Equity Alert
Vishal Mega Mart sheds 6%; PAT dn sharply QoQ, margins contract
This story was originally published at 14:30 IST on 14 May 2026
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Equity Alert: Vishal Mega Mart sheds 6%; PAT dn sharply QoQ, margins contract
MUMBAI--1355 IST--Shares of Vishal Mega Mart extended losses after the company's bottom line for the March quarter fell a little short of analysts' expectations and declined sequentially. The company's margins were also under pressure despite a stronger-than-expected rise in the revenue. Its shares fell over 6% to INR 111.98 on the NSE. At 1355 IST, they were off lows at INR 116.23, but still below Wednesday's closing price by around 3%.
The hypermarket chains operator reported a consolidated net profit of INR 1.68 billion, up almost 46% on year, but down by around the same figure quarter-on-quarter. This was also slightly below analysts' projections. The company's revenue rose over 22% to INR 31.14 billion, but declined over 15% sequentially. Its consolidated gross profit margin contracted to 27.8% as compared to 28.3% in the year-ago quarter. Its earnings before interest, tax, depreciation, and amortisation rose over 19% to INR 4.25 billion, but EBITDA margin declined to 13.6% from 14.0% a year ago.
The company's net added 24 stores in Jan-Mar, taking its total store count to 795.
All the six brokerage recommendations available with Informist have a 'buy' call on the stock with an average target price of INR 171, implying an upside of over 47% from the current market price. (Eshitva Prakash)
Equity Alert: Indices remain higher; less than 10 Nifty 50 stocks in red
MUMBAI--1350 IST--Benchmark stock indices remained higher after a sharp rise earlier following a report that the Indian government was considering a sharp cut in taxes paid by foreign investors on sovereign bonds. The move was proposed by the Reserve Bank of India and is under serious consideration by the finance ministry, Bloomberg reported, citing unnamed sources. This comes as authorities seek to incentivise foreign inflow and try to limit the rupee's depreciation.
With less than 10 of its constituents in the red, at 1338 IST, the Nifty 50 was at 23755.80, up 1.5%. The BSE Sensex was at 75578.86, up 1.3%. Shares of Adani Enterprises and Cipla traded around 7% and 8% higher, respectively with the former hitting a record high during the session. The two stocks were the highest gainers in both the Nifty 50 and Nifty 200 indices. IT stocks continued to be among the notable laggards in both indices.
Among broader market indices, the Nifty mid-cap indices tracked the gains of their headline peers, though to a lesser extent, and rose around 1%. However, the Nifty small-cap indices were mixed. Most sectoral indices also recorded gains. The Nifty Pharma and Nifty Healthcare indices rose 2.6?ch and were the highest gainers among sectoral peers. Notably, the Nifty IT index was down around 2%, the only sectoral index in the red.
In the Nifty 200 index, shares of Vishal Megamart fell 4% and became the worst hit stock in the index after the company reported a consolidated bottom line of INR 1.68 billion for the March quarter, missing the Street's view. Shares of IT stocks Persistent Systems, LTM, and Coforge remained 2–4% lower and were also among the worst performers. LIC Housing Finance was also one of the worst hit stocks in the index, down around 3?ter it reported a bottom line of INR 14.97 billion on revenues of INR 71.94 billion.
In the Nifty 500 index, shares of state-owned miner NLC India remained the highest gainer, up nearly 16%. Among other gainers were the shares of record label Saregama India, which rose 11?ter the company reported a 25% on-year jump in its March quarter bottom line at INR 753.9 million on revenues of INR 2.87 billion. Shares of Kaynes Technology India remained the worst hit stock, down nearly 19%. (Shruti Nair)
Equity Alert: Saregama up 13%; co's Q4 PAT, sales rise in double digits on yr
MUMBAI--1339 IST--Saregama India's shares rose over 13% to a three-month high of INR 380 after the company detailed its March quarter earnings. The stock gained momentum after the company posted double-digit on-year growth in both its consolidated net profit and sales for Jan-Mar.
For the March quarter, the company reported a consolidated net profit of INR 753.9 million, up over 25% on year. The top line of the company grew 19% on year to INR 2.87 billion. The stock rose nearly 12% from the intraday low of INR 339.35 to the intraday-high. The stock was the second-highest gainer in the Nifty 500 index.
At 1329 IST, shares of Saregama India traded over 10% higher at INR 369. Over 15 million shares of the company changed hands on the NSE, more than double the number of shares traded till the same time Wednesday. The number of shares traded Thursday is nearly 39 times the three-month average daily traded volume. (Adhithya Aji)
Equity Alert: Zaggle Prepaid falls 20%, most since listing, despite strong Q4
MUMBAI--1325 IST--Shares of Zaggle Prepaid Ocean Services fell 20% to hit a lower circuit at INR 227.08 on the NSE, a day after the company released its March quarter earnings. While the financial technology company reported healthy growth in its top line and bottom line, its gross margins contracted sharply. This is the sharpest intraday decline in the company's shares since their listing on Sept. 22, 2023.
In the March quarter, the company's revenue rose 50% on year to INR 6.18 billion and its bottom line rose nearly 31% to INR 410 million in the quarter. Its adjusted earnings before interest, tax, depreciation, and amortisation rose 62.4% to INR 583 million and EBITDA margins improved to 9.4% from 8.7% in the year-ago period.
Brokerage JM Financial Institutional Securities said the company continued its strong revenue growth momentum on account of strong performance across segments, driven by addition of new clients, higher users per client and increased cross-selling and upselling. The brokerage has a 'buy' recommendation on the stock with a target price of INR 380, implying an upside of over 67% from the current market price.
However, the company's gross margin declined 542 basis points on year mainly due to a higher mix of its Propel segment, which had lower margins as the company focussed on improving cash flows. EBIT margin improvement was slightly lower at 20 basis points on year due to higher depreciation and amortisation from capitalisation of new technology and product developments, JM Financial said. The company's management has reiterated its long-term standalone adjusted EBITDA margin guidance of 14–15% over four to five years. (Eshitva Prakash)
Equity Alert: NLC India soars 19% to record high as Jan-Mar PAT triples YoY
MUMBAI--1310 IST--Shares of NLC India surged over 19% to a fresh record high of INR 387.80 on the National Stock Exchange after the state-owned company reported robust numbers for the March quarter post market hours Wednesday. Its shares came off highs later and at 1252 IST, the stock was up nearly 16% at INR 377.25.
Volumes traded also surged post its March quarter earnings announcement with more than 65 million shares having changed hands so far in the day. This was sharply above the average daily traded volume of more than 4 million shares during the last three months. Thursday's volume so far was also multifolds higher than the 3 million shares traded till the same time Wednesday.
NLC India's consolidated net profit rose nearly threefold on year to INR 13.93 billion for the March quarter. Its revenue from operations rose 31% on year to INR 50.42 billion. Sequentially, the company's bottom line doubled, while its revenue was up 13%.
It reported a strong growth in both its major segments--mining and thermal power--during the March quarter. NLC India's revenue from the mining segment rose 21% on year to INR 23.77 billion, while sales from thermal power operations rose over 35% to INR 41.84 billion.
The company added a capacity of just over 1 gigawatts in 2025-26 (Apr-Mar), including 660 megawatts of thermal power and 303 megawatts of renewable power. It achieved the highest ever annual coal production in FY26 with coal output from Talabira II and III coal mines at 19.14 million tonnes and dispatches at 17.69 million tonnes.
NLC India has recently received a composite licence for two phosphorite and limestone blocks in Chhattisgarh. Shares of the company have risen over 46% in around three months and nearly 64% in a year. (Ashutosh Pati)
Equity Alert: Balrampur Chini, peers dn as sugar exports banned till Sept 30
MUMBAI--1310 IST--Shares of sugar manufacturing companies fell Thursday after the government banned sugar exports with immediate effect till Sept. 30 in an effort to keep domestic prices in check and control inflation. "The export policy of Sugar (Raw Sugar, White Sugar and Refined Sugar)... is amended from 'Restricted' to 'Prohibited' with immediate effect," Directorate General of Foreign Trade said in a notification.
At 1255 IST, shares of Balrampur Chini Mills were down over 2% at INR 537, and those of Dhampur Sugar Mills were down over 6% at INR 144.45. Triveni Engineering & Industries fell almost 2% to INR 382.15, and Shree Renuka Sugars was down over 1% at INR 24.58. Dalmia Bharat Sugar and Industries traded slightly lower at INR 1,774.90, while EID Parry India was down over 1% at INR 795.75.
The DGFT said the restriction will not apply to exports to the European Union and the US under the tariff rate quota scheme. It also provided relief for consignments already in the export pipeline, which include shipments for which loading had begun before the notification. "The approval for loading in such vessels shall be issued only after confirmation by the concerned Port Authority regarding berthing/anchoring prior to this Notification," the ministry said. (Eshitva Prakash)
Equity Alert: Tube Investments down 6% as Q4 PAT falls first time in 6 qtrs
MUMBAI--1244 IST--Tube Investments of India's shares fell over 6% to an intraday low of INR 2,761.90. The engineering company's net profit for the March quarter fell sharply on year for the first time in six quarters. The earnings were weak because the company's expenses growth was higher than sales growth. Brokerages took a cautious stance on the stock post its Jan-Mar earnings.
For the March quarter, the company reported a net profit of INR 2.84 billion, down over 65% on year. Its revenue rose over 16% to INR 22.79 billion. Meanwhile, total expenses of the company grew nearly 17% on year to INR 20.77 billion. The revenue growth was the highest in eight quarters.
The margin across segments and input cost pressure were the major drags on the company's earnings for the reporting quarter, Motilal Oswal said. The brokerage has cut the earnings per share estimate for the company by 9% for 2026–27 (Apr-Mar) and by 4% for FY28. It took a cautious outlook for the auto sector and rising input cost pressures, Motilal Oswal added. "Despite near-term margin headwinds, TIINDIA (Tube Investments of India) offers diversified revenue streams, with steady growth in core business...," Motilal Oswal said. The brokerage maintained a 'buy' recommendation on the stock with a target price of INR 3,454.
At 1227 IST, shares of Tube Investments of India traded over 3% lower at INR 2,842.60. Nearly 521,000 shares of the company changed hands on the NSE, which is nearly 7% higher than the number of shares traded till the same time Wednesday. (Adhithya Aji)
Equity Alert: Balaji Amines hits upper circuit on strong Q4, Alkyl Amines up
MUMBAI--1243 IST--Shares of Balaji Amines rose almost 20% to hit the upper circuit at INR 1,623.40 on the NSE after the chemical manufacturer reported a strong set of March quarter earnings. This is the sharpest single-day gain since April 2015. Shares of its peer Alkyl Amines Chemicals surged over 15% to INR 1,889 on the NSE.
Balaji Amines reported a 12% on-year increase in its revenue at INR 3.95 billion, while its net profit jumped 58% to INR 630 million. The company's profitability received a strong boost, with its earnings before interest, tax, depreciation and amortisation rising 58% on year to INR 940 million. Its EBITDA margin expanded sharply by 700 basis points to 23.9%, which the company attributed to improved operating efficiency and better product mix.
Balaji Amines is an ISO-certified company which manufactures aliphatic amines, amine derivatives, and speciality chemicals and caters to the pharmaceuticals, agrochemicals, pesticides industries, and its products have other user-specific industrial applications. (Eshitva Prakash)
Equity Alert: Indices sharply extend gains as metal, pharma stocks rise
MUMBAI--1240 IST--Headline stock indices sharply extended their gains with most constituents of the Nifty 50 trading with gains. Less than 15 constituents of the Nifty 50 were in the red. The sharp gains follow a report by Bloomberg that claims India is considering a significant cut in taxes paid by overseas investors on sovereign bonds in a bid to attract foreign inflows. Energy, pharmaceutical, and metal companies continued to support the gains in the index, while information technology and automobile stocks were the main laggards. At 1220 IST, the Nifty 50 was at 23690.40, up 1.2%, while the BSE Sensex was at 75419.96, up 1.1%.
Shares of Adani Enterprises traded over 7% higher, and were the highest gainer in the Nifty 50 and Nifty 200 indices. On Wednesday, Dara Khusrowshahi, chief executive officer of Uber Technologies Inc., said his company would collaborate with the Adani group to set up Uber's first data centre in India. Across the two indices, shares of other Adani group companies, such as Adani Ports and Special Economic Zone, Adani Power, and Adani Green Energy rose 2–5%.
Among other gainers in the 50-stock index were shares of Bharti Airtel, which rose over 3% as multiple brokerages maintained a positive stance on the stock after the company's March quarter earnings Wednesday. While the company missed the Street's view on its consolidated bottom line for the March quarter due to a one-time expense, the company's revenue beat the consensus estimate. The company reported a consolidated net profit of INR 73.25 billion on revenues of INR 553.83 billion. Brokerages also have a positive view on the company's share-swap deal with Indian Continent Investment to acquire 16.31% stake in Airtel Africa plc.
Shares of JSW Steel were up over 2% ahead of its earnings later in the day. The steel manufacturer is expected to report a 67% on-year jump in its bottom line for the March quarter at INR 25.89 billion on higher realisations. Its top line is seen at INR 501 billion, up nearly 12% on year. Shares of its peers Tata Steel and Hindalco Industries rose around 1.2% and 2.5%, respectively. Gains in index heavyweight stocks also supported the 50-stock index. Shares of HDFC Bank and ICICI Bank rose 3% and 1.6%, respectively.
IT stocks were the worst hit in the Nifty 50 amid concerns about OpenAI's new launch. Shares of Tata Consultancy Services, Infosys, Tech Mahindra, and HCL Technologies were down over 2–3%. On Monday, OpenAI announced the launch of the OpenAI Deployment Co. aimed at helping organisations build and deploy AI systems. IT stocks were also among the main laggards in the Nifty 200. Shares of Persistant Systems were the worst hit in the index, down 5%, while peers LTM, Coforge, and Mphasis shed around 2–3%. In the Nifty 500, Kaynes Techology slid further, shedding 19?ter the company missed the Street's view on the bottom line for the March quarter. (Shruti Nair)
Equity Alert: Adani Ent rises 8%; large number of shrs traded via block deal
MUMBAI--1239 IST--Shares of Adani Enterprises rose more than 8% to an over-two-year high of INR 2,700. The rise in the stock came despite a large number of shares being sold at a discount to the previous close through block deal Thursday, according to media reports.
Over 5.89 million shares of the company changed hands on the NSE at a 2.5% discount to the stock's closing price on Wednesday. The deal was executed at INR 2,435.60 a piece. At 1219 IST, shares of the company were 7.5% higher at INR 2,686.30. So far, over 6.68 million shares changed hands on the bourse, sharply higher than 1.11 million shares traded during the same time Wednesday.
Thursday, all Adani group companies traded higher. Adani Power was up 5.2% and was the second-biggest gainer among the group companies. Adani Green Energy, Adani Ports and Special Economic Zone, Adani Total Gas, and Adani Energy Solutions were 0.4-3.2% higher. (Simran Rede)
Equity Alert: Kaynes Tech slumps 19% on poor Q4 earnings, several downgrades
MUMBAI--1230 IST--Shares of Kaynes Technology fell over 19% to a nearly two-month low of INR 3,366 after multiple brokerages downgraded the stock as it reported weak March quarter earnings. While both the top line and bottom line missed the Street's estimate for the quarter, the company's management in a post-earnings conference call noted that 2026-27 (Apr-Mar) will be their year as it looks to double down on key segments, according to an NDTV Profit report.
The electronics manufacturing services provider reported a 21.5% on-year fall in its consolidated net profit to INR 912.23 million. Revenue from operations for the quarter jumped 26.2% to INR 12.43 billion. At 1226 IST, shares of the company traded nearly 19% lower at INR 3,394 on the National Stock Exchange. Earlier, the company had hit a 10% lower circuit at 3,760.60 and a 15% lower circuit at INR 3,551.60 on the bourse. Around 7.7 million shares of the company have changed hands so far on the exchange, up seven-fold from the number of shares traded till the same time Wednesday.
Global brokerage JP Morgan downgraded the stock to "neutral" from "overweight" and slashed its target price over 33% to INR 4,000, the Hindu BusinessLine reported. The brokerage also cut its earnings estimates for Kaynes Technology by 12–17% over the next two years, citing lower expectations from both the core electronics manufacturing services and outsourced semiconductor assembly and test businesses, the report said.
Nuvama Institutional Equities downgraded the stock to 'hold' from 'buy' earlier and cut its target price on the stock over 35% to INR 3,550. The brokerage said it is waiting for a better entry price for the stock. It attributed this downgrade to a challenging near-term situation and has not ruled out the company cutting or delaying its earlier stated guidance on revenue, net profit growth, and cash flow.
JM Financial Institutional Securities downgraded the stock to 'reduce' from 'buy' earlier and cut its target price nearly 15% to INR 4,350. It flagged an increasingly fragile balance sheet health as working capital inched up to 143 days in the first half of 2025-26 (Apr-Mar) from 95 days in FY25. The management had hoped to bring it down to 70–80 days by end of FY26, and later changed to less than 100 days, given possible stocking to mitigate war-led disruptions. However, the working capital of the company ended FY26 at 179 days. Given a weak operating performance and an elevated working capital cycle, the company's cash burn continued in FY26, which increases the risk of incremental dilution (in FY27), or elevated debt levels in the absence of adequate cash flows, JM Financial said. (Eshitva Prakash)
Equity Alert: Tata Motors PV falls 1% to one-month low ahead of Q4 results
MUMBAI--1215 IST--Shares of Tata Motors Passenger Vehicles fell nearly 1% to a one-month low of INR 333.65 ahead of its March quarter earnings announcement, scheduled later in the day. The stock gave up its earlier gains 15 minutes after open.
For the March quarter, the company is expected to post its first profit in the last three quarters, adjusted for one-time gains, as its luxury car arm Jaguar Land Rover recovers gradually from a cyber attack in late 2025. The company is likely to report a consolidated net profit of INR 40.67 billion, down almost 44% on year. Its top line is seen at INR 1.11 trillion, up 13% on year.
At 1209 IST, shares of Tata Motors PV were marginally down at INR 335.70 on the NSE. So far in the day, nearly 4 million shares of the company have changed hands on the exchange, higher than over 2 million shares traded till the same time Wednesday.
Of the nine brokerage recommendations available with Informist on the company, four have a 'buy' recommendation on the stock with an average target price of INR 433. Of the remaining five, three have a 'sell' recommendation and two have a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: DLF falls 4% to 1-month low; Q4 revenue falls most in 19 qtrs
MUMBAI--1105 IST--Shares of real estate player DLF fell nearly 4% to a one-month low of INR 553.80 after its consolidated revenue for the March quarter fell most sharply in the past 19 quarters even as its total expenses declined nearly 36% on year. The company's revenue from operations declined 42% on-year to INR 18.14 billion.
Over 2025-26 (Apr-Mar), the company's new sales bookings fell 5% to INR 201.43 billion from INR 212.23 billion in FY25. However, over the medium term, the company said it has a healthy launch pipeline with sales potential from luxury and super-luxury projects launched till FY26 at INR 540 billion. The company's margin potential from launched but unsold inventory, it said in its investor presentation, stood at INR 124.35 billion.
The real estate major's 'The Dahlias' project in Gurugram witnessed steady traction and it reflects healthy demand in the super-luxury division, Motilal Oswal Financial Services said in its report. The company's robust medium-term launch pipeline suppports confidence in the company's ability to sustain growth momentum "through calibrated launches and premium product offerings," Motilal Oswal said. The brokerage maintained its "buy" call on the stock with a target price of INR 574.
DFL posted consolidated net profit of INR 12.69 billion for the March quarter, down over 1% on year. Analysts had estimated the company's consolidated net profit to be INR 12.52 billion. At 1133 IST, the stock down almost 2% at INR 562.95 on the NSE and nearly 2.8 million shares of the company changed hands on the exchange. (Ruchira Kagita)
Equity Alert: Bharti Airtel up over 3%; brokerages largely positive on co
MUMBAI--1130 IST--Shares of Bharti Airtel rose over 3% to an intraday high of INR 1,845 after the company announced its March quarter earnings post-market hours Wednesday. Despite reporting a lower-than-expected bottom line for the March quarter, owing to a one-time charge on account of regulatory and government levies, brokerages remain largely positive on the stock given the company's strong fundamentals. Further, analysts also see the share swap deal with Indian Continent Investment to get 16.31% stake in Airtel Africa plc. as mildly earnings accretive. At 1126 IST, the stock was up 3% at INR 1,842.50 on the National Stock Exchange and was among the top gainer in the Nifty 50 index.
The telecommunications major's consolidated net profit for the reporting quarter rose over 10% sequentially but fell 33.5% on year to INR 73.25 billion, missing analysts' expectation of INR 74.29 billion. However, excluding the one-time charge, the company's consolidated net profit for the reporting quarter was INR 104.86 billion, not accounting for the change in tax.
The company's consolidated revenue for the quarter rose 2.6% sequentially and around 16% on year to INR 553.83 billion, beating Street's view of INR 552.90 billion. The revenue growth in the March quarter was "driven by sustained growth in India and robust performance in Africa," the company said in a press release.
Global brokerage Jefferies raised its target price on Bharti Airtel over 4% to INR 2,350 while maintaining its "buy" call on the stock, NDTV Profit reported citing the brokerage. Jefferies expects the company's robust free cash flow generation to support higher shareholder payouts, the report said. Morgan Stanley and JP Morgan maintained their "overweight" call on the stock with a target price of INR 2,450 and INR 2,300, respectively.
Another global brokerage, Macquarie, also maintained its "outperform" rating on the stock with a target price of INR 2,220. Macquarie remains positive on the company's fundamentals over a one-year horizon, though it expects the stock to trade sideways to lower in the near term. It views Bharti Airtel's progressive dividend payout as a positive step, though not a meaningful catalyst by itself.
Wednesday, the company also announced that it will issue shares worth INR 282 billion to Indian Continent Investment in a share-swap deal to get 16.31% stake in Airtel Africa plc. As part of this, Bharti Airtel will issue 146.8 million shares to Indian Continent Investment at INR 1,923 per share, a premium of more than 7% to Wednesday's closing price. In return, it will get Airtel Africa's shares at a discount of nearly 12%. Jefferies noted that the company has secured better-than-expected share swap terms, which further strengthens the investment case. JP Morgan expects the share swap to be mildly earnings accretive for the company. (Arya S. Biju)
Equity Alert: JSW Steel up 2% ahead of Jan-Mar earnings; gains for second day
MUMBAI--1120 IST--Shares of JSW Steel rose over 2% to the day's high of INR 1,304.60 ahead of its March quarter results, later in the day. The stock extended its gains for the second session and has risen over 4% in this period. Volume of the shares traded was over two times higher from the previous session.
JSW Steel is expected to report a sharp on-year increase in its consolidated bottom line for Jan-Mar on higher realisations. The company is expected to post a consolidated net profit of INR 25.89 billion, up over 67% on year. Its top line is seen at INR 501 billion, up nearly 12% on year.
At 1111 IST, shares of JSW Steel traded 1.6% higher at INR 1,295 on the NSE. So far in the day, over 1 million shares of the company have changed hands on the exchange, higher than 507,057 shares traded till the same time Wednesday.
Of the 15 brokerage reports available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR 1,345. Of the remaining eight, five have a 'hold' recommendation with an average target price of INR 1,192 and three have a 'sell' recommendation on the stock. (Arundathi A R)
Equity Alert: HPCL down as sharp losses seen in Q1, brokerages cautious
MUMBAI--1100 IST--Shares of Hindustan Petroleum Corp. fell nearly 5% to an intraday low of INR 370.95 on the NSE after the company said it sees losses in its fuel and liquefied petroleum gas segments in the June quarter due to supply disruptions from the war in West Asia. In a post-earnings call with analysts, the management said its inventory will last till the middle of July but high crude oil prices, weak product cost, and increased volatility will cause losses. Brokerages remain cautious about the company's growth potential in the near term.
For standalone refiners, fuel retailing losses are expected to be partly offset by a windfall tax on diesel exports, Nomura said. However, oil marketing companies will post losses as higher fuel prices will not be fully passed on to the end-consumers. In 2026-27 (Apr-Mar), HPCL is seen reporting a loss of INR 23 billion in its earnings before interest, taxes, depreciation, and amortisation, Nomura estimated in its report, and the company's LPG under-recovery is pegged at INR 138 per cylinder.
In the June quarter, sharper losses are expected in the company's fuel and LPG marketing segments, Nomura said. A loss of INR 27 a litre is seen for diesel and petrol while under-recoveries in LPG are seen surging significantly to INR 680 per cylinder. The brokerage downgraded HPCL to "neutral" from "buy" and trimmed its target price to INR 440 from INR 550.
Petrochemical integration will be gradual as the company will seek to prioritise its LPG output, Nuvama Wealth Management noted in its report, and weak marketing margins due to high crude oil prices are seen leading to losses in the June quarter. However, discounts in refinery transfer prices on diesel and aviation turbine fuel will offset some losses, Nuvama said. The brokerage also said the company's current risk-reward ratio was unfavourable. Nuvama cut its EBITDA estimates for HPCL by 17% for FY27 and 15% for FY28 to account for lower marketing margins while retaining its "reduce" call on the stock. The firm revised its target price downward to INR 372 from INR 400.
Hindustan Petroleum Corp. Ltd.'s profit for the March quarter rose 46% on year at INR 49.02 billion. The figure beat the Street's estimate by a wide margin due to a sharp rise in its gross refining margins. The company's revenue for the quarter was INR 1.24 trillion, up 4.5% on year. At 1058 IST, shares of the oil marketing company were down over 4% at INR 373.15 on the NSE. (Ruchira Kagita)
Equity Alert: Indices off highs; metal, pharma cos gain, IT main laggards
MUMBAI--1055 IST--Benchmark indices pared some of their early session gains but remained in the green. Stocks of metal, pharmaceutical, and energy companies supported the Nifty 50 index, while information technology and automobile stocks were major drag on the index.
At 1045 IST, the Nifty 50 was at 23475.95, up 0.3%, and the BSE Sensex was at 74661.27, up 0.1%. Shares of Cipla were the top gainers in the Nifty 50, up 7%. The stock hit its 3-month high at INR 1,432.10 and was the top performer in the Nifty 200 index as well. Shares of metal companies Hindalco Industries and JSW Steel rose around 2?ch and also supported the gains in the 50-stock index. Information technology stocks continued to be the main laggards in the Nifty 50, with shares of Tata Consultancy Services, Tech Mahindra, and HCL Technologies shedding 1.7–2.4%.
In the broader market, while the mid-cap indices largely mirrored the gains in the benchmark, the small-cap indices fell 0.3–0.5%. Among sectoral indices, the Nifty Metal and Nifty Pharma indices were among the highest gainers, climbing around 1.6?ch, while the Nifty IT index was the worst hit, down nearly 2%.
In the Nifty 200 index, shares of Zydus Lifesciences were among the top performers after the company said it would consider a buyback of shares at its board meeting next week. The stock traded roughly 5% higher and hit its six-month high during the session. Shares of Oil India hit their record high at INR 531 and traded over 2% higher after the company's net profit for the March quarter beat the Street's view by a wide margin. For the March quarter, the company reported a net profit of INR 17.90 billion on revenue of INR 59.61 billion.
Shares of Tube Investments and Hindustan Petroleum Corp. were the main laggards in the Nifty 200 index, shedding around 4?ch after both the companies released their March quarter earnings on Wednesday. Tube Investments reported a 65% on-year fall in its bottom line for the March quarter to INR 2.84 billion. On other hand, HPCL reported a sharp jump in its net profit for the March quarter, surpassing the consensus estimate. However, the company's management warned of losses in the June quarter due to higher crude prices.
In the Nifty 500, shares of state-owned miner NLC India rose nearly 15% and were the top gainers. The stock hit its all-time high after the company's bottom line for the March quarter rose nearly threefold on year to INR 13.92 billion. On other hand, shares of Kaynes Technology were the worst performers in the Nifty 500 index, trading 17% lower. Earlier, the stock breached its 15% lower circuit at INR 3,551.60 after the company's net profit for the March quarter fell 21.5% on year to INR 912.23 million. (Shruti Nair)
Equity Alert: Cipla up 8%; most brokerages positive on co post Q4 results
MUMBAI--1050 IST--Pharmaceutical major Cipla rose nearly 8% to a three-month high of INR 1,432.10 Thursday. Brokerages took a bullish stance on the company post the release of March quarter results and management's comments. The company's earnings for the quarter were weak, with Cipla's consolidated net profit for Jan-Mar missing the Street's expectations.
For the March quarter, the company reported a consolidated net profit of INR 5.55 billion, down nearly 55% on year. This was sharply below the Street's view of INR 7.11 billion. The revenue of the company fell nearly 3% on year to INR 65.41 billion. The top line also fell short of the analysts' estimate of INR 66.50 billion.
The management of the company said it expects earnings before interest, tax, depreciation, and amortisation margin to keep improving every quarter in 2026-27 (Apr-Mar). The company also expects stronger profitability in the second half of the year as well, mainly driven by key US launches.
"Cipla's new opportunities gOfev and gVentolin provide comfort in H1FY27, while other peptide/inhalers impart comfort in H2FY27," Nuvama Institutional Equities said. The brokerage has upgraded the stock to 'buy' from 'reduce' and raised the target price 21% to INR 1,550. Nuvama said it upgraded Cipla due to its margin and capital expenditure commentary and upcoming complex and high-value launches.
Voicing the same, Nirmal Bang Institutional Equities said "... while key respiratory launches including gVentolin and other differentiated assets are expected to drive recovery in the US business from 2HFY27 onwards." The brokerage expect the company's net profit to grow at a compound annual growth rate of 12.9% over FY26-FY28. Revilmind revenue is expected to be $50 million in FY27, Nirmal Bang said.
"We remain structurally positive on Cipla given its strong India franchise and differentiated respiratory pipeline in the US," Nirmal Bang said. However, factoring in higher research and development intensity, continued investments in respiratory and complex generics capabilities along with a relatively gradual ramp-up in key US launches, the brokerage has trimmed target price 9.5% to INR 1,404 and downgraded the stock to 'hold'.
At 1037 IST, shares of Cipla traded nearly 7% higher at INR 1,417. Over 4 million shares of the company changed hands on the NSE, so far, which is over six times higher than the number of shares traded till the same time Wednesday. The stock was the top gainer among the Nifty 50 constituents. (Adhithya Aji)
Equity Alert: IT cos fall further on weak sentiment over OpenAI deployment co
MUMBAI--1030 IST--Major information technology stocks fell further Thursday due to negative sentiment surrounding the new artificial intelligence deployment company by OpenAI which it announced Monday. Barring Wipro, all the Nifty IT index constituents were down in early trade, with the index plunging for the fourth straight session. The Nifty IT index has fallen over 7% in this period.
The US-based artificial intelligence company OpenAI announced the launch to help businesses build and deploy artificial intelligence systems. It will extend OpenAI's ability to embed engineers specialised in frontier AI deployment, known as forward deployed engineers, into organisations working on complex problems in demanding environments, the company said in a public notice.
"The demand for IT services might go down with the new deployment company," said Sumit Pokharna, information technology analyst at Kotak Securities. "That is a big concern for the sector because, currently, the traditional IT services companies are billing based on manpower deployment and number of hours worked etc," he said. Pokharna expects the negative sentiment in the IT sector to continue as there is more selling of IT stocks by foreign investors due to lack of revenue visibility.
Persistent Systems, LTM, HCL Technologies, Oracle Financial Services Software, Coforge, Tech Mahindra, Tata Consultancy Services, Infosys, and Mphasis were down 1.5-4.0%. However, shares of Wipro managed to trade with marginal gains. (Arundathi A R)
Equity Alert: Indices open higher amid US-China talks; Asian markets gain
MUMBAI--0935 IST--Benchmark indices opened higher as investors were optimistic about the US-China talks, which are likely to offer some pointers for the resolution of the West Asia war. Asian markets opened higher Thursday and Wall Street indices closed higher Wednesday. The May Futures of Brent Crude Oil were above $106 per barrel. Pharmaceutical companies were the major gainers in the indices. At 0934 IST, the Nifty 50 was at 23578.10, up 165.50 points or 0.7%, and the BSE Sensex was at 75039.30, up 430.32 points or 0.6%.
Cipla was the top gainer among both the Nifty 50 and Nifty 200 constituents, up over 7%. Numerous brokerages have upgraded the recommendations on the stock after the company posted its March quarter earnings Wednesday. Adani Enterprises and Adani Ports and Special Economic Zone gained nearly 5% and 2%, respectively. State-owned energy companies--Power Grid Corp. of India, NTPC, Oil and Natural Gas Corp., and Coal India--rose 1-2%. Trent, Larsen & Toubro, Hindalco Industries, Apollo Hospitals Enterprises, Tata Consumer Products, and Asian Paints gained around 1?ch.
On other hand, information technology companies HCL Technologies, Tata Consultancy Services, Tech Mahindra, and Infosys fell around 1.0-1.5%. Dr Reddy's Laboratories, Eicher Motors, Shriram Finance, and Titan Co., fell marginally in the 50-stock index.
Oil India was the second-top performer among the Nifty 200 constituents, up nearly 4%. The upstream oil company's net profit for the quarter rose over 12% on year to INR 17.86 billion. This was sharply above the Street's view of INR 12.77 billion. Zydus Lifesciences, Adani Green Energy, and Solar Industries gained 3-4%.
Oil marketing major Hindustan Petroleum Corp. was the worst hit stock in the Nifty 200. It fell nearly 5%. The stock fell after brokearges took a bearish stance on the stock following the management's comment that it expected HPCL to post losses due to high oil prices in the June quarter.
In the Nifty 500, NLC India was the top gainer and rose over 12%. The company's net profit for the March quarter rose nearly three-fold on year. In contrast, Kaynes Technology India was the underperformer and the stock hit the lower circuit at INR 3,551.60, down 15%. (Adhithya Aji)
Equity Alert: Some markets in Asia slightly down ahead of Trump-Xi meeting
MUMBAI--0910 IST--Investors in Asia remained a little cautious ahead of the crucial meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing. Trump's meeting in China is scheduled for Thursday and Friday. Hong Kong's Hang Seng, Japan's Nikkei 225, and South Korea's KOSPI displayed some positive bias, but China's CSI 300, Australia's S&P ASX 200, and the FTSE Singapore Strait Times were in the red.
Chief executive officers of several top US companies have accompanied Trump on his China visit. Key among these are Nvidia CEO Jensen Huang, Tesla CEO Elon Musk, and Apple CEO Tim Cook. Some other important names include Blackstone CEO Stephen Schwarzman, Boeing CEO Kelly Ortberg, BlackRock CEO Larry Fink, and Meta President and Vice Chair Dina Powell McCormick, CBS News said.
"While unlikely to be a game changer for US-China relations, we think the meeting could act as a tactical catalyst for strength in the Chinese yuan and Chinese equities," analysts at Goldman Sachs said, CNBC reported.
In South Korea, shares of heavyweight Samsung Electronics Co. were up over 3% even as talks between the management and the labour union failed to have a positive outcome, The Wall Street Journal reported. A stalemate over deciding how the company's massive profits are distributed continues, and the company's workers may organise another strike from May 21 to Jun. 7, according to the media report. A strike by the electronics major's union would pose a significant risk to South Korea's economic growth, exports and markets, Reuters reported the country's Finance Minister Koo Yun-cheol as saying.
The following were the levels of major Asian indices at 0811 IST:
| Index | ||
(Ruchira Kagita)
Equity Alert: May open higher on hope US-China to talk Iran war resolution
MUMBAI--0840 IST--Domestic equity market is likely to hold on to it gains Thursday on hope the talks between US-China may offer some cues over a resolution to the Iran war. Asian equity indices were mixed in the early trade, with Taiex and Kospi gaining the most. Crude oil prices, which are still above the $100 a barrel mark, will be watched for further cues for market direction. JSW Steel will detail its March quarter earnings Thursday.
US Vice-President J.D. Vance said progress was being made with Iran in negotiations to end the war as US President Donald Trump travelled to China for talks, an Al Jazeera report said. Trump travelled to Beijing Tuesday to meet with China's President Xi Jinping.
At 0829 IST, Brent crude oil July futures were marginally higher from its previous close at $105.86 per barrel. Crude oil will trade at $100–$115 per barrel if the stalemate holds, according to Vinit Bolinjkar, head of research at Ventura Securities. "Asymmetry is to the downside on resolution news — that's the more dangerous gap for anyone short crude," he said.
At 0830 IST, the Gift Nifty May futures contract was marginally lower at 23549.50 from its previous close. However, this level suggested a higher opening for the Nifty 50 index as it was over 135 points higher than the 50-stock index's previous close of 23412.60.
"An unstable Middle East, continued FIIs outflows alongside depreciating Indian currency are negatively impacting the investors sentiments," said Vipin Kumar, derivatives and technical analyst at Globe Capital Market. " Moving forward, we reiterate our sell-on-rise trading approach as long as Nifty index remains below 23650 spot levels on closing basis. On the lower side, 23150-23000 spot levels will act as an immediate support."
JSW Steel is expected to report a sharp on-year increase in its consolidated bottom line for Jan-Mar on higher realisations. The company is expected to post a consolidated net profit of INR 25.89 billion, up over 67% on year. Its top line is seen at INR 501 billion, up nearly 12% on year.
The commerce ministry will release the wholesale price index inflation data for April Thursday. The automobile production, sales, and export data for April will also be announced by the Society of Indian Automobile Manufacturers, later in the day.
In the US, barring the Dow Jones Industrial Average, other equity indices settled at record closing highs in the previous session. (Arundathi A R)
Equity Alert: S&P 500, NASDAQ hit new highs, chipmakers drive indices higher
MUMBAI--0740 IST--Major US equity indices ended mixed Wednesday, with the NASDAQ Composite and the S&P 500 closing higher but the Dow Jones Industrial Average ending lower. The blue-chip Dow snapped its three-session streak of advances, dragged mainly by shares of Salesforce and Home Depot. Technology stocks led the gains on Wall Street. Shares of Micron Technology were almost 5% higher, Alphabet nearly 4%, Nvidia Corp. and Meta over 2%, and Qualcomm over 1%. The Magnificent Seven stocks, barring Microsoft, closed in the green. The S&P 500 and the NASDAQ notched fresh all-time highs, brushing aside the hotter-than-expected producer price index data.
"It seems like we've got so much demand ahead of the supply trying to meet it that it's got a lot of room to run," Peter Mallouk, the chief executive officer of Creative Planning, told CNBC, speaking of chipmakers.
In focus on Wednesday were the US producer prices. The Producer Price Index climbed 1.4% on-month in April, and 6% on-year. The rise in April is the largest since the 1.7% increase in March 2022. The hot producer inflation data comes after Tuesday's higher-than-expected consumer price inflation print. Any hope of the Federal Reserve cutting rates in the near to medium term has diminished with this inflation data.
"Overall, amid heightened uncertainty, the energy shock has negatively affected my outlook for both real activity and inflation. Moreover, the shock has tilted risks to real activity somewhat further to the downside and risks to inflation further to the upside," Susan Margaret Collins, president of the Federal Reserve Bank of Boston, said in a speech. Collins said that a restrictive monetary policy stance for longer.
Meanwhile, in a narrow vote, Kevin Warsh was confirmed by the US Senate to be the 17th chair of the Federal Reserve for a four-year term, Reuters reported. Warsh will replace Jerome Powell. Powell's tenure as the Federal Reserve chair ends on Friday.
The following were the closing levels of major US indices on Wednesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
49693.20 | (-)0.14 |
|
NASDAQ Composite |
26402.34 | 1.20 |
|
S&P 500 |
7444.25 | 0.58 |
(Ruchira Kagita)
US$1 = INR 95.83
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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