Equity Alert
Nuvama says price hikes, LPG woes to hit demand for room ACs
This story was originally published at 16:26 IST on 25 March 2026
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Equity Alert: Nuvama says price hikes, LPG woes to hit demand for room ACs
MUMBAI--1615 IST--Price hikes effected by room air conditioner makers may hit demand for their products, Nuvama Wealth Management said in a research report. Further, companies are managing operations by shifting to oxy-acetylene amid shortages of liquefied petroleum gas, but that has led to higher costs. Unseasonal rains over the past few days have also hit demand, the brokerage added.
Room air conditioner makers are likely to post modest revenue growth with decent margins in the March quarter, Nuvama said. However, margin pressure on account of commodity inflation and price hikes of 14–22?ross stock keeping units may be more visible from the June quarter, the brokerage said. Currently, companies have above average inventory with them, and they may not increase it significantly as is typically seen by mid-March, the report read.
Despite a subdued start to the summer season, there is a possibility of demand for room air conditioners going up, the brokerage said. El Nino is likely to persist till June and July, Nuvama noted.
Meanwhile, electronics manufacturing services companies continue to see some pressure, Nuvama said. Amid limited LPG supply, electronics manufacturing services companies such as PG Electroplast have opted for alternative fuel to manufacture room air conditioners. A transition to oxy-acetylene would need electronics manufacturing services companies to scale up their capital expenditure nominally, the brokerage said.
Shares of consumer durable companies such as Voltas, Blue Star, Whirpool of India, Havells India have fallen significantly since the US and Israel launched military attacks on Iran at the end of February. Shares of PG Electroplast and Amber Enterprises have declined 15-17% in the said period. After the recent correction in valuations of these stocks, Nuvama said investors could enter or add Amber Enterprises, PG Electroplast, and Havells to their portfolio. (Ruchira Kagita)
Equity Alert: Nifty 50 March ends at premium of 3.65 points to spot index
MUMBAI--1600 IST--The March futures contract of the Nifty 50 closed at a premium of 3.65 points to the spot index Wednesday. Open interest in the contract rose 3% to 15.98 million, according to provisional data.
--Nifty 50 closed at 23306.45 points, up 394.05 points, or 1.7% vs Tuesday
--Nifty 50 March closed at 23310.10 points, up 381.70 points or 1.7% vs Tuesday
Nifty 50 options, expiring Monday, with maximum change in open interest:
Call: 24500, Put: 20000
Nifty 50 options, expiring Monday, with maximum open interest:
Call: 25000, Put: 22000
(Simran Rede)
Equity Alert: Mkts end higher as crude oil prices ease on US plan for peace
MUMBAI--1541 IST--The benchmark indices ended higher for a second day after media reports said the US floated the idea of a month's ceasefire in West Asia, following which crude oil prices eased. Washington has sent a 15-point plan to Iran for discussion, raising hopes of a resumption of oil exports from the Persian Gulf.
Financial services and metal stocks were the major gainers. The Nifty 50 ended at 23306.45 points, up 394.05 points or 1.7%. The BSE Sensex closed at 75273.45 points, up 1205 points or 1.6%.
Shriram Finance was the top performer among Nifty 50 constituents, up nearly 6%. Financial services companies Bajaj Finance, State Bank of India, Axis Bank, Bajaj Finserv, Jio Financial Services, and HDFC Life Insurance Co., ended 2-4% higher. Metal stocks Tata Steel, JSW Steel, and Hindalco Industries also ended 2% higher. Among individual stocks, UltraTech Cement, Grasim Industries, Adani Enterprises, Larsen & Toubro, Titan Co., Trent, and Mahindra & Mahindra ended 3-4% higher.
Information technology stock Tech Mahindra was the worst hit in the Nifty 50, down nearly 2%. Power Grid Corp. of India and Tata Consultancy Services closed around 1% lower. Tech Mahindra was the worst hit stock in the Nifty 200 as well.
All the broader market indices ended higher. The Nifty Smallcap indices closed around 2-3% higher and the Nifty Midcap indices closed around 2% higher. All the sectoral indices also closed higher. Nifty Consumer Durables rose the most, up nearly 4%. The index was supported by a rise in the stocks of Kalyan Jewellers India, Blue Star, Voltas, and Kajaria Ceramics. All these stocks ended around 5% higher.
In the Nifty 200, Godfrey Phillips India was the top gainer, ending more than 8% higher. Shares of Kalyan Jewellers and Muthoot Finance ended 5% higher. These stocks rose as gold prices rose. Oil India fell over 1%. The upstream oil company's shares fell amid easing crude oil prices. At 1525 IST, the May futures contract of Brent crude was at $100.33, down nearly 4% from the previous close.
Among Nifty 500 constituents, PCBL Chemical was the top gainer, ending over 14% higher. Shares of the company rose on easing crude oil prices, as the commodity is a primary feedstock for the industry. In contrast, Trident was the worst hit stock in the index, down over 3%. (Adhithya Aji)
Equity Alert: European mkts up as crude oil prices fall on Trump's comments
MUMBAI--1515 IST--Major European indices opened higher Wednesday as crude oil prices fell over 5?ter US President Donald Trump reiterated that the US and Iran were in talks to strike a peace deal. Subsequently, the New York Times reported that the US had sent a 15-point peace plan to Iran. However, Iran has denied claims of talks with the US.
At 1438 IST, May futures of Brent crude oil were around $98 per barrel. The pan-European Stoxx 600 was up 1.4% shortly after opening, with all major sectors in the green except oil and gas. Travel and leisure, and bank indices rose around 2?ch.
The UK's FTSE 100 was up 1% led by gains in shares of mining and house-building companies. Shares of mining companies Fresnillo, Hoschild Mining, and Rio Tinto were up 2-3?rly in trade. Shares of house-builder Bellway were around 4% higher after having closed 17.5% lower on Tuesday when it commented on volatility in the mortgage market due to inflationary pressures.
UK's inflation rate was 3% for the 12 months to February, nearly unchanged from the previous data for January, CNBC reported citing figures from the Office for National Statistics. Core inflation, which excludes energy, food, tobacco, and alcohol, rose to 3.2% from 3.1% in January, which was in line with expectations of economists.
Following were the levels of major European indices at 1439 IST:
|
Index |
Level |
Change in % |
| FTSE 100 Index | 10067.19 | 1.02 |
| CAC 40 | 7863.12 | 1.54 |
| FTSE MIB INDEX | 43985.85 | 1.42 |
| DAX PERFORMANCE-INDEX | 23035.03 | 1.76 |
| SLI | 2024.65 | 1.60 |
(Shruti Nair)
Equity Alert: Manappuram Fin jumps 7% on Bain Capital's bid for stake in co
MUMBAI--1510 IST--Shares of Manappuram Finance rose almost 7% to an intraday high of INR 269.35 Wednesday after Bain Capital launched an open offer to buy up to 26% in the company from public shareholders at INR 236 per share, plus INR 12.29 per share as interest. The offer will start Apr. 6 and close Apr. 20. At 1503 IST, the shares had come off the day's high but were still more than 3% up at INR 263.05.
The open bid follows Manappuram Finance's announcement earlier this month that its subsidiaries, Asirvad Micro Finance and Manappuram Home Finance, had got approval from the Reserve Bank of India for an indirect change in control and management.
The acquisition is being done through Bain Capital's affiliates BC Asia Investments XXV Ltd. and BC Asia Investments XIV Ltd. After the completion of the open offer, Bain Capital will be classified as a promoter of Manappuram Finance and will jointly control the company.
Of the eight brokerage reports available with Informist on Manappuram Finance, three have a "buy" recommendation on the stock, four have a "hold" call with an average target price of INR 305, while one says "sell". (Eshitva Prakash)
Equity Alert: Mkts mostly sustain rise, Nifty 50 faces selling near 23500 pts
MUMBAI--1454 IST--The benchmark indices receded slightly from intraday highs with the Nifty 50 facing selling pressure near the 23500-point level. Over 80% of stocks on the NSE rose. The broader market indices outperformed the benchmarks. All the sectoral indices were also up, rising 2-3%.
At 1432 IST, the Nifty 50 was at 23329.80, up 417.40 points or 1.8%. The BSE Sensex was at 75359.69, up 1291.24 points or 1.7%. Both benchmarks were up 2.4% at their intraday highs. The volatility gauge, India VIX, declined marginally to 24.4.
Selling in information technology stocks was partly the reason for the benchmark indices coming off the day's highs. Shares of large-caps Tech Mahindra and Tata Consultancy Services were down slightly while those of Infosys and Wipro were off the day's highs. Power Grid Corp. also declined around 1%. Among others, paint makers Asian Paints and Berger Paints rose on hopes of better earnings after companies announced price hikes. Asian Paints and Berger Paints rose 2-3%.
The Nifty Consumer Durables index was the top sectoral gainer. All its constituents were up 1-6%. Shares of room air conditioner makers Blue Star, Voltas, Whirpool of India, and Havells India gained after supplier PG Electroplast's production returned to normal. The production had earlier been hit by a shortage of liquefied petroleum gas. Shares of PG Electroplast were up almost 3% as compared to 9?rlier.
Oil marketing companies Bharat Petroleum Corp., Indian Oil Corp., and Hindustan Petroleum Corp. rose 1-2.5% as Brent crude oil futures declined to around $98 per barrel, down 6% from Tuesday. The petrol-diesel accounting marketing margins of these companies are seen turning negative by INR 25 and INR 45 per litre by this fortnight, Emkay Global Financial Services said in a report. All the constituents of the Nifty Oil & Gas index rose except for Oil India, which was down more than 1%. (Ruchira Kagita)
Equity Alert: Precious metal stocks up tracking rise in gold, silver futures
MUMBAI--1430 IST--Shares of companies involved in mining, retailing, and financing of precious metals rose Wednesday, buoyed by a rise in prices of the underlying commodities. A drop in crude oil prices eased worries about a rise in inflation and higher global interest rates, allaying some fear among investors and leading to value-buying of gold and silver. Media reports said the US is looking to end the war in West Asia, which pushed crude oil rates lower and offered additional support to precious metals.
At 1421 IST, shares of silver miner Hindustan Zinc and its parent company, Vedanta, were up 4% and 3%, respectively. Shares of Kalyan Jewellers India were up 5.6% and those of Muthoot Finance were up over 4%.
At 1426 IST, the June futures contract of gold was 3.6% higher at INR 147,303 per 10 grams on the Multi-Commodity Exchange. The May futures contract of silver was up over 5% at INR 236,000 per kilogram on the exchange. "Gold's upside today seems driven by value buying after recent sharp corrections, with attractive entry levels triggering renewed demand alongside short covering that lifted prices further," Hareesh V., head of commodity research at Geojit Investments, said in a note.
The pullback in energy markets helped temper expectations of higher global interest rates, offering additional support to precious metals, Hareesh said. The analyst expects gold and silver to see a mild near-term recovery, but breaking recent highs looks difficult. "While supportive geopolitics could underpin sentiment, a firm US dollar is likely to cap strong upside, keeping price movements relatively restrained for now," he added. (Eshitva Prakash)
Equity Alert: Asian indices end higher on sharp fall in crude oil prices
MUMBAI--1420 IST--Asian indices ended higher Wednesday as crude oil prices fell nearly 7?ter US President Donald Trump said the US and Iran were negotiating terms to end the ongoing war. However, Iran has denied any such talks. On Monday, Trump had announced postponing strikes on Iran's oil and energy facilities for five days saying Iran was keen to come to an agreement.
Crude oil futures fell below $100 per barrel after Trump's comments Wednesday. At 1418 IST, May futures of Brent Crude oil were at around $98 per barrel. Japan's Nikkei 225 ended nearly 3% higher and the Topix closed 2.6% higher. Rise in shares of chip-making and metal companies supported the indices, Dow Jones reported. Shares of chip majors Tokyo Electron and Advantest Corp. closed over 3% and 5% higher, respectively. Shares of metal companies Sumitomo Metal Mining Co. and Mitsubishi Materials Corp ended higher by over 4%.
South Korea's Kospi rose 1.6%, ending higher for the second straight session, led by gains in shares of defence stocks. Shares of Korea Aerospace Industries and Hanwha Aerospace Co. ended nearly 5% higher.
Following were the levels of major Asian indices at 1402 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4537.47 | 1.4 |
|
Hang Seng Index |
25335.95 | 1.09 |
|
Nikkei 225 Day |
53749.62 | 2.87 |
|
TOPIX FIRST SECTION |
3650.99 | 2.57 |
|
KOSPI |
5642.21 | 1.59 |
|
FTSE Singapore Strait Times |
4902.12 | 0.82 |
|
S&P/ASX 200 Index |
8534.30 | 1.85 |
(Shruti Nair)
Equity Alert: RPSG Ventures up 20% on higher valuations of IPL franchises
MUMBAI--1330 IST--Shares of RPSG Ventures surged 20% to one-month high of INR 720.90 on Wednesday. Shares of the company, which owns the Indian Premier League franchise Lucknow Super Giants, rose due to positive sentiment that IPL team valuations are way beyond market expectations. On Tuesday, United Spirits sold its entire stake in Royal Challengers Bengaluru for INR 166.6 billion, sharply more than expectations.
The Royal Challengers Bengaluru deal set a new benchmark for the valuation of IPL franchises, Nuvama said. The $1.8 billion deal is twice the valuation of Gujarat Titans and above Rajasthan Royal's recent valuation of $1.6 billion. This reflects a sharp re-rating of IPL assets, with franchise value increasing around 25 times since the beginning of the tournament in 2008, Nuvama said. This was supported by strong global investor interest from private equity and US sports owners, the brokerage added.
On Tuesday, Rajasthan Royals was acquired by tech entrepreneur Kal Somani for $1.65 billion or INR 155 billion. Nuvama said Rajasthan Royals was valued at around $1.2 billion–$1.3 billion, but the sale sharply exceeded this view. The sale of RCB also sharply exceeded Nomura's valuation of INR 110 billion. The brokerage 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.
RPSG Ventures holds 51% stake in Lucknow Super Giants, which was formed in 2021 and made its debut in the IPL in 2022. At 1302 IST, shares of RPSG Ventures were nearly 19% higher at INR 713.05. Over 1.6 million shares of the company changed hands, nearly 49 times the number of shares traded till the same time Tuesday. (Adhithya Aji)
Equity Alert: Nomura begins coverage on Sagility with 'buy', target INR 55
MUMBAI--1327 IST--Brokerage firm Nomura has initiated coverage on Sagility with a 'buy' call and a target price of INR 55. The target implies an upside of around 38% from its current price of INR 39.88. The company, which provides healthcare solutions and services in the US, is seen benefitting from increase in outsourcing of healthcare in the country, Nomura said. The US healthcare payer and provider outsourcing market is likely to grow at compounded annual growth rate of 7% and 11-13%, respectively, between 2024 and 2028, Nomura said in a report.
The recent cuts in Medicaid funding in the US has pushed insurance players to increasingly opt for models powered by artificial intelligence to offset pressure on margins. This shift is likely to play out positively for Sagility, the report said. "70-80% of AI efficiency gains will be passed back to clients; hence, we expect margins to remain stable in the medium term," the brokerage said. Additionally, the medical loss ratio rule mandating insurance companies to maintain a minimum percentage of premium dollars to improve their clinical services will also support outsourcing, Nomura said.
Besides healthcare payers, providers are also likely to increase outsourcing to offset financial pressure from reduced reimbursements, supply chain costs, and rising uncompensated care, Nomura said. Federal Medicaid funding is seen declining by $911 billion in the next decade. The brokerage sees Sagility's provider outsourcing increasing at a higher rate than payer outsourcing.
Further, the recent acquisition of US-based BroadPath Healthcare Solutions by Sagility will be favourable for the company, Nomura said. BroadPath Healthcare has robust presence in the mid-market segment, and its integration will help Sagility broaden its client coverage, the brokerage said.
Some headwinds to growth may come from a decline in the US healthcare payer industry, and outsourcing of operational work, Nomura said. A disruption in business models and new entrants may also pose some risks, according to the brokerage.
Nomura expects Sagility to see over 22% growth in its revenue in dollar terms during 2025-26 (Apr-Mar), and rise around 12% over FY26-FY28. The company's earnings before interest, taxes, depreciation, and amortisation margin is seen stable at about 24% during FY27 and FY28. Meanwhile, its earnings per share are seen growing at a compounded annual growth rate of 20.2% in the same period. At 1327 IST, shares of Sagility were up nearly 7% at INR 39.88. (Ruchira Kagita)
Equity Alert: Chemical stocks up as crude oil eases on US peace plan for Iran
MUMBAI--1310 IST--Shares of most chemical companies rose after crude oil price eased in early trade Wednesday, as the commodity is a primary feedstock for the industry. Brent crude fell as much as 7% Wednesday after reports that the US was seeking a month-long ceasefire in its war on Iran, and that the US had sent a 15-point plan to Tehran for discussion, raising hopes of resumption of oil exports out of the Persian Gulf. At 1309 IST, the May futures contract of Brent crude was off lows and traded around the $100 per barrel level.
Indian chemical companies are heavily reliant on key oil and gas derivatives and any updates on a ceasefire in the West Asia conflict, which has led to a near blockade of the Strait of Hormuz, will be positive for the sector, analysts said. However, even if the war ends soon, it will take some time for the supply chain to recover and stabilise, analysts said.
The conflict between Iran and the US-Israel combine has now entered the fourth week, keeping global energy prices volatile for almost a month. This is expected to impact the earnings of chemical companies in the near term, Prathamesh Masdekar, equity research analyst at BP Equities, said. He expects chemical companies to see single-digit sequential degrowth in the March quarter. Meanwhile, speciality chemical companies are expected to see only a moderate impact from higher oil prices, given their higher focus on contract development and manufacturing services.
At 1304 IST, shares of PCBL Chemical, a carbon black manufacturer, traded around 15% higher and was the top gainer in the Nifty 500 index. Among other chemical stocks, PI Industries, GHCL, Tata Chemicals, Deepak Nitrate, SRF, and Grasim Industries led the gains, up 4-5%. (Arya S. Biju)
Equity Alert: Motilal Oswal starts coverage on Bajaj Finserv with 'neutral'
MUMBAI--1235 IST--Motilal Oswal Financial Services has initiated coverage on Bajaj Finserv with a 'neutral' rating and a target price of INR 1,900, citing steady growth prospects across its lending, general insurance and life insurance subsidiaries, supported by a technology-led financial services ecosystem. The target price implies an over 8% rise in the stock, which is currently trading at INR 1,755 per share, up 3% from Tuesday.
The brokerage expects Bajaj Finserv's core businesses – Bajaj Finance, Bajaj General Insurance, and Bajaj Life Insurance – to deliver steady earnings growth, driven by a strong customer base, improving product mix, and operational efficiencies. Motilal Oswal estimates the company's revenue and profit after tax to grow at a compounded annual rate of 15% and 17%, respectively, over 2025–26 (Apr-Mar) and FY28. The company'sreturn on equity is seen at 13–14%.
Motilal Oswal expects Bajaj Finance to remain the primary value driver for Bajaj Finerv. The general insurance arm is expected to maintain healthy combined ratios alongside 12% premium growth.
Motilal Oswal said emerging digital platforms in broking, asset management, healthcare, and financial distribution have the ability to scale up and aid long-term growth. These businesses are currently at an investment stage and contribute marginally to revenue. "While currently contributing only ~1% to revenue and investing in scale to achieve breakeven, these emerging subsidiaries provide the opportunity for the brand to be involved in all financial decisions of customers," the brokerage said. (Prateem Rohanekar)
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 Ashish Shirke
All prices from National Stock Exchange, unless otherwise specified.
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