Equity Alert
Lloyds Metals up 6%; Nomura initiates coverage with 'buy' call
This story was originally published at 13:16 IST on 25 February 2026
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Equity Alert: Lloyds Metals up 6%; Nomura initiates coverage with 'buy' call
MUMBAI--1300 IST--Shares of Lloyds Metals and Energy rose as much as 6% to an intraday high of INR 1,231.70 after brokerage Nomura initiated coverage on the stock with a 'buy' recommendation and set a target price of INR 1,600, indicating over 34% upside from Tuesday's close. The company is transitioning from a pure-play miner to a more stable, diversified and less cyclical business model, which is expected to support meaningful upside, the brokerage said in a report dated Tuesday.
Nomura expects Lloyds Metals's consolidated earnings before interest, tax, depreciation and amortisation to grow at a compounded annual growth rate of 77% to around INR 109 billion by 2027–28 (Apr-Mar) from INR 19 billion in FY25. Leveraging low-cost iron ore, along with a focus on value-added products and cost efficiencies, are expected to materially enhance the company's profitability, the brokerage added. Further, the brokerage expects Thriveni Earthmovers and Infra, in which the company acquired around 80% stake in July, to contribute around 20% of consolidated EBITDA by FY28, enhancing the overall earnings predictability. Thriveni Earthmovers' annuity-like contract model limits exposure to commodity price volatility, Nomura said.
Lloyds Metals aims to develop Gadchiroli-Chandrapur as a steel hub of western India by setting up fully integrated steel facilities at Ghughus and Konsari, scheduled to be commissioned between FY27 and FY29. Additionally, the acquisition of 50% stake in Dubai-based Nexus Holdco FZCO through Lloyds Metals' wholly-owned subsidiary, Lloyds Global Resources FZCO, will provide exposure to copper and multi-mineral assets in the Democratic Republic of Congo. "The transaction enhances geographic and commodity diversification, and we expect it to be earnings-accretive, with EBITDA of INR 4.9 billion by FY28," Nomura said.
However, a delay in steel capacity, political unrest in the Democratic Republic of the Congo affecting the copper business, Banded Hematite Quartzite beneficiation not yielding same results as seen in the pilot project, and resurfacing of Naxal activities in affected areas are seen as major risks for the stock, Nomura said.
At 1253 IST, the stock was up 5.5% at INR 1,227.80. So far in the day, 725,499 shares of the company changed hands on the National Stock Exchange, nearly seven times the 109,154 shares traded till the same time Tuesday. All five research reports on the company available with Informist have a 'buy' or equivalent recommendation on the stock with an average target price of INR 1,606. (Arya S. Biju)
Equity Alert: IRFC falls to over 2-year low as govt to sell up to 4% in co
MUMBAI--1147 IST--Shares of Indian Railway Finance Corp. fell as much as 4.3% to INR 104.75, their lowest price in over two years, after the government said it will sell up to 4% stake in the company through an offer for sale. The offer for sale opened for non-retail investors on Wednesday and will open for retail investors on Thursday.
The floor price has been set at INR 104 per share, IRFC said in an exchange filing. This is around 5?low Tuesday's closing price of INR 109.44. The government will sell 2% stake in the company, with a greenshoe option to sell an additional 2%, Divestment Secretary Arunish Chawla had said on microblogging site X Tuesday. Currently, the government holds 86.36% stake in IRFC.
At 1132 IST, shares of IRFC were down 4% at INR 105.05. So far in the day, nearly 29 million shares of the company have changed hands on NSE, over seven times the near 4 million shares traded till the same time Tuesday. This is way higher than the three-month average volume of over 18 million shares and one-year average volume of over 15 million shares. (Arya S. Biju)
Equity Alert: Solar power cos slump; US sets 126% duty on Indian solar import
MUMBAI--1125 IST--Shares of solar power companies fell after reports said the US government has imposed preliminary duties of 126% on solar imports from India. Shares of Premier Energies fell 14% to an intraday low of INR 666.90, hitting their 10% lower circuit at INR 699.35. However, shares of the company came off lows later and were down over 5%. Shares of Waaree Energies fell 15% to an intraday low of INR 2,570. Shares of Waaree Energies also hit their 10% lower circuit at INR 2,721.20. Both the companies were the worst performers in the Nifty 200 and Nifty 500 indices.
Shares of Vikram Solar fell nearly 8% to an intraday low of INR 171. Shares of the company have since come off lows but were still trading 4.5% lower.
Reports said the administration under US President Donald Trump decided on the tariffs on solar imports after it determined that India unfairly subsidised manufacturing. Moreover, the US Commerce Department has also increased initial duties on solar imports from Indonesia to 143% from 86% and 81% for Laos, according to a report from Business Standard.
The solar imports from the three countries to the US amounted to $4.5 billion in 2025 and accounted for two—thirds of solar imports for the period, according to a report from Reuters. This announcement is the first of two expected by the US Commerce Department regarding a trade case brought last year by a group representing a portion of small US solar manufacturers. The Commerce Department is set to make a separate decision next month to determine whether companies from the three countries flooded the US markets at prices below their cost of production.
The move is an important step to restore fair competition, said Tim Brightbill, lead attorney for the alliance, as per a Reuters report. "American manufacturers are investing billions of dollars to rebuild domestic capacity and create good-paying jobs. Those investments cannot succeed if unfairly traded imports are allowed to distort the market," he was reported as saying.
At 1118 IST, shares of Premier Energies were down over 5% at INR 735.20. Out of seven brokerage reports on the company available with Informist, six have a 'buy' recommendation with an average target price of INR 1,1014 and one has a 'hold' recommendation. Waaree Energies was down nearly 11% at INR 2,701.10. All seven brokerage reports on the company available with Informist have a 'buy' recommendation with an average target price of INR 3,941. (Akshat Saksena)
Equity Alert: Indices remain higher; gains in metal, IT cos lend support
MUMBAI--1056 IST--Benchmark equity indices remained higher, with metal and information technology companies contributing to the gains. The Nifty 50 index gained support from the stocks of Infosys and Larsen & Toubro, which rose 2?ch. At 1055 IST, the Nifty 50 was at 25622.95 points, up 198.30 points or 0.8%, and the BSE Sensex was at 82812.66 points, up 0.7%.
HCL Technologies and Tata Steel were the top gainers among Nifty 50 constituents, rising 3?ch. IT shares of Infosys, Tata Consultancy Services, Tech Mahindra, and Wipro rose 2–3%. Alongside, metal shares of JSW Steel and Hindalco Industries were up around 2?ch as well. Automobile shares of Mahindra & Mahindra, Bajaj Auto, Maruti Suzuki India, Tata Motors Passeger Vehicles, and Eicher Motors rose around 1?ch.
In contrast, State Bank of India, ITC, and Kotak Mahindra Bank were the worst-hit stocks in the Nifty 50. These were down 1?ch. Tata Consumer Products, Eternal, and Max Healthcare Institute were down 0.3?ch.
The broader market indices were higher. All Nifty Midcap indices were up 0.6%. The Nifty Smallcap 50 rose 0.8% and was supported by gains in the stock of Aegis Logistics. The stock rose nearly 3%. An over 3% gain in the stock of Aegis Vopak Terminals lent support to the Nifty Smallcap 100. The index was up 0.8%.
Barring Nifty PSU Bank and Nifty FMCG, all other sectoral indices were higher. Nifty Metal was the top performer, up nearly 3%. All the constituents in the sectoral index traded higher. Shares of Vedanta, Lloyds Metals and Energy, National Aluminium Co., and Steel Authority of India rose 4-5%.
In the Nifty 200 index, KPIT Technologies and Bosch rose nearly 5% to be the top gainers. Meanwhile, Usha Martin's stock was the top gainer among Nifty 500 constituents, rising nearly 8%.
Shares of Waaree Energies and Premier Energies fell 11% and 5%, respectively. These stocks were the worst hit in both Nifty 200 and Nifty 500 indices. Shares of solar energy companies fell after media reports said the US administration is set to impose a 126% duty on solar imports from India. Washington is of the view that India unfairly subsidised manufacturing, reports said.
Shares of Indian Railway Finance Corp. fell nearly 4%. The stock fell after the government decided to sell up to 4% stake in the company through an offer for sale. (Adhithya Aji)
Equity Alert: Elara upgrades Garden Reach to 'reduce', ups target price 13%
MUMBAI--1030 IST--Elara Capital upgraded its recommendation on Garden Reach Shipbuilders & Engineers to 'reduce' from 'sell'. The brokerage also raised its target price by over 13% to INR 2,300. The brokerage expects the company's order book to reach a lifetime high of INR 500 billion by March, according to an X post from ET Now.
The brokerage expects the company's defence order pipeline at INR 1.5 trillion and its non-defence pipeline at INR 1 trillion over the next 12–18 months. The revenue from next generation corvettes is set to commence in 2027-28 (Apr-Mar) with its first ship delivery in FY31. This will then be followed by one ship delivery every six months. The company has also announced a capital expenditure of INR 30 billion for greenfield expansion at Kandla and Bhavnagar in Gujarat.
The brokerage raised its earnings per share estimates for the company by 10% in FY27 and 26% in FY28. The brokerage sees the company's earnings per share rising at a compound annual growth rate of 30% and its average return on equity rising 32% over
FY26–FY28. The brokerage's target price is based on 35 times its expected core shipbuilding value and cash value in December 2027, according to the post.
At 1030 IST, shares of Garden Reach Shipbuilders & Engineers were 0.6% higher at INR 2,431 on NSE. Over 115,700 shares of the company were traded on the bourse so far, lower than over 178,400 shares traded at the same time Tuesday. Out of three brokerage reports on the company available with Informist, HDFC Securities has a 'buy' recommendation, ICICI Direct Research has a 'hold' recommendation, and Elara Securities (India) has a 'reduce' recommendation. (Akshat Saksena)
Equity Alert: Indices open higher on global cues; IT cos gain, Infosys up 4%
MUMBAI--1013 IST--Benchmark indices opened higher by mirroring their global peers, as the Wall Street ended higher Tuesday and Asian markets were up in early trade. Information technology shares contributed to the gains in indices. Heavyweight stocks ICICI Bank and Infosys, which rose over 1% and nearly 4%, supported the Nifty 50 index.
At 1013 IST, the Nifty 50 was at 25628.60 points, up 203.95 points or 0.8%, and the BSE Sensex was at 82879.63 points, up 653.71 points or 0.8%.
The Nifty 50 is likely to find it difficult to sustain this rise as 25600-25640 points is likely to attract sellers in intraday trade, Vipin Kumar, a derivative and technical analyst at Globe Capital Markets, said. "At current juncture, we suggest traders to maintain sell-on-rise trading approach as long as it is trading below 25750 spot levels on closing basis and any bounce up to 25640 spot levels should be taken as fresh shorting opportunity," Kumar said.
IT stocks of Infosys, HCL Technologies, Tata Consultancy Services, and Tech Mahindra were the top gainers among Nifty 50 constituents. These stocks rose 2-4%. Metal stocks of Tata Steel, Hindalco Industries, and JSW Steel rose around 1?ch. In contrast, Dr. Reddy's Laboratories was the worst-hit stock in the index, down over 1%. Shares of Max Healthcare Institute, Ultratech Cement, Tata Consumer Products, and Eternal were down around 1?ch.
In the Nifty 200 index, KPIT Technologies' shares were the top gainers. The shares rose over 5%. Metal companies such as Vedanta, National Aluminium Co., and Steel Authority of India rose 4-5% in the index and were among the top performers. Meanwhile, Usha Martin was the top gainer in the Nifty 500. The stock rose over 7%.
Stocks of Waaree Energies, Premier Energies, and Indian Railway Finance Corp. were the worst hit in both the Nifty 500 and Nifty 200 indices. These stocks were down 4-10%. (Adhithya Aji)
Equity Alert: Emkay ups target price on SAIL over 14%, maintains 'buy' call
MUMBAI--0905 IST--Emkay Global Financial Services increased its target price on Steel Authority of India by over 14% to INR 200 while maintaining its 'buy' recommendation on the stock. The brokerage expects the unwinding of inventory, improving product mix, and coal blending efficiencies to drive margin stability for the company, while stronger domestic steel prices will support its near-term profitability. The valuation of the stock remains compelling, supported by near-term self-help measures and pricing tailwinds, Emkay Global said in a report dated Tuesday.
The steelmaker is expected to see a sharp earnings recovery with earnings before interest, taxes, depreciation, and amortisation per tonne rising to INR 7,000-INR 7,500 in the next two quarters from around INR 4,500 reported in the December quarter. The improvement in EBITDA per tonne would be driven by inventory unwinding and improved realisation, Emkay Global said, adding that the growth, however, could be limited by higher coking coal costs.
Despite the recent spike in coking coal costs, the recovery in prices of steel rebar due to an uptick in construction and infrastructure project activity is expected to support a sequential recovery in the company's margins, the brokerage said. Further, higher realisations coupled with inventory unwinding is expected to strengthen the company's cash flow generation, reducing net debt by 28% on year to INR 208 billion in 2025-26 (Apr-Mar). This should keep leverage under control, ahead of the upcoming expansionary capital expenditure cycle, Emkay Global said.
Over the medium term, Emkay Global expects Steel Authority of India to report an EBITDA per tonne of INR 7,500-INR 8,000. Structural catalysts such as improved product mix and capacity expansion plans are seen supporting the company's medium-term growth. SAIL is expected to improve its coking coal consumption to 0.9 times crude steel by FY30 as compared to the current level of one time, driven by improved blending and diversified sourcing from FY27 onwards, the brokerage said. (Arya S. Biju)
Equity Alert: CLSA upgrades JSW Steel to 'hold', raises target price by 29%
MUMBAI--0846 IST--Global brokerage firm CLSA has upgraded its recommendation on the JSW Steel stock to 'hold' from 'underperform' and hiked the target price by 29% to INR 1,200 per share. The brokerage also hiked the target price on Tata Steel's stock by 7% to INR 220 but maintained a 'hold' call, NDTV Profit said in a social media post, citing CLSA.
CLSA said Indian hot-rolled-coil prices were up 18% since the low hit in December, while rebar prices have risen as well. Jindal Steel is likely to benefit from this as the company has higher long steel exposure. Jindal Steel's target price was raised nearly 17% to INR 1,375 and the brokerage maintained an 'outperform' call, as per the report.
Voicing the same, Macquarie said it expects further upside in India's steel pricing. Domestic steel demand remains strong with 7-8% on-year growth as of year-to-date, NDTV Profit said in a social media post, quoting Macquarie. JSW Steel remains the top pick for Macquirie as the company is expected to benefit from capacity addition, margin expansion, and volume growth, NDTV Profit reported.
On Tuesday, shares of JSW Steel ended over 1% higher at INR 1,254.50 on the National Stock Exchange. The stock was among the top gainers in the Nifty 50 index Tuesday. (Adhithya Aji)
Equity Alert: Indices to open up on positive global cues; tariff woes persist
MUMBAI--0840 IST--Benchmark indices are expected to rise Wednesday, tracking gains in equity markets globally. Overnight, the US import tariffs came into effect at 10%, even as US President Donald Trump has threatened to raise them by 15%. The future of US import levies is uncertain, but several analysts believe that Trump will raise them further in response to the Supreme Court's decision of shelving the earlier reciprocal tariffs imposed on on goods from countries worldwide. "Almost all countries want to keep the (trade) deal that they've signed with the US," Trump said in the State of the Union address. "A new deal will be far worse for them (countries that have signed a trade pact) and therefore, they will continue to walk along the same successful path that we had negotiated before the Supreme Court's unfortunate involvement."
"Temporary Section 122 Duties would see an additional 10? valorem duty on imported articles of every country for a period of 150 days, unless specifically exempt," the US Customs and Border Protection said in a memo published Monday. Trump used Section 122 of the Trade Act of 1974 to impose 10% blanket tariffs, which he plans to raise to 15%. The US president warned countries that have already signed a deal with the US against "playing games" with tariffs after the US Supreme Court's decision and threatened a higher levy on such nations.
In the latest tariff-related development, the Trump administration determined that India, Indonesia and Laos have unfairly subsidised solar manufacturing, according to various media reports. The US Commerce Department has set preliminary duties of 126% on solar imports from India. The rates are based on a determination of foreign subsidies that the US says allowed exporters from the countries to undercut products from its solar producers. Shares of solar manufacturing players such as Waaree Energies, Adani Power, and Tata Power Co. will be in focus.
Overnight, indices in the US ended higher as concerns around artificial intelligence-related disruptions eased. Technology and software stocks rose, with shares of Salesforce, which is in partnership with AI player Anthropic, and ServiceNow ending higher by over 4% and 1%, respectively. Indices in Asia tracked overnight gains on Wall Street and were higher in early trade. South Korea's KOSPI was up nearly 2% and hit yet another record high. Japan's Nikkei 225 index and the broader Topix were up 1.5% and 0.4%, respectively.
At 0830 IST, the GIFT Nifty 50 indicated a positive start for the Nifty 50, with the March contract of the GIFT Nifty being over 250 points higher than the Nifty 50's previous close. On Tuesday, the Nifty 50 index closed 1.1% lower at 25424.65 points. The BSE Sensex closed at 82225.92 points, down 1.3%. "The overall chart structure (for the Nifty 50) is side-ways with negative bias," Vipin Kummar, derivative and technical analyst at Globe Capital Markets, said. Intraday support is placed around 25250-25300 spot levels and resistance at 25550-25620, the analyst added. (Eshitva Prakash)
Equity Alert: Asian indices higher; KOSPI, Nikkei, TAIEX touch fresh highs
MUMBAI--0816 IST--Asian indices were mostly higher Wednesday, with several regional indices touching record highs during the session. The Japanese Nikkei 225, Taiwanese TAIEX, South Korean KOSPI, and Australia's S&P/ASX 200 Index touched fresh highs, taking cues from the US indices that closed higher Tuesday as optimism over artificial intelligence offset concerns over the potential disruption to other sectors because of technology.
The South Korean KOSPI index surpassed 6000 points for the first time. This was four months after the index broke through the 4000-point barrier on Oct. 27 and a month after passing the 5000-point barrier on Jan. 27. Shares of Samsung Electronics Co. and SK Hynix were up nearly 2% and 3%, respectively. The country's markets were analysed to be influenced by the rise of the Philadelphia Semiconductor Index, which ended over 1% higher, and the rise in benchmark equity indices in the US, The Chosun Daily reported. Individual investors were net buyers for the session, buying shares worth 569.8 billion Korean won while foreign investors and institutional investors were net sellers, selling shares worth 392.9 billion Korean won and 184.7 billion Korean won, respectively.
"The global economy appears to be on slightly firmer footing as the effects of fiscal and monetary policy continue to support activity. Financial markets, however, have struggled to establish a clear direction amid several headwinds," Analysts from Fitch Solutions company BMI were quoted as saying by CNBC in reference to the AI-driven fluctuations and geopolitical risks. The analysts assigned a 50% possibility of a US-led military strike on Iran and said it was contributing to an elevated risk premium in oil prices and to the strength of the US dollar to some extent.
Following are the levels of key Asian indices at 0815 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
KOSPI |
6086.23 |
1.95 |
|
FTSE Singapore Straits Times |
5015.06 |
(-)0.11 |
|
S&P/ASX 200 Index |
9129.70 |
1.19 |
| Hang Seng Index | 26708.35 | 0.44 |
| IDX Composite | 8325.03 | 0.53 |
| TAIEX | 35336.91 | 1.83 |
| CSI 300 | 4736.67 | 0.62 |
(Akshat Saksena)
Equity Alert: US indices end higher Tue; tech shrs lead gains on AI optimism
MUMBAI--0740 IST--Indices in the US ended higher Tuesday with technology stocks leading the gains as the revival of enthusiasm for artificial intelligence offset concerns over the technology possibly disrupting operations of companies across various sectors.
"We're in for a period of time where the market will be going through some uncertainty and today we're seeing a little bit of a buy on the dip," Matthew Keator, managing partner in the Keator Group was quoted by Reuters. "We're going to see day-to-day movements but overall, there's so much unknown in terms of how AI ends up being additive or disruptive to some of these companies," he added.
AI lab Anthropic announced new plug-ins across areas such as investment banking and human resources, weeks after its earlier plug-ins fuelled a sell-off in stocks of traditional software companies. The company said its new plug-ins were developed in partnership with companies such as Thomson Reuters, Salesforce and FactSet. Shares of Salesforce, Thomson Reuters, and Factset Research Systems rose 4-11% for the session.
Shares of Docusign were up nearly 3%. This was after Anthropic said its Calude Cowork will now be connected to Docusign as well as existing tools of other organisations such as Google Drive and Gmail, CNBC reported. This offered some optimism for investors who now believe that AI might be able to complement software companies instead of replacing them.
Monetary policymakers in the country also weighed the possible effects of AI on the labour market. US Federal Reserve Governor Lisa Cook said AI could lead to a possible rise in unemployment rate, which was contrasted by US Federal Reserve Governor Christopher Waller, who does not expect the technology to disrupt the labour market, Reuters reported.
Meanwhile, the US Supreme Court's decision, which struck down many of President Donald Trump's tariffs, and the subsequent threats to implement fresh round of levies on imports continued as a source of uncertainty. "There are still questions about the deals that were in place already," Robert Pavlik was quoted as saying by Reuters. "What happens to those? Are they still happening?" he asked.
Shares of Advanced Micro Devices and Meta Platforms were up after the two companies signed a multi-year agreement for Advanced Micro Devices to deploy up to 6 gigawatts of graphics processing units for AI data centres, which includes use of AI-optimised central processing units, or CPUs, CNBC reported.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6890.07 |
0.77 |
|
NASDAQ Composite |
22863.68 |
1.04 |
|
Dow Jones Industrial Average |
49174.50 |
0.76 |
(Akshat Saksena)
US$1 = INR 90.91
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
All prices from National Stock Exchange, unless otherwise specified.
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