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Informist, Wednesday, Mar. 18, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Nuvama cuts PG Electroplast target by 2.5%, maintains 'buy' 

 

MUMBAI--1110 IST--Brokerage firm Nuvama Institutional Equities cut its target price for PG Electroplast to INR 780 from INR 800 earlier as the company faces headwinds from the ongoing liquefied petroleum gas supply shortages. However, the brokerage has maintained its 'buy' recommendation on the stock.

 

Owing to the LPG supply crisis, the company halted production at its Supa facility. The move is expected to significantly hit the company's earnings in the March quarter, the brokerage said in its research report, even as it expects the June quarter to mildly offset some of these losses. Nuvama also trimmed its revenue estimates for PG Electroplast by almost 7% for 2025-26 (Apr-Mar) and by almost 2% for FY27.  

 

PG Electroplast is currently evaluating substitutes for LPG, including oxy-acetylene, and if this is approved by customers, the company may restart production at its Supa unit, Nuvama said. Transitioning to oxy-acetylene would require nominal capital expenditure, Nuvama said. Demand for room air conditioners is likely to be stable in summer, but the performance of companies in the sector in the June quarter will also depend on cost inflation and availability of products, the brokerage noted.

 

At 1105 IST, shares of PG Electroplast traded nearly 3% higher at INR 538.25 on the National Stock Exchange. So far, over 1 million shares of the company have changed hands on the exchange, lower than nearly 3 million shares traded till the same time Tuesday. However, the stock declined about 14% since the US and Israel attacked Iran at the end of February.  (Ruchira Kagita)

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Equity Alert: Indices open higher tracking global peers; IT stocks gain

 

MUMBAI--0950 IST--Benchmark equity indices opened higher despite concerns over the ongoing military action in West Asia. Among their global peers, the Wall Street ended higher overnight and Asian markets opened higher Wednesday. Crude oil prices eased slightly but remained marginally above the psychologically crucial mark of $100 per barrel. Information technology companies were the top gainers, while metal shares were the major laggards.     

 

At 0943 IST, the Nifty 50 was at 23716, up 134.85 points or 0.6%, and the BSE Sensex was at 76464.24, up 393.40 points or 0.5%. The Nifty 50 is currently just over 3% higher than the lowest level since the commencement of hostilities in West Asia. 

 

IT companies Infosys and Tata Consultancy Services were the top gainers among Nifty 50 constituents. These stocks rose nearly 3?ch. Shares of its peers, Wipro, HCL Technologies, and Tech Mahindra rose around 2?ch. InterGlobe Aviation rose over 2%. Jio Financial Services, Adani Enterprises, Shriram Finance and Eternal rose around 2-3?ch as well. Carmakers Mahindra & Mahindra, Maruti Suzuki India, Tata Motors Passenger Vehicles, Bajaj Auto, and Eicher Motors rose 1-2%. 

 

Coal India and the heavyweights HDFC Bank and ICICI Bank were the worst-hit stocks in the index, down 1?ch. Metal stocks Hindalco Industries and Tata Steel fell nearly 1?ch. Fast-moving consumer goods stocks Tata Consumer Products and ITC fell 0.2?ch. 

 

In the Nifty 200, metal companies fell the most. Shares of Hindustan Zinc, National Aluminium Co., Vedanta, Steel Authority of India, and JSW Steel fell around 1?ch. Meanwhile, Persistent Systems was the top gainer in the index, up nearly 5%. Shares of Oracle Financial Services Software fell nearly 4%.

 

In the Nifty 500, MMTC was the top gaining stock, up nearly 15%. Jaiprakash Power Ventures rose over 10%. In contrast, Chennai Petroleum Corp. was the worst hit stock, down nearly 4%.  (Adhithya Aji)  

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Equity Alert: Emkay Global, JM Fincl retain 'buy' on LG Electronics India

 

MUMBAI--0952 IST--Brokerage firms Emkay Global Financial Services and JM Financial Institutional Securities have maintained their 'buy' calls on LG Electronics India. JM Financial raised its target price marginally to INR 1,770 from INR 1,700, while Emkay Global kept its target unchanged at INR 1,900. Supply shortages of liquefied petroleum gas amid the ongoing hostilities in West Asia are unlikely to materially impact the company's production, the brokerages said in their research reports after interacting with the company's management. The company has sufficient LPG to support production of its room air conditioners and refrigerators till the end of March, the reports said.

 

LG Electronics is gradually shifting from LPG to piped natural gas, and this move is likely to reduce costs for the company as piped natural gas is cheaper by INR 10 per kilogram, Emkay Global said. About 30% of LG Electronics' room air conditioners can be run on diesel as an alternative, the brokerage said. Meanwhile, the company is helping vendors that supply components for air conditioners navigate LPG supply constraints, JM Financial said. 

 

LG Electronics is positive on growth in 2025-26 (Apr-Mar) on the back of healthy demand in the summer season and channel restocking, Emkay Global said. The company retained its double-digit guidance for its earnings before interest, tax, depreciation, and amortisation margin for FY26. However, the company's FY27 EBITDA margin may touch the FY25 level, JM Financial said. LG Electronics posted a 12.8?ITDA margin in FY25. 

 

The home electronics maker is unlikely to hike prices further unless cost pressures persist for longer, Emkay analysts said in the report. Premiumisation is seen helping LG Electronics increase its market share. The company's premium mix already stands at 29%, higher than the industry average of 15-16%, the brokerage said. The three-year compounded annual growth rate for the company's revenue is expected to recover in FY27 and FY28 to 9.7%, Emkay Global said. The estimated growth rate for FY26 is 7.7%, the brokerage said. At 0918 IST, shares of the company traded almost 2% higher at INR 1,593.10 on the National Stock Exchange. (Ruchira Kagita)

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Equity Alert: Mkt seen range-bound as uncertainty on West Asia war continues

 

MUMBAI--0830 IST--Benchmark equity indices are likely to move in a range Wednesday as investors may buy stocks at comfortable valuations. However, selling pressure is expected at higher levels, analysts said. Indices in Asia were higher in early trade, tracking overnight gains in benchmark US indices.

 

Analysts see the uncertainty around the West Asia war being reflected in the Indian equity market in the coming days. The continued hostilities in Gulf countries are keeping crude oil prices above the psychologically important $100 per barrel mark. 

 

Tuesday, the Nifty 50 closed 0.7% higher at 23581.15 points and the BSE Sensex ended 0.8% higher at 76070.84 points. The GIFT Nifty shows the indices moving in a range. At 0829 IST, the March contract of Gift Nifty was at 23655.50 points, over 74 points higher from the Nifty 50's previous close.  

 

Indices in Asia were mixed in early trade Wednesday, with most of them trading with gains. Japan's Nikkei 225 index was the top performer, up 2%. All US benchmark indices closed higher Tuesday, with NASDAQ being the top gainer. They ended higher for the second session.  (Arundathi A R)

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Equity Alert:  Most Asian indices open higher; Kospi leads the gains

 

MUMBAI--0812 IST--Most major Asian indices opened higher Wednesday, tracking gains in US stocks and treasuries, even as the tensions escalate in the US-Iran war. The pan-Asian MSCI Asia Pacific rose 0.8%, setting it on track for a third consecutive session of gains, Bloomberg reported. On Tuesday, major US indices ended higher, suggesting that market participants remain cautiously optimistic of the developments in West Asia and their impact on crude oil prices.

 

South Korea's Kospi led the gains during early trade, rising nearly 4%. Heavyweight tech major Samsung Electronics rose over 5% while SK Hynix was up nearly 4%. Japan's Nikkei 225 and Topix were up around 2?ch after the country reported a 4.2% on-year increase in its exports in February, surpasssing the estimate of a 1.6% increase by economists polled by Reuters, CNBC reported. Chip making companies traded on a positive note during early trade. Shares of Advantest and Tokyo Electron rose over 5% and 3%, respectively. Further, Japan's central bank is expected to hold short-term interest rates steady at 0.75% at the end of its two-day policy meeting Thursday, according to Reuters.

 

Investors will also keep an eye on the US Federal Reserve's two-day policy meeting ending Wednesday, where the regulator is expected to maintain interest rates in the range of 3.50–3.75%.

 

Following were the levels of major Asian indices at 0802 IST:

 

Index	Level	Change in %
CSI 300 Index	4625.39	(-)0.26
Hang Seng Index	25864.52	(-)0.02
Nikkei 225 Day	54898.44	2.23
TOPIX FIRST SECTION	3697.67	1.95
KOSPI	5838.66	3.51
FTSE Singapore Strait Times	4970.77	0.71
S&P/ASX 200 Index	8635.30	0.24

 

(Shruti Nair)

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Equity Alert: US indices end higher for 2nd straight day; energy cos gain

 

MUMBAI--0739 IST--US equity indices ended higher for the second consecutive day even as developments in the US-Iran war cast a cloud on investor sentiment. Crude oil prices climbed over 3% Tuesday after a brief respite on Monday. The tech-heavy Nasdaq Composite ended 0.5% higher, while the Dow Jones Industrial Average ended 0.1% higher. The broad-market S&P 500 ended 0.3% higher. 

 

In the S&P 500, energy stocks fared the best, climbing roughly 2%, CNBC reported. An increase of 1% in consumer discretionary stocks also supported the index, according to a CNBC report. Shares of MGM Resorts, Booking Holdings, and Expedia ended over 2-4% higher. The rise in these stocks came after American Airlines and Delta Airlines raised their forward guidance for the ongoing quarter.

 

Crude oil prices remain a key concern for investors amid the ongoing escalation in the US-Iran war. Tuesday, Israeli Defence Minister Israel Katz claimed that Iran's security chief Ali Larijani had died in air strikes carried out by Israeli armed forces. The Strait of Hormuz remains shut amid mixed messages coming from the White House regarding the possibility of escorting vessels through the key shipping route. On Monday, crude oil prices briefly dipped following reports that a US-led coalition of countries will facilitate shipping through the Strait, CNBC reported. 

 

On Tuesday, US President Donald Trump posted on Truth Social platform that the US did not need North Atlantic Treaty Organization allies to execute its plans in the Strait. This comes after several world leaders refused to directly engage in US activities in the Iranian strait. After Trump's post, stocks came off their highs and oil prices climbed once again, indicating that investors would have preferred a coalition, CNBC reported.

 

Investors are also pricing in the almost-certain possibility that the US Federal Reserve will not announce any rate cuts following its policy meeting ending Wednesday. Most market participants expect the rates to be steady in the 3.50–3.75% range, according to the data available on the CME's FedWatch tool. The war in Iran, fears of a spike in inflation, and mixed signals from the job market will be among the key talking points, CNBC reported.

 

Following are the closing levels of US indices Tuesday:

 

Index	Level	Change in %
S&P 500	6716.09	0.25
NASDAQ Composite	22479.53	0.47
Dow Jones Industrial Average	46993.26	0.10

 

(Shruti Nair)

 

US$1 = INR 92.44

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

 

Edited by Deepshikha Bhardwaj

 

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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