Equity Alert
Indices down; Nifty 50 ends below 24000 pts after 4 sessions
This story was originally published at 16:01 IST on 23 June 2026
Register to read our real-time news.Informist, Tuesday, Jun. 23, 2026 Tel +91 (22) 6985-4000
Equity Alert: Indices down; Nifty 50 ends below 24000 pts after 4 sessions
MUMBAI--1540 IST—-Headline equity indices logged a significant fall of over 1% Tuesday after remaining volatile during the first half of the session as investors awaited further clarity on the US-Iran peace negotiations and weak monsoon cues. The Nifty 50 index closed below the 24000 level for the first time in four sessions. Only 10 of the Nifty 50 constituents closed higher.
On Tuesday, the Nifty 50 settled at 23824.10, down 278.80 points or 1.2%. The BSE Sensex closed at 76200.68, down 893.39 points or 1.2%. An almost 9% rise in the India VIX implied heightened investor nervousness. Broader market indices were mostly in line with the benchmark indices. Midcap indices closed 1% lower, while smallcap indices ended around 0.5% down.
Sectoral indices showed mixed performance, with only two settling in the green. Barring Nifty Pharma and Nifty Healthcare, all sectoral indices ended 0.6–3.2% down. The Nifty Metal was the biggest loser among its sectoral peers, ending over 3% lower.
The Nifty IT index also fell sharply, closing over 2% lower. In the Nifty 50 index, Infosys fell over 3% and ended as the biggest drag. Wipro, Tata Consultancy Services, and HCL Technologies ended the session 1.9–3.2% lower.
Metal stocks such as JSW Steel, Tata Steel, and Hindalco Industries fell around 3?ch. In the Nifty 200 and Nifty 500 indices, Vedanta and National Aluminium Co. were the biggest drags, ending 8% and 6% lower, respectively.
On the other hand, pharmaceutical and healthcare stocks made gains during the session. Cipla ended as the top gainer in the index, up over 1%. Dr.Reddy's Laboratories and Sun Pharmaceutical Industries were the other gainers in the index.
Laurus Labs and Aurobindo Pharma were the top performers in the Nifty 200 index, up around 3?ch. In the Nifty 500 universe, Cohance Lifesciences was the top gainer, closing almost 13% higher. (Arundathi A R)
Equity Alert: HDFC Sec downgrades HCL Tech to 'add', cuts target price 21%
MUMBAI--1540 IST--HDFC Securities Institutional Equities downgraded the stock of HCL Technologies to 'add' from 'buy' and cut the price target by around 21% to INR 1,160. The brokerage also trimmed its earnings estimates for 2026-27 (Apr-Mar) and FY28. It said that the demand has "incrementally worsened" across segments.
HDFC Securities expect the weakness in telecom discretionary, artificial intelligence-led deflation, and headwinds from two client-specific ramp-downs to continue to weigh on the company's earnings for the June quarter. It expects the company to deliver FY27 earnings at the midpoint of the guidance. "Q1 FY27 will carry the usual productivity pass-through seasonality plus the annualized impact of telecom discretionary cuts and the full-quarter absence of the two discontinued SAP programs, which the management indicated were budget-driven de-prioritizations, aided by extended SAP modernization timelines," it said.
The management has guided for a total revenue growth of 1–4% for FY27, which is around 50 basis points below services growth, implying a flattish-to-declining software assumption at the lower end, the brokerage said. "With Q4 deal TCV moderating to USD 1.9bn ($1.9 billion) after two strong quarters, the book-to-bill provides midpoint visibility," it said.
HCL Tech's advanced AI segment can scale up to $1 billion over FY27–FY28 but at only 4% of revenue now it cannot offset deflation or completely offset the pressure on traditional deals, HDFC Securities said. The brokerage believes that the earnings before interest and tax margin guidance of 17.5–18.5% for FY27 looks achievable and "we are the midpoint of the guidance," is said. The company's voluntary deal walk-aways and the two-client overhang pose a downside risk to even the midpoint, it added.
The brokerage has cut its estimate for the company's revenue in dollar terms by 1.9% for FY27, trimmed EBIT and EBIT margin guidance by 2.9% and 67 bps, respectively. It has also lowered the FY27 estimate for adjusted profit after tax by 3.8%. For FY28, the brokerage has cut the dollar-term revenue estimates by 2.5%, EBIT view by 3.9%, and EBIT margin guidance by 76 bps.
Shares of the company closed 2% lower at INR 1,108.30 on the NSE. (Simran Rede)
Equity Alert: European markets down amid sell-off in tech, chip stocks
MUMBAI--1500 IST--Stock indices in Europe fell in early trade on Tuesday due to a sell-off in technology stocks amid growing investor anxiety towards the sector globally. Sentiment in the region was further dampened amid growing expectations of interest rate hikes by the US Federal Reserve. The pan-European Stoxx 600 was down 1.2% shortly after open.
All major indices in the region were in negative territory, tracking losses in their Asian peers on Tuesday. Stoxx 600's technology index was down over 3%. Multinational chipmaker STMicroelectronics and Dutch semiconductor equipment maker ASMI were down more than 7.4% and 6%, respectively. The two stocks were the major losers in the Stoxx 600, according to a report by CNBC.
The sell-off in technology stocks comes as global investors re-evaluate companies that rallied earlier this quarter on the back of enthusiasm over artificial intelligence. As borrowing costs rise, corporates banking on debt-backed spending are likely to face pressure, according to a report by Reuters. STMicroelectronics and its peer Infineon Technologies are among those companies that have recently accessed debt markets.
"If...the companies need to continue raising debt before they're earning sufficient returns on that investment, then investors could start to question the profile of the debt and the potential earnings sustainability on the equity side," Kiran Ganesh, managing director, global head of investment communications at UBS told Reuters. "This debt issuance is a trend that investors will need to keep watching out for the next one or two years."
Following are the levels of major European indices at 1500 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 10395.63 | (-)0.4 |
| CAC 40 | 8331.86 | (-)0.8 |
| FTSE MIB INDEX | 52115.42 | (-)1.3 |
| DAX PERFORMANCE-INDEX | 24809.16 | (-)1.3 |
| SLI PR | 2220.16 | (-)0.3 |
(Shruti Nair)
Equity Alert: Info Edge up; co invests INR 10 bln in AI start-ups since 2020
MUMBAI--1455 IST--Shares of Info Edge (India) rose 4% to an intraday high of INR 1,024.80. The parent company of Naukri.com in a letter to shareholders Monday said it has invested over INR 10 billion in 54 artificial intelligence and Deep tech start ups since 2020. Info Edge said that it invested INR 6.14 billion across 28 AI start-ups, which is now valued at INR 12.68 billion.
Info Edge said that it made these investments before the global AI wave, with entry points early in the life cycle of the companies. The technology company invested INR 4.55 billion across 30 deep tech companies with a current valuation of INR 5.59 billion, as per the letter to shareholders. Info Edge also invested INR 49 billion in a total of 135 start-ups across sectors. This is now valued at INR 413 billion, Info Edge said.
This will be a good achievement if 20% of portfolio companies do well, said Sanjeev Bikhchandani, co-founder of Info Edge, in an interaction with NDTV Profit. Bikhchandani said that it would take 7–10 years for deep tech companies to play out. At 1433 IST, shares of Info Edge traded over 3% higher at INR 1,016.85. Nearly 4 million shares of the company changed hands on NSE, which is over four times higher than the number of shares traded till the same time Monday. (Adhithya Aji)
Equity Alert: Stove Kraft hits highest level of 2026; Emkay ups target 29%
MUMBAI--1452 IST--Shares of Stove Kraft rose over 3% to its highest level in the year 2026 at INR 755.90. The stock advanced for the eighth session, during which it has risen almost 16%. Tuesday, Emkay Global Financial Services upgraded its target price on the stock by almost 29% to INR 900 from INR 700 and retained its 'buy' recommendation. At 1414 IST, shares of Stove Kraft were up over 2% at INR 748.90 on the NSE.
The company is seeing a transition in demand for kitchen appliances. The war in West Asia had disrupted the supply of liquefied petroleum gas severely and this may have triggered a structural shift in consumer behaviour towards induction cooktops, Emkay Global said. Since the war between the US and Iran broke out, the stock has run up almost 55%.
Further, the government's initiatives such as the National Efficient Cooking Programme, "Go Electric" campaign, and Energy Efficiency Services' procurement tenders act as tailwinds for companies such as Stove Kraft, the brokerage noted.
Demand for kitchen appliances is also reviving, the brokerage said in its report, while adding that recovery in discretionary spends should play out positively for the company. Despite near-term commodity pressure, the firm expects the company's earnings before interest, taxes, depreciation, and amortisation margin to improve by around 100 basis points by 2027-28 (Apr-Mar).
Most of Stove Kraft's capital expenditure is behind it, the brokerage said. The company can now double its revenue in two-three years from its existing capacity, it said, given also that Stove Kraft manufactures around 95% of its products in-house. "We believe incremental revenue growth should translate more meaningfully into profits than in recent years," the brokerage said.
Emkay Global projects the company's revenue to grow at a compounded annual rate of 18% over FY26-FY28, and its EBITDA at the rate of 24%. Stove Kraft's earnings per share are estimated to grow at a compounded annual rate of 52% over the same period. (Ruchira Kagita)
Equity Alert: Asian mkts end sharply dn; tech cos drag; Kospi ends 10% lower
MUMBAI--1435 IST--Several indices in Asia extended their earlier losses and closed sharply lower amid continued sell-off in shares of technology and chip-making companies. South Korea's Kospi ended 9.99% lower as heavyweight constituents plunged on Tuesday amid signals that chipmaking sector in the region showed signs of overheating. Among other laggards, Japan's Nikkei 225 ended its seven-session gaining streak and ended nearly 4% lower.
Tuesday, the Kospi was the worst performer among Asian indices. Index heavyweights SK Hynix and Samsung Electronics fell more than 12?ch, wiping out billions. The sharp fall in the Kospi triggered an automatic 20-minute bourse-wide trading halt. The pull-back in the index highlights the growing volatility of a market that critics worry has become overstretched, Alexander Redman, chief equity strategist, CLSA, told Reuters.
Monday, Lee Chan-jin, the governor of South Korea's Financial Supervisory Service, said the government had rushed into approving leveraged funds tied to some of the country's renowned chip stocks. These funds were introduced last month and have contributed to heightened volatility, according to a Reuters report. "We are cautiously monitoring and seriously looking into it," Reuters quoted Lee as saying about the measures under consideration.
Japan's Nikkei 225 ended 3.6% lower amid the sell-off in technology and metal stocks. Shares of technology-focused lender SoftBank Group fell further and ended over 10% lower. Shares of computer memory manufacturer Kioxia closed over 15% lower, while semiconductor major Tokyo Electron ended over 6% lower.
Among other indices in the region, China' CSI 300 and Hong Kong's Hang Seng ended 3% and 2% lower, respectively. On other hand, Singapore's FTSE Singapore Strait Times outperformed its peers, ending nearly flat.
Following are the levels of key indices in the region at 1415 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4919.39 | (-)2.77 |
| Hang Seng Index | 23336.28 | (-)1.82 |
| Nikkei 225 Day | 69788.38 | (-)3.55 |
| TOPIX FIRST SECTION | 3990.38 | (-)2.56 |
| KOSPI | 8203.84 | (-)9.99 |
| FTSE Singapore Strait Times | 5203.85 | 0 |
| S&P/ASX 200 Index | 8787 | (-)0.33 |
(Shruti Nair)
Equity Alert: Indices fall more as metal cos decline; 11 Nifty 50 stocks up
MUMBAI--1410 IST--A further fall in select metal stocks dragged the Nifty 50 index down around 1%. From being 50 points short of the 24000 level, the benchmark index is now down almost 130 points from the psychologically crucial level. Only 11 Nifty 50 stocks were higher. The BSE Sensex was also down around 1%.
At 1400 IST, the Nifty 50 was at 23869.60, down over 230 points from Monday's close. The BSE Sensex was at 76389.11, almost 705 points lower from the previous close. India VIX rose further to 14.0600, up nearly 10%. All the broader market indices fell more, with Nifty mid-cap indices logging around 1% losses each, while small-cap indices were down almost 1?ch.
Barring thr Nifty Pharma and Nifty Healthcare, all sectoral indices were sown. The Nifty Metal index fell nearly 4% and the Nifty IT declined over 2%. Indices pertaining to banks, PSU banks, media, consumer durables, and energy fell over 1?ch.
Shares of JSW Steel fell more to nearly 4% and turned out to be the biggest laggard in the 50-stock index. It was followed by Hindalco Industries and Tata Steel in the 50-stock index, and they logged around 3% loss each. Information technology stocks also continued declining in the Nifty 50 index. Infosys, Tata Consultancy Services, and Wipro were down around 3?ch.
Pharmaceutical and healthcare majors Cipla, Dr.Reddy's Laboratories, Sun Pharmaceutical Industries, and Apollo Hospitals Enterprise were the biggest gainers in the index and were 0.5-1.6% higher. (Arundathi A R)
Equity Alert: Yash Highvoltage up 12% on preferential issue worth INR 1.51 bln
MUMBAI--1400 IST--Shares of Yash Highvoltage rose over 12% to an over six-month high of INR 940 on BSE Tuesday, a day after the company said its board approved raising INR 1.51 billion through a preferential issue. The company said it will use the funds to expand its resin-impregnated paper bushing manufacturing facility to 500 kilovolts from the originally planned 245 kilovolt range. At 1354 IST, shares of the company traded nearly 8% higher at INR 900 on BSE. More than 300,000 shares of the company traded hands on the bourse, a two-fold increase from the stock's three-month average volume.
The proposed issue has attracted participation from a group of institutional investors, family offices, and long-term and reputed investors, the company said. According to an exchange filing by the company, Anantroop Financial Advisory Services, a firm backed by marquee investor Madhusudan Kela, purchased nearly 14,000 shares in the company for nearly INR 10 million.
Other institutional names such as WhiteOak Capital Equity Fund, Motilal Oswal Financial Services, WhiteOak Capital India Opportunities Fund, and Value Quest India G.I.F.T Fund also picked up stake in the company. (Eshitva Prakash)
Equity Alert: Nirmal Bang starts coverage on Jyoti CNC with a 'buy' stance
MUMBAI--1332 IST--Jyoti CNC Automation was in focus today after Nirmal Bang Institutional Equities initiated coverage on the stock with a 'buy' recommendation. The broking firm set a target price of INR 976, which implies an upside of almost 34% from the stock's closing price Monday. The company is one of the leading players in computer numerical control, or CNC, manufacturing and the industry in India is expected to post a compounded annual growth rate of 12–14?tween 2025-26 (Apr-Mar) and FY30, the brokerage said in its initiation report.
The company's gross margin of 50% is the best in the industry and is driven by in-house manufacturing of spindles, tool changers, and rotary tables, the brokerage said. Most domestic peers continue to import these, the brokerage noted in its report. Jyoti CNC's localised manufacturing at 65% of import costs gives it a cost advantage of 7-14%, Nirmal Bang said. Further, the company's market share in domestic computer numerical control manufacturing is projected to go up to around 31.5% by FY29 from approximately 21% in FY26.
Jyoti CNC planned to boost its production by adding 10,000 more machines at its manufacturing facility at Rajkot. This new capacity will likely focus on low and mid-range turning centres and vertical machining centres. "Industry analysis suggests that manufacturers with higher exposure to such segments enjoy superior cash conversion due to faster inventory turns and shorter execution cycles," Nirmal Bang said. The cash conversion cycle is expected to compress to 248 days by FY29 from 359 currently, according to the report.
The broking firm expects the company's net profit to rise at a compounded annual rate of 34?tween FY26 and FY28. The rise in profit is estimated to be driven by the ramp-up of its 10,000-machine facility, it said. Meanwhile, the French authorities' investigation against the company's subsidiary Huron Graffenstaden SAS for violating export rules remains a key risk for the company, the brokerage said. "...any incremental penalties or export restrictions would pose downside risk," according to Nirmal Bang.
Jyoti CNC climbed as much as 5.2% to an intraday high of INR 768.30 before coming off highs. At 1329 IST, shares of Jyoti CNC traded 1.4% higher at INR 740.55 on the NSE. The stock's trading volumes were close to 2 million, significantly higher than over 400,000 till the same time Monday. (Ruchira Kagita)
Equity Alert: Data centre, AI shares down amid global rout in tech stocks
MUMBAI--1330 IST--Shares of companies involved in making artificial intelligence tools and data centres fell Tuesday, tracking a rout in AI-facing stocks globally. South Korea's KOSPI plunged sharply to reach a lower circuit during the day, primarily due to a fall in shares of technology heavyweights such as SK Hynix and Samsung Electronics Co.
This decline in technology stocks globally follows an overnight slump in the NASDAQ index, after SpaceX, which makes up about 5% of the Nasdaq, fell over 16%. Alphabet, which has an even greater weightage in the index, faced its sharpest intraday fall in more than a year at 5% amid concerns about its artificial-intelligence business. Shares of the Google parent declined over 5?ter two-high profile researchers exited the company to join a rival.
In India, at 1326 IST, shares of Netweb Technologies India traded nearly 4% lower at INR 4,925.30 on the NSE. Shares of E2E Networks also fell almost 4% from their previous closing price to INR 431.70. Anant Raj, a data centre developer, traded nearly 2% lower INR 523.75. Shares of Black Box traded 0.6% higher at INR 988.10 after giving up most of their intraday gains. (Eshitva Prakash)
Equity Alert: Syrma SGS hits record high; co to form JV with Kaga Electronics
MUMBAI--1316 IST--Shares of Syrma SGS Technology gained 6.4% Tuesday to hit a record high of INR 1,422 per share. The stock rose after the company Monday said it has partnered with Kaga Electronics India to set up a joint venture to develop and operate an electronic manufacturing services facility in India, catering to Japanese clients. Syrma SGS will own 60% in the joint venture, while Kaga Electronics will own the remaining 40% stake.
At 1315 IST, shares of Syrma SGS were up over 4.5% at INR 1,396.20. Over 3 million shares of the company have changed hands so far on the NSE, almost seven times the 463,527 shares traded until the same time Monday.
Of the eight brokerage reports on the stock available with Informist, seven have a 'buy' or equivalent recommendation with an average target price of INR 1,272. This target price is nearly 5% lower than Monday's close. Only Prabhudas Lilladher has a 'hold' rating on the stock with a target of INR 1,989. (Shruti Nair)
Equity Alert: Blue Cloud soars 44% in 2 days; in talks with SpaceX for AI pact
MUMBAI--1310 IST--Shares of Blue Cloud Softech Solutions rose nearly 18% from Monday to an over six-month high of INR 25.96 on BSE Tuesday. Shares of the company have risen almost 44% in two days after it Monday said it was evaluating "preliminary, non-binding business opportunities" in the field of artificial intelligence with SpaceX International. At 1307 IST, shares of the company traded 15% higher at INR 24.91. More than 33 million shares of the company have changed hands so far on the BSE, markedly higher than the stock's three-month average trading volume of 1.6 million shares.
"The parties have, at this stage, established only a framework for the exchange of information to facilitate discussions and an evaluation of potential areas of collaboration. This reflects the company's continued focus on exploring strategic opportunities in the digital infrastructure and technology ecosystem," Blue Cloud said in an exchange filing.
Blue Cloud is a software company specialising in AI-driven enterprise solutions, digital transformation, and cybersecurity operations. The company operates globally and builds digital platforms for sectors such as healthcare, telecom, and defence. (Eshitva Prakash)
Equity Alert: Meesho up 5% as Citi starts coverage with 'buy', sees 22% upside
MUMBAI--1251 IST--Shares of Meesho rose over 5% to an intraday high of INR 181.40 on NSE Tuesday after global brokerage Citi started coverage on the company with a 'buy' recommendaton and a target price of INR 210, which implies an upside of 22% to the stock's closing price Monday. The brokerage said the company is poised to benefit from the next phase of growth in the domestic e-commerce market, particularly among value-conscious consumers outside major metropolitan centres, media reports said.
Citi said that unlike its peers, Meesho operates a fully marketplace-based model, which reduces the cost of doing business for sellers while offering consumers access to a wide range of competitively priced products. The brokerage said the "value-focused e-commerce platform" has multiple strategic advantages, including its large seller base, zero-commission logistics monetisation model and increasing use of technology across the platform, NDTV Profit reported.
The brokerage said the company is uniquely positioned to function as an "infinite and accessible store" for a large consumer base, aided by its technology-led approach across the e-commerce value chain, Moneycontrol reported. The brokerage values the company at 50 times its 2028-29(Apr-Mar) estimated enterprise value-to-adjusted earnings before interest, tax, depreciation, and amortisation multiple.
Citi expects Meesho's gross merchandise value to grow at a compound annual rate of around 27?tween FY26 and FY29, driven by continued expansion in active buyers and higher spending per customer. The brokerage said Meesho's focus on affordability, combined with technology-led execution and a scalable marketplace model, could allow it to capture a larger share of India's rapidly evolving e-commerce landscape over the coming years. (Eshitva Prakash)
Equity Alert: Indices decline sharply; Nifty 50 slips below 24000 pts
MUMBAI--1245 IST--After being largely flat earlier, benchmark indices fell sharply and shed 0.7?ch. The Nifty 50 slipped some 50 points below the 24000 level with fewer stocks trading higher. A fall in index heavyweights HDFC Bank and Reliance Industries also pulled down the index.
At 1231 IST, the Nifty 50 index was at 23943.10, down 159.80 points. The BSE Sensex was at 76584.96, down 509.11 points from its previous close. India VIX, the volatility index, started indicating a rise in nervousness after the indices fell. The fear gauge rose over 6% to 13.6500 points.
"Benchmark Nifty (50) index is trading in a congestion range of 400 points i.e. 23800-24200 spot levels," Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. "Indices witnessed profit taking from the upper band of the range. An either side break from the aforementioned range will start the next short term move in that direction."
All broader market indices were down with mid-cap indices down 0.7?ch, whereas small-cap indices were marginally lower. Among sectoral indices, only pharmaceutical and healthcare stock indices managed to gain. The Nifty Metal was down almost 3%, while Nifty IT was down over 2%.
Tata Consultancy Services and Infosys were the biggest laggards in the 50-stock index, down 3?ch. Metal companies continued shedding gains. Hindalco Industries was down nearly 3%. Meanwhile, pharmaceutical stocks continued trading higher in the Nifty 50 index. Cipla remained the top gainer, up nearly 3%. (Arundathi A R)
Equity Alert: Metal cos down as futures contracts of silver, aluminium fall
MUMBAI--1234 IST--Shares of metal companies traded with a negative sentiment after futures contracts of aluminium and silver declined on the Multi Commodity Exchange. The June futures of aluminium and July futures of silver fell around 3?ch. The Nifty Metal was the major underperformer among sectoral indices, down nearly 3%.
Aluminium prices declined amid rising Chinese exports and near record domestic production levels, according to Kotak Securities. "Aluminum (aluminium) touched a three-month low as progress in Middle East (West Asia) peace talks fueled expectations of a return of supplies from the key metal-producing region," Nirmal Bang said. Aluminium companies Hindalco Industries, National Aluminium Co., and Vedanta Aluminium Metal traded 2-5% lower, meanwhile silver major Hindustan Zinc fell over 4%.
At 1229 IST, June futures of aluminium were down over 2% at INR 345.75 per kilogram, and July futures of silver were at INR 226,214 per kilogram. Vedanta, NALCO, and Hindustan Zinc were the top underperformers in the Nifty 200. Shares of Vedanta declined after a large deal in NSE in which over 67 million shares of the company were sold. (Adhithya Aji)
Equity Alert: Nuvama ups Aurobindo Pharma target price by 4%, retains 'buy'
MUMBAI--1205 IST--Aurobindo Pharma's acquisition of Lannett Co., its Penicillin G project, and its European business are estimated to be the key growth drivers in the near-term, according to Nuvama Institutional Equities. The brokerage revised its target price on Aurobindo Pharma higher by over 4% to INR 1,753 from INR 1,680 while retaining its "buy" recommendation. Nuvama Institutional Equities upgraded the stock after meeting with the company's senior management.
The company's Penicillin G project is expected to be in a healthy condition from the September quarter as inventory levels are seen stabilising, the brokerage said. Sales worth INR 7 billion are estimated for the company from this project in 2026-27 (Apr-Mar). Over the recent March quarter, the company saw sales of INR 1 billion from its Penicillin G business.
Aurobindo Pharma's acquisition of Lannett Co. also provides significant potential for sales growth. The company had inked an agreement to acquire Lannett in 2025 when its Seymour unit's capacity utilisation stood at about 40%. This implies that there is a 50% upside to revenue generation from Lannett upon full utilisation of the Seymour plant, Nuvama said. The plant is seen contributing $500 million–$550 million in annual revenue to Aurobindo Pharma.
"Lannett substantially boosts Aurobindo's US manufacturing footprint immediately," the broking firm said. Lannett's respiratory portfolio comprising generics Advair, Spiriva, and Flovent is also a positive for Aurobindo Pharma.
The company posted sales amounting to 1 billion euros (INR 108 billion) in FY26, up 9.1% on year, the brokerage noted. Nuvama expects these sales to grow to 1.2 billion euros in FY28. The pharmaceutical major has generic drugs across multiple therapies in Europe and it also plans to introduce higher-value categories such as injectables, respiratory products, and biosimilars in the region, the brokerage said in the report.
Further down the line, Aurobindo Pharma's biosimilars and contract manufacturing businesses are seen contributing meaningfully to its revenue by FY29, according to the report. "Both these are high-margin businesses, hence, would support margin expansion," Nuvama said. The pharmaceutical company also plans to launch Adquey, meant to target eczema. This drug is anticipated to be launched by the end of the December quarter. The brokerage expects the company to clock in as much as around $300 million in peak sales from this launch by FY38.
Nuvama projects Aurobindo Pharma's revenue growing at a compounded annual rate of 15% by FY28 while net profit is seen increasing 24%. The stock's valuation at a price-to-earnings multiple of 16 based on FY28 estimates for earnings per share seem "attractive," the broking firm said. At 1202 IST, shares of the company were trading 2% higher at INR 1,523.80. (Ruchira Kagita)
Equity Alert: IT cos fall; AI worries may weigh on sector for entire year
MUMBAI--1117 IST--Shares of information technology companies fell amid negative investor sentiment as artificial intelligence-related worries continued to weigh. An analyst tracking the sector said Indian IT majors are expected to face the pressure from AI for the entire year, unless there is some positive indication in their June quarter results, which is unlikely to happen.
Artificial intelligence software, which fares better than traditional software, is expected to compress the revenue of domestic IT players, according to Shubham Dalia, research analyst at Nirmal Bang. "Q1 (June quarter) will give a good picture," Dalia added. IT companies' revenue compression is at a faster pace and the Apr-Jun results of these companies are likely to be subdued, he said. The analyst added that IT companies will face the heat of AI for the next six to seven months.
IT bellwether Accenture's trimming of sales growth guidance for 2025-26 (Sept-Aug) and its management commentary of near-term pressure overhangs on Indian IT majors, the analyst said. The market is looking forward to the June quarter result of Tata Consultancy Services, which is scheduled for Jul. 9.
On Monday, shares of Google's parent company Alphabet Inc. declined over 5?ter two-high profile researchers exited the company for a rival. This sparked AI worries over the company, CNBC reported. Back home, on Tuesday, Nifty IT was the worst hit among the sectoral indices, down nearly 2%. Barring Orcale Financial Services – which rose over 1% – all the constituents in the index traded lower. Shares of Infosys, Tata Consultancy Services, Tech Mahindra, Wipro, LTM, and Mphasis fell 2–3%. (Adhithya Aji)
Equity Alert: Indices turn flat; IT cos remain key drags, pharma cos up
MUMBAI--1120 IST--Benchmark equity indices were largely flat after turning positive for a brief period. Further fall in select information technology stocks, and certain pharmaceutical and healthcare stocks coming slightly off highs led the Nifty 50 index to pare its initial gains.
At 1105 IST, the Nifty 50 was at 24097.95, down 4.95 points from its previous close. However, the BSE Sensex was over 6 points higher at 77100.74. The 50-stock index was just some points above the 24000 level. Around half of the index constituents were up, with pharmaceutical stocks being the top performers.
In the broader market, the Nifty mid-cap 100 index slipped marginally from its earlier gains. All small-cap indices were marginally higher. Sectoral indices were mixed, with most indices shedding their gains. The Nifty IT and Nifty Metal continued to be the worst hits among their sectoral peers, down almost 2?ch. On the other hand, Nifty Realty and Nifty Pharma gained the most, up almost 2?ch.
Cipla was the top gainer in the Nifty 50, up 3%. Its peers Sun Pharmaceutical Industries and Dr. Reddy's Laboratories were up 1.4–1.7%. Dr. Reddy's shed some of its earlier gains.
Information technology stocks continued their losses, with Infosys shedding the most in the 50-stock index. The stock fell almost 3%, while Tata Consultancy Services and Tech Mahindra also fell nearly 3?ch. (Arundathi A R)
Equity Alert: Pharma shares up; US FDA seeks Indian cos' aid for cancer drug
MUMBAI--1030 IST--Pharmaceutical companies rose after Mint reported that the US Food and Drug Administration reached out to the Indian Drug Manufacturers' Association citing a shortage of Ifosfamide, a key drug used to treat testicular, bladder, and lung cancers. Alkem Laboratories, Cipla, Zydus Lifesciences, and Alivus Life Sciences are among some of the companies that manufacture this drug. At 1004 IST, shares of these companies were up 2-4%.
The Nifty Pharma was the top sectoral gainer, up almost 2%. All constituents of the index were trading in the green barring Abbott India. Piramal Pharma, up over 7%, was the top gainer in the sectoral index. Shares of Gland Pharma, Laurus Labs, IPCA Laboratories advanced around 3?ch. Further, pharmaceutical constituents were the key stocks lending support to the benchmark Nifty 50 index. Cipla, Dr Reddy's Laboratories, and Sun Pharmaceutical Industries were the top gainers in the 50-stock index, up 1-2%.
"Preference will be given to products manufactured at US FDA-registered facilities. However, the US FDA has also expressed interest in information from facilities that may not be FDA-registered but have a demonstrated history of satisfactory regulatory compliance," the media outlet quoted the Indian medical agency as saying.
The US FDA sought assistance in identifying companies that either produce or are capable of producing this drug and said it is willing to procure it from non-FDA registered Indian manufacturing facilities, according to Mint's report. A technical disruption at a contract manufacturing site of Illinois-based company Baxter International led to the shortage. Disruptions due to the war in West Asia also impacted supply, the report said. (Ruchira Kagita)
Equity Alert: Vedanta dn 7% post large deal, reports say stake sale by promoter
MUMBAI--1015 IST--Shares of Vedanta fell nearly 7% to a one-month low of INR 284.45 after over 67 million shares of the company were sold in a large deal. The sale was executed at a discount of over 4%. Media reports said the stake was sold by the company's promoter Twin Star Holdings.
The shares were sold at INR 292.5 apiece, at a cumulative amount of INR 19.66 billion. As of Mar. 31, Twin Star Holdings held 40% stake in Vendata. In an interaction, Vedanta Chairman Anil Agarwal had said he does not mind bringing down stake in the company as long as it does well, CNBC TV-18 reported.
At 1010 IST, shares of Vedanta traded over 6% lower at INR 286.15. Over 117 million shares of the company changed hands on the NSE, over 29 times the number of shares traded till the same time Monday. The stock was the worst hit in both the Nifty 200 and Nifty 500 indices. (Adhithya Aji)
Equity Alert: Indices turn positive after opening a tad lower; pharma cos gain
MUMBAI--1007 IST--Domestic frontline indices opened with marginal losses on Tuesday, awaiting clarity on progress in US-Iran peace negotiations. However, the indices turned positive soon after open with almost 30 Nifty 50 stocks trading higher. Crude oil prices, which eased to $77 a barrel, also supported the indices.
At 1006, the Nifty 50 was at 24122.60, up 19.70 points or 0.1%. The BSE Sensex was at 77157.93, up 63.86 points or 0.1%. Broader market indices were higher in early trade, up marginally. India VIX, the fear gauge of the equity market, hinted at easing investor nervousness. The volatility index was down nearly 1% at 12.7525.
Sectoral indices were mixed in early trade, with the Nifty Pharma gaining the most. The sectoral index was over 1% higher, with most of its constituents trading higher. The Nifty Healthcare was almost 1% higher. On the other hand, the Nifty IT shed the most, down over 1%, with all its constituents down. The Nifty Metal also declined over 1%, with most of its members trading lower.
Pharmaceutical and healthcare companies gained the most, with Dr. Reddy's Laboratories being the top gainer. The stock rose over 2% and was up for the third straight session. Sun Pharmaceutical Industries, Cipla, and Apollo Hospitals Enterprise were 0.8–1.7% higher. Laurus Labs, Torrent Pharmaceuticals, Mankind Pharma, Alkem Laboratories, Glenmark Pharmaceuticals, and Aurobindo Pharma gained 1.7-2.5% in the Nifty 200 index. Shares of Info Edge (India) were up nearly 2?ter the company invested INR 10 billion in over 50 startups since 2020.
Piramal Pharma and Cohance Lifesciences were the top gainers in the Nifty 500 index, up around 9?ch. Emcure Pharmaceuticals and Jubilant Pharmova were up 4–6%.
Information technology stocks Infosys, HCL Technologies, Tata Consultancy Services, Tech Mahindra, and Wipro were the key laggards in the Nifty 50 index, down 0.7–2.4%. The decline in IT stocks was led by the sell-off in US tech giants in the previous session. Shares of Alphabet plunged 5% Monday, following growing concerns around artificial intelligence and as two high-profile researchers exited the company for rivals in recent days, according to various news reports. Other IT giants Meta, Amazon, and Microsoft, ended 3–5% lower.
Metal major Hindalco Industries was among the biggest drags on the Nifty 50 index, over 2% lower and down after four straight sessions of gains. Its peers Tata Steel and JSW Steel were down 0.6–1%. Vedanta, down nearly 7%, was the biggest loser in both the Nifty 200 and Nifty 500 indices. Shares of the company fell after large deals on the NSE, with reports saying the sellers were likely promoters. National Aluminium Co. and Hindustan Zinc were down 3–4%. (Arundathi A R)
Equity Alert: Challenges for NBFCs ease with W Asia peace talks - Jefferies
MUMBAI--0839 IST--Global brokerage Jefferies is of the view that sectoral challenges for non-banking financial companies have eased, with growth and asset quality holding up well. The overall sentiment has improved as the West Asia war shows signs of ending with the US and Iran nearing a deal, NDTV Profit reported, citing Jefferies.
The growth and collection of NBFCs are well ahead of last year, Jefferies said. Softer bond yields and delayed interest rate hikes are seen supporting net interest margins. The brokerage expects healthy growth in the sector with easing credit costs and range-bound net interest margins. "Valuations have rebounded from post-conflict lows but are near average," Jefferies said.
A weak monsoon and El Nio effects are the major risks Jefferies sees for NBFCs ahead. Diversified NBFCs are better placed in the near term, it said. Jefferies prefers Bajaj Finance, Aditya Birla Capital, Cholamandalam Investment and Finance Co., and Shriram Finane in the NBFC universe. On Monday, shares of Nifty 50 constituents Bajaj Finance and Shriram Finance closed nearly 1% higher and 1% lower, respectively. Aditya Birla Capital ended over 4% higher and Cholamandalam Investment and Finance Co. closed nearly 2% higher. (Adhithya Aji)
Equity Alert: Indices may open largely flat as market assesses US-Iran talks
MUMBAI--0835 IST--The benchmark equity indices may open largely flat or marginally up as investors assess the progress in the peace negotiations between the US and Iran. While easing crude oil prices are seen supporting the positive sentiment, expectations of a poor southwest monsoon continue to be a key concern as a prolonged delay could add to inflationary pressures and affect demand across sectors related to agriculture.
The August futures contract of Brent Crude on the Intercontinental Exchange inched up slightly to $78.2 per barrel early Tuesday amid mixed signals from the US-Iran talks and concern over progress of oil tankers moving through the Strait of Hormuz. Both US and Iranian officials described the first round of negotiations, which ended Monday, as constructive, though differences remain. US Vice-President J.D. Vance said Iran had agreed to allow international nuclear inspectors into the country, a claim Tehran subsequently disputed.
Further, there is concern that the surge in oil tankers passing through the strait may not be sustainable, Dow Jones Newswires reported, citing a report by ANZ Research. Iran said any transit would require mandatory insurance policies, which are currently free but could be charged for down the line, the analysts noted.
The US Treasury Monday issued a 60-day waiver from sanctions on Iranian oil as part of the interim agreement to end the war in West Asia. The waiver includes the production, delivery, and sale of Iranian oil till Aug. 21. The announcement came after Vance said his talks with senior Iranian officials in Switzerland had created a "good foundation for a successful final deal".
Monday, foreign institutional investors turned net sellers once again and sold domestic equities worth over INR 6 billion. Meanwhile, domestic investors were net buyers after being net sellers in Friday's session. They net brought shares worth over INR 10 billion.
At 0825 IST, the June futures contract of GIFT Nifty was at 24111.50, around nine points higher than the Nifty 50's previous close of 24102.90 points. "The broader trend remains positive as Nifty (50) continues to hold above its recent swing lows, indicating that the bullish market structure is intact," Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equties, said. "As long as the index sustains above key support levels, the upward momentum is likely to continue, with the next major resistance placed around 24500 (points), which could be tested in the coming sessions," he added. (Arya S. Biju)
Equity Alert: Tech stocks drag down Asian indices; Kospi sheds 4%
MUMBAI--0825 IST--Most stock indices in Asia were down in early trade on Tuesday. Investors in the region assessed the viability of a peace deal in West Asia after the first session of peace negotiations between the US and Iran concluded on Monday. While the fall in crude oil futures provided some relief, technology stocks in the region tracked losses seen in their US peers and dragged down their respective indices.
Monday, mediators Qatar and Pakistan said the US and Iran had agreed on a road map to reach a final deal within 60 days. Further, the US authorised sales of Iranian oil through August after "productive talks" with Tehran in Switzerland. Subsequently, August futures of Brent crude oil closed over 3% lower at nearly $78 per barrel on Monday.
Losses in several 'Maginificent 7' technology stocks in the US on Monday seeped into the performance of their Asian counterparts. Monday, shares of Alphabet closed around 7% lower amid artificial-intelligence-related concerns. South Korea's Kospi was the worst hit index in the region, down 4%. Index heavyweights SK Hynix and Samsung Electronics were down 5–6% during early trade. Japan's Nikkei 225 was also among the worst performers, erasing its marginal gains seen at the open. The index shed nearly 1%, dragged down by the losses in technology and electronics stocks. Shares of technology-focused lender SoftBank Group were down nearly 8%, while electronics major Murata Manufacturing fell nearly 5% during early trade.
"These are far from dull markets," Chris Weston, head of research at Pepperstone Group Ltd in Melbourne told Reuters. "The former generals of the market appear to have lost momentum, and investors are rotating into other areas of the market that are more defensive, less AI-focused and offer more predictable cash flows."
Following are the levels of key indices in the region at 0812 IST:
| Index | Level | Change in % |
| CSI 300 Index | 5025.84 | (-)0.67 |
| Hang Seng Index | 23649.91 | (-)0.5 |
| Nikkei 225 Day | 71711.67 | (-)0.89 |
| TOPIX FIRST SECTION | 4060.9 | (-)0.83 |
| KOSPI | 8732.43 | (-)4.19 |
| FTSE Singapore Strait Times | 5229.93 | 0.5 |
| S&P/ASX 200 Index | 8823.5 | 0.1 |
(Shruti Nair)
Equity Alert: US indices end mixed Mon; tech stocks drag down S&P, Nasdaq
MUMBAI--0725 IST--US equity indices ended mixed on Monday, with losses in major technology players dragging the S&P 500 and the tech-heavy Nasdaq into negative territory. On the other hand, gains in the industrial and healthcare sectors allowed the Dow Jones to close higher as market participants assessed the conclusion of the first session of peace negotiations between the US and Iran.
On Monday, several 'Magnificent 7' stocks ended lower, with Alphabet leading the losses, ending over 5% lower. The stock fell amid growing concerns around artificial intelligence and as two high-profile researchers exited the company for rivals in recent days, according to a CNBC report. Its peers Meta, Amazon, and Microsoft ended 3–5% lower. Elon Musk's SpaceX also ended over 16% lower, down for the third straight session, during which it shed 24%, according to a report by CNBC. On the other hand, shares of chipmaker Micron Technology ended nearly 7% higher, ahead of the company's quarterly results due post market hours on Wednesday. Other chipmakers also saw gains, with Advanced Micro Devices and Intel, around 3% and 5% higher, respectively.
Investors continued to assess the durability of peace in West Asia after the first session of peace talks between the US and Iran in Switzerland concluded on Monday. Mediators Qatar and Pakistan said the US and Iran had agreed on a road map to reach a final deal within 60 days. Subsequently, crude oil prices fell over 3% to close at around $78 per barrel on Monday.
Market participants will also keep an eye out for the release of the personal consumption expenditures price index for May, the US central bank's preferred inflation gauge, due Thursday. Even excluding volatile food and energy prices, core expenditure is seen up from April, CNBC reported, citing economists polled by FactSet.
Following were the closing levels of major US indices on Monday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
51712.71 |
0.29 |
|
NASDAQ Composite |
26166.60 | (-)1.32 |
|
S&P 500 |
7472.79 | (-)0.37 |
(Shruti Nair)
US$1 = INR 94.74
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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.
NSE: National Stock Exchange
NYSE: New York Stock Exchange
NYMEX: New York Mercantile Exchange
SEBI: Securities and Exchange Board of India
RBI: Reserve Bank of India
Internet links:
Securities and Exchange Board of India - http://www.sebi.gov.in
Bombay Stock Exchange - http://www.bseindia.com
National Stock Exchange of India - http://www.nseindia.com
Directory of Indian government websites - http://goidirectory.nic.in
Indian Ministry of Finance - http://www.finmin.nic.in
Reserve Bank of India - http://rbi.org.in
Controller General of Accounts, Government of India - http://www.cga.nic.in
Government's Press Information Bureau - http://www.pib.nic.in
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
