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Informist, Friday, Apr. 17, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Brokerages retain 'buy' on HDFC Life, cut new business forecast

 

MUMBAI--0952 IST--Most brokerages have retained their 'buy' recommendation on HDFC Life Insurance Co. post its weak March quarter results. However, they have cut their estimates for value of new business for 2026-27 (Apr-Mar), a key metric for performance of an insurance company. Factors such as aggressive non-par product pricing by competitors in the HDFC Bank channel which lead to loss of counter share, loss due to exemption of goods and services tax, and new surrender regulations in FY26, affected the company's show for the March quarter, hitting value of new business. This was, however, partially offset by higher protection sale, rider attatchments, and longer tenure products, Nuvama Institutional Equities, said. Its shares traded at INR 609.40, down 3.5% at 0950 IST.

The insurer's value of new business came in at INR 12.6 billion, down 8.4%. The company's new business margin was 24.2% as of Mar. 31, compared with 25.6% a year ago. If not for the impact of the goods and services tax cut and a change in regulation, as per which surrender value increases after completion of the first policy year, the insurer's new business margin would have been 25.5% at the end of FY26. Emkay Global cut estimates of value of new business for FY27 by 3% and Nuvama cut its estimate by 7.3%. Nuvama cut its target price of HDFC Life by around 7% to INR 850 while maintaining its 'buy' recommendation.

 

The insurer reported a net profit of INR 4.96 billion for the quarter ended March, up 4% on year. HDFC Life's net premium income rose nearly 9% on year and 42% on quarter to INR 258.29 billion in the March quarter. But a loss of INR 64.81 billion on investments dragged the company's total income to INR 197.32 billion, down 17% on year and 32% on quarter. The sustained momentum in retail protection, growth acceleration in credit life on the back of growth in micro-finance, and a likely pick up in the non-par savings product are likely to support FY27 growth and profitability, Emkay Global Financial Services said. The brokerage held 'buy' call on the stock and kept target price unchanged at INR 750. 

 

Non-participating insurance plans sales declined in March quarter as the company avoided irrational pricing, Nuvama said. With a much favourable yield curve, the management expects a rebound in this segment, as per the brokerage. Going forward, the management anticipates a gradual shift in the annual premium equivalent mix as customers rebalance toward long-term savings and protection. "They expect non-par savings to gain share relative to FY26, while protection and annuities are projected to grow ahead of the company average," Systematix Institutional Equities said, which maintained its 'buy' call and target price of INR 770 on the stock.  (Gopika Balasubramanium)

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Equity Alert: Brokerages cut revenue estimates of Wipro after weak guidance

 

MUMBAI--0852 IST--Brokerages have cuts their revenue growth estimate for Wipro after the company missed estimates for the March quarter earnings and gave a weak outlook for the June quarter. While some remain bullish on the stock due to attractive valuations, most of the brokerages have raised concerns about weak growth and advised against buying the stock.

 

Nuvama Wealth Management, Emkay Global Financial Services, and Nirmal Bang Equities have cut their estimates for Wipro's sales growth in 2026-27 (Apr-Mar) by 0.3-3.6%. These brokerages expect Wipro's IT services business to report a sales growth of 1-4% in dollar terms.

 

"Wipro's weak Q1 guidance is likely to start FY27 on a soft note," Nuvama said, while maintaining its 'buy' recommendation on the stock citing attractive valuation. The brokerage has raised the target price by 6% to INR 255 to account for the share buyback and rupee depreciation.

 

However, several foreign brokerages are bearish on the stock due to weak growth. Morgan Stanley has cut Wipro's target price by nearly 21% to INR 192 on guidance miss and expectations that its revenue growth will remain below peers. Wipro guided its revenue growth in Apr-Jun to be flat or fall by up to 2%. BoFA Securities remains underweight on Wipro and Citi continues to recommend selling the stock, according to NDTV Profit.

 

Brokerage Nirmal Bang pointed out that weak conversion of contract value to revenue is a "huge point of concern". "Wipro has delivered a disappointing revenue and TCV, reducing forward visibility as caution persists, driven by lower ACVs due to longer deal durations, low discretionary spending, and macro uncertainty," the brokerage said. Nirmal Bang has maintained 'hold' recommendation on Wipro with a target price of INR 204.  (Anshul Choudhary)

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Equity Alert: Seen opening lower; Q4 earnings, US-Iran peace talks in focus

 

MUMBAI--0845 IST--Domestic equity indices are expected to open lower tracking their peers in Asia which fell in early trade as investors turned cautious ahead of the weekend, awaiting more clarity on developments in West Asia, especially on reopening of the Strait of Hormuz. This defied the US market, where the benchmark indices reached an all-time high for the second straight session Thursday.

 

Late Thursday, US President Donald Trump announced that Lebanon and Israel agreed pn a 10-day ceasefire starting Friday and also told reporters at White House that there was going to be a "good" deal with Iran. Additionally, investors would also focus on the March quarter earnings, with more stock-specific movements expected.

 

Technical analysts expect the Nifty 50 to open lower on Friday, and see the index between 24000-24300. A close above or below these levels would set the tone for the upcoming sessions. Participants likely await the index heavyweights to declare their March quarter results before taking longer bets, they said. HDFC Bank and ICICI Bank are scheduled to report their earnings on Saturday. The April futures contract of GIFT Nifty indicates a gap-down for the Nifty 50. At 0756 IST, the contract was at 24175.50 points, a discount of around 30 points to the index's close Thursday. The Nifty 50 had closed at 24196.75 points. On Thursday, foreign investors and domestic investors were net sellers and offloaded shares worth INR 3.82 billion and INR 34.28 billion, respectively.  

 

Analysts are concerned about crude oil prices remaining at higher levels and see this as a risk to India's economic growth as well as corporate earnings. High energy costs and costs of moving into alternative fuels are seen eating into the profits of companies. There are also expectations of slowdown in credit growth, especially in rural areas, owing to high fertiliser costs and weak outlook for the upcoming monsoon season. That said, analysts tracking autobile sector said a hit in rural demand due to above reasons will directly hit two-wheeler as well as tractor sales. Meanwhile, consumer durables sector awaits demand to improve as summer season has not picked up, even at the second-half of April.

 

IT major Wipro disclosed its earnings for the March quarter after market hours Thursday. Its net profit was in line with consensus expectations while its consolidated revenue fell short of Street expectations. Following the results, Nirmal Bang retained its 'hold' stance for Wipro and kept target price unchanged. Morgan Stanley maintained "underweight" stance, cutting target price by around 21% to INR 192. The brokerage sees the guidance for June quarter as weak and does not expect the company to reach the full year guidance of 17.0-17.5%. Jio Financial Services will declare its results later in the day. (Gopika Balasubramanium)

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Informist, Friday, Apr. 17, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Mkts in Asia fall on uncertainty around US-Iran peace talks

 

MUMBAI--0835 IST--Markets in Asia were in the red Friday due to uncertainty around US-Iran peace talks and the agreed two-week ceasefire. Thursday, US President Donald Trump said that Israel and Lebanon have agreed to a 10-day ceasefire starting Friday and they could meet for a second round of talks "probably, maybe, next weekend."

 

"I have directed Vice President JD Vance and Secretary of State Rubio, together with the Chairman of the Joint Chiefs of Staff, Dan Razin' Caine, to work with Israel and Lebanon to achieve a Lasting PEACE," Trump said in a post on social media platform Truth Social.

 

Brent Crude Oil futures again rose to $100 per barrel overnight but came off those highs early Friday to around $98 per barrel.

 

Japan's Nikkei 225 was down almost 1?ter hitting a record high Thursday. Shares of Mitsubishi UFJ Financial Group, SoftBank Group Corp., and Tokyo Electron fell over 3?ch. Bank of Japan Governor Kazuo Ueda said uncertainty due to the war in West Asia remains high, but did not give any indication of a future rate hike, according to a report by Reuters. "If the economy slows, that would put downward pressure on prices. On the other hand, rising crude oil prices would put upward pressure on underlying inflation through inflation expectations," Ueda said.

 

Japan's export credit agency will set up an investment window of up to 600 billion yen or $3.8 billion to help Asian countries secure energy supplies, CNBC reported. Meanwhile, the yen depreciated for the third straight day against the dollar, falling 0.4%. South Korea's benchmark KOSPI snapped its three-day gaining streak.

 

Following were the levels of major Asian indices at 0805 IST:

 

Index	Level	Change in %
CSI 300 Index	4727.6542	(-)0.19
Hang Seng Index	26152.56	(-)0.92
Nikkei 225 Day	58983.67	(-)0.90
TOPIX FIRST SECTION	3774.66	(-)1.04
KOSPI	6209.42	(-)0.27
FTSE Singapore Strait Times	5002.58	(-)0.10
S&P/ASX 200 INDEX	8934.30	(-)0.23

 

(Ruchira Kagita)

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Equity Alert: US mkts up as 10-day ceasefire between Israel, Lebanon starts

 

MUMBAI--0745 IST--Major indices on the Wall Street sustained gains, with benchmark S&P 500 and the tech-heavy Nasdaq hitting record closing highs Thursday, amid optimism of a likely truce between the US and Iran. Further, US President Donald Trump late Thursday said in a post on social media platform Truth Social that Israel and Lebanon have agreed to a 10-day ceasefire, which took effect Thursday, which also buoyed sentiment. Trump also said the next round of peace talks between Israel and Lebanon could take place "probably, maybe, next weekend." Market participants are likely to wait for further clarity on the progress of peace talks in West Asia.

"I just had excellent conversations with the Highly Respected President Joseph Aoun, of Lebanon, and Prime Minister Bibi Netanyahu, of Israel. These two Leaders have agreed that in order to achieve PEACE between their Countries, they will formally begin a 10 Day CEASEFIRE at 5 P.M EST," Trump said in his Truth Social platform. In another social media post, Trump emphasised the need for Hezbollah to "act nicely". "No more killing. Must finally have PEACE!," Trump said in the post.

 

The NASDAQ Composite gained for the 12th consecutive session, and the S&P 500 for the fourth straight day. Both indices ended the trading session Thursday with modest gains.

 

"11 days, we got to new all-time highs. There's nothing wrong with that, but I think we need to see a little bit more participation under the surface to feel some comfort that there is something lasting here," Liz Ann Sonders, chief investment strategist at Charles Schwab, told CNBC.

 

On the earnings front, food and beverage major Pepsi Co. reported better-than-expected earnings for the quarter ended March. The company's revenue climbed 8.5% on year to $19.44 billion, and its earnings per share rose 27% on year to $1.70. The company's call to slash prices of some of its chips and snacks likely supported the growth, The Wall Street Journal reported. Pepsi said it sees its organic revenue growing 2–4% in 2026, and its core constant currency earnings per share rising 4-6%. Shares of Pepsi closed over 2% higher.

 

Meanwhile, the number of people applying for fresh unemployment claims in the US fell 11,000 to 207,000 in the week ended Apr. 11, Reuters reported. This was lower than Reuters' estimate of 215,000. The figures indicated that the labour market remained steady, according to the report. However, there are possibilities of hiring taking a hit due to the war in West Asia. Continuing claims rose 31,000 to 1.82 million in the week ended Apr. 4.

 

Following are the closing levels of US indices Thursday:

 

Index	Level	Change in %
S&P 500	7041.28	0.26
NASDAQ Composite	24102.704	0.36
Dow Jones Industrial Average	48578.72	0.24

 

(Ruchira Kagita)

 

US$1 = INR 92.79

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.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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