Equity Alert
IRCON, Rail Vikas jump as media report says cos to be merged
This story was originally published at 12:34 IST on 25 March 2026
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Equity Alert: IRCON, Rail Vikas jump as media report says cos to be merged
MUMBAI--1225 IST--Shares of IRCON International and Rail Vikas Nigam rose nearly 6?ch on the NSE Wednesday amid media reports that the government is looking to merge the two railway majors. The public sector units may be merged to create a bigger entity that can take up larger domestic and international projects, a Business Standard report said.
"After the merger, the new entity will become a bigger player and share value will also increase," Business Standard reported, citing officials. "The need for merging the two has been felt for a long time. It will increase the pool of manpower and capability. The merged entity can give competition to other major players in the infrastructure sector, and it can handle larger order books," an official said.
On Mar. 6, IRCON International had said it was not engaged in discussions or negotiations related to a merger with Rail Vikas. Shares of the two public sector enterprises had also risen sharply on Mar. 6 when news portal PSU Connect said merger discussions were ongoing. (Eshitva Prakash)
Equity Alert: Indices rise more as fincl services cos up; Nifty 50 tops 23400
MUMBAI--1151 IST--Benchmark stock indices extended gains from opening levels, led by a rise in shares of financial services and consumer-facing companies. At 1119 IST, the Nifty 50 was at 23417, up 2.2%, and the BSE Sensex was at 75691, up 2.2 %. All constituents of the Nifty 50 index were up except Tech Mahindra, which was down around 0.5%.
Brent crude oil futures have fallen after reports of the US floating a peace plan to Iran. However, a spokesperson from Iran's military refuted the claims of negotiations. "Don't call your failure an agreement," Iran's Lieutenant Colonel Ebrahim Zolfaghari said, according to Al-Jazeera. Brent crude May futures were off lows and were trading just below the $100 per barrel level, down more than 4.5% from Wednesday.
Shares of Shriram Finance climbed 5% and remained the top gainer in the 50-stock index. Shares of its peers Bajaj Finance, Jio Financial Services, and Bajaj Finserv, were up around 3?ch. Shares of banking majors also supported the index with index heavyweights ICICI Bank and HDFC Bank trading 1% and 3% higher, respectively. Shares of Axis Bank, State Bank of India, and Kotak Mahindra Bank were also up around 2?ch.
Among other top performers were Trent, Adani Enterprises, and Mahindra & Mahindra, which were up over 3%. Cement manufacturers Ultratech Cement and Grasim Industries also fared well, climbing around 3%. Shares of information technology majors recovered from their post-opening lows to trade marginally higher.
Shares of Solar Industries were also among the top gainers in the index, rising around 5?ter Elara Securities initiated coverage on the stock with a 'buy' call and a target price of INR 15,450.
Shares of Oil India were down around 2?ter crude oil prices rose. Contrary to expectations, shares of United Spirits were down during the session, falling over 1%. Shares of the company were expected to rise after it sold 100% stake in wholly-owned subsidiary Royal Challengers Sports Private Ltd. for nearly INR 167 billion. However, shares of other Indian Premier League team owners rose, with RPSG Ventures up more than 19%.
PCBL Chemical extended its gains to trade 16% higher and remained the top-performing stock. Shares of Sammaan Capitalrose hit the 10% upper circuit after the Reserve Bank of India approved Avenir Investment RSC's purchase of controlling stake in the company. (Shruti Nair)
Equity Alert: Real estate stocks rise after recent fall; Nifty Realty up 3%
MUMBAI--1137 IST--Shares of most real estate companies rose for the second straight session
Wednesday after the recent sharp fall amid concerns that prolonged tensions in West Asia could lead to a slowdown in demand. These stocks rose Wednesday, mirroring gains in the broader market, which were up due to easing crude oil prices following reports that the US is floating a month-long ceasefire in West Asia. The US is also said to have sent a 15-point plan to Iran for discussion, raising hopes of a resumption of oil exports out of the Persian Gulf.
Going forward, the downside for these stocks is limited, as there is not much negative in terms of demand, an analyst covering the sector at a domestic brokerage said. Real estate stocks have been under pressure in the recent months amid stagnant demand and artificial intelligence-led uncertainties surrounding the information technology sector, given the sector's historical linkage with tech-driven employment and office absorption.
The analyst expects 2027-28 (Apr-Mar) to be a good comeback year for real estate companies, with expectations of higher revenue, profit and margins with the completion of various large projects announced in the previous years. However, growth is expected to be flattish in FY27, as the overall demand is still low, the analyst said.
At 1128 IST, the Nifty Realty index was up over 3% and was among the top gainers in the sectoral indices. Intraday, the index rose nearly 4% to a high of 700.65. It rose for the second straight session Wednesday after falling for three straight sessions, in which it lost over 9%. All constituents of the sectoral index traded in the green, with Phoenix Mills, Oberoi Realty, Signatureglobal (India), and DLF leading the gains, up 3-5%. (Arya S. Biju)
Equity Alert: Trent rises 4%; cos' retail brands outperform peers
MUMBAI--1116 IST--Shares of Trent rose over 4% to an intraday high of INR 3,516.90. Trent's popular fashion retail brands, Zudio and Westside are outperforming its peers in the consumer sector with disciplined inventory management, frequent fresh stock arrivals, and decent consumer traction in low-ticket beauty and personal care items, said ICICI Securities.
ICICI Securities is of the view that the demand in the apparel sector remains soft, while there is a steady traction for core categories such as shirts and T-shirts. The critical divergence lies in supply-chain efficiency, said the brokerage. Retailers with agile merchandising are successfully turning over to fresh inventories after minimising seasonal carryover. While the struggling formats are burdened with old stock, which requires heavy discounting of up to 60% to drive sales, ICICI Securities said.
Westside's inventory management remains exemplary, ICICI Securities said after a visit to one of the brand's stores. "The store featured a fresh assortment, with the vast majority of men's and women's apparel--and even accessories like shoes and sandals--carrying Feb-Mar 26 manufacturing dates," the brokerage said. Fresh stocks are arriving weekly and the winter wear from the January end-of-season sale has left the shelves, ICICI Securities noted. "Pricing remains stable, with no recent hikes reported by store personnel," the brokerage added.
"Zudio continues to register relatively better sell-through rates across most apparel categories, underpinned by fresh collections hitting the floor every 12 weeks," the brokerage said. Zudio's growth driver is its low-cost cosmetics and personal care segment, with items like lipsticks, nail paints, and face masks seeing excellent consumer traction alongside women's handbags and footwear, ICICI Securities noted. However, there is a small amount of unsold winter inventory remaining, but the broader merchandising profile is remarkably fresh. The brand is currently operating without any active promotions or discounts after the conclusion of its end-of-season sale in January and the pricing remains unchanged, ICICI Securities said.
ICICI Securities maintained a 'buy' recommendation on the stock with an unchanged target price of INR 4,100. The brokerage estimates the revenue of the company to grow at a compound annual growth rate of 18% over 2024-25 (Apr-Mar) to FY28. The earnings before interest, tax, depreciation, and amortisation are estimated to grow 22% and net profit estimated to grow 14% over the same period.
At 1111 IST, shares of Trent were over 4% higher at INR 3,514.40. Over 400,000 shares of the company changed hands, which was lower than over 280,000 shares traded till the same time Tuesday. The stock was the third most gainer among the Nifty 50 constituents. (Adhithya Aji)
Equity Alert: PG Electroplast, AC clients rise; co's AC output normalises
MUMBAI--1058 IST--Shares of PG Electroplast came off highs after soaring 9% to an intraday high of INR 549.90. Shares rose after the company said it has largely normalised its production of room air conditioners after using alternate fuel to liquefied petroleum gas. PG Electroplast's AC clients such as Blue Star, Voltas, and Whirlpool of India also rose after the update.
PG Electroplast had to shift to other fuel as supply of LPG was hit due to the US-Iran war. The company had to partially shut one of its production facilities due to shortage of gas.
After PG Electroplast's statement, shares of room AC companies Blue Star, Voltas, Whirpool of India and Havells India gained 1-4%. At 1049 IST, shares of PG Electroplast were up over 4% at INR 523.90 on the NSE. More than 4.5 million shares of the company changed hands compared with the three-month daily average volume of nearly 3 million.
Brokerage firm Nuvama Wealth Management said that investors could add Amber Enterprises, PG Electroplast, and Havells to their portfolio after their sharp correction since the US and Israel launched their offensive against Iran at the end of February. Shares of these companies have declined 8.5-15.0% during this period. (Ruchira Kagita)
Equity Alert: Sammaan Capital up 12% as RBI OKs Avenir Investment's stake buy
MUMBAI--1017 IST--Shares of Sammaan Capital rose nearly 12% to a high of 154.90. The stock hit the upper circuit of INR 152.36, up 10%. It rose after the Reserve Bank of India approved Avenir Investment RSC's purchase of controlling stake in the non-banking financial company for INR 88.5 billion through a preferential issue.
The transaction received approval from the Competition Commission of India in December, and now requires the approval of the Securities and Exchange Board of India. Post the transaction, Avenir Investment will hold stake of 41.23% in Sammaan Capital. Completion of the open offer will further raise its stake to about 63.36% of the non-bank lender's paid-up equity share capital. The central bank also approved the "indirect change of control" of Sammaan Capital's wholly-owned subsidiary, Sammaan Finserve due to Avenir's stake purchase.
At 1010 IST, shares of Sammaan Capital were nearly 11% higher at INR 153.13. Nearly 57 million shares of the company changed hands, 10 times higher than the number of shares traded till the same time Tuesday. Over the week, the stock gained over 11%, while over the last 30 days, it shed nearly 3%. The stock was among the top gainers in the Nifty 500 index. (Adhithya Aji)
Equity Alert: HSBC cuts Eternal target price 14%, Swiggy target by 21%
MUMBAI--1010 IST--Global brokerage HSBC has trimmed the target price of quick commerce and food delivery players Swiggy and Eternal by 14% and 21%, respectively, to INR 300 each, CNBC TV18 reported citing the brokerage. Meanwhile, the brokerage has retained its 'buy' call on Eternal and 'hold' on Swiggy.
The brokerage cited long-term concern around artificial intelligence and heightened competitive intensity as key overhangs for the stocks, the report said. Valuations of these stocks appear reasonable even after earnings revisions, the report said. HSBC noted that the pricing of Blinkit, the quick commerce business of Eternal, remains 6-8% higher than competitors, risking market share loss in the near term.
At 1002 IST, shares of Swiggy traded over 3% higher at INR 285 on the National Stock Exchange and those of Eternal traded nearly 2% higher at INR 242.20. Of the 11 brokerage reports on Eternal available with Informist, 10 have a 'buy' or equivalent recommendation on the stock with an average target price of INR 377.4 and the remaining one has a 'sell' call. Meanwhile, all nine brokerage reports on Swiggy available with Informist have a 'buy' or equivalent recommendation on the stock with an average target price of INR 468. (Arya S. Biju)
Equity Alert: Mkts open higher as crude oil eases on US plan for ceasefire
MUMBAI--0950 IST--Benchmark indices opened higher Wednesday after crude oil prices eased following media reports that the US is floating a month-ceasefire in West Asia. Washington has sent a 15-point plan to Iran for discussion, raising hope of resumption of oil exports out of the Persian Gulf. Financial services and automobile stocks were the major gainers in the indices.
At 0938 IST, the Nifty 50 was at 23207.95, up 295.55 points or 1.3% and the BSE Sensex was at 74956.85, up 888.40 points or 1.2%. The May futures contract of Brent crude oil was over 4% lower at $99.93 per barrel.
"Hope is returning to the market with indications of de-escalation in the conflict. Remarks from President Donald Trump and from the Iranian regime indicate that the conflict might end soon," V.K. Vijayakumar, chief investment strategist, at Geojit Investments said in a note.
Shriram Finance was the top gainer in the 50-stock index, up 4%. Shares of its peers Bajaj Finance, Jio Financial Services, Kotak Mahindra Bank, Bajaj Finserv, Axis Bank, and HDFC Life Insurance Co. rose 2?ch. Automobile companies Mahindra & Mahindra, Maruti Suzuki India, Tata Motors Passenger Vehicles, Bajaj Auto, and Eicher Motors rose 2-3%. Among individual stocks, UltraTech Cement, Adani Ports and Special Economic Zone, Adani Enterprises, Grasim Industries, and Eternal rose 2-3%.
On the other hand, information technology companies Tech Mahindra and Infosys were the worst hit stocks in the index. They were down over 2% and nearly 1%, respectively. HCL Technologies and Tata Consultancy Services fell marginally.
Among the Nifty 200 constituents, Housing & Urban Development Corp. and ITC Hotels were the top gainers. These stocks rose over 5?ch. Meanwhile, shares of Oil India and Persistent Systems fell around 1?ch in the index.
In the Nifty 500, PCBL Chemical was the top gainer, up nearly 13%. Shares of PG Electroplast were among the top gainers in the Nifty 500. The stock rose nearly 6?ter the company said it got an alternative solution to liquefied petroleum gas for production units and normalised the making of room air conditioners. Shares of Onesource Specialty Pharma were the worst hit in the index, down over 3%. (Adhithya Aji)
Equity Alert: United Spirits shrs to be in focus after 100% stake sale in RCB
MUMBAI--0844 IST--Shares of United Spirits are likely to rise Tuesday after the company sold 100% stake in the popular Indian Premium League franchise, Royal Challengers Bengaluru, for INR 166.6 billion. The team was owned and operated through its wholly-owned subsidiary Royal Challengers Sports and was sold to a consortium comprising Aditya Birla Group, The Times of India group, Bolt Ventures, and Blackstone.
On Tuesday, Rajasthan Royals was acquired by tech entrepreneur Kal Somani for $1.65 billion or INR 155 billion. The brokerage said that Rajastha Royals was valued at around $1.2 billion–$1.3 billion, but the sale sharply exceeded this view. Post this, Nomura valued Royal Challengers Bengaluru at INR 110 billion, 30% lower than the valuation bagged by Rajasthan Royals. However, RCB was sold at INR 166.6 billion, sharply higher than Nomura's valuation.
Nomura believes that the premium will re-rate the benchmark valuations for IPL franchises and reset market expectations against which all other teams, especially the stronger ones, will be compared. Sun TV Network is another listed entity that owns an IPL franchise, Sun Risers Hyderabad. India Cements owns Chennai Super Kings, while Reliance Industries owns Mumbai Indians.
On Tuesday, shares of United Spirits ended over 4% higher at INR 1,328 on the National Stock Exchange. (Adhithya Aji)
Equity Alert: Asian indices rise as report says US floats peace plan to Iran
MUMBAI--0835 IST--Asian stock indices were up in early trade as oil prices tumbled following reports of the US floating a 15-point peace plan end the conflict with Iran. Taiwan's Taiex led the gains in early trade, climbing 3%.
Futures contracts tied to major US indices rose 0.7-0.8%. At 0756 IST, the May futures of Brent crude oil were at $98.30 per barrel, down over 6%. However, oil prices are still 40% higher from their pre-conflict levels and remain a pressure point for Asian equities due to the heavy dependence on oil from West Asian countries.
A resolution to the conflict in West Asia would result in the re-opening of the Strait of Hormuz, the key trade route that controls 20% of global oil shipping. However, the impact of the oil and energy infrastructure damaged during the conflict is still unclear.
Japan's Nikkei 225 and broad-market Topix were up over 2?ch, led by gains in the shares of metal and chipmaking companies. Mitsui Kinzoku was up over 4% and Tokyo Electron was nearly 5% higher. Investors remain wary of the developments between the US and Iran and are keenly watching the Japanese government's response to shortage of energy and petrochemical products.
Amid mixed signals regardng US-Iran negotiations, Asian currencies could face volatility, Dow Jones Newswires reported, quoting MUFG Bank's Michael Wan. "We are ultimately cautious in reading too much into what the US side is claiming at this point in time," Wan said. "The longer the Strait of Hormuz remains closed, the greater the chance of fuel shortages showing up across Asia," he adds. Wan highlighted that domestic fuel prices were now much higher in Asia, pointing to diesel and gasoline pump prices in the Philippines jumping 60-90% in March.
Following are the levels of key Asian indices at 0822 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4522.63 | 1.07 |
|
Hang Seng Index |
25205.61 | 0.57 |
|
KOSPI |
5688.81 | 2.43 |
|
Nikkei 225 Day |
53616.45 | 2.61 |
|
TOPIX FIRST SECTION |
3644.77 | 2.39 |
|
FTSE Singapore Straits Times |
4885.20 | 0.47 |
|
S&P/ASX 200 Index |
8543.60 | 1.96 |
(Shruti Nair)
Equity Alert: Indices may open higher as crude dn on US' peace plan for Iran
MUMBAI--0830 IST--Headline indices are expected to open higher on Wednesday, as crude oil prices fell after reports said the US is seeking a month-long ceasefire in its war on Iran, and has sent a 15-point plan to Tehran for discussion, raising hopes for resumption of oil exports out of the Persian Gulf. The May futures contract of Brent crude oil on the Intercontinental Exchange plunged over 7% in early trade to a low of around $97 per barrel. At 0808 IST, the futures contract traded around 6% lower at $98.44 per barrel.
The US has sent Iran a 15-point plan to end the war, via Pakistan, whose army chief has emerged as the key interlocutor between the US and Iran, the New York Times reported, citing sources. On Tuesday, US President Donald Trump said talks to end the war are happening "now" and people that the US were in discussions with "want to make a deal so badly." The US is also said to have proposed a one-month cease-fire, according to an Israeli media outlet, Channel 12. It's unclear if Iran, which has denied any talks, would accept the plan as a starting point for negotiations. Nor was it clear whether Israel, which has been bombing Iran together with the US, was on board with the proposal, the New York Times report said.
In another development, the Iranian mission in New York, in a post on 'X', said "non-hostile" vessels can pass through the Strait of Hormuz, "in coordination with the competent Iranian authorities." The mission said the vessels could travel the waterway if they "neither participate in nor support acts of aggression against Iran" and comply with safety and security regulations. However, the US, Israeli and Iranian strikes continued and reports said that the US is expected to send thousands of soldiers from the US Army's elite 82nd Airborne Division to West Asia.
Wednesday, the Nifty 50 index is expected to open on a positive gap-up note, Sundar Kewat, technical and derivative analyst at Ashika Institutional Equities said. "The 23000 (points) level is likely to act as a strong technical as well as psychological support, and any dip towards this zone could be viewed as a buying opportunity, potentially pushing the index (Nifty 50) towards 23500 (points). On the upside, 23500 (points) is expected to act as a key resistance level, where the index may face some consolidation or selling pressure," Kewat said. (Arya S. Biju)
Equity Alert: US futures rise on signs of resolution to US-Iran hostilities
MUMBAI--0750 IST--Futures contracts of US indices rose around 1?ch after reports suggested that the US had approaced Iran for a resolution to the conflict in West Asia. On Tuesday, The New York Times reported that the US had sent a 15-point plan to Iran to end the war, although it was unclear if Israel, which has been attacking Iran alongside the US, had agreed to this plan.
Oil prices fell sharply after the report, leading to gains in the futures market. At 0745 IST, Brent crude oil May futures were down more than 6% at nearly $98 per barrel.
Major US Indices closed lower on Tuesday after Iran initially denied being in talks with the US to end the war. The technology-heavy Nasdaq composite was the worst hit among its peers. Energy was the top-performing sector in the S&P 500 on Tuesday, rising 2%. It was the only sector in the S&P to record gains on a month-to-date basis, rising more than 9% in that timeframe, Reuters reported.
Investors remain wary of Trump's comments as Iran had refuted similar comments made by Trump on Monday. Since then, Israel and Iran exchanged strikes even as the US postponed strikes on Iran's power infrastructure by five days due to alleged negotiations. Another report by The Wall Street Journal claimed that the Pentagon would deploy 3,000 additional troops in West Asia to support operations against Iran.
Amid the uncertainty, 2-year US treasury yields rose more than 9 basis points on Tuesday to 3.925?ter a weak auction with the bid-to-cover ratio at 2.44, the narrowest since May 2024, CNBC reported. The auction saw the weakest participation by direct bidders since March 2025.
Concerns about the private credit sector resurfaced following a report that Ares Management had limited redemptions at its private credit fund to 5% as did Apollo Global Management amidst surging withdrawal requests. While shares of Apollo ended 0.7% higher, those of Ares Management and peer Blackstone ended around 1% lower.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6556.37 | (-)0.37 |
|
NASDAQ Composite |
21761.89 | (-)0.84 |
|
Dow Jones Industrial Average |
46124.06 | (-)0.18 |
(Shruti Nair)
US$1 = INR 93.97
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vandana Hingorani
All prices from National Stock Exchange, unless otherwise specified.
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