Equity Alert
Several listed NSE shareholders up after exchange files DRHP
This story was originally published at 13:00 IST on 18 June 2026
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Equity Alert: Several listed NSE shareholders up after exchange files DRHP
MUMBAI--1245 IST--Shares of several listed entities that hold shares of the National Stock Exchange rose Thursday after the exchange filed its long-awaited draft papers for initial public offering with the Securities and Exchange Board of India late Wednesday. The public issue is solely an offer for sale of 148.9 million shares.
Shareholders of NSE that are selling shares as part of the offer for sale, such as State Bank of India, Bank of Baroda, General Insurance Corp. of India, and The New India Assurance Co, rose as much as 2–14% intraday. SBI will sell the largest chunk among all the shareholders of NSE, offering 24.8 million shares through the public offer. Bank of Baroda, and state-owned insurance companies General Insurance Corp. of India and The New India Assurance Co. will sell nearly 11 million shares each. As of Wednesday, SBI held 3.2% stake in NSE, while General Insurance Corp. of India and New India Assurance held 1.6% and 1.4% respectively, according to the draft red herring prospectus. Bank of Baroda held 0.9% in NSE.
Among other shareholders of NSE, shares of real estate company GeeCee Ventures and alloy manufacturer Maithan Alloys rose as much as 7% and 11% to the highest in six months and 11 months, respectively. At 1234 IST, shares of GeeCee Ventures and Maithan Alloys were up around 6% and over 4%, respectively.
Major shareholders of NSE such as Life Insurance Corp. Of India, Tata Investment Corp., ICICI Lombard General Insurance Co., General Insurance Corp. Of India, HDFC Life Insurance Co, HDFC Bank, Authum Investment & Infrastructure, State Bank Of India, Motilal Oswal Financial Services, Punjab National Bank, Indian Bank, Bank Of Baroda, VLS Finance, and SBI Life Insurance Co also traded higher and were up 0.2-3.4% at 1234 IST. (Arya S. Biju)
Equity Alert: Kirloskar Ferrous jumps 14% on $13.51-mln order win
MUMBAI--1240 IST-- Shares of Kirloskar Ferrous Industries surged over 14% to an over three-month high of INR 507.55 on the NSE Thursday, a day after the company said it has received a contract worth $13.51 million to supply pig iron to an international buyer with an office in London. At 1238 IST, shares of the company traded 9% higher than their previous closing price at INR 485.80 on the NSE. Around 400,000 shares of the company changed hands on the bourse so far, which is 26 times the number of shares traded till the same time Wednesday.
According to the contract, the company will supply 30,000 tonnes of basic grade pig iron on a free on board basis against the letter of credit payable at sight. At the current foreign exchange rate, the order size in domestic currency would be INR 1.27 billion. The company's March quarter revenue was INR 18.27 billion.
JM Financial Institutional Securities has a 'buy' recommendation on the stock with a target price of INR 530, which indicates an over 9% upside to the current stock price. (Eshitva Prakash)
Equity Alert: Bosch Home Comfort shrs surge 10?ter OFS opens Thu
MUMBAI--1220 IST--Shares of Bosch Home Comfort India rose nearly 10% to an intraday high of INR 1,407 on the NSE Thursday, a day after the company's promoter Bosch Global Software Technologies said it would sell up to 7.97% stake in the company through an offer-for-sale on Thursday and Friday. The issue includes a greenshoe option of 0.75% and the floor price is fixed at INR 1,150 per share, a discount of over 10% to the stock's closing price Wednesday.
Bosch Global Software Technologies will sell its stake in the company through the stock exchange mechanism. As per the latest available shareholding pattern data, promoters of Bosch Home Comfort have 82.22% stake in the company – Johnson Controls Hitachi AC India Holdco Ltd. has 74.22% stake, while Bosch Global Software holds 7.97% stake. Consequently, this stake sale would lead to a complete exit of Bosch Global Software from the company. The company plans to sell 1.96 million shares through this offer for sale.
The offer for sale opened for non-retail investors Thursday, and will open for retail investors on Friday. A minimum of 10% of the shares on offer are reserved for retail investors.
At 1216 IST, shares of the company traded nearly 7% higher at INR 1,366.60 on the NSE. More than 700,000 shares of the company changed hands on the bourse so far, a near 18-fold increase from the number of shares traded till the same time Wednesday. (Eshitva Prakash)
Equity Alert: New India Assurance Co. gains 14% amid stake sale in NSE IPO
MUMBAI--1129 IST--Shares of The New India Assurance Co. rose nearly 14% to hit the highest level in over seven months at INR 188.50 per share. The stock was the highest gainer in the Nifty 500 index amid the insurer's decision to offload 11 million shares in the National Stock Exchange through its initial public offer. As on the date of the DRHP filing, the company holds 1.42% stake in NSE.
On Wednesday, the NSE filed its draft red herring prospectus with the Securities Exchange of India for an initial public offering. The issue is solely an offer for sale of 148.9 million shares. Among other shareholders participating in the offer for sale, State Bank of India will sell the largest chunk, offering 24.8 million shares. Other notable shareholders include General Insurance Co. and Bank of Baroda, which will sell nearly 11 million shares each. The issue is expected to raise INR 300 billion.
At 1123 IST, shares of The New India Assurance were up nearly 13% at INR 186.70 on the NSE. Over 46 million shares of the company changed hands on the exchange, nearly 79 times higher compared to around 588,000 shares traded until the same time on Wednesday. The only brokerage report available on the company with Informist has a 'buy' recommendation at INR 165.46, which represents an upside of nearly 13%. (Shruti Nair)
Equity Alert: Most IT stocks fall as US Fed signals rate hike in 2026
MUMBAI--1125 IST--Shares of most information technology companies declined Thursday, snapping a three-session winning streak, after the US Federal Reserve held interest rates steady in the latest policy meeting but signalled a potential hike later this year. Rising interest rates in the US are negative for domestic IT companies, which earn a significant share of their revenue from the US, as this would impact discretionary spending by clients from the region. Higher US rates would also reduce the relative appeal of emerging markets such as India for foreign investors.
In Wednesday's policy meeting, newly elected Fed Chair Kevin Warsh also emphasised the central bank's commitment to controlling inflation, prompting investors to reassess expectations for future monetary policy. Traders now see a 48% chance of a 25 basis point rate hike in September, compared to the 27% chance the day before, according to CME's FedWatch tool, which tracks market expectations for rate decisions.
At 1115 IST, the Nifty IT index was around 1% lower at 28559.30 and was the worst hit sectoral index. Most of its constituents traded in the red, down 0.2-2.1%. Coforge and Mphasis, on the other hand, were up 0.1% and 1.1%, respectively, while LTM was flat. Market participants now await the announcement of quarterly earnings and management commentary by Accenture Plc later in the day. The software giant's financial performance is closely watched by the Street for cues about the demand environment in the sector. (Arya S. Biju)
Equity Alert: Indices down a tad after slight gains; IT, infra cos down
MUMBAI--1120 IST--After gaining slightly from their flat opening, domestic benchmark indices were down a tad. Along with information technology stocks, infrastructure stocks also fell in the Nifty 50 index. However, the Nifty 50 index stayed slightly above 24000 points.
At 1109 IST, the Nifty 50 was at 24077.75, down almost 8 points and the BSE Sensex was at 77111.40, down 44.22 points or 0.1%. Only 19 stocks in the 50-stock index were higher. India VIX, however, indicated an over 1?ll in investor nervousness.
Broader market indices continued outperforming benchmark indices by gaining 0.2-0.7%. All small-cap indices were 0.5-0.7% higher, while mid-cap indices gained 0.2?ch. Though the Nifty IT was the only sectoral index that fell in early trade, more sectors logged losses subsequently.
Infrastructure stocks such as UltraTech Cement, Grasim Industries, and Larsen & Toubro also fell significantly in the Nifty 50 index, down around 1?ch. The Nifty Infrastructure index fell 0.4%. The Nifty Metal and Nifty Energy were down 0.5?ch.
Infosys remained a major drag on the 50-stock index, while Max Healthcare Institute continued gaining the most. Index heavyweight HDFC Bank gained over 1%. (Arundathi A R)
Equity Alert: FSN E-Comm hits 52-week high as co charts out vision for FY30
MUMBAI--1105 IST--Shares of FSN E-Commerce Ventures surged to a 52-week high of INR 299.95 on the NSE after the company said it is aiming for its beauty and lifestyle business to be worth over $5 billion in gross merchandise value by 2029-30 (Apr-Mar). The company is targeting two-to-threefold revenue growth for its primary beauty business, Nykaa, by FY30. There is scope for the company's beauty segment's earnings before interest, tax, depreciation, and amortisation margin to touch "healthy" double digits. At 1105 IST, shares of the company were up over 6% at INR 298.55 with trading volumes above 15.5 million. FSN E-Commerce was the leading the gains in the Nifty 200 index.
Growth is expected to be driven by discliplined execution, operating leverge, and capital-efficient investments, FSN E-Commerce said. The company's 'House of Nykaa' business aims to surpass INR 50 billion in net sales value by FY30, it said.
"The next decade will be a defining one for India's lifestyle economy. As India progresses towards an USD 8–10 trillion economy by FY36, rising affluence, digital adoption and evolving aspirations will drive higher discretionary spending across beauty, fashion and lifestyle," Falguni Nayar, the executive chairperson, founder and cheif executive officer of Nykaa, said in a press release.
On Wednesday, shares of of the company rose after the company announced a multi-year partnership with OpenAI to introduce an artificial intelligence-led shopping experience for its customers through ChatGPT. For the March quarter, FSN E-Commerce reported a consolidated net profit of INR 783.80 million on revenues of INR 26.48 billion. The company's consolidated EBITDA rose to INR 2.23 billion during the same period from INR 1.33 billion a year ago. (Ruchira Kagita)
Equity Alert: Motilal Oswal upgrades R R Kabel to 'buy', ups Polycab estimates
MUMBAI--1038 IST--India's transition to renewable energy is seen as a long-term growth driver for the wires and cables sector, Motilal Oswal Financial Services said. The brokerage upgraded R R Kabel to 'buy' from 'neutral' while also raising the earnings estimates for Polycab India by 8% for 2026-27 (Apr-Mar) and FY28. It maintained its 'buy' stance on Polycab. At 1022 IST, shares of R R Kabel were up over 5% at INR 2,325.50 on the NSE and those of Polycab rose slightly at INR 9,951.50.
Growth in power transmission and distribution, residential and commercial construction, railways, telecommunications, renewable energy, and capital expenditure for industrial purposes provide good visibility for the sector, the brokerage said in its report. The brokerage estimates the cables and wires industry to expand at 13-14% compounded annual rate over FY26-28.
An addition of more than 191,000 circuit kilometres of transmission lines and 1,270 gigavolt-amperes of transformation capacity are between FY23 and FY32, the brokerage said, highlighting the National Electricity Plan. Further, the increase in orders for data centres, which are heavily reliant on cable infrastructure, are also growth levers for this sector.
R R Kabel is projected benefitting from strong cable demand, and the company's growth is expected to be driven by an increase in capital expenditure, Motilal Oswal said. The company outlined capital expenditure worth INR 12 billion over FY26-28, with 80% of this amount earmarked for expansion of cable capacity. Most of the capital expenditure will be spent in FY27. Further, the management of R R Kabel sees overall volumes growing 16-18% in FY27.
In its fast-moving electrical goods segment, R R Kabel is confident of breaking even in FY27 and it sees this segment delivering a revenue of 20-25% during the period. The brokerage estimates the company's total revenue rising 21% at a compounded annual rate over FY26-28 and its earnings before interest, taxes, depreciation, and amortisation at 29%. The brokerage has a target price of INR 2,600 on the R R Kabel.
For Polycab, the company's inrease in market share in the domestic organised cables and wires segment to 30-31% in FY26 from 18-19% in FY20 stirs up confidence, Motilal Oswal said. "...the company continues to outperform the industry and deepen its presence across key end-markets," the brokerage said. The firm estimates the company's revenue to grow at a compounded annual rate of 22% over FY26-28 and its EBITDA at 23%. Polycab's operating profit margin is seen around 14% in FY27 and FY28. Motilal Oswal has a target price of INR 11,950 on Polycab. (Ruchira Kagita)
Equity Alert: Brokerages divided on Tata Motors PV after JLR mgmt's guidance
MUMBAI--1037 IST--Brokerages were divided on Tata Motors Passenger Vehicles after UK subsidiary Jagura Land Rover's management guided for lower-than-expected earnings before interest and tax margin and revenue growth. On Wednesday, shares of the company plummeted following the guidance. Shares of Tata Motors PV rose over 1% to an intraday high of INR 366.25 on Thursday.
The management of JLR expects its EBIT margin to be around 4% and revenue at 26 billion pound sterling in 2026-27 (Apr-Mar), up 13% on year. An analyst at a domestic brokerage had projected JLR's sales to grow 17% on year and EBIT margin at 6% in FY27. For FY26, JLR's sales fell over 21%, while the EBIT margin was 0.7%, down 780 basis points.
JLR's revenue is expected to grow at a compound annual rate of 16%, and the EBITDA at 55%, according to Nuvama Institutional Equities. This growth is owing to a low base, new products, ramp-up of utilisation, and cost savings, the brokerage said. Nuvama maintained a 'buy' call on the stock with an unchanged target price of INR 470.
Motilal Oswal is of the view that the company will face headwinds from ongoing tariffs, challenges in the China market, and inflationary pressures. "The absence of FY28 guidance also points to limited earnings visibility in future," the brokerage said. The management of JLR has identified North America as a key growth opportunity, given that it is the second-largest luxury market, with sales of 13.7 million units, 44% of which are vehicles priced at $50,000 per unit.
"Other key growth drivers include five new launches over the next 18 months, comprising EV (electric vehicle) variants of RR and RR Sport, the Jaguar Type 01 EV, and new products on the EMA (elctrified modular architecture) platform," Motilal Oswal said. However, it maintained a 'sell' recommendation on the stock, given significant challenges and geopolitical uncertainty, with a target price of INR 312 per share.
At 1029 IST, shares of Tata Motors PV traded 0.6% higher at INR 363. Over 9 million shares of the company changed hands on NSE, higher than nearly 2.6 million shares traded till the same time Wednesday. (Adhithya Aji)
Equity Alert: Indices open largely flat; IT cos drag, Infosys down over 2%
MUMBAI--0950 IST--Domestic benchmark indices were largely flat at open on Thursday despite the conflict in West Asia nearing an end, with the US and Iran signing a peace deal. Though crude oil prices also dropped to $78 a barrel, which largely eased global concerns, the market remains cautious as investors await further clarification on the peace deal. Information technology stocks and a nearly 1?ll in index heavyweight Reliance Industries prevented the Nifty 50 index from gaining.
At 0926 IST, the Nifty 50 index was at 24091.20, up 5.50 points, largely flat from Wednesday's close. The BSE Sensex was also flat at 77131.34, down 24.28 points from the previous close. However, more than half the Nifty 50 constituents were trading higher.
Broader market indices fared better than headline stock indices, with all small-cap indices gaining 0.5?ch. All mid-cap indices were marginally higher in early trade. India VIX fell over 1% to 13.0050. The volatility index was down for the sixth straight session, and fell over 23% during this period.
Barring the Nifty IT, all sectoral indices were up. The Nifty Pharma and Nifty Healthcare were the highest gainers among them, up 0.5?ch. The Nifty IT shed nearly 2%, with all its constituents falling.
Infosys fell the most in the Nifty 50 index, down 2.5%. Its peers, Tech Mahindra, HCL Technologies, Tata Consultancy Services, and Wipro were the next big losers in the index, down 0.8-1.6%.
Max Healthcare led the pack of gainers in the 50-stock index, up 2%. HDFC Life Insurance Co., Trent, SBI Life Insurance Co., and Bharat Electronics were the other stocks in the index, which gained over 1?ch. Broking firm Nirmal Bang upgraded HDFC Life's recommendation to 'buy' and retained its target price at INR 700.
In the Nifty 200 index also, IT stocks were the top losers. Persistent Systems and Oracle Financial Services Software were down 1–2%. Among the Nifty 500 members, IDBI Bank and ONE 97 Communications were down over 3?ch.
Marico, Bosch, Steel Authority of India, and United Spirits were up over 2?ch in the Nifty 200 index. In the Nifty 500 index, The New India Assurance Co. gained the most, up 13%. Carborundum Universal, Redington, and R R Kabel rose 4.2–6.5% in the index. (Arundathi A R)
Equity Alert: Indices may open flat as investors assess US-Iran interim deal
MUMBAI--0833 IST--The benchmark equity indices may open flat as investors assess progress towards ending the nearly four-month-long war in West Asia after the US and Iran signed an interim peace deal Wednesday, though uncertainties still hovered. Crude oil prices edged lower after the signing, raising the hope that energy flows through the Strait of Hormuz would gradually return to normal and alleviate global supply disruptions. At 0816 IST, the August futures contract of Brent Crude on the Intercontinental Exchange was 1.4% lower at $78.47 per barrel.
Wednesday, US President Donald Trump and Iran's President Masoud Pezeshkian signed the memorandum of understanding electronically, according to a post on social media platform X by mediator Pakistan's Prime Minister Shehbaz Sharif. The memorandum "shall enter into force with immediate effect and as a first step, Iran will instantly reopen the Strait of Hormuz and the US will lift the naval blockade", Sharif said. Meanwhile, Trump threatened to resume attacks and kill Iranian officials if they failed to honour their commitments, Reuters reported.
Major Asia-Pacific stock indices were mixed in early trade, with South Korea's KOSPI and Japan's Nikkei 225 and TOPIX FIRST SECTION jumping to fresh record highs while Hong Kong's Hang Seng Index and Australia's S&P/ASX 200 INDEX were down. US stock futures, on the other hand, inched up Thursday.
Late Wednesday, the US Federal Reserve, led by newly appointed Chair Kevin Warsh, kept the benchmark federal funds rate unchanged at 3.50-3.75%. Policymakers' "dot plot" revealed, however, that several Fed officials now expect an interest rates hike in 2026. The median estimate for the year-end interest rate now stands at 3.8%, up from 3.4% in prior projections from March, suggesting that at least one rate hike could happen in 2026, reports said.
The GIFT Nifty indicates a largely flat opening for the domestic market. At 0821 IST, the June futures contract of GIFT Nifty was at 24095 points, 10 points above the Nifty 50's previous close. "We see a flat open for the Nifty (50), towards the end we may witness some buying," Anshul Jain, head of research at Lakshmishree Investments, said. He expects the index to find support at 24000-23800 points. On the upside, the index is seen hitting resistance at 24090 points, a breach of which could take the index towards 24100–24200 points, Jain said.
Information technology stocks will be in focus Thursday as investors await the announcement of quarterly earnings and management commentary by Irish technology consulting company, Accenture Plc., later in the day. The software giant's financial performance is closely watched by the Street for cues about the demand environment in the sector. (Arya S. Biju)
Equity Alert: Most Asian markets up on lower crude prices; Nikkei hits new high
MUMBAI--0825 IST--Most stock indices in Asia were up in early trade as oil prices continued to fall on expectations of the US-Iran peace deal. Both parties have already signed an interim deal. However, uncertainties persist with US President Donald Trump threatening to resume attacks if Iran failed to comply with the terms. At 0821 IST, Brent Crude August futures were down 1.3% at $78.55 per barrel.
"Major geopolitical risk persists and will also remain a major driver of market action," Kyle Rodda, a senior financial market analyst at Capital.com, told Reuters. Most indices in the region were up even as their US counterparts closed lower on Wednesday following the US Federal Reserve's policy meeting. While the central bank held rates steady at the 3.5-3.75% target range, commentary by officials hinted at the possibility of a rate hike this year.
Japan's Nikkei 225 was the highest gainer in the region and hit another record intraday high for the second session in a row. The gains were driven by semiconductor and artificial intelligence-centric shares, according to a Reuters report. Among other gainers, South Korea's Kospi rose 0.7%. Index heavyweight SK Hynix advanced 4% to touch a fresh high, according to a CNBC report. Its peer Samsung Electronics rose 1%. Hong Kong's Hang Seng, down 2%, was the worst performer among regional peers. The index was down for the third straight session, during which it shed around 4%.
Following are the levels of key indices in the region at 0825 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4948.63 | 0.35 |
| Hang Seng Index | 23895.07 | (-)1.72 |
| Nikkei 225 Day | 71052.3 | 1.65 |
| TOPIX FIRST SECTION | 4069.56 | 1.4 |
| KOSPI | 8926.38 | 0.7 |
| FTSE Singapore Strait Times | 5186.48 | 0.19 |
| S&P/ASX 200 Index | 8925 | (-)0.46 |
(Shruti Nair)
Equity Alert: US market ends down after Fed hints at possible rate hike this year
MUMBAI--0745 IST--US stock indices ended lower on Wednesday and bond yields surged after the US Federal Reserve kept the policy interest rate unchanged at 3.5-3.75%. While the decision was in line with the consensus expectation, commentary by officials hinted at a rate hike this year. All three major US indices ended in the red, down around 1?ch.
In his first policy meeting, Fed Chair Kevin Warsh underscored the need to subdue inflation and said that the central bank would deliver price stability. Notably, Warsh himself refrained from providing a projection, deviating from common practice. Following the policy meeting, expectations that the Fed would hold rates steady were at 13% compared to 40?rlier, according to CME Group's FedWatch tool, Reuters reported. Treasury yields rose following the decision, with the 2-year yield rising more than 16 basis points to 4.216%, according to a CNBC report.
"He is absolutely telling you that he plans on delivering on price stability. So that means ... we're not going to have such easy money policy as everybody thought maybe Chairman Warsh would do back in the first quarter of this year, when everyone was counting on rate cuts," DoubleLine Capital Chief Executive Officer Jeffrey Gundlach said on CNBC's 'Closing Bell'. "He doesn't sound like that today at all."
On Wednesday, all of the S&P 500's 11 major industry indices closed lower after the Fed meeting. Communications services was the worst hit sector, down 3%, while industrials fared better than its peers, closing marginally lower, Reuters reported.
Major technology stocks were a drag in Wednesday's session, with 'Magnificent 7' stocks Meta, Alphabet, and Amazon, all ending 2-5% lower. Elon Musk's SpaceX also ended in negative territory for the first time since going public last week. The stock closed 5% lower. However, gains in some chip stocks like Micron Technology and Intel helped limit the losses.
The following were the closing levels of major US indices on Wednesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
51492.55 |
(-)0.98 |
|
NASDAQ Composite |
26021.66 | (-)1.34 |
|
S&P 500 |
7420.1 | (-)1.21 |
(Shruti Nair)
US$1 = INR 94.42
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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