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Informist, Wednesday, May 20, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Indices close higher on gains in energy stocks, RIL

MUMBAI--1550 IST--Benchmark stock indices closed higher after remaining in the red for a major part of the session. The Nifty 50 was supported by gains in index heavyweight Reliance Industries, which closed nearly 3% higher. Energy companies were the major gainers in the indices. The Nifty 50 ended at 23659, up 41 points or 0.2%, and the BSE Sensex closed at 75318.39, up 117.54 points or 0.2%.   

Hindalco Industries ended the session as the top gainer among Nifty 50 constituents, up nearly 4% higher. The management of the company's US subsidiary Novelis said the Oswego plant had made a strong recovery after a fire incident and commissioning activities were being ramped up. Bajaj Auto, Bajaj Finserv, Wipro, Grasim Industries, Mahindra & Mahindra, InterGlobe Aviation, and Axis Bank ended 1-3% higher.

Shares of Grasim Industries rose during intraday after the company released its March quarter earnings. The company's net loss for the period narrowed to INR 1.64 billion from INR 2.88 billion a year ago. 

On the other hand, Bharat Electronics closed as the major laggard in the Nifty 50, down over 2%. The stock fell as the Navaratna company's net profit growth was the slowest in 13 quarters. Tech Mahindra, Eternal, Tata Steel, SBI Life Insurance Co., Hindustan Unilever, and ITC closed 1-2% lower in the index.

Barring the Nifty Smallcap 50, all the other broader indices ended higher. Nifty Smallcap 50 closed 0.2% lower. The Nifty Midcap indices ended 0.4-0.5% higher, while the Nifty Smallcap 100 and Nifty Smallcap 250 closed marginally higher. The Nifty Oil & Gas closed nearly 2% higher and was the top gainer among sectoral indices. Nifty Media was the underperformer among them, closing over 1% lower. The Nifty Media was weighed down by shares of Zee Entertainment, which fell over 5%. The shares fell after the company posted a consolidated net loss for the March quarter against a net profit year ago. 

Siemens Energy India was the top gainer in both the Nifty 200 and Nifty 500 indices, up nearly 10%. Shares of Tata Communications ended nearly 8% higher in the Nifty 200. On the other hand, PI Industries was the worst hit stock in both the Nifty 200 and Nifty 500 indices, down nearly 6%. The company reported the sharpest fall since 2019 in its consolidated net profit growth for the reporting quarter. In the Nifty 500, Eris Lifesciences closed over 9% higher and CE Info Systems fell nearly 6%.  (Adhithya Aji)

Equity Alert: Nifty 50 May ends at premium of 36 points to spot index

MUMBAI--1544 IST--The May futures contract of the Nifty 50 closed at a premium of 36 points to the spot index Wednesday. Open interest in the contract rose 0.4% to 16 million, according to provisional data.

--Nifty 50 closed at 23659.00 points, up 41.00 points or 0.2% vs Tuesday

--Nifty 50 May closed at 23695.00 points, up 83 points or 0.4% vs Tuesday

Nifty 50 options, expiring May 26, with maximum change in open interest:

Call: 24500, Put: 23400

Nifty 50 options, expiring May 26, with maximum open interest:

Call: 24500, Put: 22500

(Simran Rede)

Equity Alert: Markets in Europe muted on West Asia concerns, inflation fears

MUMBAI--1520 IST--Stock markets in Europe were muted as market sentiment was subdued due to war-led inflation concerns. However, technology stocks lent some support to indices ahead of Nvidia Corp.'s earnings for the quarter ended April late Wednesday. Greater inflationary fears pushed bond yields higher and weighed on equities. The pan-European STOXX 600 index was up only marginally.

Ahead of Nvidia's earnings, shares of ASM International, STMicroelectronics, Infineon Technologies, and AIXTRON were up 2-4%. On the other hand, luxury stocks were muted during the early hours of trade. Shares of LVMH, L'Oreal, and Hermes International fell 0.2-2%. Some earnings momentum was seen in the markets. Shares of British retailer Marks & Spencer were up 4% after the company forecast profit for the next year as it recovers from last year's cyber attack. 

"The first quarter was quite an easy one in terms of expectation because the bar was set very low," Roland Kaloyan, head of European equity strategy at Societe Generale, told Reuters. "Second quarter is going to be more challenging and you will start to feel the effect of the war," Kaloyan said. 

In the UK, retail inflation was at 2.8% on year in April, softer than economists' expectations, and lower than 3.3% in March. This is the lowest inflation reported since March 2025. Reuters had expected inflation to soften to 3%. On a monthly basis, consumer prices rose 0.7% in April. 

"Sadly, this improvement is set to be short-lived as the impact from the Middle East conflict continues to build, with motor fuel prices rising at the fastest pace since the Ukraine war," Anna Leach, chief economist at the Institute of Directors, told Reuters.

The following were the levels of major European indices at 1519 IST:

(Ruchira Kagita)

Equity Alert: Indices in Asia fall as inflation concerns push yields higher

MUMBAI--1405 IST--All major indices in Asia ended in the red as inflationary fears hit market sentiment. Bond yields in Japan and the US spiked on concerns about oil prices staying higher for longer and causing greater economic distress. Brent crude oil futures remained near $110 per barrel for the fourth straight sessions. Japan's 10-year bond yield was slightly lower but still elevated at 2.76%. The US 10-year treasury yield was up at 4.689%. US President Donald Trump's statement that he was only an hour away from launching a fresh offensive against Iran added to market participants' woes. 

Markets in Japan fell the most in the region, with the benchmark Nikkei 225 down 1.2%. It closed lower for the fifth straight session, dropping more than 5% during this period. The broader market TOPIX, meanwhile, declined 1.5% Wednesday. South Korea's KOSPI slipped 3% during the trading session, but recovered slightly to end nearly 1% lower. 

Russian President Vladimir Putin met Chinese President Xi Jinping in Beijing for bilateral talks. The leaders said the world was in danger of returning to the "law of the jungle," Reuters reported, citing a joint declaration issued by Russia and China. "Attempts by a number of states to unilaterally manage global affairs, impose their interests on the entire world, and limit the sovereign development of other countries, in the spirit of the colonial era, have failed," according to the statement. 

"China and Russia have achieved a high level in their relations by advancing on a step-by-step basis," Xi said according to an official release by the Kremlin. Both leaders reached a "general understanding" on the Power of Siberia 2 pipeline project. If brought to fruition, the pipeline is expected to carry 50 billion cubic metres of gas every year to China through Mongolia. This is around 12% of China's total gas consumption, BBC reported. Indices in China ended slightly lower Wednesday.

The following were the levels of major Asian indices at 1405 IST:

(Ruchira Kagita)

Equity Alert: Mankind Pharma up 5%; co see FY27 sales growth in double-digit

MUMBAI--1348 IST--Shares of Mankind Pharma rose over 5% to a six-month high of INR 2,625. The management of the company in a post-earnings conference call said that they expect the revenue growth to remain in double digits for 2026-27 (Apr-Mar). The company guided its earnings before interest, tax, depreciation, and amortisation to around 25.5-26.5%. Mankind Pharma's consolidated net profit for the March quarter was up in high double digits.

For FY26, the company's revenue has risen nearly 17% on year to INR 142.78 billion. The consolidated net profit of the company for the period fell nearly 4% on year to INR 19.13 billion. For the March quarter, the company reported a consolidated net profit of INR 5.54 billion, up 32% on year. This was sharply above the Street's view of INR 4.04 billion. The top line of the company grew nearly 11% on year to INR 34.45 billion, slightly below the analysts' view of INR 34.15 billion. For the reporting quarter, the company's EBITDA margin expanded to 26.4% from 22.3%. 

Mankind Pharma said that the company will focus more on its speciality chronic operations and research and development segments. The company is also optimistic about its long-term opportunities in international markets. The pharma company also said that it was not planning any new launch in FY27.

At 1344 IST, shares of Mankind Pharma traded over 3% higher at INR 2,577.40. Over 3 million shares of the company changed hands on the NSE, which is nearly nine times higher than the number of shares traded till the same time Tuesday.  (Adhithya Aji)

Equity Alert: GE Vernova T&D up on strong Q4; healthy orderbook to aid growth

MUMBAI--1320 IST--Shares of GE Vernova T&D India rose over 9% to an intrday high of INR 4,799.90 after the company reported a strong set of earnings for the quarter ended March. The company's earnings before interest, tax, depreciation, and amortisation margin rose 530 basis points to 27.2%. The long-term growth story for the company remains intact given the scope of opportunities from the government's capital expenditure push, and the company's strong orderbook. Brokerages were largely bullish on the stock and raised their target prices on the stock.

The company is well positioned to benefit in the near term on its capabilities in advanced transmission technologies, Motilal Oswal Financial Services said. Even though some weakness in domestic orders is expected in the near term, the company is confident of bagging base orders worth INR 70 billion-INR 80 billion from the domestic market excluding high-voltage direct current systems, the brokerage said. In the long term, India's targets of 800 gigawatts renewable capacity, 900 GW non-fossil fuel electricity capacity, and over 10 high-voltage direct current projects by 2035 are expected to play put positively for the power solutions provider. Motilal Oswal expects the company to see strong margins, a healthy revenue mix, and benefits linked to operating leverage. The brokerage reiterated its "buy" call and hiked the target price by over 9% to INR 5,200.

The India business of GE Vernova is seen benefitting from the ongoing capital expenditure cycle, ICICI Securities also said. The brokerage estimates domestic transmission equipment pipeline worth over INR 650 billion for the company in the next 18 months. The company's orderbook in fact grew 1.7 times on year in 2025-26 (Apr-Mar) to INR 215 billion, with its book-to-bill ratio at 3.5 times, ICICI Securities highlighted in its report. The broking firm also has a healthy outlook for the company's export orders. ICICI Securities maintained its "buy" call on the stock and increased its target price by nearly 38% to INR 5,025.

Nomura sees better sales mix, selective bidding, and an increasing share of value-added solutions playing out well for the company. The brokerage raised its earnings per share estimates for GE Vernova T&D over FY27 and FY28 by 9-10%. The company expects tendering for at least one contract a year from the Central Electricity Authority, Nomura said. It raised the target price of the stock by almost 26% to INR 5,030 from INR 4,000.

Given the power company's steady expansion in EBITDA margin, strong order inflow visibility, and a healthy tender pipeline, Emkay Global Financial Services is also positive on the company's growth path. The brokerage revised its earnings per share estimates by 7.6% for FY27 and 7.2% for FY28. It also revised its target price higher to INR 4,750 from INR 3,900 while maintaining its "buy" stance.

For the March quarter, GE Vernova T&D's consolidated net profit surged 89% on year to INR 3.52 billion while revenue rose 42% to INR 16.37 billion. Late Monday, the company said it will invest INR 550 million towards creating capacity for disconnectors and drives for 362 kilovolt dead tank circuit breakers. At 1351 IST, shares of the company traded nearly 7% higher at INR 4,690 on the NSE and were among the top gainer in the Nifty 200 index. (Ruchira Kagita)

Equity Alert: Tata Comm rises to over 4-mo high; co appoints new MD, CEO

MUMBAI--1317 IST--Shares of Tata Communications rose over 8% intraday to INR 1,784.80, their highest price in over four months. The stock rose after falling for two straight sessions in which it lost 2%. Earlier in the day, the company announced the appointment of Ganapathi S. Lakshminarayanan as the managing director and chief executive officer of the company for five years from Wednesday. Earlier in January, the company had disclosed that it had selected Ganapathi as managing director, chief executive officer-designate and will be appointed to the post after regulatory approvals. 

The appointment followed the retirement of A.S. Lakshminarayanan as managing director and chief executive officer of the company on Apr. 13. Prior to this, Ganapathi was the managing director, group vice president for ServiceNow – India and SAARC. He had also served as the chief executive officer of Airtel Business in India and Airtel's enterprise business unit. 

At 1313 IST, shares of the company traded 6.5% higher at INR 1,753.80 and was among the top gainers in the Nifty 200 index. So far in the day, around 2 million shares of the company changed hands on the National Stock Exchange, compared with the 157,420 shares traded till the same time Tuesday. Of the four research reports on the company available with Informist, three have a "buy" or equvalent call on the stock and one has a "hold" rating.  (Arya S. Biju)

MUMBAI--1325 IST--Shares of automotive engineering and technology company Bosch fell over 2% to an intraday low of INR 36,370 ahead of the company's March quarter earnings, slated to be announced later in the day. The company's net profit for the March quarter is expected to grow year-on-year for the fourth consecutive quarter while its top line is projected to rise for the 22nd consecutive quarter.

Motilal Oswal Financial Services expects the company's profit to grow 12% on year to INR 6.20 billion, while Batlivala & Karani Securities India Pvt. Ltd. has projected it to rise nearly 9% to INR 6.02 billion. In the year-ago quarter, Bosch's net profit had fallen almost 2% on year to INR 6.11 billion.

While Motilal Oswal expects Bosch's revenue to rise nearly 10% on year to INR 53.76 billion, Batlivala & Karani has forecast it to grow nearly 9% to INR 53.48 billion for the quarter under review.

"Bosch is expected to report revenue growth of ~9% YoY driven by pick-up in the CV (commercial vehicle) and tractor segments, alongside steady aftermarket demand," Batlivala & Karani said. Motilal Oswal said that a steady momentum in the two-wheeler division is expected to lift the revenues of the automobile component company.

"Considering scale benefits, the company is expected to report EBITDA (earnings before interest, tax, depreciation, and amortisation) margins in the range of ~13.3% levels," Bosch said. The company's EBITDA is expected to grow almost 10% on year to INR 7.10 billion, Motilal Oswal said.

At 1313 IST, the stock was down nearly 0.7% at INR 36,880. The one brokerage recommendation available with Informist on the company has a 'hold' recommendation on the stock. Motilal Oswal has a target price of INR 35,323, which indicates a downside of nearly 4% from the current market price.  (Anand JC)

Equity Alert: BLS Intl shrs rise 9.5% after strong Q4, mgmt retains guidance 

MUMBAI--1320 IST--Shares of BLS International Services rose 9.5% to an over one-week high of INR 286.95 on the NSE, a day after the company reported strong March quarter earnings. Its management has retained the revenue growth guidance for the near term. At 1310 IST, shares of the company traded 4% higher at INR 272.70. Around 24 million shares of the company changed hands so far in the day, 12 times the number of shares traded till the same time Tuesday, indicating strong buying momentum initially.

The visa and consular services player reported a consolidated net profit of nearly 32% on year at INR 1.78 billion. Its top line grew nearly 18% on year to INR 8.15 billion. The company's total income was INR 8.45 billion, up nearly 18% on year. 'Other income' of the company rose 22% on year to INR 304 million. Its bottom line growth was hampered by a 16% on-year rise in total expenditure at INR 6.41 billion. Of the expenses, cost of services rose nearly 15% on year to INR 3.92 billion. 

Its earnings before interest, tax depreciation and amortisation increased 17.84% on year to INR 2.04 billion from INR 1.73 billion in the year-ago quarter. Its EBITDA margin increased marginally to 25.06% from 25.03% in the year-ago period. 

The margin in its visa business has increased from the previous year and the management expects it to sustain, BLS International's joint MD Shikhar Aggarwal said in an interview on CNBC-TV18 Wednesday. The digital business has declined due to its recent acquisition, the executive said. He added that the company will continue to target 20–25% growth in the next few years, with the demand in the Schengen area continuing to grow steadily. Aggarwal said the full revenue from the UIDAI contract will start accruing in the next six to 12 months.  (Eshitva Prakash)

Equity Alert: Zee Ent dn 7% to one-month low after co posts net loss in Q4

MUMBAI--1300 IST--Shares of Zee Entertainment Enterprises fell nearly 7% to a one-month low of INR 81.82 after the company posted a consolidated net loss in the March quarter against profit in the year-ago period. Volume of the shares traded was nearly four times higher than shares traded in the previous session.

The company posted a consolidated net loss of INR 1.02 billion for Jan-Mar against the net profit of INR 1.88 billion in the year-ago quarter. Analysts had expected the company to report a net profit of INR 1.38 billion. Its top line for the quarter was at INR 20.25 billion, down over 7% on year. This was below the Street's view of INR 20.79 billion for the quarter.

Brokerage Nuvama Institutional Equities cut its earnings-per-share estimates for 2026-27 (Apr-Mar) and FY28 by around 18% each. Nuvama retained its 'buy' recommendation on the stock with a target price of INR 112. ICICI Securities also maintained its 'buy' recommendation on the stock with an unchanged target price at INR 120.

Motilal Oswal Financial Services reiterated its 'neutral' recommendation with an unchanged target price of INR 80. The brokerage expects a compound annual growth rate of 3.5% in its advertisement revenue over FY26 to FY28, which has downside risks from the structural shift in advertisement spending to the digital medium. It also sees a compound annual growth rate of 4% in the company's revenue over FY26 to 28, while the earnings before interest, tax, depreciation, and amortisation and net profit estimates for the same period were expected to decline by 24% and 17%, respectively, from its FY25 levels.

At 1254 IST, shares of Zee Entertainment were nearly 5% lower at INR 83.66 on the NSE. So far in the day, over 26 million shares of the company have changed hands on the exchange, higher than over 6 million shares traded till the same time Tuesday.

Of the seven brokerage reports available with Informist on the company, five have a 'buy' recommendation with an average target price of INR 127. Of the remaining two, one has a 'sell' recommendation and the other has a 'hold' recommendation on the stock.  (Arundathi A R)

Equity Alert: Indices recover further but stay in red; energy stocks lead 

MUMBAI--1235 IST--Indices further recovered but were down. Select stocks and heavyweight Reliance Industries rose more. Energy stocks were the major gainers in the indices. Shares of Mahindra & Mahindra, Wipro, and Axis Bank gained further and were around 1% higher each. Reliance Industries rose further and was nearly 2% higher. 

At 1232 IST, the Nifty 50 was at 23594.85, down 23.15 points or 0.1%, and the BSE Sensex was at 75097.71, down 103.14 or 0.1%. 

Hindalco Industries continued to be the top gainer among Nifty 50 constituents, up over 3%. The company's UK subsidiary Novelis' management said the Oswego plant had made a strong recovery after a fire incident and commissioning activities were being ramped up. Bajaj Auto, Oil and Natural Gas Corp., and Apollo Hospital Enterprises gained 1-2%. 

On the other hand, Bharat Electronics was the major laggard in the Nifty 50, down 3%. The Navaratna company's net profit for Jan-Mar grew at its slowest pace in 13 quarters. Tata Steel and JSW Steel fell nearly 2% and 1%, respectively. Nestle India, Eternal, Shriram Finance, ITC, Graism Industries, Hindustan Unilever, and Bajaj Finance fell around 1% each.

The broader market indices were mixed, with Nifty Midcap 50 and Nifty Midcap 100 marginally higher. The Nifty Smallcap indices fell 0.2-0.4%. Nifty Oil & Gas was the top performer among the sectoral indices and was up over 1%. Nifty Energy was up nearly 1%. Nifty Media was the worst hit sectoral index, down nearly 2%. The index was weighed down by Zee Entertainments, which declined over 6%. 

Shares of the company fell after the company posted a consolidated net loss for the March quarter against a net profit year ago.

Siemens Energy India and Tata Communications were the top gainers among the Nifty 200 constituents, up nearly 6% each. Meanwhile, PI Industries was the worst hit stock in both the Nifty 200 and Nifty 500 indices, down nearly 7%.  (Adhithya Aji)

Equity Alert: KEC Intl off highs; Nomura cuts co's target price by 40%

MUMBAI--1205 IST--KEC International came off highs after opening almost 2% higher Wednesday. Brokerage Nomura Financial Advisory and Securities downgraded its recommendation on the stock to 'neutral' from 'buy' and trimmed its target price by 40% to INR 507. The stock gained after three straight sessions of fall and shed 15.5% during this period.

The brokerage also cut its earnings before interest, tax, depreciation, and amortisation margin estimates for 2026-27 (Apr-Mar) and FY28 by 74 basis points and 78 bps respectively, considering the company's significant exposure to commodity and logistics cost inflation, Nomura said in its report. It also factored in increased finance costs due to higher debt. Nomura's estimates for the company's earnings-per-share for FY27 and FY28 were cut by 35% and 36% lower respectively, due to execution and margin headwinds. The revenue growth estimates for FY27 and FY28 were also cut by 10% and 13%, respectively, and the brokerage's revised estimates will imply revenue growth of 8.9% and 9.5% for the same period.

At 1200 IST, shares of KEC International were 0.3% higher at INR 470.75 on the NSE. So far, over 860,000 shares of the company have changed hands on the exchange, lower than nearly 2 million shares traded till the same time Tuesday.

Of the 13 brokerage recommendations available with Informist on the company, 12 have a 'buy' recommendation with an average target price of INR 735, while the remaining one has a 'hold' recommendation.  (Arundathi A R)

Equity Alert: Brokerages largely negative on IOC, cuts target prices 4-24%

MUMBAI--1150 IST--Brokerage remain largely negative on Indian Oil Corp., even after the company reported a better-than-expected net profit for the March quarter, due to a weak near-term earnings visibility amid persistent higher crude oil prices in the wake of the ongoing West Asia war. Several domestic and global brokerages have cut their target prices on the stock by 3.6–24.3%. Equirus Securities downgraded the stock to "reduce" from "add" with a target price of INR 140 amid worsening liquefied petroleum gas under-recoveries, weak marketing margins and rising pressure on the balance sheet. 

Nuvama Institutional Equities, on other hand, upgraded the stock to "hold" from "reduce" as it sees limited downside for the stock after it corrected 23% over three months, despite the subdued earnings visibility in near term. The brokerage, however, cut its estimates for the company's earnings before interest, taxes, depreciation, and amortisation for 2026-27 (Apr-Mar) and FY28 by 12% each to factor in lower marketing margins, it said in a report. Nuvama, along with some other brokerages, also flagged concern over the company not disclosing their gross refining margin amid the volatile macroeconomic environment. Nomura expects that the company may continue with non-disclosure of gross refining margin till the situation normalises. 

The March quarter earnings of the oil marketing company was insulated from the impact of West Asia war due to crude inventories procured prior to the escalation of the war and a discounted refinery transfer price on diesel or aviation turbine fuel. However, the company's management remained cautious over the June quarter with focus on continuity of supply and energy security over pricing, Nuvama said. 

HDFC Securities expects the company to see a correction in its FY27 marketing margin from FY26 owing to a sharp increase in benchmark product prices in the international market. These losses are, however, expected to be limited by the refining business and an increase in retail fuel prices, the brokerage said. Motilal Oswal Financial Services expects the company to report gross petrol and diesel marketing margin losses of INR 5 per litre and INR 2.5 per litre in the June quarter and September quarter, respectively. Its LPG under-recovery per cylinder is seen at INR 200 in the June quarter and INR 100 in the September quarter, Motilal Oswal said. 

Nomura believes that the company is better placed compared with its peers amid expectation of continued higher crude oil prices going forward because of lower fuel retailing volume as a proportion of its refining throughput. The brokerage has cut its FY27 and FY28 EBITDA estimates for the company by 66% and 3%, respectively. However, it believes that further upside to its FY27 and FY28 earnings estimates and target price may come from recovery of LPG losses incurred in FY26 and the expected loss in FY27. 

At 1146 IST, shares of IOC traded at INR 138, up over 2% from the previous close. So far in the day, over 13 million shares of the company changed hands on the National Stock Exchange, lower than around 15 million shares traded till the same time Tuesday. (Arya S. Biju)

Equity Alert: PI Ind falls 8%; co's Q4 PAT, sales miss view by wide margin 

MUMBAI--1133 IST--PI Industries' shares fell over 8% to a one-month low of INR 2,860.10 after the company released its March quarter earnings late night on Tuesday. The company reported the sharpest fall since 2019 in its consolidated net profit growth for the reporting quarter. The top line of the company declined as well. Both the net profit and sales were sharply below the Street's expectations. 

PI Industries reported a consolidated net profit of INR 2 billion, down over 39% on year, and sharply below the analysts' view of INR 2.79 billion. The revenue of the company fell over 12% on year to INR 15.65 billion and failed to meet the estimate of INR 16.41 billion.

The company said that going ahead it expects the increase in input costs driven by geopolitical situations to lead to pricing pressure. PI Industries is cautiously optimistic for the second half of 2026-27 (Apr-Mar) on the back of customer offtake plans. Climatic uncertainty into the ongoing Kharif Season is expected to be partially mitigated by higher reservoir levels, the company said in an investor presentation.

At 1127 IST, shares of PI Industries traded nearly 7% lower at 2,910.30. Nearly 2 million shares of the company changed hands on NSE, which is nearly 17% higher than the number of shares traded till the same time Tuesday. The stock was the worst hit stock in both the Nifty 200 and Nifty 500 indices.  (Adhithya Aji)

Equity Alert: Bharat Electronics dn 3%; co's Q4 PAT growth slowest in 13 qtrs

MUMBAI--1125 IST--Bharat Electronics declined almost 3% to a nearly two-month low of INR 407 after the company reported a 13-quarter-low net profit growth in the March quarter. The stock fell for the fifth straight session and lost over 2% during this period. The volume of shares traded Wednesday rose threefold from the previous session.

Bharat Electronics reported a 5% on-year rise in its net profit for Jan-Mar to INR 22.03 billion. It surpassed the Street's view of INR 21.16 billion. The defence major's top line for the March quarter grew nearly 12% on year to INR 101.77 billion. The revenue growth reported in Jan-Mar was the slowest in three quarters but was higher than the analysts' expectations of INR 98.70 billion.

Brokerage JM Financial maintained its 'add' recommendation on the stock with an unchanged target price of INR 485. Nomura Institutional Equities retained its 'neutral' recommendation on the stock with a target price of INR 454. These brokerages await management commentary on order inflow guidance for 2026-27 (Apr-Mar) and outlook on margins.

At 1116 IST, shares of Bharat Electronics were 2.5% lower at INR 412.15 on the NSE. So far in the day, nearly 16 million shares of the company have changed hands on the exchange, way higher than nearly 5 million shares traded till the same time Tuesday.

Of the 11 brokerage report available with Informist on the company, eight have a 'buy' recommendation on the stock with an average target price of INR 504. Of the remaining three, two have a 'hold' recommendation and one has a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert: Zydus Life hits 1-year high on strong outlook, brokerage remarks

MUMBAI--1055 IST--Zydus Lifesciences surged over 7% to hit its highest level in more than one year of INR 1,093.65 after the company posted a healthy set of earnings for the quarter ended March. The company's profit, when adjusted for its one-time payment made to settle the patent for Mirabegron, beat the Street's estimates. The management guided for its earnings before interest, taxes, depreciation, and amortisation to be over 24% in 2026-27 (Apr-Mar). It also expects its US sales to grow in single digits in FY27 despite competitive intensity. Brokerages largely retained their positive outlook on the company and raised their target prices.

Across all key segments, growth was strong and beat expectations, Nuvama Wealth Management said in its report. The business is adapting to a better mix with exposure to biosimilars, contract development and manufacturing organisations, specialty assets, and medical technology. Zydus Life is seen benefitting from Rolvedon, Beizray, gCopaxone, and the likely launch of gJynarque in the US market. Nuvama expects the company's US business growth to be flattish in FY27 and FY28 due to heightened competition. The base for the company's US business at $323 million was strong, considering the setback due to the expiry of gRevlimid patent. Nuvama upgraded the stock to 'hold' from 'reduce' and hiked the target price by over 16% to INR 1,050 from INR 900 earlier.

Going forward, the company's growth in its India branded business and synergies from recent acquisitions will be key for growth, Systematix Shares and Stocks (India) said in its report. One of the key catalysts for the stock is the approval for Saroglitazar by the US Food and Drug Administration, and the launch of gPalbociclib in the March quarter of FY27. Systematix sees Zydus Life's revenue growing 10.6% at a compounded annual rate between FY26 and FY28. The brokerage maintained its 'hold' call and raised its target price to INR 1,162 from INR 1,052.

While the March quarter for Zydus Life was strong, the key overhang for the company will be its US business. Lesser sales of gRevlimid and Mirabegron are expected to cause a sharp erosion of US sales, JM Financial Institutional Securities said in a report. "The resulting revenue and margin void is unlikely to be fully offset by new launches," the brokerage said. JM Financial estimates the pharmaceutical major's non-US business to grow 17% at a compounded annual rate over the next two years, but its overall revenue is seen increasing 7%. The brokerage maintained its 'reduce' stance but hiked the target price by 12% to INR 970.

The pharmaceutical major reported a consolidated net profit of INR 12.73 billion, up nearly 9% on year and over 22% on quarter while its revenue for the period rose over 16% on year to INR 75.87 billion. At 1042 IST, Zydus Life was up almost 6% at INR 1,074.55. Over 8 million shares of the company changed hands on the NSE, sharply higher than the 425,375 shares traded till the same time Tuesday. The stock was also among the top gainers in the Nifty 100 and the Nifty 200 universes.  (Ruchira Kagita)

Equity Alert: Indices off lows; fincl svcs, metal cos remain major drags

MUMBAI--1050 IST--The benchmark indices came off the earlier lows even as most Nifty 50 constituents were in the red. Shares of financial services and steel companies were among the main laggards in the 50-stock index while select pharmaceutical and automobile companies rose.

At 1040 IST, the Nifty 50 was at 23553.50 points, down 0.3%, and the BSE Sensex was at 74926.23 points, down 0.4%. The market's fear gauge, India VIX, was up 2% at 19.0575. The broader market indices tracked the fall in their benchmark peers. The Nifty mid-cap indices were down around 0.3% each and the Nifty small-cap indices were down 0.5–0.8%.

Hindalco Industries remained the top performer in the Nifty 50, rising over 3%. The aluminium manufacturer's US subsidiary, Novelis, detailed its March quarter earnings Tuesday, reporting a consolidated net loss of $84 million against a net profit of $294 million for the year-ago quarter. Novelis's revenue rose 4% on year to $4.79 billion. However, its earnings before interest, taxes, depreciation, and amortisation rose 32% on quarter to $459 million. Further, while its volumes in the March quarter were affected by the fire incidents at Oswego in New York State, operations at the plant are likely to resume in early June. Brokerage Nuvama Institutional Equities raised the estimate for Hindalco's earnings before interest, tax, depreciation, and amortisation for the financial year 2026-27 (Apr-Mar) by 20%, factoring in higher aluminium prices and better profitability at Novelis.

Pharmaceutical companies Cipla and Sun Pharmaceutical Industries were also among the gainers, rising around 0.4% each. Automobile stocks Bajaj Auto, Tata Motors Passenger Vehicles, and Maruti Suzuki India rose around 0.3–1.4%.

Bharat Electronics was the worst-hit stock in the Nifty 50, falling 3% and hitting a one-month low. The company's net profit for the March quarter grew 5% on year, the slowest rise in 13 quarters. Tuesday, the company reported a net profit of INR 22.03 billion on revenues of INR 101.77 billion. Among other laggards, Tata Steel and JSW Steel were down around 2.4% and 1.3%, respectively. Financial services companies Bajaj Finance, Jio Financial Services, and Shriram Finance fell around 1% each.

GE Vernova T&D India rose nearly 9% and was the top performer in the Nifty 200 and Nifty 500 indices. Conversely, PI Industries was the worst performer in both indices, falling 6.4% and hitting a one-month low during early trade.  (Shruti Nair)

Equity Alert: Apollo Hospitals tad up ahead of Q4 results; PAT seen up 22% YoY

MUMBAI--1045 IST--Shares of Apollo Hospitals Enterprise rose slightly to the day's high of INR 8,046.50 after opening lower ahead of its Jan-Mar earnings, scheduled for later in the day. The volume of shares traded Wednesday jumped almost threefold from the previous session.

Apollo Hospitals is likely to post a strong increase in its net profit and revenue for the March quarter, driven by healthy performance in its hospital business and pharmacy segment. It is expected to post a net profit of INR 4.75 billion, up 22% on year. The top line of the company is seen at INR 64.52 billion for the reporting quarter, up 15% on year. The hospital business is expected to grow 12–21% on year and the pharmacy distribution business is likely to rise by 17–19% on year.

At 1042 IST, Apollo Hospitals was 0.1% higher at INR 8,033.50 on the NSE. So far in the day, nearly 141,000 shares of the company have changed hands on the exchange, much higher than over 54,000 shares traded till the same time Tuesday.

Of the 11 brokerage recommendations available with Informist on the company, nine have a 'buy' recommendation with an average target price of INR 8,995 and the remaining two have a 'hold' recommendation.  (Arundathi A R)

Equity Alert: Hindalco Ind up 4% post Novelis Q4 results, management comments 

MUMBAI--1025 IST--Shares of Hindalco Industries rose nearly 4% to an intraday high of INR 1,089.50 after the company's US subsidiary Novelis detailed its March quarter earnings and gave a positive outlook for 2026-27 (Apr-Mar). The management of Novelis also said the Oswego plant had made a strong recovery after a fire incident.

For the March quarter, Novelis reported a consolidated net loss of $84 million compared to a net profit of $294 million in the corresponding quarter year ago. The revenue fell 4% on year to $4.79 billion. The adjusted earnings before interest, tax, depreciation, and amortisation fell 3% on year to $459 million. "Oswego production interruptions caused rolled product shipments to be an estimated 73 kilotonnes lower than expected, resulting in an estimated negative $53 million impact on Adjusted EBITDA," the company said. 

Novelis said the Oswego plant was seeing a strong recovery after the fire incident in September and commissioning activities were being ramped up. "We expect the hot mill to be back in service in the next few weeks, positioning us to support pent-up demand and normalize shipments over time," Novelis said. Going forward, it expects to return to free cash flow by the end of FY27 with the restart of the Oswego plant and completion of Bay Minette, said Dev Ahuja, Novelis executive vice president and chief financial officer.

Higher capital expenditure to complete the Bay Minette project and costs incurred due to the Oswego fire incident are likely to stretch Novelis' balance sheet until FY27, according to Nuvama Institutional Equities. The brokerage said strong aluminium prices supported earnings. Nuvama raised its FY27 EBITDA estimates by 20%, factoring in higher aluminium prices and improved profitability at Novelis. Nuvama has a 'hold' recommendation on Hindalco Industries and raised the target price over 13% to INR 1,039.

Novelis has guided for its capex for FY27 at around $2.1 billion to $2.4 billion. The capex guidance includes $350 million for maintenance and $1.7 billion for Bay Minette plant, JM Financial said. The project cost of Bay Minette is unchanged at $5 billion, with $3.2 billion spent through FY26, the brokerage said.

At 1021 IST, shares of Hindalco Industries traded over 3% higher at INR 1,084. Over 4 million shares of the company changed hands on the NSE, over five times the number of shares traded till the same time Tuesday. The stock was the top gainer among Nifty 50 constituents.  (Adhithya Aji)

Equity Alert: Grasim Ind dn 2% ahead of Q4 earnings, likely to post net loss

MUMBAI--1010 IST--Shares of Grasim Industries fell nearly 2% to the day's low of INR 2,888.10 ahead of the company's March quarter results, due later in the day. The stock was down for the second straight session and shed almost 2% during this period. However, the volume of the shares traded surged over two times the shares traded Tuesday.

Grasim Industries is expected to report subdued earnings for Jan-Mar as its volumes are likely to see a fall and margins in its paints and chemical businesses are likely to be weak. The company is expected to report a net loss of INR 1.42 billion, lower than the net loss of INR 2.88 billion reported in the year-ago quarter. Grasim's revenue from operations for the quarter is seen at INR 106.16 billion, up almost 19% on year.

At 1004 IST, shares of Grasim Industries were 1.5% lower at INR 2,892.60 on the NSE. So far in the day, 166,000 shares of the company have changed hands on the exchange, way higher than over 73,000 shares traded till the same time Tuesday.

Of the three brokerage recommendations available with Informist on the company, two have a 'buy' recommendation and the other has a 'hold' recommendation on the stock.  (Arundathi A R)

Equity Alert: Markets open down after Trump's threat to Iran; rupee at record low

MUMBAI--0937 IST--The benchmark indices opened lower after US President Donald Trump issued fresh threats of resuming military strikes on Iran. Following this, the July futures contract of Brent Crude rose to a high of over $111 per barrel. The rupee fell to a new record low of 96.96 after the open. At 0936 IST, the Nifty 50 was at 23508.95, down 109.05 points or 0.5%. The BSE Sensex was at 74828.86, down 371.99 points or 0.5%.

Hindalco Industries was the only Nifty 50 stock in positive territory when the market opened. The stock was up over 1% and was the top gainer in the 50-stock index. After a couple of minutes, shares of Cipla and Sun Pharmaceutical Industries also moved into positive territory, rising 0.5% and 0.4%, respectively. Information technology majors Infosys, Tata Consultancy Services, and Wipro rose 0.1-0.2%.

Tata Steel was the worst-hit stock in the Nifty 50, down nearly 3%. Its peer JSW Steel fell nearly 2%. Mahindra & Mahindra, Grasim Industries, Maruti Suzuki India, UltraTech Cement, Nestle India, State Bank of India, and Eternal all fell around 1% each. Bharat Electronics fell over 2%. The company's March quarter profit grew at its slowest pace in 13 quarters.

All the broader market indices were in the red. The Nifty Midcap indices were down 0.4% and the Nifty Smallcap indices fell 0.5-0.6%. The Nifty Pharma was the best performer among sectoral indices, up 0.4%. The Nifty Media fell nearly 2% and was the worst-hit sectoral index.

Zydus Lifesciences was the best performer in both the Nifty 200 and Nifty 500 indices. It rose nearly 5%. Various brokerages have upgraded their recommendation on the stock after the company posted its March quarter earnings during market hours Tuesday. Nuvama changed its call on Zydus Life to "hold" as the brokerage expects the company's business to progress to a better mix.

PI Industries was the worst hit in both the Nifty 200 and Nifty 500 indices, falling nearly 6%. The company reported its worst fall since 2019 in consolidated net profit for the March quarter. The bottom line fell over 39% on year to INR 2 billion.  (Adhithya Aji)

Equity Alert: To open down after Trump threat to attack Iran; oil prices rise

MUMBAI--0825 IST--The benchmark indices are expected to open lower after US President Donald Trump said the US might need to strike Iran again. Brent crude oil price crossed the $110 per-barrel mark again after Trump's comment. Asian equity indices were in the red in early trade. The global news flow and consequent changes in crude oil price are expected to largely decide market sentiment in the near term, analysts said. At 0820 IST, the Brent Crude July futures contract was largely flat from Tuesday's close at $111.25 a barrel.

Trump said Iran will have to face a fresh strike if it does not reach a deal in "two or three days" to end the war, adding that Iran's leaders are "begging" for a deal. He made the comment a day after his decision to call off planned attacks on Iran.

Addressing a White House press briefing Tuesday, US Vice-President J.D. Vance said the Iran conflict will not become a "forever war", Firstpost reported. He further said he was "not certain" about the prospects of a peace deal with Iran, but added that he feels good about the chances of working towards an agreement.

At 0822 IST, the May futures contract of GIFT Nifty was down 0.4% at 23419.50 points from Tuesday's close. The movement in the GIFT Nifty suggested a lower opening for the benchmark indices. The spot level of the GIFT Nifty was nearly 200 points short of the Nifty 50's Tuesday close of 23618 points. "The index faces immediate resistance near 23800, while the support zone is placed in the 23262–23317 range in the near term," Nandish Shah, senior derivative and technical analyst at HDFC Securities, said.

Shares of Grasim Industries and Apollo Hospitals Enterprise will be in focus as they will detail their March quarter earnings later in the day. Grasim Industries is expected to report subdued earnings as the company's volumes are likely to see a dip and the margins of its paints and chemical businesses are likely to be weak. The company's net loss is expected to shrink in the March quarter to INR 1.42 billion from INR 2.88 billion, reported in the corresponding quarter a year ago. Its top line is likely to rise almost 19% to INR 106.16 billion on a standalone basis.

Apollo Hospitals is expected to post a strong rise in its net profit and revenue for the March quarter, driven by healthy performance in its hospital business and pharmacy segment. It is expected to post a net profit of INR 4.75 billion, up 22% on year. The company's top line is seen at INR 64.52 billion for the reporting quarter, up 15% on year.

Most Asian equity indices were down, with the TOPIX First Section down 1.7%. All three major US indices settled lower for the previous session.  (Arundathi A R)

Equity Alert: Indices in Asia fall on inflation fears, West Asia conflict

MUMBAI--0815 IST--All major stock indices in Asia opened lower Wednesday as concerns about a prolonged war between the US and Iran continue to plague investors. Higher bond yields further dampened sentiment. Markets in Japan underperformed their peers in the region. The Nikkei 225 and the TOPIX were down 1.2% and 1.5%, respectively.  

In Japan, the 30-year and 10-year bond yields eased slightly but were still elevated. The 10-year yield was up over 2.7%.  "...in Japan, 10-year yields have continued to march higher to multi-decade highs at 2.7% as the Bank of Japan remains concerned about the inflation outlook and as two additional hikes are priced in by year-end by the market," research firm BMI said in a report. 

In other news, Russian President Vladimir Putin will meet Chinese President Xi Jinping in Beijing for bilateral talks. This comes soon after US President Donald Trump's meeting with Xi concluded. Energy will be among the key topics at the discussion table, according to several reports. In focus will be making progress on a long-due energy project, the Power of Siberia 2 pipeline. The project is expected to carry 50 billion cubic metres of gas per year to China through Mongolia. Around 40 documents are expected to be signed, and a 47-page joint statement on strengthening ties will likely be issued, Reuters reported, citing the Kremlin.

The following were the levels of major Asian indices at 0814 IST:

(Ruchira Kagita)

Equity Alert: US indices end lower as inflation concerns drive yields higher

MUMBAI--0729 IST--All the three major indices on Wall Street ended in the red Tuesday as concerns about inflation rearing its head again dampened sentiment. Bond yields surged yet again, with the benchmark US 10-year treasury yield at 4.687% and the 30-year yield touching 5.19% at one point. The S&P 500 and the NASDAQ ended lower for the third straight session.

Brent crude oil futures slipped a tad but remained above $110 per barrel, worsening risk-off sentiment. Investors do not anticipate the war between the US and Iran to cease soon. "There's nothing constructive that's leading us to believe there's going to be a ceasefire with any sort of substance," Michael James, managing director and equity sales trader at Rosenblatt Securities, told Reuters.

Investors will watch out for chipmaker Nvidia Corp's earnings for the quarter ended late April. The company is expected to generate revenues of $78.5 billion for the quarter, S&P Global said. Strong demand for its graphic processing units from cloud service providers is supporting its growth in revenue, the firm said.

"So, the numbers they report tomorrow matter. More broadly, of course, investors across the Street — and really across asset classes — look to Nvidia as a signal for where the AI infrastructure buildout is going, and we'll be watching closely," Ben Snider, chief US equity strategist at Goldman Sachs, told CNBC. Shares of Nvidia closed almost 1% lower.

Following were the closing levels of major US indices on Tuesday:

(Ruchira Kagita)

US$1 = INR 96.82

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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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