Equity Alert
HMA Agro down 10% as promoters plan to sell stake at discount
This story was originally published at 14:32 IST on 9 April 2026
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Equity Alert: HMA Agro down 10% as promoters plan to sell stake at discount
MUMBAI--1420 IST--Shares of HMA Agro Industries fell almost 10% to an intraday low of INR 21.66, a day after the promoters said they plan to sell up to 6.63% of the total issued and paid-up share capital of the company to retail and non-retail investors at a floor price of INR 18 per share. This offer for sale implies a discount of almost 25% from the stock's closing price of INR 23.94 Wednesday.
At 1418 IST, shares of the company were off the day's low at INR 22.18, still down 7.4%. Around 2 million shares of the company have changed hands so far in the session, up tenfold from the stock's three-month average volume. In the span of a month, the company's shares have declined over 8%. This week, they have delined over 6%. (Eshitva Prakash)
Equity Alert: GE Vernova, Hitachi Energy up 5%; JP Morgan starts coverage
MUMBAI--1245 IST—Shares of power equipment companies were trading higher as brokerage JP Morgan initiated coverage on them with a bullish stance. At 1244 IST, shares of GE Vernova T&D India, Hitachi Energy India, and Siemens Energy India were trading 2–5% higher. The global brokerage has initiated an "overweight" call on GE Vernova and Hitachi Energy, while starting covering Siemens Energy with a "neutral" call.
The brokerage has set INR 29,000 as the target price for Hitachi Energy and set INR 4,300 for GE Vernova, NDTV Profit reported. Siemens Energy's target price was at INR 2,600. JP Morgan holds a bullish stance on these stocks as renewable-led grid expansion, rising electrification, and global demand tailwinds have led to a decade of upcycle, according to the NDTV Profit report.
The power equipment makers are expected to enter a multi-year growth phase, as the grid will extend to support a sharp rise in renewable capacity, NDTV Profit reported, quoting the brokerage. The target of 470 gigawatts of solar and wind additions over the next decade is expected to drive demand for transmission infrastructure, JP Morgan said. Consequently, strong visibility for high voltage equipment players over the next three to four years is expected.
Global order inflows for companies remained robust, supported by renewable investments, grid upgrades, and rising electricity demand from artificial intelligence-driven data centres, according to the brokerage. It pointed out that an oligopolistic market structure, operating leverage, and export growth could support margin expansion ahead of expectations.
The large-scale high voltage direct current projects to evacuate renewable power are expected to generate multi-billion-dollar order opportunities, according to the report. However, the brokerage considers delays in execution, supply-chain disruptions, and potential pauses in ordering cycles to pose risks to these companies. (Arundathi A R)
Equity Alert: TCS up 1?ter being choppy; PAT seen dn QoQ despite sales rise
MUMBAI--1152 IST--Shares of Tata Consultancy Services rose more than 1?ter being choppy since open, with the company slated to declare its March quarter earnings later in the day. As always, TCS would be the first Nifty 50 constituent to declare the corporate earnings, marking the beginning of the earnings season. The information technology major is expected to post a decline in its net profit in March quarter on a sequential basis despite an increase in revenue owing to multiple factors, including foreign exchange losses, planned investments, and ramp-up costs tied to large deals, according to analysts. At 1142 IST, the company's shares were at INR 2,588.60, up 1.2%.
If the Street's expectations were to come true, this would be the second consecutive quarter of a decline in net profit on a sequential basis despite a rise in revenue for the company. The IT sector bellwether's consolidated net profit for the March quarter is expected to fall 1.8% to INR 137.92 billion from that reported for the December quarter, excluding exceptional items, as per average of estimates from 15 brokerages. However, this would mean a year-on-year growth of nearly 13% on the metric.
The Tata Group company is expected to report a rise of over 4% sequentially and an annual growth of 8.4% in consolidated revenue for the reporting quarter to INR 698.93 billion, according to the average of estimates. Most brokerages expect the company to report deal wins in the range of $7 billion to $10 billion for the March quarter. (Gopika Balasubramanium)
Equity Alert: NTPC up; co, Electricite de France to develop nuclear projects
MUMBAI--1150 IST--Shares of NTPC rose as much as 2.5% to a high of INR 383.20 after the company said it has entered into a non-binding memorandum of understanding with Electricite de France to collaborate in developing nuclear power projects in India. Under the agreement, the companies will jointly assess feasibility, including the use of Electricit de France's evolution pressure reactor technology and its suitability for Indian requirements to maximise localisation for large-scale deployment, and examine economic and tariff aspects, NTPC said in an exchange filing.
The development is strategically positive for NTPC, as it marks its entry into the nuclear power segment, strengthening its positioning in reliable, base load clean energy alongside renewables, ICICI Direct Research said in an exchange filing. Further, the partnership with Electricite de France allows the company to access evolution pressure reactor technology and technical expertise, which could mitigate execution and technology risks in a complex, capital-intensive segment, the brokerage said.
In another development, the Central Electricity Authority uprated the capacity of two units of the company's Dadri thermal power station from 490 megawatts to 500 MW each, effective Monday. With this, the total installed capacity of NTPC group stands at 89.13 MW and commercial capacity at 88.05 MW.
At 1143 IST, shares of NTPC traded at INR 382.90, up over 2%, and were among the top gainers in the Nifty 50 index. So far in the day, over 10 million shares of the company have changed hands on the National Stock Exchange, compared to over 9 million shares traded till the same time Wednesday. Of the seven research reports on the company available with Informist, six have a 'buy' or equivalent recommendation on the stock with an average target price of INR 422 per share and one has a 'hold' rating with a target price of INR 370 per share. (Arya S. Biju)
Equity Alert: Benchmark indices extend losses; shares of auto, tech cos down
MUMBAI--1115 IST--Benchmark indices extended their losses as investors factored in the fragility of the two-week ceasefire between the US and Iran. US President Donald Trump Thursday said that US armed forces would stay in Iran until the terms of the ceasefire were fully adhered to. The benchmark indices were down due to losses in the shares of information technology, automobile, and financial services companies. The fall in index heavyweight stocks also exacerbated the drop in the indices.
Shares of IT majors Infosys and HCL Technologies were down 1-2%. Notably, shares of peer Tata Consultancy Services bucked the trend to trade marginally higher ahead of its quarterly earnings later on Thursday. Automobile companies Mahindra & Mahindra, Maruti Suzuki India, and Eicher Motors, were also down 1-2%. On Thursday, crude oil prices resumed their climb after closing over 15% lower on Wednesday.
The Nifty 50 index was also weighed down by index heavyweights HDFC Bank, ICICI Bank, and Reliance Industries, each of which traded around 1% lower.
At 1112 IST, the Nifty 50 was down 0.6% at 23855.25 points, and the BSE Sensex was down 0.8% at 76959.59 points. The market's fear gauge, India VIX, continued to climb, rising nearly 3% to 20.2350 as investors monitored the US-Iran ceasefire amid claims of violation of the terms.
Among the gainers in the Nifty 50 were stocks of metal and energy companies. Hindalco Industries was the top performing stock in the index, gaining 3.4%, while its peers Tata Steel and JSW Steel were up nearly 1?ch. Shares of state-owned energy majors NTPC, Power Grid Corp. of India, and Coal India, were up 1–2%. Pharmaceutical majors Cipla and Dr. Reddy's Laboratories were also up around 1%, while Sun Pharmaceutical Industries was marginally higher.
In the Nifty 200, defence companies were among the top gainers, with shares of Hindustan Aeronautics and Bharat Heavy Electricals, climbing around 4?ch. Info Edge (India) was the worst hit stock in the Nifty 200 index. Shares of the company were down over 3?ter it reported a standalone billings growth of over 7% on-year for the March quarter, missing the Street's expectations. (Shruti Nair)
Equity Alert: Info Edge down as Q4 billings miss estimates; brokerages mixed
MUMBAI--1100 IST--Shares of Info Edge opened almost 3% lower at INR 1,030 after its recruitment solutions business Naukri's billings rose only 9.5% on year to 8.11 billion. This is lower than what it reported in the past two quarters of 2025-26 (Apr-Mar). Info Edge's total billings rose 7.5% on year. Info Edge's Gulf business was adversely impacted by the war in West Asia, and macroeconomic concerns in the US may have played spoilsport, according to brokerages.
Brokerages Citigroup Inc. and JM Financial Institutional Securities have a negative view on the stock as the company's growth in billings during the March quarter missed estimates. JM Financial trimmed its target price on the stock slightly to INR 1,050 while maintaining a 'reduce' stance as stock prices of investee companies Eternal and PB Fintech corrected. Artificial intelligence-driven searches dragged on Info Edge's Shiksha business but it is expected to improve as the company experiments with new models to reignite growth.
However, slow economic growth, the inability of the company's 99acres business to sustain profitability, and higher holding company discount for Eternal and PB Fintech may weigh on Info Edge, according to a report by Citi. The brokerage maintains a 'sell' recommendation on the stock with a target price of INR 1,120.
Citi sees the company's earnings before interest, taxes, depreciation, and amortisation growing 25% on year in the quarter ended March to INR 3.2 billion, aided by lower advertisement spends. However, the brokerage sees the company's EBITDA margin declining 50 basis points on quarter to 42%. "Billings growth momentum impacts revenue growth with a lag of 1-2 quarters," Citi said in the report.
Meanwhile, Nomura maintained a 'buy' call on Info Edge with a target price of INR 1,500. This target implies an upside of over 50% from the stock's current market price. Weak billing growth in the company's real estate business may be temporary, Nomura's report noted the company as saying. The brokerage sees the model pivot for Shiksha business playing out over the medium term. At 1059 IST, shares of Info Edge declined 3.8% to INR 993.50 on the National Stock Exchange. (Ruchira Kagita)
Equity Alert: Fert cos up; govt OKs INR-415-bln subsidy for kharif season
MUMBAI--1030 IST--Shares of most fertiliser stocks rose in early trade Thursday after the government approved subsidy of INR 415.34 billion for nutrient-based fertilisers to be used on kharif season crops. The Union Cabinet Wednesday approved the proposal of the Department of Fertilizers for fixing the nutrient-based subsidy rates for the kharif season of 2026, effective Apr. 1 to Sept. 30, on phosphatic and potassic fertilisers.
The fertiliser companies will receive the subsidy as per the approved rates to ensure smooth availability of these fertilisers to the farmers at affordable prices. The government is providing 28 grades of phosphatic and potassic fertiliers to farmers at subsidised prices through fertiliser manufacturers and importers
At 1015 IST, Fertilizers and Chemicals Travancore, Rashtriya Chemicals and Fertilizers, Madras Fertilizers, and Tata Chemicals were up 2.2-5.0%. Shares of Deepak Fertilizers and Petrochemicals Corp. were marginally up. (Arundathi A R)
Equity Alert: Honasa Consumer off highs after 11% rise; co sees robust Q4
MUMBAI--1025 IST--Shares of Honasa Consumer rose 11% to a high of INR 348.65 following a quarterly update by the company for Jan-Mar, which forecast growth in early twenties in its business. However, the stock came off highs and at 1008 IST, was at INR 324.20, up 3.5%. About 5 million shares of the company were traded on the NSE so far.
"Our business is expected to deliver growth in late twenties during Q4 FY26 (Jan-Mar), driven by strong growth across focus categories," the company said. This is after its revenue being adjusted for changes in settlement by the Flipkart group, resulting in a change in revenue recognition for marketplace sellers. The revenue also includes the consolidation of BTM Ventures Pvt. Ltd. BTM Ventures is the parent of Reginald Men and Molecular Co., which the company acquiried last year and is expected to deliver a strong performance in the reporting quarter.
The company's largest brand, Mamaearth, continued its growth momentum and is expected to deliver "teens" growth during Jan-Mar, the company said. Its other brands such as The Derma Co., Aqualogica, BBlunt, Dr. Sheth's. Staze, amd Lumineve, which Honasa Consumer termed "younger brands" are expected to deliver growth in the mid-twenties, it said. "Our offline channel remained a key growth driver, with General Trade and Modern Trade expected to continue strong growth momentum, supported by improving distribution coverage," the company said. (Gopika Balasubramanium)
Equity Alert: KEC Intl rises 9?ter co gets orders worth INR 25 bln
MUMBAI--1020 IST--Traders bought shares of KEC International the early trade, pushing the price by 9% to a high of INR 616.95. The company's shares rose after it informed exchanges late Wednesday that it had won multiple orders amounting to a total of INR 25.18 billion. However, within some minutes into the trading session, the stock pared its gains and at 0948 IST it was up 2.7% at INR 582.95. About 6.5 million shares of KEC International have been traded on the NSE so far Thursday, a tad higher than 6 million shares traded till the same time Wednesday.
KEC International received new orders for civil, transportation, transmission and distribution, and cables and conductors projects in the domestic and overseas markets. The company has secured "its largest-ever commercial real estate order" from a real estate developer in Western India, as per the company's regulatory filing. The engineering company has also received an order for train collision avoidance system segment under 'Kavach' in India and secured orders to supply various types of cables and conductors in domestic and overseas market.
KEC International has secured orders to build transmission lines in Africa, and additional orders for transmission lines and substations in international markets. In Europe, the company has received orders for the supply of towers. In the Americas, the company said it has bagged orders to supply hardware, poles and towers.
The order inflow of INR 25.18 billion, which is roughly 8–10% of its annual order intake run-rate, reinforces KEC International's strong order momentum and enhances revenue visibility over the next few quarters, ICICI Direct said in a report. "The record civil order marks a meaningful diversification beyond its core T&D (transmission and distribution) segment, indicating improving traction in urban infrastructure...," it said. (Gopika Balasubramanium)
Equity Alert: Indices open lower; crude rises as Iran shuts Strait of Hormuz
MUMBAI--1015 IST--Domestic headline indices opened lower Thursday wiping away some gains from the previous session as Iran closed the Strait of Hormuz less than 24 hours after agreeing to a ceasefire with the US. Iran shut closed the Strait again after Israeli strikes killed more than 100 people in Lebanon on Wednesday. Reacting to this, crude oil prices rose around to $97 per barrel, pulling down the domestic benchmark indices. At 0943 IST, the June futures contract of Brent crude was trading over 2% higher at $96.82 per barrel.
Iran's parliamentary speaker Mohammad Bagher Ghalibaf said the US on Wednesday violated the two-week ceasefire agreement. "The deep historical distrust we hold toward the United States stems from its repeated violations of all forms of commitments — a pattern that has regrettably been repeated once again," Ghalibaf said in a statement posted on social media.
At 1010 IST, the Nifty was 0.7% lower at 23835.60, down 161.75 points. The BSE Sensex was down nearly 700 points at 76867.69, or 0.9% lower. However, the broader market outperformed the headline peers, up 0.8–0.3%. After closing lower for the previous three sessions, volatility index India VIX rose nearly 2% to 20.0250.
Sectoral indices showed a mixed performance, with most of them in the positive territory. The Nifty Metal index led the gains among its sectoral peers, with only Adani Enterprises trading lower. The sectoral index was almost 2% higher and was up for the sixth straight session.
Shriram Finance was the key laggard among the Nifty 50 constituents, down 2%. It fell after closing higher for the previous three sessions. Infosys was down nearly 2%. Losses in the index heavyweight HDFC Bank also added to the fall of the Nifty 50. The stock was down over 1%.
Shares of KEC International rose nearly 4?ter the company won orders worth INR 25 billion. The stock was up for the second session and was among the top gainers in the Nifty 500 index. Steel companies rose in the early trade, with Tata Steel and Steel Authority of India up nearly 2?ch. JSW Steel was up over 1%. Honasa Consumer was up over 5?ter the company expected its Jan-Mar sales to rise.
Information technology services major Tata Consultancy Services was slightly up ahead of its March quarter results. The company's Jan-Mar earnings will be announced post market hours Thursday. The company's net profit is seen down on quarter despite a rise in revenue. (Arundathi A R)
Equity Alert: Asia mkts under pressure after Iran flags ceasefire violations
MUMBAI--0830 IST--Equity indices in Asia were under pressure Thursday after Iran said the US violated the recently announced two-week ceasefire. Iran closed the Strait of Hormuz less than 24 hours after agreeing to a ceasefire with the US. Following this, the June contract of Brent Crude oil futures rose by 2% to nearly $97 per barrel. South Korea's benchmark index Kospi declined the most among its peer indices, after gaining for the previous four straight sessions. Japan's benchmark index Nikkei 225, and the broader market Topix, fell 0-5-0.8%.
"The deep historical distrust we hold toward the United States stems from its repeated violations of all forms of commitments — a pattern that has regrettably been repeated once again," Iran's Parliamentary Speaker Mohammad Bagher Ghalibaf said in a post on social media platform X. He said three elements of Iran's 10-point truce proposal were violated. This included Israel's ongoing strikes in Lebanon, a drone entering Iranian airspace, and what he described as the denial of Tehran's right to enrich uranium.
Propane prices may go up for Japanese households in May as importing liquefied petroleum gas from West Asia is set to get costlier for the country in April, the Nikkei Asia reported. This comes as energy prices remain elevated due to supply disruptions stemming from the war in West Asia.
Cracks started appearing in the ceasefire deal between the US, Iran and Israel. Israel carried out one of its largest strikes against Hezbollah in Lebanon Wednesday, which killed at least 112 people and injured over 837. Israel said it had halted attacks on Iran, but the ceasefire deal did not include Lebanon.
Following were the levels of major Asian indices at 0820 IST:
|
Index |
Level |
Change in % |
| CSI 300 Index | 4570.0987 | (-)0.55 |
| Hang Seng Index | 25760.52 | (-)0.51 |
| Nikkei 225 Day | 55997.18 | (-)0.55 |
| TOPIX FIRST SECTION | 3746.68 | (-)0.76 |
| KOSPI | 5795.56 | (-)1.31 |
| FTSE Singapore Strait Times | 4978.69 | (-)0.35 |
| S&P/ASX 200 INDEX | 8947.1 | (-)0.05 |
(Ruchira Kagita)
Equity Alert: Indices may open flat; crude up as Iran shuts Strait of Hormuz
MUMBAI--0820 IST--Benchmark equity indices may open largely flat as crude oil prices resumed its upward trend after several reports said that Iran has closed the Strait of Hormuz in response to Israeli attacks on Lebanon. Further, Iran has accused the US of violating several terms of the two-week ceasefire agreement, renewing concern that conflict in West Asia could escalate again and disrupt energy supplies.
Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, in a social media post Wednesday claimed that the US has breached the terms of the temporary ceasefire agreement between the warring parties. He said that three elements of Iran's 10-point truce proposal were violated. This included Israel's ongoing strikes in Lebanon, a drone entering Iranian airspace, and what he described as the denial of Tehran's right to enrich uranium.
In response, US Vice-President J.D. Vance said, "Ceasefires are always messy," addressing the reported drone incident in Iranian airspace, CNBC reported. He added that Washington maintains Iran should not be allowed to enrich uranium, and said any ceasefire covering Lebanon had not been included in the agreement, the report said. Israel Prime Minister Benjamin Netanyahu also said that Lebanon was not included in the ceasefire. Meanwhile, Iran's Foreign Minister Abbas Araghchi said the truce "terms are clear" regarding Lebanon, and Washington must choose "ceasefire or continued war via Israel. It cannot have both".
The June future contract of Brent crude oil rose over 3% to a high of $97.96 a barrel Thursday. This came a day after it fell over 13% on hopes of easing supply disruptions following the temporary truce between the US and Iran. At 0805 IST, the futures contract traded at $96.75 per barrel, up over 2% from its previous close.
The Gift Nifty suggests a largely flat opening for the domestic market. At 0759 IST, the April futures contract of Gift Nifty traded at 24001.50, just four points away from Nifty 50's previous close. On Wednesday, the Nifty 50 index settled at 23997.35, up 873.70 points or 3.8%, marking the sharpest single-day rise in almost a year.
"From a technical standpoint, 24000 remains a crucial resistance, both psychologically and structurally. This level is likely to act as a supply zone, and any upward move towards it may attract profit booking or fresh short positions," said Sundar Kewat, technical and derivative analyst at Ashika Institutional Equities. "On the downside, 23500 (points) stands as immediate support. A decisive hold above 24000 points could trigger further upside towards 24300–24500 levels. However, failure to sustain higher levels may keep the index range-bound between 23500–24000 in the near term," he added. (Arya S. Biju)
Equity Alert: Wall Street soars after US, Iran agree to 2-week ceasefire
MUMBAI--0755 IST--Indices on Wall Street soared Wednesday after the US and Iran agreed to a two-week ceasefire. The truce is dependent on the US not attacking Iran, and the West Asian nation reopening the Strait of Hormuz. The June contract of Brent crude oil futures fell sharply to below $100 per barrel after the ceasefire was announced.
A final peace agreement with Iran would be decided in these two weeks, US President Donald Trump said in a post on his social media platform Truth Social. "The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East," Trump said in the post.
All major indices in the US closed higher, with the Dow Jones Industrial Average closing over 1,300 points higher to post its highest daily gain in nearly a year. The S&P 500 ended 2.5% higher, and the Nasdaq Composite closed 2.8% higher. All prominent sectoral indices barring the S&P 500 Energy index closed in the positive territory. The S&P 500 Energy was 3.66% lower. Shares of upstream oil companies Exxon Mobil Corp. and Chevron Corp. declined over 4%.
Meanwhile, minutes of Federal Open Market Committee's last meeting raised the inflation outlook for the near term due to high energy prices. "Some measures of near-term inflation expectations increased, as energy and other commodity prices surged with the Middle East conflict," the central bank officials said. The impact of elevated crude oil prices and tariff-linked price hikes is seen abating by the end of this year, and the Federal Reserve sees inflation coming down to its 2% target only by the end of the next year.
The growth in the labour market was in line with expectations and the rate of unemployment is seen steady this year. However, risks to growth in the labour market persist if hostilities in West Asia continue for longer.
Following are the closing levels of US indices Wednesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6782.81 | 2.51 |
|
NASDAQ Composite |
22634.995 | 2.8 |
|
Dow Jones Industrial Average |
47909.92 | 2.85 |
(Ruchira Kagita)
US$1 = INR 92.76
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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