Equity Alert
Nomura sees price hikes by Asian Paints support sales growth
This story was originally published at 12:54 IST on 20 April 2026
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Equity Alert: Nomura sees price hikes by Asian Paints support sales growth
MUMBAI--1230 IST--Nomura Group has given a 'buy' recommendation on Asian Paints after the company announced a second round of price hike of 3–5%, which is set to come into effect from May 5. The brokerage expects the price hike to lead to better realisations and support higher sales growth in the low-to-mid teens, according to its report. The brokerage does not expect the price hike to affect the sales volume of the company, as the cost of paint accounts for only around half of the cost of painting.
This latest hike will take the cumulative price hike to high-single digit and double digit, according to the brokerage. Earlier this month, the company implemented a price hike of 6–8% to keep up with higher input costs due to disruptions in supply-chain.
Going against recommendations of other brokerages, Nomura also has a 'buy' recommendation on the domestic paints industry, as it sees recent price hikes by companies under its coverage to be positive and believes that the marginal pricing growth in the past year-and-a-half has weighed on the overall sales growth. With cumulative pricing growth of high-single-digit to double-digit coming back, the brokerage expects the overall sales growth for its covered companies to be in the double digits, it said in the report.
The brokerage expects the sharp increase in input costs to have a temporary impact on the June quarter margins. However, it expects the margin pressure to ease as the benefits of the price hikes play out. Further, the brokerage sees March quarter margins to be unaffected as it expects companies to have had sufficient inventory.
However, the brokerage sees higher input costs make it challenging for smaller players in the sector to manage their working capital and maintain margins, thereby pushing them to hike prices and accelerate the formalisation in the industry.
The brokerage expects the industry to enter a consolidation phase and anticipates material market share movements to be minimal going forward. The brokerage has a 'buy' recommendation on all major players in the sector and believes Asian Paints to be the biggest beneficiary of market consolidation in the near term.
At 1213 IST, shares of Asian Paints were nearly 2% higher at INR 2,504.70. So far in the day, over 423,000 shares of the company have changed hands on the NSE, lower than the shares traded till the same time Friday.
Of the 14 brokerage reports available with Informist on the company, 10 have a 'buy' recommendation on the stock with an average target price of INR 3,107. Of the remaining four, two have a 'sell' recommendation and two have a 'hold' recommendation on the stock. (Shruti Nair)
Equity Alert: IEX cracks 8?ter CERC releases market coupling draft norms
MUMBAI--1225 IST--Shares of Indian Energy Exchange fell nearly 8% to an intraday low of INR 125.30 on the NSE Monday after the Central Electricity Regulatory Commission released a draft notification on power market norms for public comments, which includes a framework for market coupling. Under market coupling, there will be a uniform price for electricity across different exchanges, which threatens IEX's market share of about 85% in power trading and its almost total control of the day-ahead market and real-time market trading.
According to the draft notification, Grid India will be the market coupling operator. All power exchanges will collect bids from buyers and sellers and send them to the company. Then, Grid India will aggregate all bids and help discover a single market-clearing price. If transmission lines are congested, the market may be split into zones with different prices, according to the draft. Market coupling will initially apply to the day-ahead market and real-time market. Other power exchanges such as Power Exchange India and Hindustan Power Exchange will continue to collect bids, but they will not determine the prices post-coupling, as per the draft release. CERC has invited feedback from the public and various stakeholders by May 16. Detailed procedures on market coupling will be issued within the next six months, according to the draft.
On Feb. 13, the Appellate Tribunal for Electricity had rejected IEX's plea against the CERC order to implement market coupling for the day-ahead market and amend the regulations accordingly. The appellate tribunal said IEX is not "a person aggrieved" by the power regulator's order and so is not entitled to any relief. When CERC's directive on market coupling was initially issued in July, it had triggered a 30?ll in IEX's share price in a single session. (Eshitva Prakash)
Equity Alert: ICICI Bank up 1?ter Q4 results; HDFC Bk tad up post results
MUMBAI--1145 IST--Shares of index heavyweight ICICI Bank traded higher after the bank's net profit for the March quarter was way higher than the Street's expectations. Shares of its peer, HDFC Bank, also started trading slightly higher after remaining lower in early trade, post its March quarter earnings announcement Saturday. At 1150 IST, shares of ICICI Bank were over 1% higher at INR 1,363.90 on NSE. So far in the day, over 12 million shares of the company have changed hands on the exchange. Shares of HDFC Bank were 0.2% higher at INR 801.50, and over 27 million shares changed hands on the exchange.
ICICI Bank posted an 8.5% on-year rise in its net profit for the March quarter, which beat the Street's estimate of INR 127.97 billion. The bank reported the sharpest ever fall in its provisions for Jan-Mar, down 89% on year and 96% sequentially, to INR 961.6 million. Its total income was up 1.8% on year at INR 505.84 billion.
Brokerages Nuvama Institutional Equities, Emkay Global Financial Services, and Nomura Financial Advisory and Securities retained its 'buy' call on ICICI Bank's stock. Both brokerages kept their target prices for the bank unchanged. Nuvama set its target price for ICICI Bank at INR 1,670 and Emkay kept it unchanged at INR 1,785. However, Nomura raised its target price for the bank by 5.5% to INR 1,620. According to Emkay, recent correction in the ICICI Bank stock seems overdone, the brokerage said in its report. The brokerage also raised the bank's earnings-per-share estimates for 2026-27 (Apr-Mar) by 2.6%.
Brokerages Nirmal Bang Securities and SMIFS also retained their 'buy' recommendation on ICICI Bank. Nirmal Bang estimated a compounded annual growth rate for loans at 12.5% over FY26 and FY28 and earnings growth of 7.3% for the same period. "Looking ahead, sustained credit momentum, a benign asset quality cycle, positive operating leverage, and a gradual improvement in margins should underpin a superior return trajectory," SMIFS said in its report.
HDFC Bank's net profit grew 9% on year in the March quarter as provisions fell 18% on year to INR 26.10 billion. However, its net interest income for the quarter, at INR 330.82 billion, was below Street's estimate of INR 336.88 billion. Nuvama and Emkay have retained their 'buy' call on HDFC Bank as well. Nuvama cut its target price for the lender by 10% to INR 1,050, while Emkay kept it unchanged at INR 1,225. Nuvama cuts the bank's FY27 earnings-per-share estimate by 3% on limited visibility of re-rating. Systematix Shares and Stocks also retained its 'buy' call on the stock with target price kept unchanged at INR 960. (Arundathi A R)
Equity Alert: Indices open tad up, but fall again; banking stocks gain most
MUMBAI--0950 IST--Domestic benchmark indices struggled to find direction after opening slightly higher Monday, gaining support from crude oil prices staying below the $100-per-barrel mark, but slipped into the red soon after open, with only 10 Nifty 50 constituents trading higher. Asian equity indices were higher at the open. However, uncertainties regarding the US-Iran war after Tehran reportedly rejected peace talks with Washington in Pakistan remain an overhang on market sentiment.
At 1007 IST, the Nifty 50 was 0.1% higher, or up 16.25 points, at 24369.80. The BSE Sensex was up 0.2%, or 118.77 points, at 78612.31. India VIX, the fear gauge of the domestic equity market, indicated rise in nervousness among investors. The volatility index was up nearly 6% at 18.2025, at 0936 IST.
Broader market indices underperformed their benchmark peers. All broader market indices were down 0.1-0.5%. Only some sectoral indices were in the positive territory, with the Nifty PSU Bank being the top gainer. The sectoral index was up nearly 1%, which was followed by the Nifty Bank.
Most banking and financial services stocks in the 50-stock index gained in early trade. State Bank of India and ICICI Bank were the top gainers, up around 2?ch. Axis Bank was also among the top gainers, up 1%. ICICI Bank reported a net profit of INR 137.02 billion for the March quarter, way higher than the Street's estimate of INR 127.97 billion.
The stock of Asian Paints was up marginally. Brokerage Nomura said in a report that the company announced its second price hike of 3–5%, set to take effect from May 5. Shares of Trent were also trading higher for the fourth consecutive session,was up nearly 1%.
However, HDFC Bank, which is the index heavyweight peer of ICICI Bank, was trading lower. The stock was down over 1%. The bank reported a net profit of INR 192.21 billion for Jan-Mar, up 9% on year, as provisions fell 18% to INR 26.10 billion.
Jio Financial Services was the biggest laggard in the 50-stock index, down nearly 4%. The financial services company's March quarter consolidated net profit fell 14% on year to INR 2.72 billion. Select automobile stocks Tata Motors Passenger Vehicles, Mahindra & Mahindra, Maruti Suzuki India, and Eicher Motors were among the losers in the index, down 0.8-2%.(Arundathi A R)
Equity Alert: Bank of Maharashtra rises nearly 1% ahead of Jan-Mar earnings
MUMBAI--0937 IST--Shares of Bank of Maharashtra rose nearly 1% to a high of INR 73.90 ahead of its March quarter earnings later in the day. At 0937 IST, the shares were at INR 73.36, up from INR 72.73 Friday.
According to YES Securities, the bank's net profit for the March quarter is expected to rise 4% on year to INR 15.53 billion on increase in net interest income. However, the net profit is seen lower than INR 17.79 billion in the trailing quarter. The state-owned lender is expected to report net interest income of INR 35.98 billion, up nearly 16% on year and up slightly over 5% sequentially.
According to the brokerage firm, Bank of Maharashtra's sequential loan growth is likely to be 5% given its growth trajectory. Net interest income growth will be marginally higher than average loan growth due to rise in return on loans outperforming the cost of deposits. The public sector lender is likely to report slightly higher net interest margin sequentially.
Sequential growth in fee income is expected to be higher than loan growth. Operating expenditure of the public sector bank would be lower than business growth. The lender is expected to report a 3.1% rise in its pre-provisioning operating profit sequentially and an increase of almost 12% on year, according to the brokerage. Slippage in asset quality is expected to be higher while provisions will be slightly lower on a sequential basis.
All the four brokerage reports on the bank available with Informist, have a "buy" recommendation on the stock with an average target price of INR 81. (Janwee Prajapati)
Equity Alert: Indices seen slightly up; crude oil below $100/bbl to support
MUMBAI--0845 IST--Domestic benchmark indices are likely to open slightly higher Monday as crude oil prices stayed below the $100 per barrel level. Equity indices in other Asian markets were also higher in early trade. US President Donald Trump said negotiators from the country will travel to Islamabad on Monday for possible talks, aiming at the end of the US-Iran war. Back home, stocks of index heavyweights HDFC Bank and ICICI Bank will be in the spotlight, as they detailed their March quarter earnings Saturday.
Meanwhile, Iran reimposed restrictions on the movement of ships through the Strait of Hormuz, reversing its stance after the US said it would not end its blockade on the crucial chokepoint, the Associated Press reported, quoting Tehran's joint military command. At 0844 IST, the June futures contract of Brent Crude was trading over 5% higher at $95.11 per barrel.
On the earnings front, HDFC Bank reported a 9% on-year rise in its net profit for Jan-Mar to INR 192.21 billion as provisions of the bank fell 18% on year to INR 26.10 billion. The bank's total income was nearly flat at INR 898 billion, compared to INR 895 billion a year ago. Its peer, ICICI Bank, posted an 8.5% rise in its net profit for the March quarter to INR 137.02 billion.
Brokerages Nuvama institutional Equities and Emkay Global have retained their 'buy' call for HDFC Bank. While Nuvama cuts its target price for HDFC by 10% to INR 1,050, Emkay retained its target price for the bank at INR 1,225. Nuvama cuts HDFC's 2026-27 (Apr-Mar) earnings-per-share estimates by 3% on limited visibility of re-rating. Both the brokerages retained 'buy' call for ICICI Bank as well, with target prices unchanged. Nuvama retained target price for the bank at INR 1,670 and Emkay kept it unchanged at INR 1,785.
The April futures contract of GIFT Nifty indicated a slightly higher opening for the 50-stock index. At 0843 IST, the GIFT Nifty contract traded at 24450 points, which is nearly 100 points higher from the Nifty 50's previous close. Friday, the 50-stock index settled 0.7% higher or 156.80 points higher at 24353.55. "Going ahead, cross and sustenance above 24400 spot is essential for further up move towards 24650-24800 spot levels in near term," Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market, said. "Conversely, a decisive break below 24000 spot levels might drag it towards 23600-23550 spot levels." (Arundathi A R)
Equity Alert: Asian mkts see modest gains even as US-Iran tensions escalate
MUMBAI--0840 IST--Asian indices saw modest gains in early trade even as US futures tumbled Sunday after the US seized an Iranian cargo ship in the Gulf of Oman, leading to a re-escalation of the conflict in West Asia. The South Korean Kospi led the gains among its peers, climbing over 1%. Investors in the region remain anxious as crude oil futures rebounded over 6?ter falling 9% Friday on the news of Iran re-opening the Strait of Hormuz. Iran has since closed the strategic trade route and rejected a second round of peace talks with the US due to "excessive demands" by the latter. At 0840 IST, Brent Crude oil futures were around $95 per barrel.
Market participants remain wary of the developments in West Asia as the fragile ceasefire between the US and Iran neared its deadline on Wednesday. Even during the period of truce, the US maintained a blockade of ships entering and exiting Iranian ports, which Iran claims was among its reasons for rejecting a second round of peace talks in Islamabad.
"US' excessive demands, unreasonable and unrealistic expectations, frequent shifts in positions, continuous contradictions, and the so-called naval blockade which violates ceasefire understanding along with threatening rhetoric, have so far hindered progress in the negotiations," Iran's state-owned news agency said in a post on X. A prolonged closure of the Strait of Hormuz could put further pressure on Asian markets due to the region's heavy dependence on oil imported from West Asia.
Apart from Kospi, Japan's Nikkei 225 also rose nearly 1% during early trade. A report by Moody's Analytics expects Japan to report a 1.6% on-year rise in core consumer prices for March, similar to the pace seen in February. However, the agency expects inflation to have softened in the March quarter partly due to government support for household energy bills and an easing of broader price pressures. The West Asia conflict is likely to drive up commodity prices and thereby re-accelerate consumer price inflation from April, the report says. Japan's inflation data is due on Friday.
China's CSI 300 index saw marginal gains during early trade. China left its benchmark lending rates unchanged for an 11th straight month, after it reported a 5% growth in its GDP in the first quarter, up from 4.5% in the previous quarter. Economists had expected the figure to come in at around 4.8%.
Following were the levels of major Asian indices at 0834 IST:
| Indices | Levels | Change in % |
| CSI 300 Index | 4750.2137 | 0.46 |
| Hang Seng Index | 26369.45 | 0.8 |
| Nikkei 225 Day | 59045.45 | 0.97 |
| TOPIX FIRST SECTION | 3786.07 | 0.67 |
| KOSPI | 6265.82 | 1.19 |
| FTSE Singapore Strait Times | 5009.25 | 0.23 |
| S&P/ASX 200 | 8952.7 |
(-)0.06 |
(Shruti Nair)
Equity Alert: Dow futures tumble as US seizes Iranian cargo ship, oil jumps
MUMBAI--0735 IST--US futures tumbled Sunday after the US seized an Iranian cargo ship, in a re-escalation of tensions between the two countries. While futures tied to the Dow Jones Industrial Average shed nearly 1%, losses in those tied to the tech-heavy Nasdaq were lower compared to its peers. Crude oil prices resumed their climb and rose over 5% on Monday after Iran closed the Strait of Hormuz on Saturday due to the continued naval blockade of its ports by the US. At 0735 IST, Brent Crude futures were at $94.64 per barrel.
US President Donald Trump said the seized Iranian carrier,"is under U.S. Treasury Sanctions because of their prior history of illegal activity. We have full custody of the ship, and are seeing what's on board." Further, Trump threatened to attack all power facilities and bridges in Iran if the country did not agree to a deal with the US.
The ongoing ceasefire between the two countries is set to expire Wednesday. During the period of truce, the US maintained its naval blockade of Iranian ports, while Iran reopened and subsequently closed the Strait of Hormuz, a key chokepoint which controlled over 20% of the world's oil supply before the conflict began Feb.28. On Sunday, Iran also rejected a second round of peace talks in Pakistan, citing "excessive demands" by the US, reports said.
This comes after US markets came off a winning week, with the Nasdaq Composite and S&P 500 touching record highs on the news of a ceasefire between Lebanon and Israel and after Iran had declared the Strait of Hormuz open. "After the Nasdaq has rallied for 13 days in a row on hopes for a deal, we ended the week very overbought on a short term basis. And now the situation with Iran is gotten even more complicated and uncertain on when this conflict will end and when the Strait will fully reopen without fear of attack," CNBC quoted Peter Boockvar, chief investment officer at OnePoint BFG Wealth Partners, as saying.
Following are the closing levels of US indices Friday:
| Index | Levels | %Chng |
| Dow Jones Industrial Average | 49447.43 | 1.79 |
| NASDAQ Composite | 24468.48 | 1.52 |
| S&P 500 | 7126.06 | 1.2 |
(Shruti Nair)
US$1 = INR 93.02
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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