Equity Alert
Cohance Life at 20% upper circuit; Umang Vohra to be group CEO
This story was originally published at 12:24 IST on 27 April 2026
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Equity Alert: Cohance Life at 20% upper circuit; Umang Vohra to be group CEO
MUMBAI--1156 IST--Shares of Cohance Lifesciences hit the 20% upper circuit and a three-month high of INR 432.10 after the company announced a major managerial rejig. The company has appointed former Cipla chief Umang Vohra as executive chairman and the group chief executive officer for five years.
Vohra's appointment as executive chairman will be effective Friday, and he will later take charge as the group CEO from May 20. Vohra was the managing director and global CEO of Cipla for a decade. He stepped down from his position at Cipla on Mar. 31.
At Cohance Lifesciences, Vohra will succeed Vivek Sharma, who will step down from the role Thursday. Sharma will continue to serve as a special adviser to the company for nine months for a smooth transition of responsibilities. (Ruchira Kagita)
Equity Alert: M&M Financial rises 11% on strong Q4 PAT; brokerages positive
MUMBAI--1133 IST--Shares of Mahindra & Mahindra Financial Services rose over 11% to their highest level in a month after the company reported a strong set of earnings for the quarter ended March. The company's net profit for Jan-Mar beat Street's estimates. Most brokerages maintained their stance on the company.
M&M Financial Services' asset quality improved in the March quarter, and its credit costs fell. Both the gross and net non-performing asset ratios decreased in the period. Going forward, a re-rating on the financial company will depend on consistency and a stronger base of assets under management, Nuvama Institutional Equities said. The brokerage maintained its "hold" recommendation on the stock while revising its target price lower to INR 377 from INR 330.
The non-banking financial company's margin, fee income and asset quality are encouraging, brokerage Nomura said in a research report. However, risks for the vehicle financier from the hike in fuel prices, a tepid monsoon, and from the war in West Asia are likely to persist, the brokerage said.
The company also increased its provision coverage ratio to over 58% in the quarter gone by to account for macroeconomic headwinds. "...If headwinds pass and are not headwinds, we don't mind specifically releasing those provisions back," Raul Rebello, the managing director and chief executive officer at the company, said in call with analysts. Nomura cut its net profit estimates for M&M Financial by 1-3% over 2026-27 (Apr-Mar) and FY28 as it expects higher operating expenses and credit costs. The brokerage also slashed its target price on the company to INR 400 from INR 440 while maintaining a "buy" call. Nomura also said that the company's valuations are at a comfortable level.
In the March quarter, keeping in mind potential risks from the West Asia war and weather-related shocks, the company made additional provisions of INR 2.17 billion during the March quarter to combat risks which could surface in the future.
Meanwhile, Emkay Global Financial Services upgraded the stock to "add" from "reduce" and raised its target price to INR 280 from INR 340. The stock's valuations are not demanding and "and the risk-reward has turned favourable and superior on the back of improving profitability and better balance-sheet strength," the brokerage said. The company is well-positioned to combat challenges, Emkay Global said.
For the quarter ended March, M&M Financial reported a 55% on-year rise in its net profit. Its gross stage-3 asset ratio stood at 3.41% as of Mar. 31, lower than 3.80% at the end of December quarter. The company's net stage 3 asset ratio was 1.44% at the end of March, compared to 1.82% on Dec 31. At 1132 IST, shares of the company were trading 8% higher at INR 317.65. M&M Financial was also one of the top volume buzzers Monday as over 23 million shares of the company changed hands. (Ruchira Kagita)
Equity Alert: Shriram Finance down 5%; mgmt cautious about June quarter
MUMBAI--1122 IST--Shriram Finance shares fell nearly 5% to an intraday low of INR 963.75 after the company's management said it is cautious about the June quarter citing the West Asia conflict and likely weak monsoon season.
The company's net profit for the March quarter was INR 30.14 billion, up nearly 20% on quarter and 41% on year. The bottom line was above the Street's view of INR 27.43 billion. A healthy growth in the assets under management and net interest income aided the company's earnings for the quarter.
"Asset quality witnessed some deterioration while the management remains concerned amid west Asia conflict and a weak monsoon which may translate into further slowdown and asset quality blip," Nirmal Bang Institutional Equities said. The financial services company gave a guidance of 18% growth in AUM for 2026-27 (Apr-Mar). "FY27 AUM growth target has been moderated from the initial 18% budget to a 15-18% range, implying an AUM addition of INR 400 billion-INR 450 billion on a INR 3 trillion base...," Nirmal Bang said.
However, Nirmal Bang remains positive on Shriram Finance on the back of strong benefits translating from MUFG deals and ratings upgrade, which would lower the cost of funds going ahead. The brokerage has maintained a 'buy' call on the stock and raised the target price nearly 2% to INR1,240.
"Asset quality remains largely stable, but a shortfall in monsoon and the West Asia war remain key risks going ahead," Nuvama said. The brokerage is of the view that asset quality for the June quarter is likely to remain stable at current levels but below-average monsoon and prolonged geopolitical conflicts could lead to some stress in the second half of FY27. Nuvama has maintained a 'buy' recommendation on the stock with an unchanged target price of INR 1,300.
At 1119 IST, shares of the company traded over 3% lower at INR 977.50. The stock was among the worst hit in both the Nifty 50 and Nifty 200 indices. Nearly 8 million shares of the company have changed hands so far Monday, which is nearly four times the number of shares traded till the same time Friday. (Adhithya Aji)
Equity Alert: One 97 Communications down 8% as payments bank arm to end ops
MUMBAI--1035 IST--Shares of One 97 Communications fell more than 8% to INR 1,051.10 early Mnday, after the company said its associate Paytm Payments Bank will wind up its operations after the Reserve Bank of India cancelled its banking licence on Friday. The central bank was to approach the high court this week for winding up the payments bank, as per media reports, but the latter decided to end its operations voluntarily. At 1029 IST, shares of One 97 Communications were down 3.3% at INR 1,109.35.
"We do not see any financial or operational impact on Paytm, as all commercial agreements with PPBL (Paytm Payments Bank Ltd.) were terminated and the equity investment was fully impaired by Mar-2024...," Emkay Global Financial Services said. "...the RBI's grant of the final Payment Aggregator license to Paytm in Nov-25 signals comfort with the listed entity's compliance posture," the brokerage said. While calling the licence cancellation a formality after a de facto closure, the brokerage has retained its buy recommendation on One 97 Communications for a target price of INR 1,500.
Out of the seven brokerage reports that Informist has on the company, six brokerages have a 'buy' or equivalent recommendation with an average target price of INR 1,612. The company had reported a consolidated net profit of INR 2.25 billion for the December quarter on revenues of INR 21.94 billion. (Prateem Rohanekar)
Equity Alert: Axis Bank dn; Q4 PAT falls almost 1% YoY on higher provisions
MUMBAI--1022 IST--Shares of Axis Bank fell nearly 5% to the day's low of INR 1,299.90 after the company reported around 1% on-year fall in its net profit for the March quarter on higher provisions. The stock was down for the third straight session and has shed nearly 6% during this period.
Axis Bank reported INR 70.71 billion as its net profit for the March quarter, which was marginally lower on year, due to weak operating performance and a sharp rise in provisions on year. Its provisions were INR 35.22 billion in the reporting quarter, up from INR 13.59 billion in the year-ago quarter and nearly 57% higher than the trailing quarter.
At 1012 IST, shares of Axis Bank were trading more than 3% lower at INR 1,320.20 on the NSE. So far in the day, almost 5 million shares of the company have changed hands on the exchange, higher than over 620,000 shares traded till the same time Friday.
Of the 21 brokerage recommendations available with Informist on the company, 20 have a 'buy' call with an average target price of INR 1,423 and one has said to 'hold' the stock. (Arundathi A R)
Equity Alert: Sun Pharma surges 8% as co to acquire US-based Organon
MUMBAI--1020 IST--Shares of Sun Pharmaceutical Industries rose nearly 8% to an intraday high of INR 1,742. The stock is up after the company said it has entered into a definitive agreement to acquire US-based healthcare company Organon. In a conference call on Monday, the company said it will leverage Organon's biosimilar portfolio and sees potential growth for the segment in India.
The company will acquire Organon for $14 per share in an all-cash transaction at an enterprise valuation of $11.75 billion. Sun Pharma expects to close the transaction by early 2027. The company plans to fund the acquisition through a combination of available cash resources and bank loans. The management said it is confident in accelerating the repayment of the debt that it avails to acquire Organon. The company is of the view that the acquisition of Organon will strengthen its innovative product portfolio.
At 1012 IST, shares of Sun Pharma were up over 7% at INR 1,736.10. Nearly 10 million shares of the company have changed hands on NSE, which is five times the number of shares traded till the same time Friday. The stock was the top gainer among the Nifty 50 and Nifty 200 constituents. (Adhithya Aji)
Equity Alert: Canara Robeco up over 2% ahead of Q4 earnings
MUMBAI--1001 IST--Shares of Canara Robeco Asset Management Co. traded up over 2% at INR 279.25, ahead of the company's March quarter earnings Monday. The asset management company's net profit for the quarter is expected to decline 25% on quarter to INR 395 million, mainly due to a fall in yields, according to brokerage Prabhudas Lilladher Capital. Sequentially it is likely to fall 25%.
The company is likely to report a revenue of INR 1.03 billion for the quarter, down over 6% quarter-on-quarter, it said. The average assets under management are likely to fall 3.9% from the trailing quarter. Operating expenses are likely to remain unchanged. "Yields may fall by 0.9bps (basis points) QoQ/4.2bps YoY (year-on-year) led by sharp equity market correction in March '26," Prabhudas Lilladher said.
During the reporting quarter, Canara Robeco Asset Management had entered into a distribution agreement with Central Bank of India, under which ICICI Prudential Asset Management Co. Ltd. was also included to offer mutual fund products to bank customers.
Canara Robeco Asset Management primarily manages mutual funds and provides investment related services. The company was listed during the previous quarter at INR 280.25, at a premium of 5.4% to its issue price.
Two brokerages, whose reports on Canara Robeco are available with Informist, have a "buy" recommendation on the stock with an average target price of INR 338 per share, nearly 24% higher than the current market price. (Durgesh Nandan)
Equity Alert: Domestic indices open higher tracking gains in global peers
MUMBAI--0947 IST--Benchmark indices opened higher tracking global cues with most of the Asian markets trading higher Monday. Crude oil prices, meanwhile, remained high – above $106 per barrel. Pharmaceutical companies were the major gainers in the indices.
At 0945 IST, the Nifty 50 was at 24049 points, up 151.05 points or 0.6% and the BSE Sensex was at 77144.88 points, up 480.67 points or 6%. Only four constituents in the Nifty 50 traded lower.
Sun Pharmaceutical Industries was the top gainer in the Nifty 50 after the company announced the acquisition of US-based Oraganon & Co. The company said it sees potential growth in the biosimilar segment in coming years post the acquisition. The shares of the pharma major traded over 7% higher. Adani Ports and Special Economic Zone, JSW Steel, Wipro, Kotak Mahindra Bank, Tata Steel, Infosys, and Mahindra & Mahindra rose around 2?ch.
In contrast, Axis Bank was the worst hit stock in the index. It fell nearly 4%. The bank reported a 1?ll in its March quarter net profit to INR 69.36 billion. The bottom line was weighed down by higher provisions for the quarter. Shares of Shriram Finance fell over 3%. Bharat Electronics was down 0.3% while shares of Bajaj Finance and Reliance Industries were marginally down.
Reliance Industries' consolidated net profit fell 13% on year for the March quarter to INR 169.71 billion. This was below the analysts' view of INR 191.09 billion.
Mahindra & Mahindra Financial Services was the top gainer among the Nifty 200 constituents. The stock gained over 7?ter the financial services company reported a 55% on-year surge in its March quarter net profit to INR 8.73 billion. Shares of IndusInd Bank rose nearly 4?ter the bank reported a net profit of INR 5.33 billion for the March quarter. This was sharply above the street's view of INR 3.15 billion.
One 97 Communications was the worst hit stock in both the Nifty 200 and Nifty 500 indices. The stock shed nearly 8%. The company Saturday said Paytm Payments Bank will wind up its operations after the Reserve Bank of India cancelled its banking licence on Friday.
In the Nifty 500, Cohance Lifesciences was the top gainer, hitting the upper circuit at INR 432.10, up nearly 20%. The company appointed Umang Vohra as the chairman and group chief executive officer. Vohra resigned as the managing director and chief executive officer of Cipla recently. (Adhithya Aji)
Equity Alert: Indices to open higher as Asian mkts gain; crude prices key
MUMBAI--0825 IST--Domestic equity indices are expected to open higher, tracking gains in Asian equity indices. While crude oil prices are still higher, they eased slightly from the previous session's levels. Lack of clarity on US-Iran peace talks, however, remains an overhang on the market. US President Donald Trump said on Sunday that Iran could reach out to the US if it wants to negotiate an end to the war between the two countries.
Asian equity indices showed a mixed performance in early trade, with most indices in the green. Barring the Dow Jones Industrial Average, the other two indices in the US ended Friday's session higher. The stock of Axis Bank will be in focus after the bank detailed its March quarter earnings Saturday.
Trump cancelled a planned visit to Pakistan by his envoys Steve Witkoff and Jared Kushner, who had been expected to explore indirect talks with Iran. "If they want to talk, all they have to do is call!" Trump said on his social media platform Truth Social on Saturday.
At 0820 IST, the June futures contract of Brent crude traded 1.3% higher at $106.70 a barrel. Oil prices climbed back to over $100 per barrel level last week. Analysts expect the rise in Brent crude prices to continue until a clear resolution emerged out of the potential US-Iran peace talks.
Friday, the Nifty 50 closed 1.1% lower at 23897.95. The BSE Sensex ended 1.3% lower at 76664.21. GIFT Nifty futures indicated a higher opening for the spot market. At 0813 IST, the April futures contract of GIFT Nifty was at 24143, up 21.50 points or 0.1%. It was over 240 points higher than the Nifty 50's previous close. Analysts expect the 50-stock index to face resistance at 24200 points and find support at 23800 points.
Axis Bank Saturday posted a net profit of INR 70.71 billion in the March quarter, marginally lower on year but growing nearly 9% on quarter. The net profit beat the Street's estimate of INR 69.36 billion. The bank's provisions jumped to INR 35.22 billion, up from INR 13.59 billion a year ago and rising nearly 57% from a quarter ago. (Arundathi A R)
Equity Alert: Most indices in Asia up; Nikkei 225, KOSPI hit record highs
MUMBAI--0815 IST--Most indices in Asia were higher and sentiment likely gained support from the rally in technology stocks on Wall Street Friday. Japan's Nikkei 225 and South Korea's KOSPI touched new all-time-high levels early Monday. The indices were up despite peace talks between the US and Iran stalling and Brent crude oil futures hovering near $107 per barrel.
Over the weekend, US President Donald Trump said the trip of US representatives Steve Witkoff and Jared Kushner to Pakistan's capital city to meet Iran officials for a peace deal stood cancelled. "Too much time wasted on traveling, too much work! Besides which, there is tremendous infighting and confusion within their 'leadership,'" Trump wrote in a post on Truth Social. He also said that the Iranians only have to make a phone call to discuss the peace deal.
On the macroeconomic front, China's industrial profits jumped 15.8% on year in March despite global supply chain disruptions due to the war in West Asia. This was the highest increase in industrial profits since September. The growth was driven by equipment and high-tech manufacturing sectors, CNBC reported. At 0811 IST, China's benchmark CSI 300 index was up 0.37%.
Hong Kong's Hang Seng opened in the green but later began oscillating between gains and losses. In South Korea, the KOSPI continued to extend gains, up around 1.3% from its opening level. Gains by heavyweight SK Hynix supported the index as the stock was up nearly 6%. The FTSE Singapore Strait Times and the S&P ASX 200 indices were lower.
Following were the levels of major Asian indices at 0819 IST:
|
Index |
Level |
Change in % |
| CSI 300 Index | 4781.0608 | 0.25 |
| Hang Seng Index | 25988.89 | 0.04 |
| Nikkei 225 Day | 60572.65 | 1.43 |
| TOPIX FIRST SECTION | 3744.19 | 0.74 |
| KOSPI | 6615.58 | 2.16 |
| FTSE Singapore Strait Times | 4898.37 | (-)0.50 |
| S&P/ASX 200 INDEX | 8764.60 | (-)0.25 |
(Ruchira Kagita)
Equity Alert: Winning week for NASDAQ, S&P 50; hopes of peace in W Asia aid
MUMBAI--0735 IST—Barring the Dow Jones Industrial Average, the NASDAQ Composite and the S&P 500 posted gains for the fourth consecutive week Friday. Market participants' concerns about the war in West Asia prolonging for long were alleviated slightly as the US President Donald Trump extended the ceasefire with Iran, and declared the extension of the truce between Israel and Lebanon.
However, US futures ticked slightly downwards after Trump cancelled US representatives' trip to Pakistan to discuss the contours of a concrete peace deal with Iran. "Too much time wasted on traveling, too much work! Besides which, there is tremendous infighting and confusion within their ‘leadership,'" Trump said in a post on social media. "Nobody knows who is in charge, including them. Also, we have all the cards, they have none! If they want to talk, all they have to do is call!!!," Trump added. At 0723 IST, the E-Mini Dow Futures were down 0.1-0.2%. Brent crude oil futures jumped to $107 per barrel, up almost 2%.
Meanwhile on Friday, the S&P 500 and the NASDAQ hit fresh highs intraday. The S&P 500 rose almost 1% to a high of 7168.590 points and the technology-heavy NASDAQ climbed 1.7% to a record high of 24854.04 points. The blue-chip Dow Jones, however, fell on the last trading session of the week.
Five of the magnificent seven stocks are set to report their earnings for the quarter ended March. Microsoft, Alphabet, Amazon, Meta Platforms, and Apple will be releasing their earnings. "These companies have a lot to prove, and for their stock prices to move higher, they're really going to have to wow investors on the earnings front," Anthony Saglimbene, chief market strategist at Ameriprise, told Reuters. The Federal Open Market Committee decision on interest rates is due Wednesday and the committee is expected to maintain status quo. This could also be the current chair Jerome Powell's final meeting before he retires in May. Investors will keep an eye out for the Federal Reserve's commentary.
Following are the closing levels of US indices on Friday:
| US Indices | Levels | Change in % |
| Dow Jones Industrial Average | 49230.71 | (-)0.16 |
| NASDAQ Composite | 24836.5999 | 1.63 |
| S&P 500 | 7165.08 | 0.80 |
(Ruchira Kagita)
US$1 = INR 94.21
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
All prices from National Stock Exchange, unless otherwise specified.
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