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Informist, Thursday, Jul. 2, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Emkay Global initiates 'buy' on Vedanta Aluminium; shrs up 2.5%

 

MUMBAI--1032 IST--Emkay Global Financial Services initiated coverage on Vedanta Aluminium Metal with a 'buy' recommendation and a target price of INR 550, an upside of almost 22% from the stock's closing level Wednesday. The medium-term outlook for aluminium is constructive and the global market for the metal is likely to remain in deficit through 2028, the brokerage said. This is despite Indonesia's plans to produce 2.5 million tonnes more aluminium between 2025 and 2028. At 1032 IST, shares of Vedanta Aluminium were 2.5% higher at INR 463.20. Nearly 5 million shares of the company changed hands on the bourse, higher than close to 4 million till the same time Wednesday.

 

The ramp-up of aluminium supply is expected to be gradual, given execution risks related to availability of bauxite, alumina refining, power infrastructure, and project financing, Emkay Global said in its research report. China's production nearing its annual capacity ceiling of 45 million tonnes limits incremental supply of aluminium, the firm said. Demand for grid infrastructure, ongoing energy transition, and automotive lightweighting are seen as growth levers for the aluminium market, according to the report. Aluminium prices are estimated to average $3,250 a tonne in 2026-27 (Apr-Mar) and $3,100 a tonne in FY28 on the London Metal Exchange. 

 

The benefits from aluminium prices aside, Vedanta Aluminium's earnings are seen being driven higher by structural cost improvements too, the brokerage said. The company's backward integration strategy across bauxite mining, alumina refining, captive coal, and power is expected to play out positively. With its bauxite and coal mines ramping up, and the Lanjigarh refinery in Odisha nearing full utilisation, the company is well positioned to improve its self-suffiency in alumina, the brokerage noted.

 

"VAML (Vedanta Aluminium) offers an attractive risk-reward, with the market underappreciating the earnings potential from deeper backward integration, structurally lower costs, and stronger FCF (free cash flow) generation," Emkay Global said in the report.

 

The brokerage projects the company's revenue at INR 856.67 billion in FY27 and at INR 924.5 billion in FY28. In FY26, its revenue was INR 668.91 billion. The company's earnings before interest, tax, depreciation, and amortisation are seen rising about 54% on year to INR 388.19 billion in FY27. The company offers an attractive risk-reward, Emkay Global said.  (Ruchira Kagita)

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Equity Alert: Indices open higher as US-Iran talks progress, oil price falls

 

MUMBAI--0940 IST--With the war in West Asia now seemingly on the path to resolution and crude oil prices falling, the benchmark equity indices opened higher. The September futures contract of Brent Crude dropped to $70 a barrel for the first time since the war began on Feb. 28 after Qatar said Iran and the US had made "positive progress" in indirect talks in Doha. The talks were focused on the Strait of Hormuz.

 

At 0928 IST, the Nifty 50 was up 0.5% at 24124.85, 119 points higher than Wednesday's closing level. The BSE Sensex was also up 0.5% at 77304.81 points. The 30-stock index rose over 380 points from its previous close. The India Volatility Index signalled a fall in nervousness among investors, dropping 2.5% to 12.9225 points.

 

All the broader market indices rose in line with their headline peers and were up around 0.4% in early trade. However, the performance of indices tracking sectors was mixed, with the Nifty IT rising the most and Nifty Energy falling the most.

 

The Nifty IT index was up over 3% with all its constituents rising. Shares of most domestic information technology stocks rose despite the global tech sell-off. Infosys was the top performer in the Nifty 50 index, up over 4.5%. It was followed by HCL Technologies, Tata Consultancy Services, Tech Mahindra, and Wipro, up 1.2–3.5%.

 

In the Nifty 200 universe, Coforge and Mphasis rose over 4?ch. Persistent Systems and LTM were up over 3%. Among Nifty 500 stocks, Sonata Software was the biggest gainer, up almost 10%.

 

Shares of metal companies also rose sharply in early trade. The Nifty Metal index was the second-biggest gainer among sectoral indices, up over 1%. Hindalco Industries was up almost 2% in the Nifty 50 while Tata Steel and JSW Steel were up over 1?ch.

 

Larsen & Toubro and Bharti Airtel were the top losers in the Nifty 50 index, down almost 1%. Energy companies NTPC and Power Grid Corp. of India were also down almost 1%. The Nifty Energy index was down 0.5% with most of its constituents declining.  (Arundathi A R)

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Equity Alert: Emkay Global says June auto sales strong on rebounding demand

 

MUMBAI--0851 IST--The automobile sector delivered strong sales performance in June with growth rebounding across segments, according to Emkay Global Financial Services. The two-wheeler industry's retail momentum returned to 21% on year and passenger vehicles also saw strong growth. Commercial vehicle dispatches to dealers were robust as well, it said.

 

In two-wheeler dispatches, Eicher Motors outpaced Hero MotoCorp. Royal Enfield owner Eicher Motors reported 27% year-on-year growth on the back of a 34% gain in domestic volume amid a 12?ll in exports. Splendor-maker Hero MotoCorp's volumes declined around 2?cause of a 4?ll in domestic sales, which was partly offset by around 33% growth in exports, the broking firm said. It upgraded Eicher Motors to "buy", saying the company offers the best risk-reward in the two-wheeler space.

 

The penetration of electric two-wheelers reached a fresh high of 10.6% from 9.3% in May and 6.6% in the financial year 2025-26 (Apr-Mar). The electric two-wheeler industry's volume growth accelerated to around 75% on year in June, Emkay Global said.

 

Retail momentum in the passenger vehicle industry rebounded, with overall volumes up around 21%. Tata Motors Passenger Vehicles was the standout performer, with dispatches up 67% on year and electric vehicle volume up around 183%. "TMPV (Tata Motors PV) has indicated a positive outlook, led by a robust order book and easing supply constraints," the broking firm said. Maruti Suzuki India's sales volume grew 19% on year but fell around 17% on month due to a planned maintenance shutdown. Hyundai Motor India's overall volumes declined around 16% on year due to production losses on the back of a fire accident at one of its key suppliers. The management expects a recovery in the September quarter, Emkay Global said.

 

In commercial vehicles, Tata Motors overtook Ashok Leyland in retail sales, with the two companies reporting, respectively, 25% and 18% growth on year, the broking firm noted. On tractor sales, Mahindra & Mahindra said the emerging El Nino weather condition will have to be monitored as it could affect demand, but sustained government support is expected to partly cushion the impact on the kharif season.  (Adhithya Aji)

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Equity Alert: Indices may open higher; crude down amid easing W Asia tensions

 

MUMBAI--0822 IST--Benchmarck equity indices may open higher as crude oil prices edged lower in early trade Thursday after Qatar said Iran and the US had made "positive progress" in indirect talks focused on the Strait of Hormuz, in Doha on Wednesday. Further, traffic through the Strait of Hormuz continued, improving supply amid easing West Asia tensions, according to reports. 

 

The September futures contract of Brent Crude declined over 1% to $70.67 per barrel, the lowest level since the beginning of the four-month-long West Asia war. So far, the contract has shed over 42% from the high of $122.53 per barrel hit late April. The supply of oil through the Strait of Hormuz has now reached more than 10 million barrels per day, Bloomberg reported, citing a US official. Adding to supply, the Organisation of the Petroleum Exporting Countries along with oil-producing countries will likely agree to a further hike in their output targets from August when they meet Sunday, Reuters reported, citing sources. The target will increase by about 188,000 barrels per day for August, the same as for June and July. 

 

Negotiators from the US and Iran spent two days in Doha discussing maritime traffic in the Strait of Hormuz and unfreezing Iran's funds, Reuters reported, citing sources. US President Donald Trump also hailed progress in negotiations between the warring countries. Trump told reporters that negotiations with Iran in Qatar were going well. "The denuclearisation of Iran is moving along well," Trump said. "They've had very good meetings and we'll see." The renewed diplomatic push follows a flare-up in hostilities over the weekend that threatened the fragile ceasefire between the US and Iran. However, Israeli forces continued to launch attacks on southern Lebanon despite ceasefire agreement, Al Jazeera reported. 

 

Asian markets were largely mixed in early trade. South Korea's Kospi led the losses in Asia, falling over 5% at the open, prompting the Korean Exchange to temporarily halt trading for five minutes to curb volatility. Shares of South Korean memory chipmakers Samsung Electronics and SK Hynix fell more than 7% in early trade, tracking overnight losses in the tech-heavy Nasdaq Composite amid the global tech selloff. Japan's Nikkei 225, China's CSI 300 Index and Australia's S&P/ASX 200 also traded in the red, down 0.1-2%. Meanwhile, Hong Kong's Hang Seng index and Singapore's FTSE Singapore Strait Times was 1.3% and 0.5% higher. 

 

Back in the domestic market, shares of information technology stocks will be in focus amid the global tech sell-off. The American depository receipts of Wipro slumped nearly 17% Wednesday, even as the ADRs of peer Infosys ticked higher. Aviation and hospitality stocks are also expected to remain in focus as lower aviation turbine fuel prices and reduction in commercial 19-kilogram liquefied petroleum gas prices are expected to ease operating cost pressures, while the government's withdrawal of temporary restrictions on fuel sales for commercial buyers signals normalisation of domestic supply conditions, Siddhartha Khemka, head of research-wealth management at Motilal Oswal Financial Services, said in a note.  

 

The July futures contract of the Gift Nifty indicates that the domestic market may open higher. At 0813 IST, the futures contract was at 24187.50, around 182 points above the Nifty 50's previous close. Moving forward, a sustained move of the Nifty 50 above the recent swing high of 24261 points could strengthen bullish momentum and pave the way for a move towards 24500 and 25000 points in July, Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equities, said. Conversely, a decisive close below 23500 may invite renewed selling pressure and weaken the near-term technical structure, he added.  (Arya S. Biju)

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Equity Alert: Asian indices mixed, Kospi falls 7% but pares losses

 

MUMBAI--0800 IST--Asian equity indices were mixed in early trade on Thursday, with South Korea's Kospi leading the losses. The South Korean index tumbled more than 5% at open, prompting the exchange to temporarily halt trading to curtail volatility. The index has fallen 7% since open. This comes amid a fall in semiconductor stocks and the country's inflation rate hitting the highest since December 2023, which increases chances of a rate hike by Bank of Korea later this month. Meanwhile, indices in Hong Kong and Singapore and Japan's Topix were higher.

 

Inflation in South Korea came in at 3.2% for June, a two year-high. While the June reading was largely in line with expectations, it was the fourth straight month of rise. The South Korean central bank will hold its monetary policy meeting on Jul. 16. The country's headline index came off lows and was down 2.5% at 0742 IST.

 

Samsung Electronics Co. and SK Hynix Inc. fell at least 8?ch. US peers Micron Technology and Sandisk Corp. had closed 10% down each. This was after Bloomberg reported Meta building a cloud business to sell excess artificial intelligence computing capacity. This raised questions about in artificial intelligence capacity, inducing a sell-off in chipmakers. 
 

"One of the characteristics of the bull market has been rotation. The attribute has been on full display in 2026," Ned Davis Research Strategist Rob Anderson was quoted as saying by CNBC. "A passing of the baton to a non-commodity cyclical sector would be further evidence that the stock market is entering the second half of the year in a position of strength and that the bull market can continue deep into the second half of the year."

 

Following are the levels of key indices in the region at 0742 IST:

 

Index	Level	Change in %
CSI 300 Index	4879.22	(-)1.61
Hang Seng Index	23327.50	1.95
Nikkei 225 Day	69801.74	(-)0.96
TOPIX FIRST SECTION	4048.20	0.91
KOSPI	8095.48	(-)2.50
FTSE Singapore Strait Times	5187.21	0.50
S&P/ASX 200 Index	8718.50	(-)0.05

 

(Gopika Balasubramanium)

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Equity Alert: US mkt ends down, chip stocks drag Nasdaq; Dow hits record high

 

MUMBAI--0750 IST--Headline stock indices in the US closed slightly lower on Wednesday amid a fall in semiconductor stocks, which dragged down the Nasdaq. However, the fall in the index was limited, as some technology stocks gained. The Dow Jones Industrial Average hit a record high but pared gains to close flat. Caution prevailed among market participants as the US and Iran are far from reaching a lasting peace deal. Officials from both nations met in Doha for a round of indirect talks Wednesday. 

 

On Wednesday, the Nasdaq closed around 1% lower. Elevated valuations and huge spending on artificial intelligence by technology companies have been a concern for some market participants. Nvidia and Broadcom fell roughly 1% and 2%, respectively, in the session. Shares of Meta Platform rose 8.8?ter Bloomberg News reported that the company was building a cloud business to sell excess artificial intelligence computing capacity.

 

"The 'Great Rotation' trade persists into (the third quarter) as the blue boring names of the Dow Jones [Industrials] continue to attract inflows directly from recent profit taking money from tech stocks," Jeff Kilburg, founder and CEO of KKM Financial, told CNBC. "This is extremely healthy and underscores the broadening breadth of equities for this continued bull market in its fourth year."

 

Traders also tracked fresh economic data on manufacturing activity and comments by US Federal Reserve Chair Kevin Warsh earlier in the day at the European Central Bank conference in Portugal. While Warsh did not give any hints about the monetary policy decision at the upcoming meeting this month, he said "we've seen that prices are too high," CNBC reported. Meanwhile, data from the Institute for Supply Management showed manufacturing activity slowed in June but was still solid, Reuters reported. Traders will now track employment data slated to be released later in the day.

 

Following were the closing levels of major US indices on Wednesday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	52305.24	(-)0.03
NASDAQ Composite	26040.03	(-)0.66
S&P 500	7483.23	(-)0.22

 

(Gopika Balasubramanium)

 

US$1 = INR 94.96

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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