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Informist, Thursday, Apr. 23, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Emkay cuts Tech Mahindra FY27 EPS view; Nuvama ups target price

 

MUMBAI--0910 IST--Emkay Global Financial Services trimmed its estimate for Tech Mahindra's earnings per share by 1.5% for 2026-27 (Apr-Mar), factoring in the company's March quarter earnings, which were in line with the brokerage's estimates. It retained the 'reduce' rating on the stock with a target price of INR 1,450.

 

The company managed to report revenue slightly higher than Emkay Global's estimate, with its EBIT margin expanding 70 basis points on quarter to 13.8%. The brokerage is positive on the revenue beat, steady expansion of EBIT margin, and healthy deal intake during the March quarter. Revenue from top five clients declined 1.4% on quarter and revenue growth in retail, transport and logistics declined 5.3% sequentially, which the brokerage was sceptical of.  

 

The brokerage expects the company's EBITDA to grow 20.2% on year in FY27 but only 9.2% on year in FY28. It also sees a 35.6% growth in adjusted earnings per share in FY27 and just 11.1% growth in FY28. The revenue is seen rising 8% in FY27 and 6.8% in FY28, according to Emkay Global's projections.

 

Nuvama Institutional Equities has maintained a 'buy' on Tech Mahindra and raised its target price by over 6% to INR 1,750. The brokerage has raised its FY27 and FY28 estimates by 8% and 6%, respectively. Nuvama believes the information technology giant is on track to achieve its FY27 targets. "FY26 has turned out to be the year of transformation for TechM, with growth turning positive, margins expanding sharply and record deal wins."

 

Tech Mahindra's strong deal wins in FY26, which were up 42% on year, position it well to catch up with or even beat large-cap peers on growth in FY27, Nuvama said. The brokerage is still sceptical of its 15% margin target in FY27 and projects it to be 14.5%. "That leaves scope for further earnings upgrade, if the company does manage that feat," it said. Nuvama believes the company is set to report a compound annual growth rate for earnings of 23% over the next two years.

 

The IT major reported a near 21% sequential rise in its consolidated net profit for the reporting quarter at INR 13.54 billion. Analysts had pegged the company's bottom line for Jan-Mar at INR 14.98 billion. Its consolidated top line for the March quarter grew almost 5% sequentially and nearly 13% on year to INR 150.76 billion. This was higher than the INR 148.12 billion expected by analysts.  (Simran Rede)

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Informist, Thursday, Apr. 23, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Indices to open lower Thu as crude oil price up over $100/bbl

 

MUMBAI--0830 IST--Domestic headline indices are likely to open lower Thursday as Brent crude oil price surged to over $100 a barrel. Oil prices resumed their climb after US President Donald Trump's decision to continue with the blockade of the Strait of Hormuz. Though the extension of the ceasefire deadline could boost sentiment, market direction for the coming days will largely depend on the developments around the US-Iran peace talks, analysts say.

 

Meanwhile, Trump told The New York Post that "good news" about a second round of talks between the US and Iran may be coming as soon as Friday. In another development, Israeli forces attacked Lebanon and killed five people. Iran's top negotiator and parliament Speaker Mohammad Bagher Ghalibaf has said Israel's warmongering and "flagrant" ceasefire breaches made reopening the Strait of Hormuz "impossible", Al Jazeera reported.

 

At 0712 IST, the April futures contract of Gift Nifty was at 24212, short of 160 points from the Nifty 50's previous close. On Wednesday, the 50-stock index closed 0.8% lower at 24378.10 and the BSE Sensex settled 1% lower at 78516.49. The June futures contract of Brent crude was 0.2% higher and surged back to over $100 per barrel. "A decisive breakdown below 24350 level could trigger further downside momentum, potentially dragging the index towards the 24000 zone," Sundar Kewat, technical and derivatives analyst at Ashika Group, said.

 

Nuvama Institutional Equities has maintained its 'buy' recommendation on Tech Mahindra and raised the target price by 6% to INR 1,750 from INR 1,650. The information technology giant posted a near 21% sequential rise in its consolidated net profit for the March quarter to INR 13.54 billion. On a year-on-year basis, the bottom line grew 16%.

 

Post market hours Wednesday, SBI Life Insurance reported an on-year decline of 1.1% in its net profit for the March quarter at INR 8.05 billion. The company's net investment loss for the quarter was INR 239.39 billion, up from a loss of INR 10.41 billion in the year-ago period. Nuvama has kept its target price on SBI Life unchanged at INR 2,390 and slightly reduced its value of new business estimates for FY27 and FY28 by 0.9?ch. Trent also reported its Jan-Mar results post market hours. Its net profit rose 30% on year to INR 4.55 billion and revenue was up over 20% on year to INR 49.37 billion.

 

Market participants await the March quarter results of IT major, Infosys, scheduled later in the day. Its consolidated net profit for Jan-Mar is expected to decline around 5% sequentially to INR 75.56 billion. On a year-on-year basis, the bottom line is seen rising over 7%. Its consolidated revenue for the March quarter is expected to rise a little over 2% on a sequential basis to INR 465.79 billion.

 

Other Asian indices were mixed in early trade, with most in the red. Wednesday, all the US indices settled sharply higher after ending lower for two sessions.  (Arundathi A R)

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Equity Alert: Indices in Asia mixed; Nikkei 225, KOSPI notch fresh highs

 

MUMBAI--0825 IST--Indices were mixed early Thursday, with most markets down amid caution even as Japan's Nikkei 225 and South Korea's KOSPI hit fresh record highs for two consecutive sessions. Despite US President Donald Trump extending the ceasefire in West Asia, uncertainty over peace talks with Iran kept Brent Crude oil futures high. Crude prices were up over $103 per barrel, and are likely to be a dampener for market sentiment.

 

South Korea's GDP for the three months ended March expanded at its highest pace in nearly six years, at 1.7% on quartery and 2.7% annually. Reuters had estimated the country's GDP to grow 1% on quarter. Exports increased 5.1% in the quarter, supported by exports of information technology goods such as semiconductors.

 

Further, the South Korean chipmaker SK Hynix posted record profit and revenue in the quarter ended March. The company's revenue nearly tripled from the same period last year, and operating profit rose fivefold on year, CNBC reported. The stock of the company was higher during early trade, but it could not sustain the gains. At 0822 IST, SK Hynix was down 0.4%. 

 

In Japan, the Nikkei 225 jumped 0.7% to touch a new record of 60013.98 points during early trade, but the index pared all those gains. At 0756 IST, the benchmark 225-stock index was down 0.7%. On the macroeconomic front, the S&P Global Flash Japan Purchasing Managers' Index was seen at its softest pace in four months as it slipped to 52.4 in April from 53.0 in March. Lesser growth in the services index was offset by growth in the manufacturing index. The manufacturing index rose to 54.9 points in April from 51.6 in March, while the services index fell to 51.2 from 53.4. "There were reports that some manufacturing firms boosted output due to concerns and uncertainty surrounding the war in the Middle East and the potential for further supply chain disruptions. The latter contributed to not only a much sharper rise in costs, but the most pronounced increase in average delivery times for manufacturers' inputs for nearly four years," Annabel Fiddes, the economics associate director at S&P Global Market Intelligence, said in a report.

 

Following were the levels of major Asian indices at 0823 IST:

 

Index	Level	Change in %
CSI 300 Index	4793.7406	(-)0.12
Hang Seng Index	25930.88	(-)0.89
Nikkei 225 Day	58952.11	(-)1.06
TOPIX FIRST SECTION	3700.10	(-1.20
KOSPI	6449.58	0.49
FTSE Singapore Strait Times	4955.07	(-)0.95
S&P/ASX 200 INDEX	8766.30	(-)0.87

 

(Ruchira Kagita)

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Equity Alert: US mkts rally on earnings boost; S&P 500, Nasdaq hit new highs

 

MUMBAI--0740 IST--Benchmark indices in the US ended on a strong note Wednesday as earnings momentum gripped market participants. The S&P 500 and NASDAQ hit fresh all-time-highs during the session. Positive sentiment stemming from US President Donald Trump extending the ceasefire pact with Iran also supported upward moves on Wall Street. However, Brent Crude oil futures were, however, still high at over $100 per barrel. 

 

Of 87 S&P companies that have reported their earnings so far, 81% have reported surpassed profit estimates, while 76% have reported better-than-expected revenue, CNBC reported. Shares of Boston Scientific, GE Vernova, Boeing, and United Airlines were in focus after the companies reported better-than-expected earnings for the quarter ended March. Aviation giant Boeing's losses contracted more than what was estimated in the March quarter to $7 million from $31 million a year ago. The loss per share was at 20 cents, significantly lower than the 83-cent-per-share loss anticipated by analysts. Shares of the company rose almost 6%, and was the top performer in the blue-chip Dow Jones Industrial Average.

 

On the flip side, shares of United Airlines fell 6?ter the company slashed its outlook for the full year. The company sees earnings to fall between $7 and $11 per share, down from its earlier guided forecast of $12 and $14 a share. High jet fuel prices due to the war in West Asia are seen having an adverse impact even while demand is likely to be strong. 

 

GE Vernova soared over 13% to hit a new high and emerged as the best performing stock in the S&P 500. The company raised its forecast for revenue and core profit margin. It expects revenue to be between $44.5 billion and $45.5 billion in 2026, compared with a range of $44 billion-$45 billion guided earlier. The company also hiked its guidance for adjusted earnings before interest, taxes, depreciation, and amortisation margin for the full year to 12-14% from 11-13%. Among some other standout movers was chipmaker Micron Technology, whose shares jumped almost 9%. 

 

Following are the closing levels of US indices on Wednesday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	49490.03	0.69
NASDAQ Composite	24657.567	1.64
S&P 500	7137.90	1.05

 

(Ruchira Kagita)

 

US$1 = INR 94.13

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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