Equity Alert
Airlines, banks' shrs higher after govt approves credit scheme
This story was originally published at 13:09 IST on 6 May 2026
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Equity Alert: Airlines, banks' shrs higher after govt approves credit scheme
MUMBAI--1250 IST--Shares of aviation companies and public sector banks traded higher after the Union Cabinet on Tuesday approved an Emergency Credit Line Guarantee Scheme with an outlay of INR 181 billion to support micro, small, and medium enterprises and airlines affected by the war in West Asia. Analysts expect this will reduce the credit risk on incremental loans, which will push lending activities and provide better asset quality buffer for banks. This will also be a big relief for airline players which have been struggling to manage their working capital requirements.
"Recent commentary from banks signals that there are some asset quality concerns with MSME players," Sunny Agrawal, head of research at SBICAPS said. "There are two main challenges for these companies. First, shipment costs have risen due to the war in West Asia and second, there is a large inflationary pressure due to a jump in crude oil prices," the analyst said. He added that a sovereign lending guarantee would give banks more confidence to lend without the risk of asset quality deterioration. "The scheme is a net positive for banks, providing a modest loan growth tailwind and a more meaningful near-term asset quality buffer," Nomura said in a research report.
At 1225 IST, shares of InterGlobe Aviation were over 3% higher at INR 4,373.75 on the National Stock Exchange. The BSE-listed SpiceJet was up nearly 5% at INR 12.70. The Nifty PSU Bank index was almost 1% higher, with Bank of Maharashtra, Union Bank of India, and Punjab & Sind Bank trading 1.5–3.0% higher. Non-banking financial services companies that generally have high MSME exposure, such as Bajaj Finance, Cholamandalam Investment and Finance Co., Shriram Finance, L&T Finance, and SBFC Finance, were up 1-3%.
The Cabinet approved INR 181 billion for the credit line scheme. The scheme aims to provide credit guarantee coverage of 100% for MSMEs for the amount in default under the additional credit facility extended to eligible borrowers who may be facing short-term liquidity mismatches. The scheme will apply to all loans sanctioned till the end of 2026-27 (Apr-Mar). The government is targeting a total additional credit flow of INR 2.55 trillion under the scheme, including INR 50 billion for the aviation sector. Under the scheme, additional credit of up to 20% of peak working capital utilised during Jan-Mar, up to INR 1 billion, will be given as support. For airlines, up to 100% of working capital, capped at INR 15 billion per borrower, will be given. (Eshitva Prakash)
Equity Alert: Coforge up 11?ter co's Jan-Mar consol PAT doubles on year
MUMBAI--1245 IST--Shares of Coforge rose nearly 11% to an intraday high of INR 1,295.80 after the information technology company's consolidated net profit for the March quarter more than doubled both on year and on a sequential basis. For the March quarter, Coforge reported a consolidated net profit of INR 6.12 billion, sharply above analysts' estimate of INR 4.38 billion.
The company's revenue rose 30% on year and over 5% on quarter to INR 44.50 billion. The top line slightly missed the estimate of INR 44.56 billion. The management of the company gave a consolidated EBIT margin guidance of 15.5% for 2026-27 (Apr-Mar). For the March quarter, the metric was at 16.6%, up 230 basis points sequentially.
The strong improvement in margins is likely due to adoption of artificial intelligence at a scale, the planned closure of a low-margin travel portfolio in India, and general and administrative synergies of 20-25% from business with Encora, Nirmal Bang Institutional Equities said. Barring the contribution from the recently acquired AI firm, Encora, the management expects the standalone EBIT margin to be around 16.5-17% for FY27. "The gap between the standalone and consolidated EBIT margins is on the back of amortisation which has an annual impact of $40 million," Nirmal Bang said.
The brokerage has trimmed the target price on Coforge's stock over 7% to INR 1,543 due to sector-wide pressure in the travel, transportation, and hospitality segment on the back of high jet fuel prices. This is likely to impact clients of the company and their ability to spend, the brokerage added. Global brokerage Morgan Stanley maintained an 'overweight' call on the stock with a target price of INR 1,500. It expects Coforge to be a relative growth leader in the sector despite a weak IT demand backdrop, ET Now reported.
At 1238 IST, shares of the company were up 9% at INR 1,274. Over 22 million shares of the company changed hands on NSE, higher than nearly 687,000 shares traded till the same time Tuesday. The number of shares traded Wednesday was over six times the average three-month volume. (Adhithya Aji)
Equity Alert: M&M at 2-mo high as Q4 PAT jumps 53% YoY; co sees AI-led gains
MUMBAI--1240 IST--Shares of Mahindra & Mahindra rose over 3% to a two-month high of INR 3,315.70 after the company's March quarter net profit jumped over 53% on year. The bottom line also beat the Street's estimate for the quarter. The stock extended its gains for the third straight session and has risen 7% in this period. Volume of the traded shares jumped over three-fold from the previous session.
At 1152 IST, shares of the company were nearly 2% higher at INR 3,270.20 on the NSE. So far in the day, nearly 4 million shares of the company have changed hands on the exchange, higher than 1 million shares traded till the same time Tuesday.
M&M reported a net profit of INR 37.37 billion for the March quarter, up over 53% on year. However, on a sequential basis, the bottom line fell 5%. The automaker's top line was reported at 395.54 billion, up over 26% on year and up nearly 3% sequentially. Analysts estimated the bottom line at INR 34.93 billion and the top line at INR 383.40 billion.
Artificial intelligence initiatives are expected to make meaningful gains for the company, the management said in a post-earnings conference call with analysts on Tuesday. It sees group arm Mahindra Finance likely disbursing an additional INR 100 billion in 2026-27 (Apr-Mar) driven by artificial intelligence. A rise in fuel prices could accelerate electric vehicle adoption, the management said.
Most brokerages have retained their 'buy' recommendation on the stock. Jefferies kept the 'buy' recommendation on M&M unchanged but trimmed the target price by over 11% to INR 4,000. Elara Securities also retained the 'buy' call and cut the target price by 8% to INR 4,367.
Brokerage Motilal Oswal Financial Services maintained its 'buy' recommendation with a target price of INR 3,963. The brokerage has raised its earnings-per-share estimates for FY27 and FY28 by 4% and 3%, respectively. The company is expected to post revenue at a compound annual growth rate of around 15% over FY26 to FY28, the brokerage said. Its earnings before interest, tax, depreciation, and amortisation and net profit are seen at a compound annual growth rate of 12% and 13%, respectively, for the same period.
All the 14 brokerage recommendations available with Informist on the company have a 'buy' call with an average target price of INR 4,163. (Arundathi A R)
Equity Alert: SRF rises to over-2-month high as Q4 results beat estimates
MUMBAI--1125 IST--Shares of SRF rose almost 7% Wednesday to hit their over-two-month high of INR 2,762 after the company's earnings for the March quarter beat analysts' expectations. The company's consolidated net profit rose almost 11% on year to INR 5.82 billion and its revenue for the period was up 7% year-on-year at INR 46.15 billion.
SRF's net profit was seen rising roughly 7% on year to INR 5.63 billion, while revenue was estimated to fall slightly to INR 43.06 billion, according to consensus estimates. Brokerages had expected the performance of SRF's chemicals business to be weak, but its operating profit rose 5% on year to INR 7.83 billion.
The chemicals manufacturer is recovering, driven by performance films, and technical textiles segments, Systematix Group said in a research report. Growth in the performance films division was supported by improved spreads, better utilisation, the brokerage said. However, the company's specialty chemicals segment's margins remain under pressure, according to the report.
At 1124 IST, shares of the company were trading over 7% higher at INR 2,705.60 on the NSE. So far in the day, over 2 million shares of the company have changed hands on the exchange, higher than nearly 105,000 shares traded till the same time Tuesday.
Of the 12 brokerage recommendations available with Informist on the company, 10 have a "buy" recommendation with an average target price of INR 3,388, and the remaining two have a "hold" call. (Ruchira Kagita)
Equity Alert: Indices off highs; Nifty 50; energy, FMCG cos main laggards
MUMBAI--1120 IST--Headline indices pared their earlier gains but remained marginally higher even as most of the constituents in the Nifty 50 traded in the green. Shares of select automobile and financial services companies led the gains in the 50-stock index. State-owned energy enterprises were among the main laggards in the index.
At 1110 IST, the Nifty 50 index was at 24095 points, up 0.3%, while its peer BSE Sensex was at 77165.03 points, up 0.2%. Shares of InterGlobe Aviation rose over 3% and were the highest gainers in the Nifty 50 index after crude oil prices slipped to around $109 per barrel compared to Tuesday's high of $114 per barrel. Shares of automobile stocks Tata Motors Passenger Vehicles and Mahindra & Mahindra rose 1% and 2%, respectively, supporting the gains of the index. Shares of peer Bajaj Auto gained over 1% ahead of its earnings, due later in the day. For the March quarter, the company is expected to report a 28% on-year jump in its bottom line to INR 26.31 billion.
Conversely, Larsen & Toubro was the worst-hit stock in the index, down over 3%, after the company slightly underperformed the Street's view on its March quarter earnings. State-owned energy companies NTPC, Power Grid Corp. of India, and Oil and Natural Gas Corp. shed 0.7-1.4%, limiting the gains in the index. Among other laggards were shares of Hindustan Unilever, which were down over 1%, while shares of its FMCG peers ITC and Nestle witnessed marginal losses.
Among sectoral indices, the Nifty Pharma index was the highest gainer, rising 1.7%, while the Nifty FMCG and Nifty Energy indices were the worst performers, shedding 0.6% and 0.5%, respectively. Broader market indices were all up around 1%, outperforming their headline peers.
In the Nifty 200 index, shares of Coforge maintained their gains, up 9%, and were the highest in the index. Among other gainers were shares of SRF, which were up 6?ter the company beat the Street's view on its March quarter earnings. Investors will await comments from the company's management during a post-earnings call. Siemens Energy was down nearly 4% and was the main laggard in the index. Shares of Tejas Networks rose further, trading 13% higher, and was the highest gainer in the Nifty 500 index, while Gallant Ispat was the major laggard in the index, shedding around 5%. (Shruti Nair)
Equity Alert: Bajaj Auto up 3% ahead of Jan-Mar earnings, share buyback
MUMBAI--1118 IST--Shares of Bajaj Auto rose nearly 3% to an intraday high of INR 10,315 ahead of its March quarter earnings later in the day. The company's board will also consider a proposal to buy back shares. The volumes of the company were two times higher than the number of volumes traded Tuesday.
The Pulsar-maker is expected to post a net profit of INR 26.31 billion for the March quarter, up 28% on year. The top line of the company is estimated to rise 30% on year to INR 157.80 billion for the reporting quarter. If this becomes true, the revenue will hit a nine-quarter high. For Jan-Mar, a higher mix of-three wheelers in Bajaj Auto's exports is expected to push the average selling price of the vehicles higher, according to analysts.
At 1109 IST, shares of Bajaj Auto were traded over 1% higher at INR 10,171. Over 209,000 shares of the company changed hands on NSE, which is higher than nearly 93,000 shares traded till the same time Tuesday. Of the 16 brokerage reports available on the company with Informist, 10 have a 'buy' call on the stock with an average target price of INR 10,995. Four have a 'hold' recommendation with an average target price of INR 9,542 and the remaining two have a 'sell' call. (Adhithya Aji)
Equity Alert: L&T down 4?ter co's Q4 PAT, sales miss view
MUMBAI--1100 IST--Shares of Larsen & Toubro fell almost 4% to the day's low of INR 3,900 after the company's consolidated net profit and sales missed estimates for the March quarter. The stock was the worst-hit Nifty 50 constituent and was down for the second session. It shed almost 5% during this period. Volume of the traded shares jumped five-fold from the previous session. Most brokerages retained their 'buy' recommendation on the stock after L&T announced its Jan-Mar earnings.
At 1043 IST, shares of L&T were nearly 3% lower at INR 3,939.70 on the NSE. So far in the day, nearly 4 million shares of the company have changed hands on the exchange, higher than 800,000 shares traded till the same time Tuesday. The company reported consolidated net profit of INR 53.26 billion for Jan-Mar, which declined over 3% on year. On a sequential basis, its bottom line rose nearly 66%. L&T's revenue for the reporting quarter stood at INR 827.62 billion, up over 11% on year and 16% on quarter. Analysts had estimated the company's net profit at INR 55.23 billion and revenue at INR 828.66 billion.
Global brokerage Jefferies maintained a 'buy' recommendation on the stock and raised its target price by 8.6% to INR 4,885. The brokerage expects a double-digit compound annual growth rate in the company's medium-term earnings to drive the stock, NDTV profit reported quoting the brokerage.
ICICI Direct, the retail wing of ICICI Securities, has reiterated its 'buy' recommendation on L&T with a target price of INR 4,955. The brokerage expects the company's revenue and net profit to grow at a compound annual growth rate of 15.4% and 15.2%, respectively, over 2025-26 (Apr-Mar) to FY28.
PL Capital, the new brand name of brokerage firm Prabhudas Lilladher, maintained its 'buy' recommendation on the stock but trimmed its target price 4% to INR 4,632. The brokerage expects the company to face short-term execution risks due to supply chain challenges amid West Asia conflict.
All 13 brokerage reports available with Informist on the company have a 'buy' recommendation with an average target price of INR 4,604. (Arundathi A R)
Equity Alert: South Indian Bank rises to over 2-mo high ahead of Q4 earnings
MUMBAI--1023 IST--Shares of South Indian Bank rose over 2% to INR 41.85, their highest in over two months, ahead of its March quarter earnings announcement later in the day. The bank is expected to report a healthy 25% on-year growth in its net profit for the quarter to INR 4.27 billion, driven by an expansion of its loan book. However, the growth is expected to be a slower 14% on a sequential basis, according to Anand Rathi Share and Stock Brokers Ltd.
ICICI Securities Ltd., on the other hand, expects the bank to report a net profit of INR 3.58 billion, up nearly 5% on year but down over 4% sequentially. The bank's net interest income for the reporting quarter is expected to be INR 9.22 billion, up over 6% on year and nearly 5% on quarter, according to Anand Rathi. ICICI Securities estimates the net interest income at INR 9.02 billion, up almost 4% on year and over 2% on quarter.
The lender's net interest margin for the quarter is expected to fall 34 basis points on year for the March quarter but rise 1 bps on a sequential basis, according to ICICI Securities. The bank's advances are expected to rise nearly 16% on year and nearly 5% sequentially to INR 991.41 billion, as per ICICI Securities.
The bank's gross advances were INR 1.01 trillion as of Mar. 31, up 15.7% on year. The bank's total deposits rose 14.7% on year at INR 1.23 trillion as of Mar. 31. South Indian Bank is a Kerala-based private sector bank. For the December quarter, the bank had reported a net profit of INR 3.74 billion and total income of INR 30.03 billion.
At 1017 IST, the stock was up 0.6% at INR 41.18 on the National Stock Exchange. The two brokerage reports on the company available with Informist, have 'buy' recommendations on the stock with target prices of INR 52 and INR 53, indicating an upside of 26% and around 29% from the current market price. (Suryash Kumar)
Equity Alert: Benchmark indices open higher on hopes of US-Iran truce
MUMBAI--1001 IST--Benchmark indices opened higher after international crude oil prices fell on renewed hopes of a truce between the US and Iran. Brent crude oil prices fell below $110 per barrel after US President Donald Trump said that Washington will pause "Project Freedom", a plan to free up vessels stuck in the Strait of Hormuz until talks with Iran show progress.
At 0956 IST, the Nifty 50 was at 24157.60 points, up 124.80 points or 0.5%, and the BSE Sensex was at 77381.73, up 363.94 points or 0.5%. More than half of the constituents in the indices traded higher. Financial services stocks were the major gainers. InterGlobe Aviation was the top gainer among the Nifty 50 constituents, up over 3%.
Mahindra & Mahindra and Trent rose nearly 2?ch. Financial services stocks – Bajaj Finance, Shriram Finance, Bajaj Finserv, Jio Financial Services, and SBI Life Insurance Co. were up 1-2%. Adani Enterprises, Tata Motors Passenger Vehicles, Trent, Tech Mahindra, Tata Steel, and Eternal gained around 1-2%.
In contrast, Larsen & Toubro was an underperformer among the Nifty 50 constituents and was down over 3%. The conglomerate reported an over 3?ll in its consolidated net profit for the March quarter to INR 53.26 billion. This was below the Street's view of INR 55.23 billion. Hindustan Unilever, Titan Co., Power Grid Corp. of India, and Oil and Natural Gas Corp. fell around 1?ch.
All the broader market indices were higher. The Nifty Smallcap indices were up 0.8-1.0% and the Midcap indices were around 1% higher each. Among the sectoral indices, Nifty PSU Bank, and Nifty Auto were up nearly 2?ch.
Coforge was up more than 10% and was the best performing stock in both the Nifty 200 and Nifty 500 indices. The information technology company's March quarter consolidated net profit more than doubled on year to INR 6.12 billion. This was sharply above analysts' estimates. SRF's shares rose nearly 5% as the company's consolidated net profit for Jan-Mar rose nearly 11% on year to INR 5.82 billion, slightly above expectations.
In the Nifty 500, United Breweries fell over 4% to be the worst hit stock in the index. The company's revenue for the March quarter fell over 3% on year to INR 44.06 billion. (Adhithya Aji)
Equity Alert: Indices seen higher as Asian mkt up, oil below $110/bbl to aid
MUMBAI—0825 IST--Headline indices are likely to open higher tracking the gains in Asian indices in early trade. A fall in crude oil prices is also expected to support the indices opening higher. US President Donald Trump said the country will pause "Project Freedom", a naval effort aimed at guiding commercial vessels through the Strait of Hormuz, to see whether a truce with Iran can be finalised. Trump claimed that "Great Progress had been toward a Complete and Final Agreement with Representatives of Iran."
Defence Secretary Pete Hegseth said at a Pentagon briefing Tuesday that the ceasefire was "not over" despite the clashes in the Strait of Hormuz, CNBC reported. "Well, you'll find out, because I'll let you know. They know what to do, and they know what to do. They know what not to do more importantly, actually," CNBC reported, quoting Trump, when asked what Iran would need to do to violate the ceasefire.
At 0817 IST, the July futures of Brent crude were nearly 2% down at $108.06 per barrel. The May futures contract of Gift Nifty suggested a higher opening for the domestic equity market Wednesday. At 0822 IST, the Gift Nifty contract was 0.3% higher at 24261.50, over 220 points higher from the Nifty 50's previous close of 24032.80." Further rally can be expected if the Nifty 50 breaks the 24285 level," said Rupak De, senior technical analyst at LKP Securities. He sees the sentiment to be positive for a short term.
Focus will be on the Nifty 50 constituent, Bajaj Auto, as it will detail the March quarter results later in the day. The company's bottom line is expected at INR 26.31 billion, up over 28% on year. If the metric meets expectation, it would be the fastest on-year growth in eight years. The top line is expected to report INR 157.80 billion for the reporting quarter, up 30% on year. The on-year growth expectation on the top line would be the highest in nine quarters. Shares of the company ended nearly 1% lower at INR 10,046 on the National Stock Exchange.
All the US indices ended around 1% higher in the previous session. Among the Asian indices, South Korea's KOSPI was the major gainer, up over 6%. (Arundathi A R)
Equity Alert: Markets in Asia gain as hopes for truce between US, Iran rise
MUMBAI--0820 IST--Stock markets in Asia rose Wednesday as hope of a ceasefire between the US and Iran increased. US President Donald Trump said great progress has been made in peace talks with Iran, and that he has put a pause on 'Project Freedom'. Brent Crude Oil futures slipped below $110 per barrel. South Korea's benchmark KOSPI hit a fresh record high.
"...the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time," Donald Trump wrote in a post on Truth Social.
In South Korea, Samsung Electronics Co. crossed the $1 trillion mark in market capitalisation for the first time, driven upwards by a rally in artificial intelligence stocks. Shares of Samsung soared over 12% intraday, helping the KOSPI hit another record. The South Korean electronics company is the second Asian company after TSMC to join the $1 trillion club.
South Korea's headline inflation accelerated to a 21-month high of 2.6% on year in April. The latest inflation print was in line with what The Wall Street Journal polled. Inflation had risen 2.2% on year in March. Markets in Japan remained closed Wednesday.
The following were the levels of major Asian indices at 0819 IST:
|
Index |
Level |
Change in % |
| CSI 300 Index | 4880.2224 | 1.52 |
| Hang Seng Index | 26054.01 | 0.60 |
| KOSPI | 7353.50 | 6.00 |
| FTSE Singapore Strait Times | 4922.84 | 0.05 |
| S&P/ASX 200 INDEX | 8784.50 | 1.20 |
(Ruchira Kagita)
Equity Alert: Technology-driven rally pushes NASDAQ, S&P 500 to fresh highs
MUMBAI--0740 IST-- The NASDAQ and the S&P 500 touched new all-time-high levels Tuesday, driven by technology stocks. The rise was supported by robust earnings and developments in the artificial intelligence space. Rise in shares of Micron Technology, Intel Corp., Advanced Micro Devices, and SanDisk Corp. supported the NASDAQ.
Advanced Micro Devices delivered a better-than-expected set of earnings for the quarter ended March. The company's revenue was $10.25 billion, higher than the $9.89 billion estimated, CNBC reported. For the June quarter, the chipmaker said it expects $11.2 billion in revenue, versus $10.52 billion expected. Shares of the company closed around 4% higher but surged about 15% in post-market trading. Shares of Intel Corp. zoomed over 11% intraday after Bloomberg reported that Apple Inc. was in discussions with Intel and Samsung Electronics Co. to produce the main processors for its US devices.
"I think maybe perhaps people in the geopolitical world don't understand what's happening with the AI trade and earnings and how much of a buffer that is for S&P 500 EPS. So we're continuing to see rates of upward revisions that are positive on that AI-related trade," Lori Calvasina, the head of US equity strategy at RBC Capital Markets, told CNBC. Around 85% of the S&P 500 companies which reported earnings for the quarter ended March beat analysts' expectations, CNBC said.
Meanwhile, on the macroeconomic front, the job openings in the US were unchanged at 6.9 million in March, while hires increased 3.5% to 5.6 million. In February, hiring in the US was at 3.1%. The data indicate that the labour market is getting stronger.
The following were the closing levels of major US indices on Tuesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
49298.25 | 0.73 |
|
NASDAQ Composite |
25326.13 | 1.03 |
|
S&P 500 |
7259.22 | 0.81 |
(Ruchira Kagita)
US$1 = INR 95.06
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.
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