Equity Alert
Sterling and Wilson shares rise 5%, co's JV wins $560-mln order
This story was originally published at 13:36 IST on 30 June 2026
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Equity Alert: Sterling and Wilson shares rise 5%, co's JV wins $560-mln order
MUMBAI--1326 IST--Shares of Sterling and Wilson Renewable Energy rose as much as 5% to an intraday high of INR 256.65 on the NSE. The stock was in focus after the company said its joint venture with Hassan Allam Construction received an order worth around $560 million. At 1322 IST, shares of Sterling and Wilson had come off highs were up 2.3% at INR 250.05.
Nearly 7 million shares of the company changed hands on the bourse intraday, slightly lower than almost 9 million traded till the same time Monday. The stock had closed around 1% lower Monday. It was away from its highest level in 2026 by over 4% Tuesday.
The company's joint venture bagged an order to develop a 1,000 megawatt alternating current solar photovoltaic project in Egypt along with a 600 megawatt-hour battery energy storage system. Sterling and Wilson received a gigawatt-scale order for the third time in the past nine months, the company said in a press release.
"This third GW scale order received in a span of 9 months reflects the increasing size of PV projects, and continued trust and confidence that customers place in the company's capabilities," Chandra Kishore Thakur, global chief executive officer of Sterling and Wilson Renewable Energy Group, said in the release. (Ruchira Kagita)
Equity Alert: SJVN shrs rise 4?ter pact with Gujarat Urja to supply power
MUMBAI--1325 IST--Shares of SJVN rose almost 4% to an intraday high of INR 74.58 on the NSE Tuesday, snapping a four-day losing run. This rise came a day after the state-owned power production and transmission company said it had signed long-term power purchase agreements with Gujarat Urja Vikas Nigam Ltd. to supply green power from three upcoming hydroelectric projects in Himachal Pradesh.
The agreements cover a combined capacity of 658 megawatts. These are the 66-megawatt Dhaulasidh hydroelectric project, the 210 megawatt Luhri stage-I hydroelectric project, and the 382 megawatt Sunni Dam hydroelectric project. At 1317 IST, shares of the company traded over 2% higher at INR 73.37 on the NSE. More than 6 million shares of the company have changed hands so far on the bourse, a sixfold increase compared to the shares traded till the same time Monday.
Over the last 30 days, shares of the company have declined 2.5% and over a six-month period, its gains have been almost flat. Elara Securities (India) has a 'buy' recommendation on the stock with a target price of INR 106, implying an upside of more than 44% from current levels. (Eshitva Prakash)
Equity Alert: Steel cos well supported in H1 due to price hikes, says Nomura
MUMBAI--1258 IST--Price hikes by Indian steel companies towards the end of the March quarter and through the June quarter are "more than sufficient" to absorb any cost inflation rising from the West Asia war in the near term, according to Nomura. The domestic steel industry is "well positioned" to benefit in the first half of 2026-27 (Apr-Mar), the brokerage said.
Moreover, Nomura expects Indian steel majors to report a sequential rise in earnings before interest, tax, depreciation, and amortisation per tonne for the June quarter despite the recent fall in realisations. It also sees an expansion in margins on a quarter-on-quarter basis as the lagged benefit of earlier price increases flows through to earnings. "We maintain our positive outlook for the India steel sector, and believe global factors, especially China, should have a limited impact on the earnings potential of major steel players," it said.
Prices of hot rolled coil in India eased slightly by INR 50 per tonne week-on-week to INR 58,200 per tonne last week. Steel rebar prices fell more sharply by INR 850 per tonne to INR 51,150 per tonne, the lowest level this year. This reflects continued weakness in long products despite relatively stronger momentum in flat products, Nomura said.
Meanwhile, the recent steel quota framework in the UK is expected to support Tata Steel, which operates its wholly-owned subsidiary Tata Steel UK there. Beginning Jul. 1, the UK government will limit tariff-free steel imports, reducing overall quota volumes by 51% compared with the existing steel safeguard measures. Any imports above the country-specific quotas will face 50% tariff. "The revised framework aims to strengthen protection for the UK steel industry while allowing a slightly higher level of tariff-free imports than initially proposed," Nomura said. (Ashutosh Pati)
Equity Alert: Nuvama says regulatory moves to offset macro headwinds for banks
MUMBAI--1256 IST--The banking sector is at a crossroads, with headwinds from macroeconomic factors, while easing regulatory measures support growth and earnings resilience, according to Nuvama Institutional Equities. Risks from the West Asia war between the US and Iran, and the El Nino weather phenomenon pose caution for the financial sector. On the other hand, recent changes in foreign currency non-resident dollar-denominated bank deposits and an emergency credit line guarantee scheme provide support for margins and asset quality, the brokerage said.
Nuvama prefers banks over non-banking financial institutions and within banks, it prefers private players as they are better positioned to capitalise on the recent regulatory measures. Private banks also endure the ensuing expected credit loss transition and deliver a healthy return on assets, Nuvama said. Despite near-term macro uncertainties, large private banks are well positioned for a turnaround over 2026-27 (Apr-Mar)-FY29 due to the above-system credit growth, leading to gradual market share gains from public sector banks, the brokerage added.
"Recent FCNR (B) relaxations should particularly benefit deposit-strained PVBs (private banks) while any rate upcycle could support margins given their higher share of EBLR-linked loans," Nuvama said. Moreover, the leadership clarity at ICICI Bank, InduInd Bank's turnaround under a new management, and Kotak Mahindra Bank's move not to consider IDBI Bank acquisition is likely to bring some recovery in the private bank space, Nuvama said. Additionally, a quicker resolution to Kotak Mahindra Bank's management issues is also likely to aid the sector, it said.
Public sector banks did well in the recent period, driven by strong market share gains, healthy capital buffer for select lenders, credible management, and sustained return on assets of around 1%, Nuvama said. "While fundamentals (growth and asset quality) remain supportive for near-term outperformance, ECL impact, elevated G-Sec yields and PSB consolidation could stall the rally," the brokerage said. This impact on private sector banks is expected to be minimal on cleaner balance sheets and hope of a fast turnaround. Nuvama prefers State Bank of India and Indian Bank in the public sector space.
NBFCs outpaced banks at an aggregate level over the past few years on the back of robust credit growth, improving margins, and asset quality. "However, the growth and margin differential with banks is likely to narrow as the funding cost tailwind fades and the lagged impact of the West-Asia conflict," Nuvama said. Moreover, El Nino-led disruptions are likely to pose asset quality risks. The brokerage prefers select second line NBFCs that have already executed credible turnarounds and are set to enter the next phase of profitable growth. Nuvama prefers Shriram Finance, L&T Finance, and Aditya Birla Capital in the NBFC space.
On Monday, banking shares traded mixed with Nifty Bank and Nifty Private Bank up around 0.1?ch, while Nifty PSU Bank was down 0.3%. (Adhithya Aji)
Equity Alert: Dixon Tech gains 3% on report of govt nod for Vivo JV soon
MUMBAI--1250 IST--Shares of Dixon Technologies (India) rose over 3% to an intraday high of INR 12,210 on the NSE Tuesday amid reports that the joint venture between the company and Vivo is likely to receive government approval soon. At 1248 IST, shares of the electronics manufacturing company were off highs and traded just 1% higher at INR 11,910 on the NSE. Around 378,000 shares of the company changed hands on the bourse, 100,000 more than those traded till the same time Monday.
The process of issuing the approval letter for the joint venture is in its final stages and the government is expected to send the formal approval to the company shortly, CNBC-Awaaz reported, citing sources. The report added that the proposed joint venture has already received clearance from the inter-ministerial group. Dixon Tech could get approval from the government as soon as this week, the report said.
Dixon Technologies had signed a binding term sheet with vivo India in December 2024 to establish a joint venture to manufacture electronic devices, including smartphones. In the joint venture, Dixon Technologies will hold 51% of the share capital and vivo India will hold 49% of the share capital. Vivo's Noida facility will likely be brought under the proposed joint venture, which can reduce the Chinese smartphone maker's exposure to regulatory scrutiny in India. The plant can handle some of Vivo's smartphone manufacturing requirements for the domestic market while also undertaking original equipment manufacturing for electronic products of other brands.
Of the 13 brokerage reports available with Informist on the stock, 12 have a 'buy' recommendation with an average target price of INR 13,285. One brokerage has a 'sell' recommendation. (Eshitva Prakash)
Equity Alert: Shilpa Medicare arm, Finland co partner for Nivolumab biosimilar
MUMBAI--1240 IST--Shilpa Medicare said its subsidiary Shilpa Biologicals has inked a co-development and supply agreement with Finland-based Orion Corp. to manufacture the biosimilar of Nivolumab in intravenous form. Further, brokerage DAM Capital initiated coverage on the stock with a 'buy' rating and a target price of INR 748. At 1213 IST, shares of Shilpa Medicare were up almost 5% at INR 600.45 on the NSE, with trading volumes close to 2 million. Intraday, the stock had risen as much as 6% to its highest level in 52 weeks at INR 608.60.
Shilpa Biologicals will manufacture and exclusively supply the biosimilar from its biologics facility in Dharwad, Karnataka, according to an exchange filing. Meanwhile, Orion will have the exclusive rights to register and distribute the product across Europe. As part of this deal, Shilpa Medicare will receive supply revenue over the life of the partnership.
The intravenous biosimilar of Nivolumab is one of the most commonly used immunotherapies against cancer, and posted sales worth $4.1 billion in 2025, Shilpa Medicare said, citing data from IQVIA. "This agreement is a step forward in our efforts to expand and strengthen our operations in hospital segment in Continental Europe," Satu Ahomaki, executive vice president of Orion Pharma's generics and consumer health division, said in the press release.
The company's investments in research and development have begun to bear fruit, DAM Capital said in its initiation report. Its earnings before interest, tax, depreciation, and amortisation doubled from 2023–24 (Apr-Mar) to FY26, DAM Capital said. The company is also transitioning into a business-to-business model from being a traditional oncology player, the brokerage highlighted. DAM Capital expects the company's revenue to grow 22% at a compounded annual rate between FY26 and FY29 and its EBITDA to increase 29% during the same period. (Ruchira Kagita)
Equity Alert: Suzlon Energy up on 105 MW order from Sunsure Energy
MUMBAI--1235 IST--Shares of Suzlon Energy rose almost 2% to an intraday high of INR 58.15 on the NSE Tuesday after the company said it recieved an order of 105 megawatts from Sunsure Energy. At 1234 IST, shares of the company traded just 1% higher at INR 57.75 on the bourse. Around 42 million shares of the company have changed hands so far, higher than the 40 million shares traded till the same time Monday.
The order from Sunsure energy is for 5 MW capacity S175 wind turbine generators launched recently by Suzlon Energy, the first order for these generators. The S175 turbine is India's tallest firm and dispatchable renewable energy-ready wind turbine. An order was secured within two weeks of its launch, the company said. Under the terms of the order, Suzlon Energy will supply 21 next-generation S175 wind turbine generators. The project will be executed in Bijapur, Karnataka.
In the last 30 days, shares of Suzlon Energy have risen over 1% and over the course of six months, they are up over 11%. Of the eight brokerage reports available with Informist on the stock, seven have a 'buy' or an equivalent recommendation at an average target price of INR 66. One brokerage has a 'hold' call. (Eshitva Prakash)
Equity Alert: Indices rebound to trade flat as select automobile cos recover
MUMBAI--1210 IST--Benchmark equity indices recouped early losses to trade flat around noon as shares of select automobile companies recovered. The Nifty Auto index rise, with a majority of stocks trading higher. On the other hand, the Nifty IT was down 2%.
At 1153 IST, the Nifty 50 was at 23935.85, down 10.40 points from Monday's close. The BSE Sensex was also largely flat at 76693.97, down 34.40 points. Half the Nifty 50 constituents were trading higher. India VIX index fell 2% to 13.3650 points. The fear gauge of the market was up 1?rlier.
Broader market indices were higher, with the Nifty Smallcap 50 and Nifty Smallcap 100 indices up almost 1%. The Nifty Smallcap 250 as well as three mid-cap indices were up 0.5?ch. Among sectoral indices, the Nifty IT was the biggest loser, down 2%. The Nifty FMCG, Nifty Metal, Nifty Media, Nifty PSU Bank, and Nifty Private Bank were down marginally.
While Eicher Motors remained 4% lower, its peer stocks Bajaj Auto and Tata Motors Passenger Vehicles recovered from earlier losses. Both stocks were trading 1–2% higher in the Nifty 50 index. Maruti Suzuki India continued as the top gainer in the index, up almost 5%. The Nifty Auto index was up 0.6%, among the major gaining sectoral indices.
Information technology companies Infosys, Tata Consultancy Services, Wipro, and HCL Technologies fell 2-3%. The Nifty FMCG was down 0.5%, with Tata Consumer Products down nearly 3% as the biggest laggard. The stock was also the second-biggest drag in the Nifty 50 index. (Arundathi A R)
Equity Alert: Most IT stocks slump; Nifty IT falls 2% to over-3-year low
MUMBAI--1150 IST--Most information technology stocks declined Tuesday, with the Nifty IT index falling over 2% to 26425.85 points, its lowest level in more than three years. Expectations of a weak June quarter, no signs of improvement in the already weak demand environment, and rising expectations of an interest rate hike by the US Federal Reserve weighed on these stocks, according to analysts covering the sector.
As far as the June quarter earnings are concerned, muted results are expected from most companies, Rishubh Vasa, research analyst covering the sector at Indsec Securities & Finance said. The demand environment hasn't changed yet. The deal pipeline looks healthy, but conversions are still slow, Vasa said. Further, the West Asia war tensions have just eased, but the normalcy effect will be seen later in the year, he added. He expects the second half of the current fiscal year to be better than the first, in terms of earnings recovery.
Concerns over client spending were further boosted by growing expectations of interest rate hikes by the US Fed in 2026. Higher interest rates could affect spending of US-based clients, who contribute a major chunk of revenue to domestic IT companies. The CME Fed Watch tool indicates a near-49% probability of a 25 basis point rate hike by the US Fed in the September meeting, compared to a near-20% chance a month ago.
"We see a band of 25012-26189-27520 (points) for the IT index. A decisive close above or below the outer band will signal a direction for the Indian IT sector," Vasa said. At 1135 IST, the Nifty IT index came slightly off lows and traded 1.9% lower at 26514.90 points. All index constituents traded lower, down 0.2–2.5%. Large-cap players such as LTM, Infosys, Tata Consultancy Services, Wipro, and HCL Technologies led the losses and were down around 2?ch. (Arya S. Biju)
Equity Alert: Adani Ports up; MSC Group arm to invest $1.4 bln in co's port
MUMBAI--1125 IST--Shares Adani Ports and Economic Zone rose 1.4% to hit an intraday high of INR 1,800.60 on Tuesday after the company said it has entered into an agreement with Switzerland-based Mediterranean Shipping Co. Group's subsidiary Terminal Investment. As per the agreement, Terminal Investment will invest $1.4 billion through its wholly-owned subsidiary Mundi to acquire 49% stake in the Adani group company's Kerala port, Adani Ports said in an exchange filing.
The Vizhinjam port in Kerala has existing capacity of 1.6 million twenty-foot equivalent units and is in the process of increasing it to 5.7 million twenty-foot equivalent units, Adani Ports said. The investment to fund the expansion will enable the company to maintain a healthy mix of debt and equity, and a leaner balance sheet, ICICI Securities said in a note.
At 1122 IST, shares of the company were at INR 1,795 on the National Stock Exchange, up 1.1% from Monday's close. Over 997,000 shares of the company have changed hands so far on the exchange, higher than the over 603,000 shares traded until the same time on Monday.
All eight brokerage reports available on the company with Informist have a 'buy' recommendation on the stock with an average target price of INR 1,952 per share, 8.8% higher than the current market price. (Shruti Nair)
Equity Alert: Indices remain lower; automobile cos come slightly off lows
MUMBAI--1107 IST--Domestic benchmark indices remained in the red despite automobile companies coming slightly off lows. The Nifty Auto index was down only 0.2% compared to the earlier fall of over 1%. The Nifty 50 index was down over 100 points from the 24000 level, with the majority of its stocks trading lower.
At 1031 IST, the Nifty 50 was at 23886 points, down 60.25 points, or 0.3%. The BSE Sensex was at 76571.98 points, down 156.39 points, or 0.2%, from the previous close. The fear gauge of the market, India VIX, was up nearly 1% to 13.7300 points, indicating a rise in nervousness among investors.
While Nifty IT remained as the top loser among sectoral indices, down nearly 2%, the Nifty FMCG index fell further by nearly 1%. Meanwhile, Nifty Realty and Nifty Consumer Durables gained 0.5?ch in the pack of sectoral indices. In the broader market, midcap and smallcap indices rose marginally and recovered their earlier losses.
Eicher Motors remained the top loser in the 50-stock index, down nearly 4%, while its peer stock, Maruti Suzuki India, gained almost 3%. Select information technology stocks--Infosys, Wipro, Tata Consultancy Services, and HCL Technologies--were down 1.7-2.5%.
National Aluminium Co. and KPIT Technologies fell the most in the Nifty 200 index, down almost 4?ch. R R Kabel and ZF Commercial Vehicle Control Systems India shed the most in the Nifty 500 index, down 5.5-6.5%.
Among gainers, Bajaj Finance, Nestle India, Titan Co., and Bharti Airtel were up 1–2% in the Nifty 50 index. Cochin Shipyard gained the most in the Nifty 200 index, up over 3%.
Most electric vehicle companies rose after the Delhi government approved a new policy to accelerate electric vehicle adoption. Ola Electric Mobility rose almost 5%, and it was the top gainer in the Nifty 500 index. Ather Energy was up nearly 3%. (Arundathi A R)
Equity Alert: GNG Electronics hits record high; Emkay Global initiates 'buy'
MUMBAI--1106 IST--Emkay Global Financial Services initiated coverage on GNG Electronics with a 'buy' rating and a target price of INR 725. The target implies an upside of over 27% from the stock's closing level on Monday. The company has resilient sourcing network, low warranty instances, minimal warranty expenses, the brokerage said. The company focuses on a 'repair over replacement' approach, Emkay Global noted. The stock rose more than 8% to hit a fresh all-time high of INR 616.45 on the NSE. Its trading volume was close to 900,000, higher than around 352,000 till the same time Monday. At 1102 IST, shares of GNG Electronics were up 8% at INR 614.50.
GNG Electronics' competitive position is good and it is likely to benefit in the medium term amid a supply crunch for memory chips and affordability concerns with new laptops, the brokerage said. The company's customer base across 46 countries, industry-leading warranties of one to three years, and strong brand credibility provide confidence, the brokerage said in its initiation report.
The company "...is poised to benefit from operating leverage as it scales and gain share in a highly fragmented refurbished IT products market," Emkay Global said. Operating leverage, structured sourcing, quality standardisation, and an improved product mix are expected to be the key margin drivers for the company, according to the broking firm.
The company's customer touchpoints have risen to around 4,900 in 2025-26 (Apr-Mar) from around 1,300 in FY22, the brokerage noted and said this reduces the risk of customer concentration. GNG Electronics' partnerships with Ingram Micro India and Supertron Electronics will help it deepen enterprise and institutional penetration, the brokerage said.
Emkay Global projected the company's revenue to grow 24% at a compounded annual rate between FY26 and FY29 while its earnings before interest, tax, depreciation, and amortisation are seen rising 30%. Over FY20-26, it delivered compounded annual growth of 41% in revenue and 80% in EBIDTA, the brokerage noted. (Ruchira Kagita)
Equity Alert: Some auto cos dn on Delhi govt's EV policy, EV stocks rise
MUMBAI--1055 IST—-Select automobile stocks traded with a negative sentiment following the Delhi government's approval to its electric vehicle policy, aimed at accelerating the adoption of electric mobility. This has made sentiment negative for Indian automobile players as the legacy portfolio dominates the industry, rather than the EV portfolio. Eicher Motors is seen takeing the worst hit, as the Royal Enfield owner lags in EV adoption.
The Delhi government's EV policy mandates that only electric auto rickshaws can be registered from Jan. 1, 2027, and only electric two-wheelers from Apr. 1, 2028. The policy also offers incentives of up to INR 30,000 in the first year for electric-two wheelers purchase, and INR 50,000 for electric rickshaws.
Shares of Ola Electric Mobility rose nearly 5% to be the top gainers in the Nifty 500. Its peer Ather Energy rose over 3%. On the other hand, shares of Eicher Motors fell nearly 7% to a one-month low of INR 6,942.50. The Royal Enfield parent company is yet to commercialise its EV portfolio, according to an analyst tracking the automobile sector. There are chances that other states might also adopt the same EV policy, especially Uttar Pradesh and Haryana, where Eicher has strong presence. Moreover, scooters contribute more to the overall two-wheeler portfolio than motorcycles, which is just 1-2%, the analyst added. Eicher Motors has no scooters in its portfolio.
"It will be a painful transition," the analyst said. More clarity regarding the policy is awaited. Until then, it will spark worries among dealers in Delhi. There is a possibility that non-EV two-wheelers could be registered in neighbouring states and used in Delhi. However, clarity on this is also needed, he said.
Shares of HeroMoto Corp were down nearly 1%. The Splendor-maker is also seen facing the heat of the new EV policy, given its higher exposure to motorcycles and large domestic franchise, according to Emkay Global Institutional Equities. (Adhithya Aji)
Equity Alert: Kalpataru Projects up 4%; co, intl arms get INR 30-bln orders
MUMBAI--1025 IST--Shares of Kalpataru Projects International rose more than 4% to an intraday high of INR 1,405.20 after the company, along with its international subsidiaries, received new orders worth around INR 29.57 billion across businesses in India as well as overseas. At 1022 IST, the shares came off highs and were nearly 2% higher at INR 1,372.60.
The orders included those in the power transmission and distribution business in India and overseas markets, and in the buildings and factories business in India. They also included an order in the water business in West Asia secured by its joint venture or consortium, Kalpataru Projects said in an exchange filing. The order win in the water business marks a significant milestone, signalling the company's strategic entry into West Asia, a region with immense growth potential, Manish Mohnot, managing director and chief executive officer of the company, said in the filing.
"Driven by a strongly diversified order book and robust visibility across businesses, we remain confident in achieving our growth targets for 2026–27 (Apr-Mar)," Mohnot said. All 11 research reports on the company available with Informist have a 'buy' recommendation on the stock, with an average target price of INR 1,538, indicating an upside of over 14% from Monday's closing price. Till 1022 IST, 219,288 shares of the company changed hands on the National Stock Exchange, compared to the 100,317 shares traded till the same time Monday. (Arya S. Biju)
Equity Alert: KEC Intl gains 7?ter orders worth INR 17.54 bln
MUMBAI--1015 IST--Shares of KEC International gained 7% Tuesday and hit an intraday high of INR 551 per share. This was after the company Monday said it has received orders worth INR 17.54 billion across businesses. The orders comprise those for high voltage transmission line towers in the US under the transmission and distribution vertical. The company also received orders under cable and conductor operations for India and international markets. With these orders, the company's year-to-date order intake stands above INR 40 billion, the company said in its exchange filing.
At 1000 IST, shares of the company were at INR 527.75 on the National Stock Exchange, up 2.4% from Monday's close. Over 5.3 million shares of the company have changed hands on the exchange so far, more than thrice the 1.5 million shares traded until the same time on Monday.
Of the 14 brokerage reports on the stock available with Informist, 12 have a 'buy' recommendation on the stock with an average target price of INR 666, which is over 26% the current market price. (Shruti Nair)
Equity Alert: Maruti Suzuki rises 3% as Jefferies upgrades stock to 'buy'
MUMBAI--0948 IST--Automobile major Maruti Suzuki India's shares rose nearly 3% to an intraday high of INR 13,790, defying the negative trend in its sectoral peers. The stock rose after global brokerage Jefferies upgraded its recommendation on the stock to "buy" from "hold" and raised the target price by nearly 20% to INR 16,500. The brokerage said easing macroeconomic concerns are providing support for the automaker.
Jefferies said India's passenger vehicle demand remained strong in the first half of 2026. The easing of the war in West Asia between the US and Iran and the sharp correction in global crude oil prices have alleviated demand side concerns, NDTV Profit reported, quoting the brokerage. Jefferies upgraded the company's earnings per share estimate over the period from the financial year 2026-27 (Apr-Mar) to FY29 by 2-4%. It added that the company's price-to-earnings ratio at 24 times in FY27 is reasonable.
At 0942 IST, shares of Maruti Suzuki India were up nearly 2% from Monday at INR 13,655. Over 138,000 shares of the company had changed hands on the NSE, over three times higher than the number of shares traded till the same time Monday. The stock was the top gainer among the Nifty 50 constituents even as the Nifty Auto was among the worst-hit sectoral indices, down 0.6%. (Adhithya Aji)
Equity Alert: Nomura hikes Bharti Airtel target price by 6%, retains 'buy'
MUMBAI--0940 IST--Brokerage Nomura raised its target price on Bharti Airtel to INR 2,355 from INR 2,220 while retaining its 'buy' recommendation. The new target price implies an upside of almost 28% from Monday's closing price. A likely hike in tariffs by the December quarter, operating leverage, and ongoing premiumisation are seen as key growth drivers for the company. At 0936 IST, shares of the telecommunications major were 0.6% higher at INR 1,852 on the NSE.
The company's 5G rollout is largely complete, the brokerage said, and this is seen leading to strong free cash flows. Nomura expects the company's earnings before interest, tax, depreciation, and amortisation growing at a compounded annual rate of 14?tween 2025-26 (Apr-Mar) and FY29. Its free cash flows are also pegged to rise 14% during the same period.
Though Indian telecommunication players' valuations are at a premium compared to their global peers, Bharti Airtel's valuations are justified, Nomura said. This is due to its long-term potential to grow its average revenue per user, favourable market structure, multiple optionalities, and scope for regulatory advantages, according to the report. Bharti Airtel trades at a forward enterprise multiple of 8.4, based on the brokerage's FY28 estimates and at 7.2 based on FY29 projections. The company's average revenue per user in the India business is seen increasing around 9% at a compounded annual growth rate over FY26-29.
India's mobile subscribers base is close to saturation, according to Nomura. The focus for companies is now is increasing the value per user. Airtel "...may continue to sustain and help it maintain ARPU leadership," the brokerage said. (Ruchira Kagita)
Equity Alert: Indices open higher, then slip; IT, auto stocks biggest drag
MUMBAI--0935 IST--The domestic frontline indices opened slightly above the psychologically crucial level of 24000 points on reports of talks between the US and Iran in Qatar and a cooling of crude oil prices, but quickly retreated and fell below Monday's close of 23946.25 points.
At 0925 IST, the Nifty 50 was at 23895.95, down 50.30 points or 0.2% from Monday. The BSE Sensex also fell 0.2% to 76609.87, down 118.50 points. Less than half the stocks in the 50-stock index were up. India VIX, the market's fear gauge, rose nearly 2% to 13.8525 points.
In the broader market, all the smallcap indices were up around 0.2% in early trade but the midcap indices were down 0.1%. Sectoral indices were mixed, with the Nifty IT and Nifty Auto down over 1?ch. On the other hand, the Nifty Healthcare and Nifty Pharma rose 0.2-0.3%.
Select automobile companies were major drags on the Nifty 50 index. Eicher Motors was the big loser, down almost 6%. The stock was the worst performer in the Nifty 200 and Nifty 500 indices as well. Bajaj Auto was down over 1%. In contrast, Maruti Suzuki India was the top gainer in the index, up over 1%. In the Nifty 200, Bharat Forge and Samvardhana Motherson International were down 2.6-4.2%.
Tata Consumer Products was down nearly 3% in the Nifty 50 index. Information technology stocks Infosys, Tata Consultancy Services, and Wipro were down 1.4–2.7%. Index heavyweights Reliance Industries and HDFC Bank were down 0.6% and 0.4%, respectively.
Among gainers, Nestle India, Sun Pharmaceutical Industries, and Axis Bank were up almost 1?ch. In the Nifty 200, Bharat Dynamics, Coromandel International, and Exide Industries rose 2–3%. In the Nifty 500, KEC International rose over 4?ter the company reported getting orders of INR 17.54 billion across businesses. (Arundathi A R)
Equity Alert: Indices may open largely flat or with minor gains; crude down
MUMBAI--0813 IST--Benchmark equity indices are seen opening largely flat or with minor gains ahead of the upcoming US-Iran talks in Qatar, with fresh disagreements over control of the Strait of Hormuz clouding hopes of a lasting resolution to the four-month-long conflict in West Asia. Crude oil prices fell in early trade and the August futures contract of Brent Crude was at $72.70 per barrel at 0759 IST.
US President Donald Trump in a Truth Social post late Monday said Iran had requested a meeting and that the meeting would take place in Doha Tuesday. The White House announced that US Special Envoy Steve Witkoff and Senior Adviser to President Trump, Jared Kushner, are scheduled to travel to Doha on Tuesday for discussions with Iranian officials. However, Iranian Foreign Ministry spokesman Esmaeil Baghaei said the Iranian delegation was not currently scheduled to hold talks with the US and was only visiting Qatar to advance efforts to secure the release of frozen assets, AlJazeera reported. Speaking at the White House Trump defined the objective of the Doha meeting as "it's really very simple, it's the denuclearisation of Iran."
"Indian equities are expected to remain cautiously optimistic amid renewed geopolitical tensions in West Asia," Siddhartha Khemka, head of research, wealth management, at Motilal Oswal Financial Services said in a note. Until there is greater clarity on the durability of the ceasefire, geopolitical developments are expected to remain a key driver of global sentiment. Market participants will closely monitor the US-Iran negotiations in Qatar, with initial discussions centred on ensuring safe navigation through the Strait of Hormuz, he added.
The June futures contract of the Gift Nifty indicated a largely flat opening for the domestic market. At 0800 IST, the futures contract was at 23996.50, over 50 points above the Nifty 50's previous close. The Nifty 50 index is currently hovering around the 24000 mark and is testing its 100-day moving average, which is positioned at 24176. The index is also trading above its 20-day and 50-day moving averages, placed at 23674 and 23846 points respectively, reflecting a positive short-term technical structure, Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equities said.
As long as Nifty 50 holds above 23654 points, the overall outlook remains bullish. From a technical perspective, the index is likely to extend its upward move towards the 24500 level, followed by the 25000 mark. Any short-term correction or dip towards the 23800 zone should be viewed as a buying opportunity, as the broader trend continues to favour the bulls, Sundar added.
Shares of HDFC Bank will be in focus after the bank appointed Rajiv Kumar, former chief election commissioner of India and former Union finance secretary, as part-time chairman of the bank for three years. Kumar will replace Keki Mistry, who was appointed as the interim part-time chairman of HDFC Bank after Atanu Chakraborty resigned in March citing differences with the management over "values and ethics". The board also approved the appointment of Puneet Sharma as chief financial officer effective from Dec. 1. Sharma had resigned as chief financial officer of Axis Bank on Sunday and will be relieved from the services at the close of business hours Aug. 31. (Arya S. Biju)
Equity Alert: Asian mkts tad up; investors assess pause in US-Iran hostilities
MUMBAI--0804 IST--Most Asian stock indices were marginally higher shortly after open on Tuesday as global investors assessed whether the pause in hostilities between the US and Iran would ease concerns regarding energy supply. Oil prices were down in early trade, with August futures of Brent Crude oil hovering below $73 per barrel. Japan's Nikkei 225 was among the top performers, buoyed by gains in technology stocks. On the other hand, Hong Kong's Hang Seng was among the worst performers.
The Nikkei 225 touched an intraday high of 1.6% in early trade, powered by a rebound in technology stocks that has helped drive the gauge's record quarterly gains, according to a Reuters report. The index is poised to record a 36% rise over the past three months, the sharpest quarterly advance according to data going back until 1965, Reuters reported. Other gainers in the region included Taiwan's Taiex, which was up 3% in early trade and the top gainer in the region, while South Korea's Kopsi recovered from its earlier lows and climbed into gains.
"Reports that working-level talks between the US and Iran are expected to take place should also provide support for stock prices," Sony Financial Group analysts said in a report. "However, as institutional investors are expected to adjust their portfolios ahead of the end of the quarter today, volatile price movements are possible."
China's CSI 300 was up 0.3% during early trade. The country's manufacturing activity in June picked up faster than economists had expected, driven by strong demand for high-tech exports amid the global artificial intelligence boom, according to a CNBC report. The official purchasing managers' index inched up to 50.3 in June, beating the forecast of 50.1, according to data released by the National Bureau of Statistics on Tuesday. In May, the index stood at 50.
Following are the levels of key indices in the region at 0755 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4942.77 | 0.3 |
| Hang Seng Index | 22725.43 | (-)1.3 |
| Nikkei 225 Day | 70063.6 | 0.9 |
| TOPIX FIRST SECTION | 3993.66 | 0.3 |
| KOSPI | 8394.43 | 0 |
| FTSE Singapore Strait Times | 5180.76 | (-)0.5 |
| S&P/ASX 200 Index | 8827.3 | 0.1 |
(Shruti Nair)
Equity Alert: US Indices end higher Mon; Dow Jones sees record closing high
MUMBAI--0725 IST--US stock indices ended higher on Monday amid broad-based gains, with the Dow Jones Industrial Average ending 0.6% higher and closing above the 52000 mark for the first time. This was after Silicon Valley stalwart Alphabet marked its first trading day on the index. The stock ended around 5% higher. Alphabet also supported gains in the S&P 500 and Nasdaq, which closed 1.2% and 2.1% higher, respectively.
Among other technology gainers, VanEck Semiconductor closed over 3% higher, recovering from its decline earlier in the session, CNBC reported. In notable individual stock movements, Comcast ended 4.5% higher after the company said it would split its media and technology businesses into two listed entities, with the separation expected to be completed in around a year.
The gains on Monday mark the beginning of a shortened trading week on Wall Street, which will be shut on Friday in observance of Independence Day, CNBC reported. "It might be a little bit of light liquidity [due to the holiday-shortened trading week], so you might see bigger-than-expected moves," Joe Tigay, a portfolio manager at Equity Armor Investments, told CNBC. "We also have the end of quarter happening soon, which can cause some window dressing to happen, so advisors are wanting what they report on their quarterly statements to look attractive to their clients, and they've been locking in some gains too."
Crude oil prices ended higher on Monday amid a pause in hostilities between the US and Iran after a tense weekend of military escalation. Monday, the August futures contract of Brent Crude oil ended at around $73 per barrel, 1.6% higher than its previous close, as traders assessed whether the pause would ease concerns about energy supply disruptions.
Following were the closing levels of major US indices on Monday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
52182.74 | 0.6 |
|
NASDAQ Composite |
25820.14 | 2.1 |
|
S&P 500 |
7440.43 | 1.2 |
(Shruti Nair)
US$1 = INR 94.68
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.
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