despite ongoing talks between the two countries in Geneva.

Shares of Oil and Natural Gas Corp. rose over 2% and those of Oil India were up 2.3%. Shares of oil refiners such as Indian Oil Corp. and Bharat Petroleum Corp. were down around 1% each. Hindustan Petroleum Corp. was among the worst hit companies in the Nifty 200 index, down nearly 1.4%.

As per media reports, J.D. Vance, the US vice-president, said Iran did not address all the demands of the US in nuclear talks this week. He also said that US President Donald Trump reserved the right to use military force. 

Crude oil prices closed lower on Tuesday after Iran's foreign minister, Abbas Araghchi, said the discussions between envoys of the countries were "constructive," and had yielded an "agreement on guiding principles." At 0934 IST, the April futures contract Brent crude oil held onto their gains and were up 0.4% to $70.63 per barrel.  (Eshitva Prakash)

Equity Alert: CLSA downgrades Dixon Tech to 'hold' on surge in memory prices

MUMBAI--0910 IST--Global brokerage CLSA has downgraded Dixon Technologies (India) to 'hold' from 'outperform' and slashed its price target on the stock by 23% to INR 12,100 from INR 15,800, according to a CNBC TV-18 report. CLSA said the computer memory industry is entering a super cycle, as artificial intelligence-related products drive up demand for high-bandwidth memory and Double Data Rate 5, or DDR5, memory. Mainstream storage faces tightening supply and rising costs, the brokerage added.

Dixon Technologies is an electronic manufacturing services player which dabbles in various sub-segments of electronics manufacturing. The company provides solutions in consumer durables, home appliances, lighting, mobile phones, and security devices to customers. CLSA said India's heavy reliance on memory imports leaves the country exposed to this global supply squeeze caused by AI demand, especially as manufacturers prioritise high-margin AI-grade memory. Memory prices have already surged, with DDR5 and DDR4 contract rates rising 119% and 63% month-on-month in January, and NAND contract prices increased 37–67%, according to the report.

The brokerage sees a risk to smartphone sales as higher memory costs could push up average selling prices by 10-25%, disproportionately affecting the lower-end consumer segment. There are concerns about low demand for cheap smartphones and the medium-term growth visibility of the company, the brokerage said. 

Of the 13 brokerage reports available with Informist on the company, 12 have a 'buy' call with an average target price of INR 13,952, while one brokerage has a 'sell' call. On Wednesday, shares of the company ended 0.3% lower at INR 11,479.  (Eshitva Prakash)

Equity Alert: Nuvama raises Hitachi Energy target price by 8% to INR 26,400

MUMBAI--0858 IST--Nuvama Institutional Equities has raised target price on the stock of Hitachi Energy India by nearly 8% to INR 26,400 and maintained a 'buy' recommendation. Transmission and distribution capital expenditure cycle is likely to remain structurally strong well beyond 2031–2032 (Apr-Mar), firm the brokerage said after an interaction with N. Venu, managing director, and Ajay Singh, chief financial officer, of Hitachi Energy.

The domestic and export business of the company is expected to be healthy with demand visibility for the next five to six years. The current earnings before interest, tax, depreciation, and amortisation margin is sustainable with an upside potential from operating leverage over FY27 to FY28, Nuvama said. The other growth drivers for the company are the data centres segment with 15% wallet share, railways segment revival over next 12 to 18 months, and high-voltage direct current pipeline, the brokerage added.

The management of the company remains confident of sustaining margins of 16.6% in the December quarter and 14.8% in the nine months ended FY26. Further upside is expected on margins due to operating leverage led by volume growth, stable rising exports mix, and growing services opportunities, according to Nuvama. Exports currently contribute 25% of sales and could sustain at 25-30%. However, the strategic focus still remains on domestic business, the brokerage added. 

"Royalty fees are likely to remain stable and are critical for access to cutting-edge technology access from the global parent," Nuvama said. Hitachi Energy is also developing and co-investing in its Indian supplier base to cater to both India and exports markets, the brokerage said. 

Wednesday, shares of Hitachi Energy ended nearly 3% higher at INR 23,569 on the National Stock Exchange.  (Adhithya Aji)

Equity Alert: Indices seen in range; 26000 level key hurdle for Nifty 50

MUMBAI--0825 IST--Benchmark equity indices are expected to be in range with a positive bias Thursday. The 26000 mark will be a key resistance for the Nifty 50 and volatility in information technology stocks is likely to continue, technical analysts said. Oil and gas companies may react strongly to a sharp jump in oil prices after J.D. Vance, vice-president of the US, said Iran did not address all the conditions in nuclear talks between the two nations, according to media reports.

"Overall, IT stocks may remain weak since uncertainty surrounding the sector is huge and large institutional investors are unlikely to invest big time in IT stocks, unless valuations become compelling," V.K. Vijayakumar, chief investment strategist, Geojit Investments, said in a note. "There can be churns away from IT towards other sectors like banking and financials, automobiles, telecommunications, pharmaceuticals, etc., where there is good earnings visibility," he added. 

Shares of oil explorers and refiners may react as Brent crude oil futures rose on Iran-US tensions. The two sides had different accounts of the nuclear talks, Al Jazeera reported. Iranian officials said both parties had agreed on guiding principles, but Vance said Iran had yet to respond to all of Washington's "red lines," according to the report. On Wednesday, the April futures contract of Brent crude ended 4% higher at $70.35 per barrel. At 0738 IST, the contract held onto its gains and was at $70.41 per barrel.

Overnight, indices in the US ended higher with the tech-laden Nasdaq Composite gaining nearly 1% and the S&P 500 ending 0.6% higher. Key technology names such as Nvidia and Amazon aided the rise of US indices, media reports said. Minutes of the US Federal Reserve's meeting in January showed that central bankers were split on the interest rate trajectory going forward. Some participants of the Federal Open Market Committee said that rate hikes could be on the table and wanted the post-meeting statement to more closely reflect "a two-sided description of the Committee's future interest rate decisions," according to the report.

Equity markets in China were closed on account of the Lunar New Year holiday. Japan's Nikkei 225 and the broader Topix index were up almost 1%. South Korea's Kospi, which opened after a three-day holiday, was nearly 3% higher, touching yet another record high.

At 0752 IST, the GIFT Nifty 50 indicated slight gains for the Nifty 50. The February contracts of the Nifty 50, trading on the NSE international exchange, were 40 points higher than the Nifty 50's previous close. On Wednesday, the Nifty 50 index closed 0.4% higher at 25819.35 points. The BSE Sensex closed at 83734.25 points, up 0.3%.  (Eshitva Prakash)

Equity Alert: Asian indices rise; KOSPI, Australian index record fresh highs

MUMBAI--0820 IST--Equity indices in Asia were higher on Thursday, with South Korea's Kospi index and the Australian S&P/ASX 200 Index hitting fresh highs. The South Korean index reached fresh highs in its first session after the Lunar New Year holidays. Markets in Hong Kong and mainland China remained closed. 

Markets in the region tracked gains in tech stocks on Wall Street while tensions between Iran and the US suported oil and gold prices, Reuters reported. In Japan, indices were up for a second session due to gains in tech stocks. Value of core machinery orders in Japan, adjusted for seasonality, rose 19.1% on month in December. This beat foracasts of an increase of 5.1% after a contraction of 11% in November, RTT News reported, citing data from the country's Cabinet office. 

The KOSPI rose to its all-time high and crossed the 5600 point mark for the first time on the back of gains in stocks such as Samsung Electronics and SK Hynix, up over 4% and nearly 2%, respectively. In the stock market, individuals were net buyers of shares worth 132.70 billion Korean won while foregin investors net sold shares worth 152.7 billion Korean won, according to a report from Chosun.

Following are the levels of key Asian indices at 0808 IST:

(Akshat Saksena)

Equity Alert: US indices end higher; S&P 500, Dow Jones up for 3rd session

MUMBAI--0741 IST--Equity indices in the US ended higher on Wednesday, with the S&P 500 and the Dow Jones Industrial Average closing with gains for the third consecutive session. This comes as technology stocks recover after the sector saw weakness due to fears over artificial intelligence. Traders in the country also analysed minutes of the latest US Federal Reserve meeting.

Shares of NVIDIA rose nearly 2% after the company said it has signed a multi-year deal with Meta Platforms to sell millions of its current and future AI chips, Reuters reported. Shares of Meta Platforms ended nearly 1% higher as well. Shares of Sandisk, Western Digital, and Seagate Technology Holdings gained 2-4%, adding to the gains in recent months on the back of massive AI-related demand for their storage technology. 

AI stocks were weak earlier this month as investors assessed concerns due to their high valuations and the amount of time it might take for investments in AI to yield results, Reuters said. "At a certain point, weakness in tech was bound to bring in the marginal buyer. These are still high-growth names. They were expensive and they've gotten cheaper," Ross Mayfield, an investment strategy analyst at Baird in Louisville, Kentucky was reported as saying. "There are still a lot of people who want to be exposed to tech for the next several years," he added.

Federal Reserve officials were in almost unanimous agreement to keep interest rates steady at their meeting last month. However, they remained divided on what might happen next, minutes of the meeting showed. Investors are pricing in a 50% possibility of a 25-basis-point interest rate cut at the US Federal Reserve's meeting in June.

Shares of Amazon rose nearly 2% after regulatory filings showed Bill Ackman's Pershing Square raised its stake in the company by 65% in the December quarter, making Amazon its third-largest holding, CNBC reported. This comes after the company's stock snapped a nine-session losing streak. David Tepper's hedge fund Appaloosa disclosed that it has turned Micron Technology into one of its biggest holdings, betting $285 million on the company as the position now accounts for 6% of the fund's reported assets, TheStreet reported. Shares of Micron Technology surged over 5%. 

The S&P 500 software and services sector rose during the session on the back of gains in Cadence Design Systems, Reuters reported. Shares of the company rose nearly 8% after the chip-design software provider beat revenue estimates for the December quarter.

Investors also analysed developments between US and Iran, CNBC reported. US Vice-President J.D. Vance Tuesday said Iran had failed to address US red lines during the talks this week and that the possibility of military action was still on the table.

Following are the closing levels of US indices Tuesday:  

(Akshat Saksena)

US$1 = INR 90.67

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

Edited by Avishek Dutta

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

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