Equity Alert
Morgan Stanley starts covering Mankind Pharma, Torrent Pharma
This story was originally published at 11:15 IST on 27 March 2026
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Equity Alert: Morgan Stanley starts covering Mankind Pharma, Torrent Pharma
MUMBAI--1101 IST--Brokerage Morgan Stanley has initiated coverage on Mankind Pharma and Torrent Pharmaceuticals, according to a post by ET Now on its X account. The brokerage is "overweight" on Mankind Pharma and "equalweight" on Torrent Pharmaceuticals.
Morgan Stanley has set the target price for Mankind Pharma at INR 2,500. It expects the company's revenue to grow at a compounded annual growth rate of 11% from the financial year 2025–26 (Apr-Mar) to FY28. The company's adjusted earnings per share is expected to grow at a compounded annual growth rate of 25%, ET Now posted, quoting the brokerage. The domestic recovery and optionality of its subsidiary Bharat Serums and Vaccines are likely to drive the company's growth, according to the brokerage. Mankind Pharma's growth in the Indian pharmaceutical market is expected at 11–12% over FY26 to FY28. The brokerage prefers the company for better risk-reward, according to the ET Now post.
Coverage on Torrent Pharmaceuticals has been started with a target price of INR 4,580. Morgan Stanley expects the company's cost synergies at about INR 3 billion in FY28 and at about INR 4.5 billion in FY29. It sees FY27 as a year of transition for the company after integration, ET Now posted, quoting the brokerage. Only limited upside is expected for the company after the recent re-rating, according to the brokerage.
At 1055 IST, shares of Mankind Pharma were up marginally at INR 2,026.60, with over 108,000 shares changing hands, against nearly 111,000 shares traded till the same time Wednesday. Shares of Torrent Pharmaceuticals were down marginally at INR 4,280.90, with over 72,000 shares changing hands, against over 70,000 till the same time Wednesday. The domestic equity market was closed Thursday for Ram Navami. (Arundathi A R)
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Equity Alert: Tata Motors PV dn 5% on report JLR to halt ops at Solihull plant
MUMBAI--1100 IST--Shares of Tata Motors fell over 5% to a near three-year low of INR 301.05. The stock fell after media reports that Tata Motors PV's UK subsidiary Jaguar Land Rover will shut its Solihull plant for nearly two weeks due to a fire accident at a supplier.
The company told its suppliers that it would pause production of its Range Rover and Range Rover Sport models at its Solihull plant in the West Midlands until Apr. 8, Financial Times reported. This includes a scheduled five-day shutdown for the Easter weekend, the report said. JLR said the plant would be shut due to "a part supply challenge with a supplier", the Financial Times report said.
The shutdown comes after Jaguar Land Rover halted operations in August following a cyberattack. The shutdown in August weighed heavily on Tata Motors PV's December quarter earnings. The consolidated revenue of JLR fell almost 34% on year to INR 538.49 billion for the period.
At 1051 IST, shares of Tata Motors Passenger Vehicles were down 4% at INR 305.15. Over 8 million shares of the company changed hands, higher than over 3 million shares traded till the same time Wednesday. Over the last seven days, the stock shed nearly 3%, while over the last 30 days, it fell over 20%. (Adhithya Aji)
Equity Alert: Graphite electrode makers HEG, Graphite India jump 11-14%
MUMBAI--1045 IST--Shares of graphite electrode makers HEG and Graphite India rose as much as 14% and 11%, respectively, after reports of US-based graphite electrode maker Graftech International announcing price hikes by a minimum of $600 to $1,200 per tonne, depending on the region, effective immediately on uncommitted volumes. This is sentimentally positive for domestic players HEG and Graphite India, ICICI Direct Research said in a report.
The price increase is in response to lower graphite electrode prices over the past few years coupled with a rise in raw material costs amid the ongoing conflict in West Asia, the brokerage said. Graphite electrode prices have been below sustainable levels, leading to earnings before interest, tax, depreciation, and amortisation loss for Graftech in the December quarter of 2025, the brokerage added.
"We see this as a positive development for the domestic graphite electrode players, which were also under profitability pressure on account of subdued pricing environment globally," ICICI Direct Research said. "However, we await management commentary as to what price hike Indian players can take and potential rise in key crude derived raw material such as needle coke, to assess the real follow though to profitability," it added.
At 1038 IST, shares of HEG traded at INR 572, up 13.7% from the previous close. So far in the day, around 14 million shares of the company changed hands on the National Stock Exchange, compared to the 233,307 shares traded till the same time Wednesday. At the same time, shares of Graphite India were at INR 658.80, up 10.6% from the previous close. So far, nearly 7 million shares of the company changed hands on NSE, compared to 235,594 shares traded till the same time Wednesday. The domestic equity market was closed Thursday for Ram Navami. (Arya S. Biju)
Equity Alert: Brigade Ent up 12%; launches 2 housing projects in Bengaluru
MUMBAI--1021 IST--Shares of Brigade Enterprises rose over 12% to a one-month high of INR 752.95 soon after trading opened. The company has announced the launch of two residential projects in Bengaluru. The real estate major's Brigade Lumina and Brigade Belvedere have a revenue potential of INR 7 billion and INR 11 billion, respectively. The stock is one of the top gainers in the Nifty 500.
The new launches will help Brigade Enterprises achieve its pre-sales target for the financial year 2025-26 (Apr-Mar), ICICI Securities said in a report. "Over the longer term, BEL (Brigade Enterprises) plans to launch projects with 12 mn (million) sft (square feet) over the next 4 quarters," the broking firm said in its report. Brigade Enterprises is eyeing 15% growth in pre-sales in FY27, ICICI Securities noted. At 1020 IST, shares of Brigade Enterprises were up 7.3% at INR 720. (Ruchira Kagita)
Equity Alert: Oil marketing cos down after rising in early trade
MUMBAI--1005 IST--Shares of oil marketing companies such as Bharat Petroleum Corp., Hindustan Petroleum Corp., and Indian Oil Corp. fell after rising 3-5% in early trade. The shares rose following the government's decision to cut excise duty on petrol and diesel by INR 10 per litre with immediate effect. At 1002 IST, shares of IOC, HPCL, and BPCL traded 0.7-1.8% lower.
The excise duty on petrol has been cut to INR 3 per litre from INR 13 per litre and that on diesel has been lowered to zero from INR 10 per litre, the finance ministry said in a notification published Friday. A lower excise duty would support the margins of oil markting companies, amid crude oil prices continuing above the $100 per barrel mark due to the US-Iran conflict.
M.K. Surana, former chairman and managing director of HPCL, said it is unlikely that fuel prices will be cut at the pump level even after the excise duty cut, CNBC-TV18 reported. With pump prices unlikely to change, the benefit of the excise duty cut will be retained by the companies.
The finance ministry did not say how much the duty cuts would cost the government. Madhavi Arora, an economist at Emkay Global, estimated the annualised fiscal hit to be nearly INR 1.55 trillion, Reuters reported. The duty cuts would absorb about 30%-40% of annual losses of oil marketing companies on auto fuel at current prices, she added.
"In view of the West Asia crisis, the central excise duty on petrol and diesel for domestic consumption has been reduced by INR 10 per litre each. This will provide protection to consumers from rise in prices," Finanace Minister Nirmala Sitharaman said in a post on 'X'. The government has taken a huge hit on its taxation revenues to reduce the burden on consumers and oil marketing companies, Petroleum and Natural Gas Minister Hardeep Singh Puri said in a seperate 'X' post. Losses of about INR 24 per litre on petrol and INR 30 per litre on diesel are being absorbed amid elevated global prices, he noted. At the same time, export taxes have been levied to discourage refiners from diverting fuel overseas when international prices are significantly higher ensuring domestic availability, he said. (Arya S. Biju)
Equity Alert: Indices open lower amid mixed global cues; bank stocks down
MUMBAI--0943 IST--Benchmark stock indices opened lower Friday amid mixed global cues. Crude oil prices were above the mark of $105 per barrel, after easing on US President Donald Trump's comments that the US would defer attacks on Iran's energy infrastructure for another 10 days till Apr. 6, as per Iran's request. However, Iran said it has not made any such request.
At 0943 IST, the Nifty 50 was at 23053.80 points, down 252.65 points or 1.1% and the BSE Sensex 74424.96, down 848.49 points or 1.1%. More than half the constituents of the Nifty 50 traded lower. Banking stocks were the major laggards.
Oil and Natural Gas Corp. was the top gainer in the 50-stock index, up 2%. Information technology stocks Tata Consultancy Services, HCL Technologies, Infosys, Wipro, and Tech Mahindra rose around 1?ch.
On the other hand, Shriram Finance was the worst hit stock in the index. Bajaj Finance, Bajaj Finserv, State Bank of India, Axis Bank, and HDFC Life Insurance Co. fell 1–3%. Index heavyweights HDFC Bank and ICICI Bank were down 2% and nearly 1%, respectively. Tata Motors Passenger Vehicles, Eternal, InterGlobe Aviation, Reliance Industries, UltraTech Cement, and Mahindra & Mahindra were down around 2-3% as well.
Barring the Nifty IT, all the other sectoral indices were in the red. The Nifty PSU Bank was the worst hit among them, down nearly 3%. All the constituents of the index traded lower. Union Bank of India, Bank of India, and Canara Bank fell 3?ch and weighed on the index.
Oracle Financial Services Software rose 6% to be the top gainer in the Nifty 200 index. Adani Total Gas rose over 2%. Shares of oil marketing companies rose after the government cut the excise duty on petrol to INR 3 per litre from INR 13 per litre. The excise duty on diesel was removed against the excise duty of INR 10 per litre earlier. However, these stocks gave up earlier gains and slipped into the red. Hindustan Petroleum Corp., Bharat Petroleum Corp, and India Oil Corp. were down 0.3%-2.0%. PB Fintech was the worst hit stock among Nifty 200 constituents. The stock fell nearly 5%.
In the Nifty 500, Brigade Enterprises was the top gainer, up over 11%. The stock rose after the company launched a residential project in Bengaluru with a revenue potential of INR 7 billion. Brainbees Solutions was the worst hit stock in the Nifty 500, down nearly 5%. (Adhithya Aji)
Equity Alert: Asian indices mixed; Trump defers attacks on Iran's power grid
MUMBAI--0830 IST--Asian indices showed a mixed trend during early trade Friday amid unclear messages signals the US-Iran war. South Korea's Kospi fell over 3% tracking the fall in major US indices on Thursday. US President Donald Trump said he would hold off attacks on Iran's energy facilities till Apr. 6 at the behest of the Iranian government. Following this, the May futures of Brent crude fell 1.6% to around $106 per barrel but still remain 47% higher than their pre-conflict levels. The surge in oil prices since the start of the war have hit Asian equities hard, as most countries in the region rely heavily on oil imports from West Asia.
There have been mixed signals over the West Asia conflict. On Wednesday, Iran's Minister of Foreign Affairs said Tehran no intention of negotiating with the US. MSCI's index of Asia-Pacific shares excluding Japan fell 1.8% during early hours of the session. Japan's Nikkei was down nearly 1% due to the fall in shares of machinery and electronics stocks. Shares of Kioxia Holdings and Daikin Industries were down nearly 6%.
In a client note, Citi analysts said if the conflict in West Asia intensifies, it could drag down global growth by 2% and push headline inflation beyond 4%, stoking the risk of recession, Reuters reported. "Asia, particularly Korea, Japan, and India, faces the most intense headwinds due to heavy reliance on imported fuel and direct exposure to disruptions in the Strait of Hormuz," Reuters reported citing the client note by Citi.
Following were the levels of major Asian indices at 0817 IST:
|
Index |
Level |
Change in % |
| CSI 300 Index | 4483.9969 | 0.14 |
| Hang Seng Index | 24895.18 | 0.16 |
| Nikkei 225 Day | 53145.33 | (-)0.86 |
| TOPIX FIRST SECTION | 3632.07 | (-)0.29 |
| KOSPI | 5285.94 | (-)3.2 |
| FTSE Singapore Strait Times | 4901.3 | 0.28 |
| S P/ ASX 200 INDEX | 8489 | (-)0.43 |
(Shruti Nair)
Equity Alert: Indices may open lower Fri on mixed global cues
MUMBAI--0818 IST--Benchmark equity indices are expected to open lower on Friday tracking weakness in their Asian peers and due to mixed global cues. Crude oil prices fell but remained above the $105 per barrel mark early Friday after US President Donald Trump said he would defer attacks on Iran's energy infrastructure for another 10 days till Apr. 6, as per Iran's request. In a Truth Social post, Trump added that "talks are ongoing" with Tehran.
However, Iran has refuted Trump's claim, saying that it has not requested any pause in strikes targeting its energy infrastructure, The Wall Street Journal reported, citing mediators involved in ongoing peace efforts. The mediators also said that Tehran is yet to give a final response to US' 15-point plan to end the war. However, Iranian officials have told mediators that they are interested in negotiations but the country's leadership is yet to weigh in and give a final decision, the report said. The odds of success for a cease-fire remain low, with Iran and the US staking out maximalist demands that are unacceptable to the other side, the mediators said.
Further, Reuters reported citing an Iranian official said that a 15-point US proposal, conveyed to Tehran by Pakistan, was reviewed in detail on Wednesday by senior Iranian officials and the representative of Iran's supreme leader, who felt it served only US and Israeli interests. The proposal included demands ranging from dismantling Iran's nuclear program to curbing its missiles and effectively handing over control of the Strait of Hormuz, according to sources and reports.
The Gift Nifty is indicating a gap-down opening for the domestic market, Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market, said. "The pullback rally that started on 23rd March has reached the gap resistance zone 23450-23600 spot levels created while falling on 19th March. A sustained trading below 23000 (points), could drag it (Nifty 50) towards 22500 and lower levels in the near term," Kumaar said. (Arya S. Biju)
Equity Alert: US indices down Thu, Nasdaq ends in correction territory
MUMBAI--0735 IST--On Thursday, major indices in the US ended 1-2% lower due to a surge in oil prices as investors remain confused due to mixed signals on negotiations between the US and Iran. The technology-heavy Nasdaq Composite ended the session in correction territory, down more than 10% from its Oct. 29 closing record high.
US President Donald Trump said he would hold off attacks on Iran's energy facilities till Apr. 6, extending the orginal deadline which would have ended Friday. Following this, futures contracts tied to the three major US indices rose 0.4%. Trump said, "Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well." On Wednesday, Iran's Minister of Foreign Affairs had said Iran had no intention of negotiating with the US.
At 0730 IST, the May futures of Brent crude were at nearly $107 per barrel, up over 50% since their pre-war levels. On Thursday, Trump said that neither the spike in oil prices nor the slump in the stock market were as bad as anticipated. Trump said oil prices were "going to come back down to where it was and probably lower."
The Nasdaq Composite saw the biggest fall among its peers, closing over 2% in the red. Meanwhile, nine of the 11 industry sectors in the S&P 500 fell Thursday, with the energy sector the biggest gainer, up 1.6%, while defensive utilities rose 0.2%. The communications services and the technology sectors were the biggest laggards, down 3.5% and 2.7%, respectively. The two indices were under pressure after verdicts against Silicon-valley giants Meta and Alphabet's Google in lawsuits over harm to children due to social media platforms. Shares of Meta ended nearly 8% lower, while those of Alphabet closed over 3% lower.
Following are the closing levels of US indices Thursday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
45960.11 | (-)1.01 |
|
NASDAQ Composite |
21408.08 | (-)2.38 |
| S&P 500 | 6477.16 | (-)1.74 |
(Shruti Nair)
US$1 = INR 94.52
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
All prices from National Stock Exchange, unless otherwise specified.
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