Equity Alert
KPR Mills up 18%; Motilal Oswal starts coverage with 'neutral'
This story was originally published at 12:45 IST on 24 June 2026
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Equity Alert: KPR Mills up 18%; Motilal Oswal starts coverage with 'neutral'
MUMBAI--1150 IST--KPR Mills' shares rose nearly 18% to an over-one-year high of INR 1,334. The domestic brokerage Motilal Oswal initiated coverage on the company with a 'neutral' rating and a target price of INR 1,200. The brokerage is of the view that the company is well-positioned to benefit from its leadership in the Indian textile and apparel industry.
"KPR is well-positioned to benefit from its leadership in the Indian textile and apparel industry, supported by the largest garmenting capacity among listed peers, followed by the sugar and ethanol business," Motilal Oswal said. The brokerage estimates the revenue of the company to grow at a compound annual growth rate of 20%, and adjusted profit after tax at 90% for 2025-26 (Apr-Mar)-FY28. KPR Mills is aggressively extending capacities supported by strong order visibility and improving customer demand, according to Motilal Oswal.
The demand in global textile and apparel industry saw a recovery in demand, supported by inventory normalisation, easing inflation, and lower tariffs, Motilal Oswal said.
At 1148 IST, shares of KPR Mills traded over 9% higher at INR 1,238. Over 11 million shares of the company exchanged hands on NSE, which is sharply higher than 57,853 shares traded till the same time Thursday. The stock was the top gainer among the Nifty 500 constituents. (Adhithya Aji)
Equity Alert: Power equipment cos fall; GE Vernova dn 5%, Hitachi Energy dn 4%
MUMBAI--1110 IST--Shares of power equipment companies GE Vernova T&D India, Hitachi Energy India, Siemens Energy India, CG Power and Industrials, and ABB India traded lower Wednesday. While these stocks have run up significantly over this year, their valuations continue to remain higher. The stocks have been trading at close to a trailing price-to-earnings multiple of 100. Hitachi Energy has been trading at a multiple of around 156.
Shares of all these companies gained 36-90% since the start of this year but saw some selling pressure this week. GE Vernova T&D, Hitachi Energy India, and CG Power were down for the third session in a row. Over this period, these stocks fell around 8%, 7%, and more than 5%, respectively. GE Vernova closed lower Tuesday despite touching its highest level in 52 weeks the same day. At 1141 IST, shares of GE Vernova were down over 5%, Hitachi Energy and Siemens Energy around 4%, CG Power 2.2%, and those of ABB India almost 2%.
Investors expect demand for artificial intelligence to fuel growth for data centres. India's data centre industry is expected to grow at a compounded annual rate of over 30?tween 2025 and 2030, Nomura said in a report earlier this month. Data centres' capacity is seen touching over 7 gigawatts by 2030, the brokerage said. Citi, in an initiation report on GE Vernova, Hitachi Energy India, Siemens Energy, and CG Power, said the large domestic transmission buildout, increasing adoption of high-voltage direct-current systems, and favourable localisation policies should play out positively for India. (Ruchira Kagita)
Equity Alert: Most IT stocks rise; Tech Mahindra up 3.4%, Infosys up over 2%
MUMBAI--1105 IST--Shares of most information technology companies rose Wednesday, after Tuesday's sharp fall. At 1056 IST, the Nifty IT index was up over 1% at 27301.25 points with Oracle Financial Services, Tech Mahindra, Infosys, Tata Consultancy Services, and LTM leading the gains up around 1-3%. Bucking the trend shares of Wipro and Tata Technologies fell 0.3% and 2%, respectively, and those of HCL Technologies were largely flat after global brokerage JP Morgan downgraded the stocks.
Shares of Tech Mahindra rose as much as 3.4% to an intraday high of INR 1,464. Brokerage Motilal Oswal Financial reiterated its "buy" call on the stock with a target price of INR 1,750, implying a near-24% upside from the stock's closing price Tuesday. "We continue to like TECHM's (Tech Mahindra's) bottom-up turnaround story," the brokerage said in a report Wednesday. Early signs of a turnaround in the communications vertical, supported by a large Europe deal, reinforce confidence in the medium-term growth outlook of the company, Motilal Oswal noted after its meeting with the company's management.
Motilal Oswal estimates Tech Mahindra's 2026-27 (Apr-Mar) earnings before interest and tax margins at 14.8%, translating into a compound annual growth rate of 25% in net profit in rupee terms over FY26-FY28. "We remain positive about TECHM's restructuring under the new leadership, although the impact from these steps is likely to be visible gradually," the brokerage said.
Shares of Infosys rose over 2% to a high of INR 1,053.70 after the company reiterated confidence in its artificial intelligence-led strategy, highlighting that AI services revenue has reached an annualised run rate of around $1 billion and continues to grow. Artificial intelligence will not replace companies such as Infosys, but will, in turn, benefit companies that adopt AI with speed, Chairman Nandan M. Nilekani told shareholders at the company's 45th annual general meeting Tuesday. "Although Infosys appears well positioned with its Topaz and Cobalt offerings, the pace of large-scale AI revenue conversion and margin impact remains a key monitorable amid evolving competitive dynamics and ongoing client spending caution," ICICI Direct Research said in a report.
Global brokerage firm, JP Morgan downgraded HCL Tech, Wipro, and Tata Technologies to "underweight" call from "neutral," and cut their target prices by 27%, 20% and 3.6%, respectively. The brokerage retained its cautious stance on Indian IT stocks, highlighting that the sector faces an uncertain demand environment from an unprecedented confluence of technology and business cycle headwinds from Generative AI-led deflation and geopolitics. JP Morgan does not expect large-cap IT companies to hit mid-single-digit revenue growth going forward and expects that figure to continue hovering between 3% and 4%. Even though JP Morgan remains cautious on the sector as a whole, it maintains "overweight" recommendations for TCS, Infosys, Tech Mahindra, Coforge, Persistent Systems, and Sagility. (Arya S. Biju)
Equity Alert: Indices rise more; heavyweights HDFC Bank, ICICI Bk up 2?ch
MUMBAI--1100 IST--Benchmark equity indices gained more as Nifty 50 heavyweights HDFC Bank and ICICI Bank rose further. Information technology stocks also gained more. The Nifty 50 index was some 40 points short of the 24000 level.
At 1050 IST, the Nifty 50 was at 23946.80, up 122.70 points or 0.5% higher. The BSE Sensex was 0.7% higher at 76703.53, up over 500 points. More than 30 Nifty 50 stocks were trading higher, compared to 25 stocks earlier. India VIX fell nearly 2% to 13.6975 points.
In the broader market, barring the Nifty Midcap 50, all indices were marginally lower. Sectoral indices showed a mixed performance, with the Nifty Energy logging the biggest loss, down nearly 1%. The Nifty Private Bank and Nifty IT were the major gainers among sectoral indices, up over 1?ch.
While Dr. Reddy's Laboratories continued to be the top gainer in the Nifty 50 index, ICICI Bank rose over 2% and HDFC Bank gained almost 2%. Tech Mahindra, Trent, and InterGlobe Aviation were also up over 2?ch. Bajaj Auto continued to be the top laggard in the index, down almost 2%.
Tata Motors was the top gainer in the Nifty 200 index, up nearly 4%. Oracle Financial Services Software and Shree Cement were up over 3?ch in the index. On the other hand, Indian Railway Finance Corp. was the biggest loser in the Nifty 200 index, down 5%. Shares of the company fell after the government said it planned to sell up to 2% stake in the company via an offer for sale at a floor price of INR 91.
KPR Mill gained over 11% in the Nifty 500 index, and was the top performer. JSW Infrastructure and Pine Labs were up over 6% and 5%, respectively. (Arundathi A R)
Equity Alert: Banks rise; RBI says banks can lend against FCNR (B) deposits
MUMBAI--1057 IST--Shares of banks traded positive Wednesday after the Reserve Bank of India clarified that lenders are allowed to extend loans to non-residents or issue stand-by letters of credit in favour of overseas lenders against FCNR (B) deposits. Large banks are expected to be the key beneficiaries, given their strong overseas network and established NRI franchise, an analyst said.
"The RBI's FCNR(B) lending clarification, coupled with the special swap window, is a timely measure to attract foreign currency inflows at a time when FY26 FCNR(B) mobilisation has remained subdued," Sweta Padhi, research analyst at IDBI Capital, said. Padhi expects State Bank of India, HDFC Bank, ICICI Bank, and Bank of Baroda to be the key beneficiaries, given their strong overseas networks. "Among lenders, SBI, HDFC Bank and ICICI Bank remain best positioned to capture incremental inflows given their extensive global reach and strong NRI customer base," she added. The rise in net interest margins for these large banks is seen modest at 2–6 basis points, given the relatively small share of these deposits in the overall liability mix, the analyst said.
On Monday, the Nifty Private Bank and Nifty Bank gained around 1?ch to be the best performing sectoral indices. Shares of Nifty 50 heavyweights ICICI Bank and HDFC Bank rose over 2% and 1%, respectively. Their index peer SBI was marginally up. AU Small Finance Bank, YES Bank, Kotak Mahindra Bank, Federal Bank, IndusInd Bank, and Axis Bank rose around 1?ch. (Adhithya Aji)
Equity Alert: IRFC falls 6%; govt to sell 2% stake with floor price at INR 91
MUMBAI--1010 IST--Shares of Indian Railway Finance Corp. fell nearly 6% to a near-one-month low of INR 92.92 after the government decided to sell 2% stake in the company through an offer for sale. The floor price for the stake sale is set at INR 91, which is a nearly an 8% discount from the previous closing level.
The President of India, promoter of the company, who is acting through and represented by the Ministry of Railways, proposed to sell up to 130.69 million shares, which represents 1% of the share capital of the company and another 1% as green shoe option. As of Mar. 31, the government held an 84.65% stake in the company. Post the stake sale, along with exercising the green shoe option, it would come down to 82.65%.
With the floor price at INR 91, the government is set to raise INR 11.89 billion, which represents 1% of the shareholding. Including the green shoe option, the government is estimated to raise INR 23.78 billion. The non-retail investors can bid for the shares on Wednesday, while retail investors can make their bids on Thursday.
At 1009 IST, shares of IRFC traded nearly 6% lower at INR 93.21. Over 23 million shares of the company changed hands on NSE, which is nearly 13 times higher than the number of shares traded till the same time Tuesday. The stock is among the worst hit in both the Nifty 200 and Nifty 500 indices. (Adhithya Aji)
Equity Alert: Nifty 50 gains after opening a tad lower, stays below 24000 pts
MUMBAI--0940 IST--The Nifty 50 index opened marginally lower on Wednesday after falling sharply in the previous session, while the Sensex opened with marginal gains. However, the 50-stock index turned positive soon after opening. The indices likely tracked mixed signals from Asia-Pacific markets. The Nifty 50 index, which closed below the 24000 level on Tuesday after four straight sessions, remained below this psychologically crucial point during Wednesday's open as well.
At 0918 IST, the Nifty 50 was at 23865.65, up 0.2% or 41.55 points higher. The BSE Sensex was also 0.2% higher at 76383.81, up 183.13 points from Tuesday's close. Almost half the Nifty 50 stocks were higher in early trade. Volatility index India VIX was 0.7% lower at 13.8450 points.
All mid-cap as well as small-cap indices were marginally higher. Barring four, all sectoral indices were also in positive territory. Sectoral indices were mixed, with the Nifty Pharma, Nifty Healthcare, and Nifty IT being the leading ones, up almost 1?ch. On the other hand, the Nifty Metal and Nifty Media were the major losers. Nifty 50 heavyweight ICICI Bank gained almost 2%, supporting the index.
Information technology stocks were the major gainers in the Nifty 50 index. Tech Mahindra was among the biggest gainers, up 2.5%, while Infosys rose almost 1%. Tata Consultancy Services gained marginally.
Dr. Reddy's Laboratories was the biggest gainer in the 50-stock index, up 2.6%. Apollo Hospitals Enterprise, Max Healthcare Institute, and Sun Pharmaceutical Industries were up 0.4-0.9%.
Meanwhile, Bajaj Auto was the key drag on the Nifty 50, down nearly 2%. The company and its wholly-owned subsidiary Bajaj Auto Technology was hit by a cyberattack involving ransomware. SBI Life Insurance Co., Maruti Suzuki India, and HDFC Life Insurance Co. were the other stocks down in the 50-stock index, over 1% lower each. (Arundathi A R)
Equity Alert: Indices may open flat as trend in Asian peers mixed, crude down
MUMBAI--0827 IST--Benchmark equity indices may open largely flat tracking a mixed trend in its Asian peers. Crude oil prices edged lower early Wednesday on signs of easing of supply disruptions through the Strait of Hormuz, though uncertainty surrounding the US-Iran ceasefire persists.
Over 11,000 seafarers stuck in the Persian Gulf will begin to exit through the Strait of Hormuz, CNBC reported, citing the International Maritime Organisation. "We have secured the necessary safety guarantees and have thoroughly verified the conditions for safe navigation to support these operations," Arsenio Dominguez, secretary general of the organisation said. The operations will be carried out in close cooperation with Iran, Oman, all other coastal states in the region, the US and the maritime industry, he added. At 0809 IST, the August futures contract of Brent Crude on the Intercontinental Exchange was 0.6% lower at $76.62 per barrel, the lowest price since the beginning of the West Asia war.
In the latest development, US President Donald Trump Tuesday said he would "cancel meetings" as part of the peace talks with Iran if Tehran does not allow International Atomic Energy Agency nuclear inspections in the nation, asserting that the US has secured assurances on inspection access as part of ongoing talks. However, Iran said there were "no plans" for International Atomic Energy Agency inspectors to return to its bombed enrichment sites and Tehran's ballistic missile programme will not be included in negotiations with the US, CBS News reported.
The US Senate Tuesday approved a measure instructing President Trump to halt the war in Iran or seek congressional approval before continuing military action, according to a BBC report. Meanwhile, Trump announced that Iran's unfrozen funds would be under Washington's control and that Tehran could only use those to get food and medical supplies from the US, addressing a major hurdle in peace negotiations that both sides say are making progress.
Meanwhile, Commerce and Industry Minister Piyush Goyal Tuesday said India and the US are making progress towards a balanced and mutually beneficial trade agreement, following discussions with US Trade Representative Jamieson Greer and US Ambassador to India Sergio Gor.
The Gift Nifty indicates a largely flat opening for the domestic market. At 0812 IST, the June futures of the GIFT Nifty were at 23858.50, around 34 points higher than the Nifty 50's previous close of 23824.10 points. The Nifty 50 index is trading on verge of break below the lower band of its 7-day long congestion range 23800-24200 points. Moving forward, a decisive close below 23800 points could drag it towards 23600-23500 spot levels in the near term, Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. In contrast, sustenance above 23950 points could take the index back to the upper band of the congestion range at 24200 spot levels, he added. (Arya S. Biju)
Equity Alert: Asian mkts mixed; select chipmaking stocks recover; Kospi up 4%
MUMBAI--0815 IST--Stock indices in Asia were mixed in early trade on Wednesday as select technology stocks recovered from their lows in the previous session. Despite the losses seen in their US peers overnight, stocks of select chipmakers in the region rose during early trade. South Korea's Kospi, up roughly 4%, outperformed peers in the region, recovering some of its losses from the previous session. Japan's Nikkei 225 and the broader-market Topix were the worst performers in the region amid hawkish cues from the country's central bank.
Early gains in shares of index heavyweights pushed the Kospi into positive territory on Wednesday. Consumer electronics major Samsung Electronics was up nearly 8%, while semiconductor leader SK Hynix gained 3%. Both stocks had shed around 12?ch on Tuesday and dragged down the benchmark South Korean index, which ended around 10% lower.
Recent channel checks across Asia and enterprise-AI demand trends showed "no cracks in the armor," Dan Ives, senior equity research analyst at Wedbush Securities, told CNBC. Ives argued that the selloff in South Korean technology stocks was likely a pause after a near 100% rally in the Kospi this year, rather than a weakening of fundamentals.
Nikkei 225 and Topix were down 0.4?ch during early trade. A summary of opinions from the Bank of Japan's meeting earlier this month released on Wednesday showed some board members called for further interest rate hikes to push the central bank's policy rate closer to levels deemed neutral to the economy, according to a Reuters report. Last week, the central bank raised interest rates to a 31-year high of 1.00%.
Following are the levels of key indices in the region at 0812 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4930.75 | 0.23 |
| Hang Seng Index | 23295.0.3 | (-)0.18 |
| Nikkei 225 Day | 69523.79 | (-)0.38 |
| TOPIX FIRST SECTION | 3975.37 | (-)0.38 |
| KOSPI | 8490.39 | 3.49 |
| FTSE Singapore Strait Times | 5229.82 | 0.46 |
| S&P/ASX 200 Index | 8812.4 | 0.29 |
(Shruti Nair)
Equity Alert: US indices end lower amid selling in chipmaker stocks
MUMBAI--0740 IST--US equity indices ended lower on Tuesday as selling of chipmaker stocks, which started in the previous session, continued. The tech-heavy Nasdaq was the worst performer among its peers, falling over 2%, followed by the S&P 500, which lost over 1%. The Dow Jones Industrial Average posted the smallest decline among the three major indices, closing 0.1% lower.
Shares of Micron Technology ended 13% lower and were among the worst-hit stocks ahead of the company's quarterly results, due after the close on Wednesday. Sector giant Nvidia ended over 4% lower, while other notable players such as Intel and Advanced Micro Devices closed around 6% lower each. On Tuesday, chipmakers' stocks suffered a major pullback globally as investors evaluated the growing debt-funded artificial intelligence sector.
Shares of Alphabet, which were among the major laggards in the previous session, ended 1% lower. The stock shed 5% on Monday amid AI-related concerns and recent departures of high-profile talent.
"The AI beneficiaries are the sell-off, and I don't think they're expensive, but they're crowded," Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management, said on CNBC's "Squawk Box" Tuesday. "It's captured kind of the zeitgeist of the momentum traders, and when that happens, you're going to have sharp sell-offs like we're having. I'd argue it's healthy."
Technology stocks outside chipmakers helped limit the losses in indices. Magnificent 7 members Microsoft and Amazon ended 1–2% higher, while stocks like Walmart, Procter & Gamble, and Johnson & Johnson also recorded gains, ending around 2% higher each. Notably, International Business Machines shares popped 5% following an upgrade to 'overweight' at JPMorgan, according to a CNBC report.
Market participants will watch out for the Personal Consumption Expenditures Price Index data, the US Federal Reserve's preferred inflation gauge, due Thursday.
The following were the closing levels of major US indices on Tuesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
51666.84 |
(-)0.09 |
|
NASDAQ Composite |
25587.04 | (-)2.21 |
|
S&P 500 |
7365.46 | (-)1.44 |
(Shruti Nair)
US$1 = INR 94.67
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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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