Equity Alert
Sunteck Realty hits 1-month high after healthy Q4 earnings
This story was originally published at 13:36 IST on 22 April 2026
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Equity Alert: Sunteck Realty hits 1-month high after healthy Q4 earnings
MUMBAI--1319 IST--Shares of Sunteck Realty rose 12% to their highest level in one month at INR 382.4 after the company reported a healthy set of earnings for the quarter ended March. The real estate player's consolidated net profit rose 26.5% on year to INR 637.5 million and its revenue jumped 64.5% to INR 3.39 billion.
Suntek Realty said its pre-sales were up 22% on year to INR 10.64 billion in the March quarter, and its collections were strong at INR 4.32 billion, up 39% on year. The company's earnings before interest, taxes, depreciation, and amortisation margin was reported at 29% for the period. For the full year 2025–26 (Apr-Mar), the company's consolidated net profit was up 36% at INR 2.04 billion and its revenue grew almost 32% to INR 11.24 billion.
Suntek Realty expanded its pipeline in the Mumbai Metropolitan Region through three additions in FY26 with a gross development value of INR 50 billion, the company said in a press release. At 1311 IST, shares of Sunteck Realty were up 7.7% at INR 367.05. (Ruchira Kagita)
Equity Alert: Indices remain lower; IT cos extend losses, HCL shrs shed 11%
MUMBAI--1246 IST--Headline indices struggled to climb out of the red as the Nifty 50 remained under the 24500 level. While shares of information technology companies and banks continued as major laggards in the 50-stock index, shares of financial service companies and select automobile players also weighed on the index. FMCG companies continued as the top gainers, while shares of energy companies and select metal companies also helped limit the fall in the index.
At 1236 IST, the Nifty 50 was 0.7% lower at 24415.05, while the BSE Sensex was 0.8% lower at 78612.52. Fast moving consumer goods companies remained the top gainers, with Hindustan Unilever extending its gains and hitting its one-month-high. Shares of the company were up nearly 4% and closely trailed the gains in Tata Consumer Products, which remained the highest gainer in the index, climbing over 4%. Shares of Nestle came off intraday highs but still remained 2% up, having hit its 52-day high earlier in the day.
IT majors extended their losses with shares of Tech Mahindra trading over 6% lower ahead of its earnings, while Infosys and Tata Consultancy Services traded around 4% lower each. HCL Technologies continued to be the worst-hit stock across the Nifty 50, Nifty 200, and Nifty 500 indices, having hit its 52-week low earlier in the session. Shares of index heavyweight stocks ICICI Bank and HDFC also remained lower, down 1?ch. However, their peer, Reliance Industries, recovered from intraday losses and climbed into the green, trading 0.7% higher.
All broader market indices were in the green on modest gains and outperformed their headline peers. Among sectoral indices, Nifty IT index extended its losses and was down nearly 5%, remaining the worst performer among its sectoral peers by a wide margin. Apart from HCL Technologies, the losses in midcaps Persisant Systems, Tata Elxsi, and Coforge also dragged down the index. Shares of the companies were down 5–6% and were among the biggest laggards in the Nifty 200 index.
In the Nifty 200 index, Indian Renewable Energy Development Agency replaced ABB India as the highest gainer, rising over 7%. Auto-ancillary companies Exide Industries and Samvardhana Motherson International, extended their gains, climbing 6-7%, and rose to join the top-performers in the index. Amara Raja Energy & Mobility held on to its gains, trading 14% higher and remained the best-performing stock in the Nifty 500 index. (Shruti Nair)
Equity Alert: Tech Mahindra falls before Q4 results; HCL Tech outlook weighs
MUMBAI--1245 IST--Tech Mahindra fell 6.5% to INR 1,404.1 ahead of its earnings for the quarter ended March. The fall in the stock comes as peer HCL Technologies' weak guidance weighed on the sector. The company said it expects its top line to grow between 1% and 4% in constant currency terms in 2026-27 (Apr-Mar).
As for Tech Mahindra, its consolidated net profit is likely to see highest quarterly sequential growth in FY26. The bottom line is seen going up 7.5% sequentially to INR 14.98 billion in the March quarter. The company's revenue, meanwhile, is expected to rise 3% on quarter. The company's earnings before interest and tax margin for the quarter is expected to expand by 20-70 basis points to 13.3-13.8%
Cost efficiencies and rupee depreciation are seen aiding the company's earnings before interest and taxes margin, Kotak Institutional Equities had said in its research report. While Tech Mahindra's guidance for the June quarter will be a key factor to watch, investors will focus on the management's commentary on EBIT margin growth, artificial intelligence, performance of its financial services business, and synergies from deal wins, the brokerage said. Impact on orders from West Asia amid the ongoing war will be closely watched, brokerage ICICI Securities had noted in its report.
At 1243 IST, Tech Mahindra was down 6.2% at INR 1,407.60 on the NSE. The stock was the second-most laggard in the Nifty 50 index and the Nifty 200 universe. Over 4 million shares of the information technology company were traded on the bourse.
Of the 17 research reports on the company available with Informist, 12 have a "buy" or equivalent recommendation on the stock, three have a "hold" call, and two "sell". The average target price of the "buy" recommendations is INR 1,860. (Ruchira Kagita)
Equity Alert: ABB India surges 8?ter parent co raises 2026 sales outlook
MUMBAI--1247 IST--Shares of ABB India rose nearly 8% to an over one-year high of INR 7,822.50. The stock gained momentum after the company's global counterpart ABB Group raised its full-year 2026 sales outlook. The Swiss industrial technology company raised its full-year sales guidance on the back of high order backlog and improved business performance. The company also acknowledged risks from geopolitical uncertainties, Dow Jones reported.
ABB Global said it now expected comparable revenue growth in high single digits to low double digits on year, as per the report. The company had previously targeted comparable revenue growth in the range of 6-9% on year, the report said.
"This (West Asia) conflict adds uncertainty to the global trading climate, although to date, demand for our electrification and automation offerings has remained overall resilient and supportive to our raised ambitions for 2026," Dow Jones quoted Morten Wierod, chief executive officer of ABB Group, as saying. ABB raised its full-year outlook after detailing first-quarter results, which were ahead of forecasts, supported by strong demand from data centres to process artificial intelligence, Reuters reported.
For the first three months of the year, ABB achieved a net profit of $1.32 billion, up 20% on year. The top line of the company grew 11% on year to $8.73 billion for the same period. Orders of the company were at a record high of $11.30 billion, compared to $8.59 billion reported in the same period a year ago, as per the Dow Jones report.
ABB's Indian subsidiary rose sharply to be among the top gainers in the Nifty 200 index. At 1220 IST, shares of ABB India traded nearly 8% higher at INR 7,814.50 on the National Stock Exchange. Over 1 million shares of the company changed hands, which is higher than over 160,000 shares traded till the same time Tuesday. (Adhithya Aji)
Equity Alert: Trent off highs after rising over 2% ahead of Q4 earnings
MUMBAI--1240 IST--Shares of Trent rose nearly 2.5% to INR 4,498 on Wednesday ahead of its March quarter earnings, but pared some these gains later. The retailer's standalone revenue is seen rising 19.47% on year to over INR 49 billion and its net profit is expected to increase about 6% to INR 3.71 billion. The company said in its quarterly update earlier this month that it sees its highest quarterly top-line growth for 2025-26 (Apr-Mar) in the March quarter at 20.2% on year. The company had posted revenue growth between 16% and 20% in all other quarters of FY26.
In the March quarter, Trent opened 22 new Westside stores and 109 Zudio stores. These resulted in the company ending FY26 with a portfolio of 1,286 stores, which include 300 Westside and 963 Zudio stores. Brokerage Elara Securities (India) expects Trent's margin to improve, supported by better operating leverage and a favourable mix.
At 1138 IST, Trent came off highs but remained in the green to trade 0.5% higher at INR 4,414. Nearly 1.5 million shares of the company exchanged hands on the NSE, higher than the almost 800,000 million shares traded till the same time Tuesday.
Of the eight research reports on the company available with Informist, seven have a "buy" recommendation on the stock for an average target price of INR 4,801, and one brokerage has a "hold" stance. (Ruchira Kagita)
Equity Alert: Brokerages positive on Nestle India, raise earnings view
MUMBAI--1154 IST--Revenue and volume growth across segments boosted the March quarter earnings of the fast-moving consumer goods giant Nestle India, brokerages said and raised the earnings estimate of the company. For the reporting quarter, the company beat the Street's view for both net profit and revenue.
Nestle India Tuesday reported a net profit of INR 11.14 billion for the March quarter, up 26% on year and sharply higher than analysts' estimate of INR 9.75 billion. The company's revenue grew 23% on year to INR 67.48 billion. This is a decade-high on-year revenue growth in a quarter.
Domestic revenue of Nestle India grew 23% on year, driven by double-digit volume growth, Motilal Oswal said. Most of the company's categories delivered double-digit growth with steady growth in milk products and nutrition, the brokerage said. "Nestle experienced market share gains for most of its key segments, reflecting better execution efforts," Motilal Oswal said. Gross margin of the company dipped 50 basis points on year to 55.7% due to inflation in key commodities such as milk and edible oils. Wheat availability was also affected by unseasonal rains, which led to delayed harvests and lower quality output, according to Motilal Oswal.
Motilal Oswal has raised the revenue estimate over 2025-26 (Apr-Mar) to FY28 by 12% and earnings before interest, tax, depreciation, and amortisation estimate by 15%. The adjusted profit after tax compound annual growth rate was raised by 17% for the same period. The brokerage maintained a 'neutral' call on the stock and revised the target price to INR 1,400.
The confectionery segment of Nestle India posted high double-digit growth, driven by strong traction growth, according to Nirmal Bang Institutional Equities. Kitkat was the largest growth driver in the segment and gained market share as well, the brokerage added. Powdered and liquid beverages sustained high double-digit growth led by coffee penetration, premiumisation, and ready-to-drink expansion, as per Nirmal Bang report. The prepared dishes and cooking aids segment posted strong-volume led growth, driven by Maggi, urban engagement, and rural expansion with continued market share gains, the brokerage said.
Nirmal Bang has raised the stock's earnings-per-share forecast for FY27 and FY28 by 9?ch. The brokerage is of the view that the packaged foods space in India offers one of the strongest top-line growth opportunities and Nestle India is a great player on this theme. Nirmal Bang maintains a 'hold' recommendation on the stock and raised the target price by 9% to INR 1,325.
"All the business channels recorded strong double-digit growth," Elara Securities said. Organised trade delivered double-digit growth across key categories, led by impactful in-store activations, improved visibility, along with store expansion, the brokerage added. Nestle India expanded exports to new markets, including Maldives and Papua New Guinea, taking the company's export footprint to 28 countries, Elara said in a report. The brokerage raised the earnings estimate of the company by 11.6% for FY27 and by 7% for FY28. Elara Securities revised the recommendation on the stock to 'accumulate' from 'reduce' and raised the target price over 10% to INR 1,475.
The shares of the company rose over 3% to an all-time high of INR 1,425.20. At 1127 IST, shares of Nestle India were trading nearly 3% higher at INR 1,418. Over 5 million shares of the company changed hands on the bourses, which is over six times higher than the number shares traded till the same time Tuesday. (Adhithya Aji)
Equity Alert: HCL Tech hits 22-month low as analysts downgrade stock, cut target
MUMBAI--1152 IST--Shares of HCL Technologies hit their lowest level of INR 1,287.10 in over 22 months. They were down nearly 11% at INR 1,287.60 at 1152 IST. More than 21 million shares have changed hands on NSE so far, sharply higher than the 1.25 million shares traded during the same period Tuesday. The stock shed what it had gained over a month as analysts' downgraded it and cut their target prices following poor results for the March quarter.
Motilal Oswal Financial Services has cut its target price to INR 1,650 from INR 2,200 and maintained a 'buy' recommendation on the stock. The brokerage expects headwinds from two large clients of the company to create a 50 basis point drag on service growth in 2026–27 (Apr-Mar). The brokerage also estimates 15–20% of the company's revenue over the next 3–4 years to be at risk due to artificial intelligence. This is higher than the earlier expected impact due to artificial intelligence.
Brokerage firm Prabhudas Lilladher Pvt. Ltd. has downgraded the stock to 'reduce' from 'buy' and cut its target price by almost 24% to INR 1,300. The company missed the brokerage's estimate due to weakness in the services business and was further impacted by the cancellation of discretionary programs for select telecommunication clients and termination of two SAP modernisation engagements. Assuming that these factors will also weigh on revenue in FY27, the brokerage has revised its revenue growth estimates for FY27 and FY28 to 2.6% and 3.3%, respectively.
JM Financial Institutional Securities has also downgraded the stock to 'reduce' from 'add' and cut the target price by over 6% to INR 1,350. The brokerage also expects headwinds for the company's growth on ramp-downs of clients and 2-3?flation due to artificial intelligence and has cut its estimates for FY27 and FY28 by 1% and 2%, respectively, given lower growth visibility.
Morgan Stanley has cut its price target to INR 1,410 from INR 1,760, while maintaining 'equal-weight' on the stock, as per NDTV Profit's post on X. Morgan Stanley expects HCL Tech's price-to-earnings ratio to normalise to the valuation levels of its peers as the company's growth slows down. The brokerage expects macroeconomic conditions to remain volatile, which may cause unexpected client-specific issues. Artificial intelligence is expected to deflate core business and affect growth rates, with new services taking time to grow. The brokerage expects the company to reinvest incremental currency benefits it will accrue.
Nomura has cut its target price to INR 1,600 from 1,700 and retained its 'buy' recommendation on the stock. Financial results of the company were an all-round miss with revenue growth and earnings before interest and tax margin taking a hit, as per the brokerage. The company's revenue growth and EBIT margin were below the brokerage's estimates. A sharp decline in the company's products business was a key reason for the margin miss, the brokerage said. The brokerage reduced its projections for earnings per share for FY27-FY28 by around 5–7% due to lower growth, while also reducing their target price by nearly 6% to INR 1,600. (Prateem Rohanekar)
Equity Alert: IT cos fall; Nifty IT dn 4% as HCL Tech's weak guidance weighs
MUMBAI--1132 IST--All constituents of the Nifty IT index except Oracle Financial Services fell Wednesday. The disappointing Jan-Mar results of information technology giant HCL Technologies and weaker guidance from its management put the whole sector under pressure, analyst said.
"HCL Tech's visibility for next year is not looking good," Rishubh Vasa, IT sector research analyst at Indsec Securities & Finance, said. The company's revenue guidance of 1–4% given for 2026–27 (Apr-Mar), which is lower than the 2-5% guidance given for FY25, is putting the company under further pressure ahead, the analyst said. The company was not able to deliver an impressive performance, as its Jan-Mar consolidated net profit missed the Street view by 5% and consolidated revenue missed the view by 1%. "Guidance of the company was muted as new deal total contract value numbers had come flattish at 0.6% YoY(year-on-year)," he said.
Even though Tata Elxsi posted better earnings for the reporting quarter, the weakness in the previous three quarters would affect the performance of the company on a yearly basis. This is also expected to pressurise the whole IT sector. "On an overall basis, it does not change the impact of the previous three rough quarters," Vasa of Indsec said. "The impact still remains more on the negative side."
At 1058 IST, shares of Wipro, Tech Mahindra, Tata Consultancy Services, Persistent Systems, Mphasis, LTM, Infosys, HCL Technologies, and Coforge were down 0.9-4.3%. Meanwhile, shares of Oracle Financial Services were trading over 1% higher. The Nifty IT index was down almost 4% at 30523.95. The index was the worst performing among its sectoral peers. (Arundathi A R)
Equity Alert: Nestle India hits 52-wk high; brokerages bullish post strong Q4
MUMBAI--1131 IST--Nestle India rose 3.3% to a fresh 52-week high of INR 1,425.20 Wednesday. The stock was also the top performer in the Nifty 50 index. The stock was up after the company reported a strong set of earnings for the quarter ended March. Brokerages are also bullish on the company's growth prospects.
Nestle India's earnings have beaten estimates for three consecutive quarters, brokerage Nomura said in its research report. The fast-moving consumer goods major's growth was driven by volumes and a benign pricing strategy. A rise in its reach, scale-up through quick and e-commerce platforms, better in-stock availability, and an expansion of value-added products supported the company's growth, the brokerage said. "...expect cost savings in staff cost to continue and support a margin improvement in FY27F as well, driving mid-teens EBITDA growth," Nomura said in the report. The brokerage has maintained a "buy" on the stock and hiked the target price to INR 1,500 from INR 1,450.
El Nino is seen adversely impacting demand in rural India but Nestle India is likely to be less impacted from this, brokerage Nuvama Institutional Equities noted in its report. The brokerage has increased its earnings per share estimate for Nestle for 2026-27 (Apr-Mar) and FY28 by 2.5?ch. The company's earnings per share are likely to grow 22.9% and 15.5% in FY27 and FY28, respectively, Nuvama estimated. The brokerage has also raised its target price on the stock by 2.8% to INR 1,640 while retaining its "buy" recommendation.
Further, commodity price inflation remains subdued. Prices of coffee and cocoa are expected to be soft going forward, according to brokerages. Milk and edible oil prices, however, are likely to be high. Nestle India's management said they expect milk to be costlier this summer.
In the Jan-Mar quarter, Nestle India's growth was also aided by savings in employee-linked costs, Elara Securities (India) said in its report, and added that double-digit volume growth for two straight quarters is indicative of improvement in growth under the new leadership. Elara Securities had upgraded the stock to "accumulate" from "reduce" and increased its target price to INR 1,475 from INR 1,338.
Citigroup Inc. has also raised its target price for Nestle India to INR 1,675 from INR 1,600 while reiterating its "buy" call. "...a steady business outlook and superior return ratios will support the stock's high valuations," the brokerage noted in its research report. A deterioration in macroeconomic conditions, higher-than-estimated volatility in commodity costs, increased competition, and change in pricing patterns in the medium term pose downside risks to the food and beverages company, Citi noted.
An improvement in the company's volumes hints at healthy underlying demand, ICICI Securities said in its report. "Volume improvement appears to be driven by demand recovery and distribution gains, rather than price-pack interventions," the brokerage said. ICICI Securities has reiterated its "buy" call on the stock and raised its target price to INR 1,650 from INR 1,550.
For the quarter ended March, Nestle India posted its highest-ever quarterly revenue growth in a decade at 23% on a year-on-year basis. The company's net profit increased by around 26% on year in the same period. At 1131 IST, shares of the company were up almost 3% at INR 1,417.90 and over 5.4 million shares had changed hands on NSE. (Ruchira Kagita)
Equity Alert: Indices remain lower; IT cos, banks major laggards
MUMBAI--1055 IST--Benchmark indices remained lower with the majority of the Nifty 50 constituents trading in the red. While information technology companies continued to be the major laggards in the index, shares of banks and financial services companies were also a drag. Fast moving consumer goods companies remained the main gainers in the index, followed by energy companies.
At 1053 IST, the Nifty 50 was down 0.6% at 24430.65 points, while the BSE Sensex was 0.7% lower at 78729.36 points.
HCL Technologies led the losses among IT majors and continued to be the worst-hit stock in the Nifty 50, Nifty 200, and Nifty 500 indices. Shares of the company were trading 9% lower after the company's bottom line and top line figures for Jan-Mar, released Tuesday, missed analysts' estimates. Shares of peers Infosys and Tata Consultancy Services were down 2% and 3%, respectively, while those of Tech Mahindra fell over 3% ahead of its earnings, due later in the day. For the March quarter, analysts expect the company to report a 7.5% rise in its bottom line and a 3% rise in its top line on a sequential basis. Shares of index heavyweights ICICI Bank and HDFC Bank were also a drag on the Nifty 50, with each stock trading 1.2% and 0.6% lower, respectively.
Tata Consumer Products extended its gains to become the best-performing stock in the Nifty 50 index. Shares of the company were up over 3% higher. Nestle India also traded nearly 3% higher after the company's bottom line for the March quarter sharply exceeded the Street's estimate. The company's Jan-Mar revenue saw the highest on-year growth in a decade for a quarter. Among other gainers in the index were the shares of energy companies, with NTPC leading the gains, rising 1.8%, followed by Coal India and Oil and Natural Gas Corp. of India Coal, which gained 0.8% and 0.2%, respectively.
Broader market indices slightly outperformed their benchmark peers. While the Nifty smallcap indices rose around 0.6?ch, the midcap indices were nearly flat. Among sectoral indices, Nifty Energy and Nifty FMCG indices saw the highest gains, rising around 1?ch. Shares of ABB India, Adani Power, and Indian Renewable Energy Development Agency rose 4–6% and were among the highest gainers in the Nifty 200 and Nifty 500 indices. Shares of Amara Raja Energy & Mobility rose over 8% and was the best-performing stock in the Nifty 500 index. The Nifty IT index was the worst-hit sectoral index by a wide margin, down nearly 4%, with HCL Technologies being the major laggard in the index. (Shruti Nair)
Equity Alert: Oracle Financial up 2% ahead of March quarter earnings
MUMBAI--1006 IST--Shares of Oracle Financial Services Software rose nearly 2% ahead of the company's March quarter earnings later in the day. The information technology solutions provider is expected to report an over 6% sequential rise in its consolidated net profit, lower than the near 12% rise reported in the trailing quarter but better than the sequential fall it saw in the September quarter.
The company is expected to report a consolidated net profit of INR 7.01 billion for the March quarter, up over 6% on quarter and around 9% on year, according to Dolat Capital Market Pvt. Ltd. The company's top line is expected to rise around 4% sequentially and around 19% on year to INR 20.38 billion, the brokerage said. It expects this to be supported by strong growth in licences and implementation sales.
Operating margin of the US-based Oracle Corp.'s subsidiary is expected to improve 148 basis points on quarter led by operating leverage, the brokerage said. Dolat Capital has a 'buy' recommendation on the stock with a target price of INR 9,800, up nearly 22% from the current market price of INR 8,057. At 1006 IST, the stock was up 1.6% from Tuesday. (Arya S. Biju)
Equity Alert: Domestic indices mirror losses in Asian mkts; IT cos fall
MUMBAI--0940 IST--Domestic benchmark indices opened lower Wednesday tracking losses in other Asian markets. US President Donald Trump's decision to extend the ceasefire with Iran failed to boost market sentiment. Fast-moving consumer goods stocks were the top gainers while information technology stocks were the biggest laggards.
At 0939 IST, the Nifty 50 was at 24445.75 points, down 130.85 points or 0.5%. The BSE Sensex was at 78745.42 points, down 526.91 points or 0.7%.
Nestle India, up nearly 3%, was the top Nifty 50 gainer. Shares of its peers Hindustan Unilever and Tata Consumer Products rose around 1?ch. Nestle India Tuesday reported a net profit of INR 11.14 billion for the March quarter, up 26% on year and sharply higher than analysts' estimate of INR 9.75 billion. The company's revenue grew 23% on year to INR 67.48 billion. This is a decade-high on-year revenue growth in a quarter. Shares of Tata Motors Passenger Vehicles, NTPC, Jio Financial Services, and Adani Enterprises rose around 1% each.
HCL Technologies, down over 9%, was the worst hit Nifty 50 stock. The stock fell as the company missed Street's view for both top line and bottom line for the March quarter. The company posted a consolidated net profit of NR 44.88 billion, up 10% on quarter and 4.2% on year. It was below the Street's view of INR 47.23 billion. The company's revenue was INR 339.81 billion, flat on quarter but up 12.4% on year. The top line was below the Street's estimate of INR 344.24 billion.
Shares of Tech Mahindra, Infosys, and Tata Consultancy Services were down 2–4%. Index heavyweight ICICI Bank fell over 1%. Asian Paints, ITC, Bharat Electronics, Dr. Reddy's Laboratories, Eicher Motors, InterGlobe Aviation, and Power Grid Corp. of India fell around 1?ch.
Among the Nifty 200 constituents, Tata Investment Corp. was the top gainer, up nearly 4%. The stock rose after the company reported a 48% on-year growth in its March quarter net profit to INR 520.8 million. Shares of Adani Power rose over 2%. HCL Technologies was the worst hit in the index.
ITI was the top Nifty 500 gainer, up nearly 8%. On the other hand, Transformers and Rectifiers (India) was the worst hit stock in the index, down over 8%. (Adhithya Aji)
Equity Alert: SBI Life Insurance shares flat ahead of Q4 earnings
DELHI--0915 IST--Shares of SBI Life Insurance Co. traded nearly flat from the previous close ahead of its March quarter financial results, scheduled later in the day. Its shares opened at INR 1,910 on the National Stock Exchange, 0.1% lower from the previous close.
The life insurance company's net profit for the March quarter is expected to be in the range of INR 7.9 billion, estimated by Motilal Oswal Financial Services, and INR 8.46 billion, pegged by brokerage SMIFS Ltd.
Of the 13 brokerage reports available with Informist on the company, 12 have a 'buy' recommendation with an average target price of INR 2,399, 26% higher than the share's current price. One brokerage has a 'hold' recommendation.
SBI Life Insurance had reported a slight on-year rise in its net profit for the December quarter on the back of healthy growth in net premium income and a rise in income from investments on policyholders' accounts. The country's largest private-sector life insurer had posted a net profit of INR 5.77 billion, up nearly 17% on quarter, but down nearly 5% on year. The firm's net premium income had risen nearly 22%, both on quarter and on year, to INR 302.45 billion in the reporting quarter.
According to brokerage Motilal Oswal, Jan-Mar will be the strongest quarter for value of new business margin, but an year-on-year decline is expected owing to loss of input tax credit. Since individual life and health insurance premiums are now exempt from goods and services tax, insurers cannot claim input tax credit on the taxes they pay on expenses, which were previously used to offset tax liabilities.
"Across our coverage, VNB (value of new business margin) is likely to grow in double digits, except for HDFC Life Insurance Company, where it is projected to decline year-on-year, and SBI Life Insurance, where growth is expected to be in single digits," Motilal Oswal said in its report. SBI Life Insurance is likely to report a marginal 1% increase in value of new business margin – a key performance metric for insurers - in Jan-Mar, compared with 9.9% growth a year ago.
The insurance company's outlook on growth in the bancassurance channel amid commission regulation noise will be critical, the brokerage also said. (Priyasmita Dutta)
Equity Alert: Nuvama maintains 'hold' call on HCL Tech, cuts target by 10%
MUMBAI--0845 IST--Nuvama Institutional Equities has maintained its 'hold' recommendation on HCL Technologies and trimmed the target price by 10% to INR 1,400. The company's weak guidance for 2026-27 (Apr-Mar) now converges its growth differential with Tata Consultancy Services and Infosys, "...which is likely to lead to convergence of their valuations," the brokerage said.
HCL Tech announced its March quarter earnings after market hours on Tuesday. The company posted a consolidated net profit of NR 44.88 billion, up 10% on quarter and 4.2% on year. It was below the Street's view of INR 47.23 billion. The company's revenue was INR 339.81 billion, flat on quarter but up 12.4% on year. The top line was below the Street's view of INR 344.24 billion. HCL Tech has guided earnings before interest and tax margin of 17.5-18.5% for FY27.
The company's revenue fell 3.3% in constant currency terms due to weakness in software business, Nuvama said. The software business declined over 28% on quarter in constant currency terms due to seasonality, along with delays in client procurement decisions towards the end of March. This affected overall revenue conversion, the brokerage added.
IT services revenue was flat while engineering, research and development services fell over 1% sequentially in constant currency terms, according to Nuvama. This was primarily led by a reduction in discretionary spending by two telecom clients on digital and engineering services. The discontinuation of two systems, applications, and products programs in manufacturing and retail verticals, the brokerage said.
The brokerage has raised the earnings per share estimate for FY27 by 1.6% but cut the same for FY28 by 0.3%. The stock currently trades at 20 times the FY27 price-to-earnings ratio, Nuvama said. The brokerage said its weak guidance for FY27 means it will find it difficult to justify this premium. "Hence we see a de-rating risk and limited upside potential from current levels," Nuvama said.
Tuesday, shares of the company ended nearly 1% higher at INR 1,441.20. (Adhithya Aji)
Equity Alert: Domestic indices to open down as Asian mkts fall
MUMBAI--0820 IST--Domestic benchmark indices are likely to open lower Wednesday tracking the fall of other Asian markets. Though the April futures contract of Gift Nifty suggests a lower opening for the headline indices, US President Donald Trump's decision to extend the ceasefire with Iran may boost market sentiment. Investors will also closely monitor crude oil prices, as Brent crude rose to $98 a barrel from $94 per barrel in the previous session. At 0823 IST, the June futures contract of Brent crude was 0.2% lower at $98.24 a barrel.
Trump Tuesday announced an extension to the ceasefire with Iran, allowing more time for Tehran to come up with a proposal to end the war. According to Trump's Truth Social post, the plan of holding off US attacks and extension of the ceasefire were decided at the request of Pakistan's Field Marshal Asim Munir and Prime Minister Shehbaz Sharif.
"I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other," Trump posted on his account of Truth Social. The announcement of the ceasefire extension came after reports said US Vice President J.D. Vance's visit to Pakistan for a second round of peace talks with Iranian officials had been put on hold.
On Tuesday, the Nifty 50 settled 0.9% higher at 24576.60. At 0823 IST, the April futures contract of Gift Nifty was at 24438, down nearly 140 points from the Nifty 50's previous close. "Fall below 24200-24100 spot zone might drag it towards 23800-23550 spot levels in the near term," Vipin Kumaar, derivatives and technical analyst at Globe Capital Market, said. He expects investor sentiment to get hurt in case of any fresh escalation in the West Asia conflict.
Investors will focus on the March quarter earnings of Tech Mahindra and Trent due later in the day. Tech Mahindra is likely to report a 7.5% sequential rise in its consolidated net profit to INR 14.98 billion. This would be the highest in 2025–26 (Apr-Mar). Its consolidated revenue for the quarter is expected to rise nearly 3% sequentially and to INR 148.12 billion. Trent is expected to post an over 19% year-on-year increase in its top line to INR 49 billion for Jan-Mar. Its bottom line for the quarter is expected to rise nearly 6% on year to INR 3.71 billion.
HCL Technologies on Tuesday reported a consolidated net profit of INR 44.88 billion, lower than analysts' projections of INR 47.23 billion. The profit grew 10% on quarter and 4.2% on year. Nuvama Institutional Equities has kept a 'hold' recommendation on HCL Tech and cuts its target price by 10% to INR 1,400. The brokerage cuts its earnings-per-share estimate for HCL Tech for 2026-27 (Apr-Mar) by 3% and for FY28 by 2.2%.
Barring the Nikkei 225 and TAIEX, all Asian equity indices were down in early trade. Hong Kong's Hang Seng Index was the worst performer, down 1%. US indices closed lower Tuesday, down 0.6?ch. (Arundathi A R)
Equity Alert: Most Asian indices dn amid caution as Trump extends ceasefire
MUMBAI--0818 IST--Most indices in Asia displayed a negative bias as market participants remained cautious about the prospects of a positive outcome from an extended ceasefire between the US and Iran. US President Donald Trump had extended the truce with Iran until discussions between the two countries are concluded, saying the latter's government is "seriously fractured". Brent Crude oil futures also remained higher than Tuesday's lows at around $98 per barrel.
"I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other," Trump said in a post on social media. In another post, Trump said that Iran wants the Strait of Hormuz opened. "They only say they want it closed because I have it totally BLOCKADED," he said.
In other developments, Japan's exports in March rose 11.7% on year and imports rose 10.9%. Shipments to China were up 17.7% year-on-year, while those to the US also grew 3.4%. Japan's growth in exports was better than economists' expectations of an 11% on-year increase. The country's trade surplus was up 25.9% on year to 667 billion yen, lower than the estimated surplus of 1.1 trillion yen. This supported Japan's Nikkei 225, which was up 0.5% in early trade. However, the TOPIX fell over 0.5%.
While China's benchmark CSI 300 index attempted to hold on to gains, Hong Kong's Hang Seng, Australia's S&P ASX 200, and South Korea's KOSPI fell 0.2-1.4%. The Hang Seng index declined the most among its peer. The KOSPI was down 0.2?ter hitting a fresh high on Tuesday driven by gains in heavyweight SK Hynix. Shares of the Korean chipmaker were also down nearly 1% during early trade.
Following were the levels of major Asian indices at 0816 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4775.2244 |
0.15 |
|
Hang Seng Index |
26151.88 |
(-)1.27 |
|
Nikkei 225 Day |
59648.33 |
0.50 |
|
TOPIX FIRST SECTION |
3747.63 |
(-)0.60 |
|
KOSPI |
6367.88 |
(-)0.32 |
|
FTSE Singapore Strait Times |
4999.15 |
(-)0.32 |
|
S&P/ASX 200 INDEX |
8860.40 |
(-)0.99 |
(Ruchira Kagita)
Equity Alert: US futures up as President Trump extends ceasefire with Iran
MUMBAI--0738 IST--US futures rose Wednesday after US President Donald Trump unilaterally announced extension of the ceasefire with Iran. He said that the government of Iran is "seriously fractured", and that Pakistani mediators had requested the move. At 0721 IST, the E-mini Dow futures were around 0.5% higher. However, crude oil futures still remain elevated as the US Navy's blockade of the Strait of Hormuz continues. Brent Crude oil futures were almost 5% higher than Tuesday's lows.
"Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal," Trump said in a social media post on Truth Social.
On Tuesday, all major indices on Wall Street had closed in the red for the second consecutive session as a peace deal between the US and Iran remained evasive. Among some key movers, Apple was in focus after the company said John Ternus will be its new chief executive officer. Shares of the iPhone maker fell 2.5% following the announcement.
On the macroeconomc front, US retail sales were higher than expected in March, up 1.7% on a monthly basis and 4% on an annual basis. This was driven by an increase in gasoline prices. There was a record surge in receipts at service stations, Reuters reported. The agency had estimated retail sales to rise 1.4% on month in March.
Following are the closing levels of US indices on Tuesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
49149.38 |
(-)0.59 |
|
NASDAQ Composite |
24259.964 |
(-)0.59 |
|
S&P 500 |
7064.01 |
(-)0.63 |
(Ruchira Kagita)
US$1 = INR 93.85
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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