Equity Alert
InterGlobe Aviation tad up; Morgan Stanley cuts price aim 9%
This story was originally published at 12:39 IST on 4 June 2026
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Equity Alert: InterGlobe Aviation tad up; Morgan Stanley cuts price aim 9%
MUMBAI--1225 IST--Shares of InterGlobe Aviation extended their gains for a fourth straight session Thursday, but the gains were only marginally after Morgan Stanley trimmed its target price on the stock. The brokerage has cut its target price on the stock by 9% to INR 5,913 and maintained an 'overweight' call.
At 1156 IST, shares of InterGlobe Aviation were 0.2% higher at INR 4,518.90. So far in the day, over 246,000 shares of the company have changed hands on the exchange, higher than nearly 168,000 shares traded till the same time Wednesday.
Morgan Stanley expects the company to witness a weak first half of 2026–27 (Apr-Mar), which will be followed by a gradually recovering second half, ET Now posted on its X account, citing the brokerage. The brokerage also sees near-term margin pressure on the company due to rising crude oil prices, moderation in demand, and depreciating currency, according to the ET Now post.
The Union Cabinet Wednesday approved a one-time budgetary provision of INR 100 billion for oil marketing companies to provide price stabilisation support for aviation turbine fuel. The brokerage sees this measure as positive for airline cash flows and helps stabilise operating costs, which currently constitute 40–60% of airline expenditure, according to the brokerage.
Of the 10 brokerage report on the company available with Informist, eight have a 'buy' recommendation with an average target price of INR 5,361. 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 recoup early losses; only Nifty IT, Nifty Metal in red
MUMBAI--1147 IST--Benchmark indices turned green after staying choppy amid uncertain cues from the West Asia war. A fall in crude oil prices helped the recovery in the market. In a major development in the war, Israel and Lebanon agreed to renew the ceasefire, which boosted hopes for progress in peace talks between the US and Iran. Also, the US House of Representatives passed a resolution seeking to curb US President Donald Trump's authority from taking further military action in Iran.
The benchmark indices were volatile and at 1142 IST, the Nifty 50 and the BSE Sensex were 0.3% higher each at 23461.95 points and 74537.93 points, respectively. Domestic equities continued to mirror losses in Asian markets. Crude oil prices were lower on the ceasefire news with the August futures contract of Brent Crude oil down 1.1% at $96.72 on the Intercontinental Exchange.
A slight rise of the rupee amid renewed hopes of an early end to the military conflicts in West Asia also limited the fall in Indian equities. At 1142 IST, the Indian unit was marginally up at 95.68 a dollar. Sharp selling by foreign investors in Indian equities continued for the sixth session Wednesday, further weighing on investor sentiment.
"In the absence of any resolution of the West Asia crisis, there is no scope for a healthy rally in the market," V.K. Vijayakumar, chief investment strategist at Geojit Investments, said in a note. "The bullish undertone of the booming markets in US, Japan, South Korea and Taiwan suggests more FPI selling in India," he added.
Barring Nifty IT and Nifty Metal, all sectoral indices were in the green. Nifty Metal was down 0.3% and was the worst hit among the sectoral indices, followed by Nifty IT, which was marginally down. All broader market indices were sharply higher than their benchmark peers with the Nifty Midcap 100 gaining 0.8%. (Simran Rede)
Equity Alert: JBM Auto shrs up 7.4?ter co's e-bus mkt shr hit 49% in May
MUMBAI—1115 IST--Shares of JBM Auto rose 7.4% to hit an over-eight-month high of INR 718.60 apiece. This comes a day after the automaker said it is now the top player in India's electric bus segment with a market share of nearly 49% in May, up from 18% in April, based on data from VAHAN portfolio.
During May, the company recorded 157 electric bus registrations, up from 62 in April, as per data shared by the company with Informist. On a year-to-date basis, the company's market share in the electric bus segment stood at 33% as of May, the highest in the category, based on VAHAN data compiled by the company.
Further, the stock rose amid the government's approval of a two-year incentive scheme with a total outlay of INR 95.85 billion aimed to replace older buses in the Delhi-NCR region with BS-VI-compliant or electric vehicles. The government estimates around 16,329 buses will be covered under the scheme, according to a Press Information Bureau release.
At 1137 IST, shares of the company were trading over 5% higher from Wednesday's close at INR 703.50. So far in the day, over 13 million shares of the company changed hands on the National Stock Exchange, much higher than around 205,000 shares traded until the same time Wednesday. (Shruti Nair)
Equity Alert: Citi starts coverage of 4 power equipment cos; gives ‘buy' on 3
MUMBAI--1022 IST--Power equipment players GE Vernova T&D, Hitachi Energy India, Siemens Energy India, and CG Power and Industrial Solutions were in focus after brokerage Citigroup initiated coverage on them. Citi started coverage on GE Vernova, Hitachi Energy, and CG Power with a ‘buy' call. The broking firm started coverage on Siemens Energy with a ‘neutral' stance. At 1111 IST, shares of the four stocks were 2.7–5.4% higher on the NSE. The brokerage is bullish on these companies as renewable energy adoption, electrification, and data centres are seen driving a $15 trillion global transmission and distribution capital expenditure cycle between 2025 and 2050.
India is well-positioned to benefit from a large domestic transmission buildout, Citi said, while adding that increasing adoption of high-voltage direct-current systems, favourable localisation policies, and export opportunities should play out positively for the sector. The Central Electricity Authority's INR-7.9-trillion power transmission plan by integrating 900 gigawatts of renewable energy by 2035-36 (Apr-Mar) points to a multi-year buildout of high voltage and high-voltage direct-current projects, the brokerage said in a research report.
Renewables should make up around 80% of capacity additions in the future, the brokerage said, citing BloombergNEF. Higher transmission and grid stabilisation should sustain investment demand, Citi said. More upside from power transmission and distribution original equipment manufacturers' capacity additions is expected.
Hitachi Energy is a market leader and it has the potential to capture more market share, and display long-term growth. The company is likely to gain profitability on near-term order wins for high-voltage direct-current projects. Citi has set a target price of INR 46,700 on the stock, implying an upside of over 26% from the current market price. The brokerage sees the company's earnings per share growing at a compounded annual rate of 43?tween FY26 and FY30.
GE Vernova has tailwinds from its US parent GE Vernova's dominance in the energy equipment manufacturing space and also from exposure to high-voltage direct-current infrastructure. The brokerage set the target price for the stock at INR 6,200, which indicates an upside potential of close to 22%. Meanwhile, CG Power has exposure to transmission, railways, industrials, and semiconductors. The company's aggressive capacity addition plans are also seen benefiting the company, Citi said. The broking firm has a target price of INR 1,100 on the stock.
For Siemens Energy, Citi noted that the company's limited near-term exposure to high-voltage direct-current systems could be a negative factor. It, however, has good exposure to high-voltage transmission infrastructure and exports, Citi said. The brokerage sees the company's earnings per share going up at a compounded annual growth rate of 23?tween FY25 and FY30. The firm set the target price for this stock at INR 4,000, thus implying an upside of over 7% from its current market price.
High-voltage direct-current systems present an opportunity worth INR 1.6 trillion for original equipment manufacturers in this segment. However, among the key risks for stocks in this sector are slower-than-expected capital expenditure, delays in executing high-voltage direct-current projects, high competition, according to the Citi report. (Ruchira Kagita)
Equity Alert: Rajesh Exports hits lower circuit post SEBI order against co
MUMBAI--1016 IST--Shares of Rajesh Exports fell 4.99% to hit the lower circuit soon after the stock opened for trading. This comes after the Securities and Exchange Board of India issued an interim order against the multinational gold and jewellery company, and its promoter Rajesh Mehta. The order pertains to the misrepresentation of the company's revenue between 2020-21 (Apr-Mar) and FY26.
The market regulator barred the company's promoter and Executive Chairman Rajesh Mehta from dealing in the securities of the company due to his involvement in presenting inflated figures of financials.
Rajesh Exports claimed that most of its sales came from its step-down arm Valcambi SA, which is based in Switzerland. The market regulator is of the view that Valcambi's revenues were miniscule in comparison to Rajesh Exports' consolidated revenue, which did not match with the company's claims of the subsidiary being the "principal operating entity". SEBI noted that the company was not able to explain this mismatch. (Adhithya Aji)
Equity Alert: Trent falls 3%; HSBC ups target price 12%, maintains 'buy'
MUMBAI--1015 IST--Financial services group HSBC raised its target price on shares of Trent by 12% and maintained a 'buy' recommendation on the stock. It raised Trent's target price to INR 4,910. It expects the company's core business to be stable and operations of Star Bazaar to moderate. However, shares of Trent fell nearly 3% to INR 2,759.50.
The stock was down after closing higher for the past two sessions. It gained over 2% during this period. At 0959 IST, shares of the company traded over 1% lower at INR 2,802.20 on the NSE. It was also among the worst hit Nifty 50 constituents in the session. The volume of shares traded was 6.5 times higher than those traded till the same time Wednesday.
Trent-owned Zudio's disclosure of store split by tier and revenue per square feet are expected to build comfort on the company's trends ahead, NDTV Profit posted on its X account, citing HSBC. It also sees a 10 times target to stay but without a clear timeline.
So far in the day, nearly 432,000 shares of the company changed hands on the exchange, way higher than over 66,000 shares traded till the same time Wednesday.
All the eight brokerage reports available with Informist on the company have a 'buy' recommendation with an average target price of INR 5,023. (Arundathi A R)
Equity Alert: Mkts open lower amid no sign of de-escalation in West Asia war
MUMBAI--0939 IST--Benchmark indices opened lower amid the ongoing West Asia war which does not indicate any sign of de-escalation. The July Futures of Brent Crude Oil remained elevated at around $97 per barrel. Analysts are of the view that investors took a cautious stance ahead of the Reserve Bank of India policy outcome.
At 0937 IST, the Nifty 50 was at 23365.40, down 40.20 or 0.2%, and the BSE Sensex was at 74213.52, down 132.65 points or 0.2%. Adani Enterprises and Eternal were the top gainers in the Nifty 50, up around 2?ch. Titan Co., Asian Paints, Tech Mahindra, and Adani Ports and Special Economic Zone rose around 1?ch.
Trent was the worst hit stock in the Nifty 50, down over 2%. Tata Motors Passenger Vehicles fell nearly 2%. Infosys and Eicher Motors were down over 1?ch. The heavyweight banking stock HDFC Bank fell over 1%. SBI Life Insurance Co., InterGlobe Aviation, Dr. Reddy's Laboratories, and Hindalco Industries were down around 1?ch. Financial services companies Bajaj Finserv, Kotak Mahindra Bank, Bajaj Finance, and Axis Bank fell 0.5-1.0%.
Meanwhile, the broader market indices defied the trend in their benchmark peers. The Nifty Smallcap indices rose 0.1-0.2%, and the Nifty Midcap indices gained 0.1?ch. Among the sectoral indices, Nifty Consumer Durables was the major gainer, up 0.8%, while Nifty Realty was the underperformer and fell 0.5%.
Voltas and Blue Star were the top gainers among the Nifty 200 constituents, up nearly 4?ch. Adani Total Gas and Hitachi Energy India gained around 3?ch. In contrast, National Aluminium Co. was the worst hits in the index, down nearly 3%. In the Nifty 500, MMTC was the top gainer, up nearly 6%. On other hand, Schneider Electric India hit the lower circuit at INR 1,066.20, down 5%. (Adhithya Aji)
Equity Alert: May open lower on weak global cues, higher oil prices
MUMBAI--0830 IST--The domestic equity indices may open lower Thursday, tracking the early fall in other Asian markets, as crude oil prices remained higher at $96 a barrel. The GIFT Nifty June futures contract movement also suggested a lower opening for the indices despite US President Donald Trump Wednesday saying the talks with Iran are going "very well" and could yield results over the weekend.
"I hear the negotiation itself is going very well actually," NDTV World reported Trump saying. "It could happen... over the weekend." In another development, the US House of Representatives passed a measure that seeks to stop Trump from taking further military action against Iran, according to a BBC report. According to Iran's Foreign Minister Seyed Abbas Araghchi, while contact with the US has not been cut off, no progress has been made either in the war negotiations, Al Jazeera reported.
At 0818 IST, Brent crude oil August futures were down over 1% from Wednesday at $96.62 a barrel. In a week, the August futures contract has risen 6%. Investors are expected to closely monitor the crude oil price trend as it will dictate the market's direction.
At 0820 IST, the GIFT Nifty June futures contract was largely flat from Wednesday at 23338.50 points. This is over 60 points lower than the Nifty 50's previous close of 23405.60 points. "The Nifty (50) index once again bounced back from the lower band support of a downward-sloping consolidation range," Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. "Immediate supports are placed at the 23200–23000 spot levels while resistances are around the 23800–24000 spot zones."
He added, "A depreciating INR, elevated crude oil prices, persistent FII (foreign institutional investor) outflows, and an unstable Middle East (West Asia) remain the key headwinds to keep an eye on." Investors will also monitor the Reserve Bank of India's Monetary Policy Committee's decision on interest rates Friday. The GDP for the March quarter and the provisional estimate for the financial year 2025–26 (Apr-Mar) will also be released Friday by the statistics ministry. Those data, however, will come after the stock market closes.
Among Asian indices, which were all in the red in early trade, South Korea's KOSPI was the big loser. It was down over 2% from Wednesday after rising for three successive sessions. All three major US indices also closed lower Wednesday, with the Dow Jones Industrial Average down over 1%. (Arundathi A R)
Equity Alert: Indices in Asia fall amid heightened concerns of West Asia war
MUMBAI--0825 IST--All major stock markets in Asia were in the red as the war between the US and Iran escalated. Brent Crude Oil futures fell from Wednesday's highs but remained elevated near $97 per barrel. Indices in Japan, South Korea, and Hong Kong fell the most in the region. US President Donald Trump said he would not resume the war unless Iran kills American troops, The Wall Street Journal reported, citing sources. Repeated attacks have increased pressure on Trump and cast doubts over the long-term viability of the ceasefire, the media agency's sources said.
Israeli Prime Minister Benjamin Netanyahu told CNBC in an interview that Iran was playing with fire and that the US and Israel may return to military action if needed. "Israel is ready and the US forces are ready. I think Iran should take that into account. I think they are taking into account, but they're playing with fire," Netanyahu said. He said Trump is the greatest friend to Israel and that both nations have common goals.
South Korean indices resumed trading after a one-day break for elections and the KOSPI fell the most compared with its peers. The benchmark index was down over 2%. The technology and semiconductor rally took a breather; shares of SK Hynix were down more than 3% and those of Samsung Electronics Co. nearly 2%. LG Energy Solution fell almost 6%.
On the macroecnomic front, the upside risks to prices seem greater and are likely to emerge sooner, Bank of Japan Governor Kazuo Ueda said. "If the turmoil surrounding the situation in the Middle East becomes prolonged, there is a greater possibility that the persistence of the shock will also have an impact on underlying inflation," Ueda said in his speech. Securing alternative sources of supply and income for households will help minimise downside risks to economic activity, he said, while also highlighting that, as of now, weaker sentiment has not caused a decline in consumption.
Further, firms have pointed out that shortages in the labour force and a surge in prices are potential barriers to investments for growth, Japan's central bank governor said. "The bank will continue to raise the policy interest rate at an appropriate pace," he said. The governor was hawkish in his speech and expectations of a rate hike in June have gone up. The Japanese central bank had kept its interest rates unchanged in its April meeting at 0.75%.
The following were the levels of major Asian indices at 0823 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4916.351 | (-)0.45 |
| Hang Seng Index | 25298.87 | (-)1.30 |
| Nikkei 225 Day | 67101.83 | (-)1.90 |
| TOPIX FIRST SECTION | 3940.22 | (-)1.40 |
| KOSPI | 8653.99 | (-)1.68 |
| FTSE Singapore Strait Times | 5077.82 | (-)1.18 |
| S&P/ASX 200 Index | 8659.10 | (-)1.44 |
(Ruchira Kagita)
Equity Alert: US indices fall; S&P 500, NASDAQ snap 9-day gaining streak
MUMBAI--0740 IST--All the three major US indices closed in the red Wednesday as the war between the US and Iran escalated. The S&P 500 and the NASDAQ Composite snapped their nine-day gaining streak. The Dow Jones Industrial Average posted a steeper decline compared with the technology-heavy NASDAQ and the broader market S&P 500 indices. The Dow Jones' five-day gaining spell broke as the index closed over 600 points lower.
In the blue-chip Dow Jones, shares of International Business Machines Corp., Salesforce, and Honeywell International were the top losers, down 5–7%. Only four of the S&P 500 sectoral indices closed in the green, with the S&P 500 Energy being the best performer. The energy index closed more than 1% higher. Shares of energy giants ExxonMobil and Chevron closed over 1% higher.
In some more news, Elon Musk-led SpaceX plans to set its price for the initial public offer at $135 per share to raise $75 billion, Reuters reported, citing sources. The satellite operator plans to sell 555.6 million shares and achieve a valuation of $1.75 trillion, Reuters' source said. The media agency also reported that JPMorgan Chase Chief Executive Officer Jamie Dimon will pitch the SpaceX IPO to the bank's wealthy clients this week.
Meanwhile, the economic impact of the war in West Asia will depend on how long the crucial Strait of Hormuz remains closed, Lorie Logan, the president and CEO of the Federal Reserve Bank of Dallas, said Wednesday at the University of Texas. "The impact in the Middle East has been the most significant disruption in energy in history," Logan said. "We in the US have been less impacted," Logan said while pointing out that the US is a net exporter of crude oil. Logan said she sees further upside risks to inflation, and the labour market is seen to be stable. "We need at least mildly restrictive policy" to bring inflation down to 2%.
The following were the closing levels of major US indices on Wednesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
50687.07 | (-)1.21 |
|
NASDAQ Composite |
26853.976 | (-)0.89 |
|
S&P 500 |
7553.68 | (-)0.74 |
(Ruchira Kagita)
US$1 = INR 95.75
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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.
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