Equity Alert
Mkt seen up near term; lower oil prices, stable rupee to aid
This story was originally published at 16:34 IST on 3 July 2026
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Equity Alert: Mkt seen up near term; lower oil prices, stable rupee to aid
MUMBAI--1610 IST--The domestic equity market is expected to maintain its positive momentum in the near term amid hopes that the four-month-long war in West Asia is nearing an end, bringing crude oil prices down to around $72 a barrel. Analysts expect the Nifty 50 to hold above current levels and climb towards 25000 points as global concerns ease and shipping through the Strait of Hormuz resumes.
Friday, the Nifty 50 settled at 24270.85 points, up 95.15 or 0.4% from the previous close. The BSE Sensex ended at 77763.91 points, up 261.79 or 0.3%. Lower crude oil prices and stability in the Indian currency are expected to give the market a bullish undertone ahead, Chandan Taparia, head of technical and derivatives research at Motilal Oswal, said. He sees the Nifty 50 reaching 24750-25000 levels in the next few weeks. The index is likely to face resistance at 24750-25000 levels in the near term and find support at 23750-23900 levels, Taparia said.
"Going forward, focus shifts to Q1FY27 (Apr-Jun) earnings season and management commentary, especially amid a widening monsoon deficit," Vinod Nair, head of research at Geojit Investments, said in a note. On Thursday, foreign institutional investors net sold shares worth INR 3.12 billion, while domestic investors net bought shares worth INR 17.84 billion. The Indian rupee settled at 95.2100 against the dollar on Friday.
"Going ahead, the immediate resistance for Bank Nifty is placed in the 58400-58500 zone," Sudeep Shah, technical and derivatives research head at SBI Securities, said in a note. "Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 58900, followed by 59300 in the short term." Friday, the Nifty Bank ended at 57938.50 points, down 0.2%. (Arundathi A R)
Equity Alert: Nifty 50 July ends at premium of 80.25 points to spot index
MUMBAI--1542 IST--The July futures contract of the Nifty 50 closed at a premium of 80.25 points to the spot index Friday. Open interest in the contract fell 0.7% to around 17.11 million, according to provisional data.
--Nifty 50 closed at 24270.85 points, up 95.15 points or 0.4% vs Thursday
--Nifty 50 July closed at 24351.10 points, up 86.10 points or 0.4% vs Thursday
Nifty 50 options, expiring Tue, with maximum change in open interest:
Call: 24300, Put: 24300
Nifty 50 options, expiring Tue, with maximum open interest:
Call: 25000, Put: 24000
(Simran Rede)
Equity Alert: Indices end higher for third day, gain around 1% for the week
MUMBAI--1535 IST--With optimism around the situation in West Asia and crude oil prices falling to the lowest since the war began, the domestic equity market ended the week on a positive note. Benchmark indices ended higher for the third straight session Friday, after coming off highs. For the entire week, the indices gained around 1?ch.
The Nifty 50 settled 0.4% higher at 24270.85, up 95.15 points from Thursday's close. The BSE Sensex ended 0.3% higher at 77763.91, up 261.79 points. India VIX signalled investor nervousness cooling down, as the volatility index fell over 4% to 11.7975 points. Broader market indices and sectoral indices ended the session on a mixed note.
In the broader market, small-cap indices settled marginally higher, while mid-cap indices ended marginally lower. The Nifty Realty was the highest gaining sector among the pack of gainers, up over 2%. The Nifty IT, Nifty Healthcare, and Nifty Pharma indices also gained nearly 2?ch. On the other hand, the Nifty PSU Bank fell nearly 2% and was the major loser among sectoral indices.
HCL Technologies remained the top gaining Nifty 50 constituent throughout the session, and ended with nearly 6% gains. Shares of HCL Technologies rose after the company signed a $1.14-billion deal with a Europe-based Fortune Global 50 company to establish an artificial intelligence-led operating model.
Pharmaceutical and healthcare stocks were the next big gainers in the Nifty 50 index. Max Healthcare Institute was the second-highest gainer in the index, up over 2%. Apollo Hospitals Enterprise, Dr.Reddy's Laboratories, and Sun Pharmaceutical Industries were up 1.8–2.3%.
Metal stocks also contributed to the gains in the Nifty 50 index, and the Nifty Metal ended nearly 1% higher. Tata Steel rose over 1%, while JSW Steel and Hindalco Industries were 0.5% higher each.
In the Nifty 200 index, realty stocks gained the most. Lodha Developers gained 5%, while Oberoi Realty rose nearly 4%. In the Nifty 500 index, Anant Raj gained over 3%.
Less than 20 stocks dragged on the Nifty 50 index, and banking stocks were the major ones among them. Axis Bank ended 1.5% lower, while State Bank of India and Kotak Mahindra Bank were down 0.6–1.1%. Financial services stock HDFC Life Insurance Co. ended nearly 1% lower.
Energy stocks GE Vernova T&D India, Hitachi Energy India, Siemens Energy India, and CG Power And Industrial Solutions were the top losers in the Nifty 200 as well as Nifty 500 indices, down 7.0-8.7%. PB Fintech was also among the major drags on both indices, down over 5%, after a large deal in which 10.42 million shares of the company were sold at a discount of nearly 5% to the previous closing price. (Arundathi A R)
Equity Alert: European indices mixed, Germany's DAX hits fresh record high
MUMBAI--1500 IST--Stock markets in Europe were mixed Friday. All major indices in the region opened higher, barring the UK's key FTSE 100 index. The FTSE opened 0.1% lower and fell further by 0.5%. France's CAC 40 and Switzerland's SLI opened higher but soon slipped into the red. Germany's DAX Performance, meanwhile, rose almost 1% to hit a fresh all-time-high. The pan-European STOXX 600 was flat in early trade.
In Germany's benchmark index, automobile maker Volkswagen was among the top gainers, up almost 2%. Shares of Mercedes Benz Group were also up around 1.4%. Meanwhile, technology stocks recovered some of their losses from Thursday. The STOXX Europe 600 Technology index was up almost 1?ter falling a little over 2% in the previous trading session. Shares of major index components such as ASML Holding were up more than 2%, ASM International almost 2%, and those of Infineon Technologies close to 1%. In the UK, some stocks which gained Thursday were the ones that posted declines. AstraZeneca was down 1.2%, Diageo and Marks and Spencer Group fell 1.6?ch. Intercontinental Hotels Group was the worst performer, down more than 4%.
Weak demand conditions, higher prices, and the West Asia war adversely impacted business output in France, the S&P Global France Services Purchasing Managers' Index showed. In June, the country's rate of contraction in business activity was reported at 46.8, higher than 44.3 in May. "...the June PMI survey for France could have been much worse, especially after the recessionary warning signs being flagged in the May numbers and by the downward revision to first quarter GDP," Joe Hayes, senior principal economist at S&P Global Market Intelligence, said in the report.
Following are the levels of major European indices at 1459 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 10613.36 | (-)0.52 |
| CAC 40 | 8460.74 | (-)0.17 |
| FTSE MIB INDEX | 52518.12 | 0.17 |
| DAX PERFORMANCE-INDEX | 25628.46 | 0.19 |
| SLI PR | 2296.40 | (-)0.13 |
(Ruchira Kagita)
Equity Alert: Indices off highs; IT, pharma stocks top gainers
MUMBAI--1425 IST--Headline stock indices came off highs after HCL Technologies, the highest gainer in the Nifty 50 index, pared some of its earlier gains. The stock is up nearly 6%, against up over 7% higher earlier. A nearly 1% rise in index heavyweights HDFC Bank and ICICI Bank helped the index remain higher.
At 1406 IST, the Nifty 50 was 0.5% higher at 24294.85, up 119.15 points. The BSE Sensex, 0.5% higher, also came off highs at 77867.21, up 365.09 points. India VIX fell nearly 3% to 11.9475 points. The volatility index was down for the fourth straight session and shed over 14% during this period.
All the mid-cap indices in the broader market slipped to negative territory, while small-cap indices were up marginally. Sectoral indices were mixed, with the Nifty Realty, up nearly 2%, as the top gainer among them. On the other hand, the Nifty PSU Bank was the biggest loser, down nearly 2%. Sectors tracking automobile stocks, banking stocks, consumer durables, and fast-moving consumer goods were also down marginally.
Pharmaceutical and healthcare stocks remained higher in the Nifty 50 index, with Dr. Reddy's Laboratories, Max Healthcare Institute, Sun Pharmaceutical Industries, and Apollo Hospitals Enterprise up around 2?ch.
Banking stocks remained major drags on the index. Axis Bank turned out to be the worst hit and fell over 1%. Its peers State Bank of India and Kotak Mahindra Bank were also down around 1?ch. (Arundathi A R)
Equity Alert: Non-ferrous metal cos gain on rise in commodity prices
MUMBAI--1402 IST--Shares of non-ferrous metal companies edged higher Friday due to a sharp rise in prices of industrial metals such as aluminium and copper, according to analysts. A weaker-than-expected non-farm payroll report in the US has dialled back expectations of an immediate interest rate hike in the country, supporting prices of these commodities.
On the London Metal Exchange, all non-ferrous metals traded in the green, with aluminium and copper rising around a percent. Zinc prices were over 1% higher at $3,521.5 per tonne on the LME. Copper traded around $13,412 per tonne and aluminium at $3,107.5 per tonne. "The weaker USD and easing concerns of monetary tightening boosted risk appetite and pushed the metals higher," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note.
Aluminium prices have gained despite signs of improving supplies from West Asia, Hynes added. Emirates Global Aluminium has said around 7% of the aluminium production pots at the Al Taweelah smelter are already online. It has also revised down the timeline for production recovery expectations, according to analysts.
Nifty Metal gained for the second consecutive session Friday. Shares of Hindustan Zinc, National Aluminium Co., Hindustan Copper, and Hindalco Industries rose 1-5%. Over the last seven days the sectoral index gained over 2%. (Ashutosh Pati)
Equity Alert: Asian indices end higher, KOSPI emerges as outperformer
MUMBAI--1354 IST--All major stock markets in Asia closed higher on Friday. South Korea's KOSPI outperformed its peer indices in the region, and indices in Japan also displayed strength. A fall in technology stocks on Wall Street hit sentiment of investors in the region through the week, but buying interest was firm Friday. A weaker-than-anticipated US jobs report dampened expectations of a rate hike by the US Federal Reserve and likely supported the rise.
South Korea's KOSPI ended higher after closing in the red for two consecutive sessions. The index was higher by almost 6% Friday, led by gains in SK Hynix, which was up almost 11%, and Samsung Electronics, up over 8%. However, the index fell for the second straight week to close above the 8000 mark. Over the past two weeks, the KOSPI lost almost 11%.
In Japan, the key Nikkei 225 index closed 1.5% higher and the broader market TOPIX by over 1%. The country's 225-stock index closed around 0.6% higher on a weekly basis. AI and semiconductors represent the largest investment opportunity in Japan, Bank of America Global Research said in a report. This category presents an opportunity worth 101.6 trillion yen (INR 60.22 trillion) through 2039-40 (Apr-Mar). These include investments in physical artificial intelligence, semiconductors, cooling materials, glass, ceramics, and electrostatic chucks. Drug discovery and advanced healthcare also represent an investment opportunity worth 64.1 trillion yen, as per the report.
On the macroeconomic front, the headline RatingDog China General Services Business Activity index expanded to 54.1 in June but was down from 54.4 in May. Increased new business, stronger client demand, and the acquisition of new clients supported this increase, according to the report. "Price dynamics showed mixed changes. Input costs rose for the sixteenth consecutive month, but the rate of inflation moderated from May's 19-month high, easing cost pressures mildly. Meanwhile, selling prices returned to expansionary territory after two months of marginal contraction," Yao Yu, a founder of RatingDog, said in the report. Chinese stock indices CSI 300 and SSE Composite rose 0.6% and 0.4%, respectively, Friday.
Business activity in Japan expanded in June though it was softer than the average of the past year, S&P Global Japan Services Purchasing Managers' Index showed. The headline index rose to 52.2 in June after being neutral at 50.00 in May. The latest expansion can be attributed to more of new work and upcoming events, according to the S&P Global report.
Following are the levels of key indices in the region at 1347 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4842.1737 | 0.62 |
| Hang Seng Index | 23330.25 | 1.19 |
| Nikkei 225 Day | 69744.07 | 1.47 |
| TOPIX FIRST SECTION | 4064.60 | 1.24 |
| KOSPI | 8088.34 | 5.76 |
| FTSE Singapore Strait Times | 5234.69 | 0.34 |
| S&P/ASX 200 Index | 8844.40 | 1.37 |
(Ruchira Kagita)
Equity Alert: Systematix starts coverage on Jindal Steel, Jindal Stainless
MUMBAI--1331 IST--Brokerage Systematix Shares and Stocks (India) initiated coverage on Jindal Steel and Jindal Stainless with "buy" recommendations. The brokerage remains positive on the long-term growth outlook for the domestic steel and stainless steel sectors. It has set a target price of INR 1,338 for Jindal Steel, indicating an upside of around 26%. Similarly, it has set a target price of INR 869 for Jindal Stainless, reflecting an upside of 24%.
The brokerage expects steel sales volumes of Jindal Steel to show a compounded annual growth rate of 21% over 2025-26 (Apr-Mar) to FY28. It expects returns to recover to 12-14% over the same period following a compression in returns on capital employed to 9% in FY26. The company has raised its capacity to 15.6 million tonnes from 9.6 million tonnes and is carrying out further expansions at Angul, Odisha. Its captive iron ore resources of over 2 billion tonnes, coking coal assets, a 192-km slurry pipeline with 18 million tonnes capacity provide cost advantages and raw material security, the brokerage said.
Systematix expects Jindal Stainless to post a 13% compounded annual growth over the next two years, driven by high volumes, better product mix, and strong domestic demand. The company offers the "purest" play in the stainless steel sector and caters to around 50% of domestic demand, as per the brokerage.
The brokerage expects India's steel sector to be supported by robust domestic demand, increasing value addition, import substitution, premiumisation, and greater raw material integration. Finished steel consumption in the country has risen by a componded annual growth rate of 7% over 2018-19 (Apr-Mar) to FY26, while installed steelmaking capacity has grown to 220 million tonnes. "These trends provide a multi-year demand runway and support continued capacity additions across the industry," it said.
At 1324 IST, shares of Jindal Steel traded around 2% higher at INR 1,062.5 on the NSE and that of Jindal Stainless were 1.2% higher at INR 699.50. Of the 13 brokerage reports on Jindal Steel available with Informist, 12 have a "buy" recommendation on the stock with an average target price of INR 1,337. Of the eight reports available on Jindal Stainless, six have a "buy" recommendation on the stock with an average target price of INR 874. (Ashutosh Pati)
Equity Alert: Dr Reddy's up; Nuvama sees semaglutide, Abatacept key levers
MUMBAI--1250 IST--Shares of Dr Reddy's Laboratories rose nearly 3% to an intraday high of INR 1,381.80. The stock was one of the top gainers in the Nifty 50 index intraday. Nuvama Institutional Equities, after a meeting with the company's chief executive officer, retained its 'buy' recommendation on the stock with a target price of INR 1,560. This target indicates an upside of nearly 13% for the stock from its intraday high. The company's opportunity size for semaglutide is set to increase once it launches the drug in Canada, the brokerage said in a report. The launch of Abatacept is also a key growth trigger, as per the brokerage.
In 2026, the management estimated the company to earn $175 million–$240 million from sales of semaglutide, making it one of the key contributors to total revenue. Nuvama projects the company's Semaglutide sales to touch $166 million in 2026-27 (Apr-Mar) and $80 million in FY28 in Canada alone. "We upgrade our expectations for Semaglutide in Canada considering the pricing and competition dynamics," the brokerage said in the report. The gross margin for the company's semaglutide product is expected to be attractive, Nuvama said, adding that the margin in cash and private markets would be higher than in the public market.
Further, the company is also developing a biosimilar of Abatacept, which is meant for the treatment of arthritis. In 2025, the market size for the biologic variant of Abatacept totalled $2.7 billion in the US and $969 million outside, the brokerage noted. The management expects to launch the Abatacept biosimilar by the March quarter of the current financial year. Dr Reddy's Laboratories is planning to launch the drug by mid-2027 in Europe, according to the report. Nuvama estimates sales from this biosimilar therapy to reach $10 million in FY27 and $120 million in FY28. Excluding generic Revlimid, the company's North America revenue is expected to grow at an over 15% compounded annual growth rate between FY26 and FY28.
The Hyderabad-headquartered company's overall revenue is estimated to grow at a compounded annual rate of 9% over FY26-28 and its net profit at a rate of 14% during the same period, Nuvama said. At 1313 IST, its shares were at INR 1,384.20 on the National Stock Exchange, nearly 3% higher from Thursday's close, with trading volumes over 800,000. (Ruchira Kagita)
Equity Alert: Bluspring Ent hits all-time high; co gets INR 14.37-bln order
MUMBAI--1231 IST--Shares of Bluspring Enterprises rose 10% to hit an all-time high of INR 131.82 on Friday. The stock rose after the company's wholly-owned subsidiary STEAG Energy Services (India) received an operations and maintenance order worth INR 14.37 billion from Vedanta Aluminium. As per the order, the arm will manage the comprehensive operations and maintenance of a 1.22-gigawatt captive power plant of Vedanta Aluminium.
The order will remain in force for a period of five years, according to an exchange filing. At 1244 IST, shares of Bluspring Enterprises traded over 5% higher at INR 126.25. Over 4 million shares of the company exchanged hands on the NSE, higher than over 1 million shares traded till the same time Thursday.
For the March quarter, the infrastructure services company reported a consolidated net profit of INR 41.23 million on revenue of INR 8.65 billion. (Adhithya Aji)
Equity Alert: Indices up nearly 1?ch; Nifty 50 hits near-two-month high
MUMBAI--1230 IST--Domestic benchmark indices were up 0.8?ch with the Nifty 50 touching a near-two-month intraday high of 24378.15. Crude oil prices staying around $72 a barrel continued to support the market. Select information technology, healthcare, and pharmaceutical stocks gained further in the Nifty 50 index.
At 1209 IST, the Nifty 50 was at 24363.60, up 187.90 points. The BSE Sensex was at 78096.63, up 594.51 points. India VIX, the fear gauge of the market, recorded a fall of nearly 4% to 11.8500 points. However, select broader market indices came a tad off highs with the Nifty Midcap 100 and Nifty Midcap 150 being largely flat.
The Nifty Auto, Nifty Bank, Nifty Consumer Durables, Nifty Energy, and Nifty PSU Bank were the sole losers among sectoral indices. On the other hand, the Nifty IT remained as the top gainer among them, up almost 3%. The Nifty Healthcare and Nifty Pharma were up almost 2?ch.
While HCL Technologies rose more than 7% in the Nifty 50, State Bank of India fell further to nearly 1% and turned out to be the major drag on the index. Among other banking stocks, Kotak Mahindra Bank and Axis Bank were down 0.4–0.6%.
Among metal stocks in the Nifty 50, Tata Steel rose nearly 2?ter the company said it expects earnings before interest, tax, depreciation, and amortisation from Netherlands operations at 400–500 million euros in 2026-27 (Apr-Mar). (Arundathi A R)
Equity Alert: Adani Ports dn 1% as Kerala objects to Vizhinjam port stake sale
MUMBAI--1136 IST--Shares of Adani Ports and Special Economic Zone fell 1% a low of INR 1,862 as the Kerala government expressed strong displeasure over the proposed investment of Switzerland-based Mediterranean Shipping Co. in Vizhijam Port. The port is operated through concessionaire Adani Vizhinjam Port Pvt. Ltd. On Tuesday, Adani Ports had informed exchanges that the foreign shipping company would invest $1.4 billion and acquire 49% stake in the Kerala port. At 1149 IST, shares of Adani Ports pared losses and were at INR 1,877.50, down INR 5.70 or 0.3%.
"The proposed investment of a 49% share in Adani Vizhinjam Port Private Ltd. by Mediterranean Shipping Company (MSC) was announced without prior consultation with or intimation to the Government of Keralam," V.D. Satheesan said in an X post late Thursday. "Any change in the concessionaire's shareholding structure requires government approval and will be examined strictly under the provisions of the concession agreement and applicable regulations," he added.
The objection from the state comes as Mediterranean Shipping Co. faces investigations into an incident in May last year, in which one of its container vessel, MSC ELSA 3, sank in the Kerala coast, while it was sailing from Vizhinjam to Kochi. While all the 643 deck containers were reported adrift in the surrounding waters, 13 containers carried calcium carbide – a hazardous substance that reacts violently with water, releasing flammable gases. The state had sought compensation of $1.1 billion, reports said. (Gopika Balasubramanium)
Equity Alert: Gold Financiers' shares rise as COMEX gold futures gain
MUMBAI--1112 IST--Shares of gold financing companies gained following a rise in August futures of the yellow metal on the Commodity Exchange. Shares of Muthoot Finance rose over 5% to an intraday high of INR 3,103.90, while shares of Manappuram Finance gained nearly 4% to an all-time high of INR 335.50.
The US jobs data showed that 57,000 new jobs were added in June, lower than an estimated 115,000. "Gold climbed after weak US job numbers eased fears that the Federal Reserve may raise interest rates this year to tackle inflation", Nirmal Bang said in a note. At 1054 IST, August gold futures rose 1.6% to $4.191.5 per ounce.
Earlier this week, a speech by the US Federal Reserve Chairman Kevin Warsh dampened speculation the central bank may hike interest rates this year to fight inflation.
At 1056 IST, shares of Muthoot Finance rose nearly 5% to INR 3,086.60, and Manappuram Finance was up nearly 3% at INR 331.95. Typically, a rise in gold prices is a positive factor for these companies as it increases the value of the collateral and benefits their margins. (Adhithya Aji)
Equity Alert: Indices move higher; heavyweights HDFC Bk, ICICI Bk up 1?ch
MUMBAI--1110 IST--Headline equity indices rose further, with HCL Technologies gaining more over 6%. Pharma and healthcare stocks, which gained further, also supported the Nifty 50 index. Index heavyweights HDFC Bank and ICICI Bank gained around 1?ch. Almost 40 constituents of the Nifty 50 index were trading higher.
At 1054 IST, the Nifty 50 was at 24346.25, up 170.55 points or 0.7% higher than Thursday's close. The BSE Sensex was also 0.7% higher at 78036.98, up 534.86 points. India VIX fell further to 11.9125 points, down 3%. Broader market indices remained higher, up 0.1-0.4%.
Barring the Nifty PSU Bank and Nifty Energy, all sectoral indices were higher. The Nifty IT remained the top gaining sectoral index, up over 2%. The Nifty Pharma and Nifty Healthcare gained more and were up nearly 2?ch.
Sun Pharmaceutical Industries, Apollo Hospitals Enterprise, Dr.Reddy's Laboratories, and Max Healthcare Institute were up 1.4–2.3% in the Nifty 50 index. Aegis Vopak Terminals was the highest gainer in the Nifty 500 index, up almost 9%. Sumitomo Chemical India gained 8.5% in the Nifty 500.
Adani group companies such as Adani Enterprises and Adani Ports and Special Economic Zone were the major losers in the Nifty 50 index, down 0.7-1.1%. Power equipment companies Hitachi Energy India, GE Vernova T&D India, and CG Power And Industrial Solutions, down 6.3-8.5%, were the key drags on the Nifty 200 as well as Nifty 500 indices.
PB Fintech was also among the losers in these indices, down over 5%. Shares of the company declined after a large deal in which 10.42 million shares of the company were sold at a discount of nearly 5% to the previous closing price. (Arundathi A R)
Equity Alert: Power equipment cos fall; GE Vernova, Hitachi Energy down 8%
MUMBAI--1048 IST--Shares of power equipment companies such as GE Vernova T&D India, Hitachi Energy India, CG Power and Industrial Solutions, and Siemens Energy fell 6-10% intraday to their lowest levels in a month. At 1058 IST, Hitachi Energy and GE Vernova were the top laggards in the Nifty 200 index, down around 8?ch.
Sentiment towards these stocks soured after media reports said the government allowed four Chinese power equipment manufacturers to participate in government tenders for critical power projects. TBEA Energy, Nanjing Electric India, New Northeast Electric India, and Taikai Electric (India) will be the ones allowed to participate.
The participation of these Chinese companies increases competition for Indian grid equipment makers. TBEA Energy has a unit for extra high-voltage transformers and Nanjing Electric is involved in making smaller geographic information systems and insulators for high-voltage direct current projects, NDTV Profit reported, citing a report by IIFL Capital. Meanwhile, Taikai Electric has a shell factory for 400/765-kilowatt geographic information systems, the media outlet said. (Ruchira Kagita)
Equity Alert: Tata Steel up, sees FY27 Netherlands ops EBITDA 400-500 mln euro
MUMBAI--1040 IST--Shares of Tata Steel rose 2.8% to a high of INR 192.98 after the company's management said its earnings before interest, tax, depreciation, and amortisation from the Netherlands business is estimated at 400-500 million euros in 2026-27 (Apr-Mar). At 1046 IST, the stock was up 1.7% at INR 190.94 and was among the top gainers in the Nifty 50 index. So far in the day, around 13 million shares of the company changed hands on the National Stock Exchange, compared to the 6.4 million shares traded till the same time Thursday.
"Since the acquisition, we have not funded Netherlands (Tata Steel Netherlands). So, all their operations are being funded by the cash they generate and they have paid about a billion euros of dividend for all these years," Chairman N. Chandrasekaran said while responding to shareholders' queries at the company's 119th annual general meeting Thursday. Over time, Tata Steel aims for the Netherlands business EBITDA to reach 800 million to 1 billion euros. "But it also depends on the current situation being managed. The current situation where the environmental regulations that have come are posing a challenge," Chandrasekaran said.
Emission norms have tightened to levels where, for some of Tata Steel Netherlands' legacy assets, viable solutions are not currently feasible within regulatory accepted timelines, Chandrasekaran said. The company is actively engaging with the Dutch government and relevant stakeholders to develop a forward pathway for Tata Steel Netherlands, which is environmentally compliant, financially affordable and viable over the long term, he added. His comments come months after Tata Steel Netherlands received a letter from the Netherlands' environmental agency and local province informing it of its intention to revoke the company's operating permits and trigger an early closure of the coke and gas plants.
The company is also looking to add 40 million tonnes per annum in production over the long term, Chandrasekaran said. The company continues to focus on value-added products and digital engagements, achieving strong growth, supported by expansion into defence and shipbuilding. The company is also expanding its downstream capacity through tubes, tinplate and wires.
The management's commentary reaffirms its confidence in the ongoing turnaround of the Netherlands operations, ICICI Direct Reserach said in a report. "Continued improvement in European profitability, coupled with ongoing restructuring and cost optimisation initiatives, is expected to strengthen consolidated earnings over the medium term. We remain positive on Tata Steel, supported by its strategic capacity expansions, improving European operations, and continued focus on operational efficiencies," the brokerage said. (Arya S. Biju)
Equity Alert: PB Fintech dn 8% on large deal; 10 mln shrs sold at 5% discount
MUMBAI--1011 IST--PB Fintech's shares fell over 8% to an intraday low of INR 1,545.50 after a large deal in which 10.42 million shares of the company were sold at a discount of nearly 5% to the previous closing price. The shares were sold at a rate of INR 1,600.7 apiece.
At 1007 IST, shares of the company were down over 7% at INR 1,560.30. Nearly 16 million shares of the company changed hands on the NSE, nearly 76 times the number of shares traded till the same time Thursday. The stock was the worst hit in both the Nifty 200 and Nifty 500 indices. (Adhithya Aji)
Equity Alert: HCL Tech risse 6% post $1.14-bln pact to establish AI model
MUMBAI--0951 IST--HCL Technologies' shares rose nearly 6% to an intraday high of INR 1,139 after the company signed a $1.14-billion deal with a Europe-based Fortune Global 50 company to establish an artificial intelligence-led operating model, which is entirely a net new business for the company.
As per the contract, HCL Tech will transform and manage the global digital workplace and enterprise networks of the European firm. The initial term of the agreement is from July 2026 to December 2031, which can be extended for a further period of five years.
"This large-deal win reinforces HCL Tech's strong positioning in AI-led infrastructure and workplace transformation services, while significantly enhancing long-term revenue visibility through a multiyear annuity contract," ICICI Securities said in a note. The brokerage added that this deal underscores rising enterprise spending on AI-driven operational efficiency, particularly in network and workplace modernisation.
At 0947 IST, shares of HCL Technologies traded nearly 4% higher at INR 1,118.90. Nearly 4 million shares of the company changed hands on the NSE, higher than over 1 million shares traded till the same time Thursday. The stock was the top gainer among Nifty 50 constituents. (Adhithya Aji)
Equity Alert: Indices rise as crude oil stays at $72/bbl; HCL Tech up 4%
MUMBAI--0940 IST--The headline indices continued to rise for the third day, opening significantly higher as the price of Brent crude oil remained around $72 a barrel. Receding concern about shipping through the Strait of Hormuz supported market sentiment. All major equity indices in the Asia-Pacific region were also up in early trade.
At 0918 IST, the Nifty 50 was up 135.45 points or 0.6% from Thursday's close at 24311.15 points while the BSE Sensex was up 417.88 points or 0.5% at 77920 points. The 50-stock index opened above 24300 points after nearly two months. India VIX, the market's fear gauge, fell almost 2% to 12.0675 points.
The broader market indices were almost in line with the benchmarks. All small-cap indices were up 0.4% while all mid-cap indices were up 0.2%. Barring the Nifty PSU Bank, Nifty Energy, and Nifty Auto, all indices tracking sectors were also up. The Nifty IT was the top gainer, up 2% with all its constituents rising. The rise in IT stocks was led by HCL Technologies, up over 4%. HCL Tech was also the top performer in the Nifty 50. The company signed a $1.14-billion agreement with a Europe-based Fortune Global 50 firm to establish an artificial intelligence-driven operating model to transform and manage their global digital workplace and enterprise networks.
Metal stocks were the other big movers with the Nifty Metal up almost 2%. Hindalco Industries was the second-best performer in the Nifty 50, up almost 3%. Tata Steel rose over 2% and JSW Steel was up over 1% in the 50-stock index.
In the Nifty 200, National Aluminium Co. was up over 4% to be among the top gainers. Hindustan Zinc was up nearly 3%. Realty stocks also moved up and the Nifty Realty index rose over 1%. Lodha Developers, a Nifty 200 stock, rose over 3%.
Only nine constituents of the Nifty 50 were down in early trade, with Tata Motors Passenger Vehicles being the biggest laggard, down almost 1%. Adani Enterprises also fell nearly 1%. State Bank of India, NTPC, InterGlobe Aviation, Adani Ports and Special Economic Zone, Coal India, and Titan Co. were the other Nifty 50 stocks to slide, down 0.1-0.7%. (Arundathi A R)
Equity Alert: Marico sees Q1 sales up in early twenties, brokerages positive
MUMBAI--0905 IST--Marico delivered a healthy quarterly business update for Apr-Jun. It said it expects its consolidated revenue for the June quarter to rise in the early twenties, driven by its core, digital, and international businesses. The domestic business delivered double-digit underlying volume growth in the June quarter, the highest in several quarters. A decline in copra prices, the company said, is expected to lead to a rise in operating profit. Copra prices corrected around 45% from peak levels, it said. Brokerages were buoyed by the company's June quarter earnings projections.
Brokerage Nuvama Institutional Equities estimates the company's consolidated revenue to grow around 21% on year, while its domestic volumes are seen increasing to a 20-quarter high by over 10% year-on-year, driven by its value-added hair oil segment, Parachute business, and digital division. Its consolidated earnings before interest, tax, depreciation, and amortisation are anticipated to expand about 18% on year.
Marico's international sales are expected to grow 15% on year in constant currency, according to Nuvama. Gross margins, however, are seen falling 122 basis points on year while its EBITDA margin is seen falling 40 bps to 19.7%. Advertising and promotional are estimated to comprise 9% of the company's total sales. Nuvama raised the target price on the stock slightly to INR 1,000 from INR 955 while retaining its 'buy' recommendation. "The company aims for profitable volume-led growth over the medium term led by core franchise and new growth engines," the brokerage said.
Parachute Coconut Oil delivered double-digit volume growth, Marico said Thursday post market hours. Sales of its Saffola Oils brand grew in mid-single digits, with volumes falling as the company rationalised supply of select variants to maintain profitability, the company said. Marico did highlight that costs of crude-linked derivatives and vegetable oils rose sharply during the June quarter.
The fall in copra prices is likely to "drive a sequential improvement in gross margins," Nomura said in a report, while adding that advertising spend could cause growth in EBITDA to be slower than that in sales. Marico's consolidated EBITDA is estimated to rise 19% on year, the brokerage said, reasoning that this estimate is influenced by the company's increase in advertising and promotional spends. Better-than-expected growth in Parachute Coconut Oil likely led to Marico's double-digit volume growth in the June quarter, Nomura said. International business saw mid-teens growth in constant currency, Marico said, and this was in line with what the broking firm had pencilled in.
Nomura maintained its 'buy' stance on Marico with an unchanged target price of INR 950. It estimates the company's earnings per share to grow 17% at a compounded annual rate between 2025–26 (Apr-Mar) and FY29. In the near term, the brokerage expects the company's sales growth to moderate a bit due to price cuts in Parachute Coconut Oil. Margins, meanwhile, are expected to improve, and operating profit is seen in the high-teens, according to the report.
For the March quarter, Marico reported a consolidated net profit of INR 3.91 billion on revenues of INR 33.33 billion. (Ruchira Kagita)
Equity Alert: Brokerages negative on Avenue Supermarts' Q1 business update
MUMBAI--0824 IST--Shares of Avenue Supermarts will be in focus Friday after the company released its business update for the June quarter post market hours Thursday. Global brokerages took a negative stance on the company post the business update, saying that the June quarter was weaker than expected. The D-Mart operator's standalone revenue rose to INR 183.43 billion, up over 15% on year. As of Jun. 30, the company operated a total of 503 stores.
HSBC said the June quarter was weaker than expected. The revenue failed to meet both the brokerage's and the company's estimates, the brokerage added. HSBC maintained a 'reduce' rating on the stock with a target price of INR 3,870. Morgan Stanley said that the weak performance would weigh on the stock price in the near term, and margins would be the key factor to look out for during the earnings, NDTV Profit reported.
Goldman Sachs retained its 'sell' call on the stock, saying revenue growth slowed despite higher fast-moving consumer goods inflation and recent store additions. On the other hand, lower than expected store additions and moderation in same-store sales growth prompted Macquarie to maintain its 'underperform' recommendation on the stock.
Global brokerage UBS said revenue growth of 15?me as a disappointment and could weigh on the stock price. The brokerage termed the June quarter for the company as tepid. Citi too maintained a 'sell' call on the stock, citing expensive valuations and increasing competition from quick-commerce platforms, NDTV-Profit reported.
On Thursday, shares of Avenue Supermarts closed over 3% lower at INR 4,187. (Adhithya Aji)
Equity Alert: Indices seen opening higher, crude hovers around $72/barrel
MUMBAI--0815 IST--Headline indices are likely to open higher Friday, ending the week on a positive note, as crude oil prices continued to hover around $72 per barrel level as transit through the Strait of Hormuz continued to recover, easing concerns about supply disruptions. At 0810 IST, the September futures contract of Brent Crude was at $72.06 per barrel, up 0.4% from the previous close.
While US-Iran negotiations remais fragile and disputes over Strait of Hormuz administration and transit fees persist, the memorandum of understanding is expected to hold and turn into a deal over the coming months, The Wall Street Journal reported, citing analysts at Citi Research. "Shipping flows (through the Strait) are normalising," the analysts said. Crude oil prices have seen a sharp reversal from the $122.5 per barrel level seen at the height of the West Asia war with Gulf countries ramping up production and supplies after the preliminary agreement was signed between the US and Iran in mid-June.
For most of this week, exports from Saudi Arabia, the biggest producer in the region, have remained at 90% of pre-war levels and most of its tankers have gone through the Strait of Hormuz, CNBC-TV18 reported. Meanwhile, Iran's military command issued a stark warning to oil tankers navigating the Strait of Hormuz, instructing them to adhere to its designated route or risk facing a "forceful response," according to reports.
US President Donald Trump said negotiations with Iran were continuing and claimed Tehran had "agreed to just about everything we need." However, according to areport by The Wall Street Journal, US negotiators have proposed unfreezing billions of dollars in Iranian funds held overseas in exchange for Iran dropping its claim over oversight of the Strait of Hormuz and demand for toll payments from ships using the route. Iran, however, has reportedly shown little willingness to compromise on those demands, according to the report.
In a separate development, Russia launched its largest-ever drone and missile barrage on Ukraine's capital Kyiv late Wednesday. Following this, Ukrainian President Volodymyr Zelenskyy Thursday said his forces would "definitely" retaliate for the overnight pummelling of the capital city, The Guardian reported. Meanwhile, Russia vowed to further ramp up the "pressure" on Kyiv.
The July futures contract of the Gift Nifty indicates that the domestic market may open higher. At 0755 IST, the futures contract was at 24414.50, around 239 points above the Nifty 50's previous close. The Nifty 50 index is rising gradually toward the upper band of its past 13 days consolidation range of 23800–24260 points. A decisive close above 24260 points could lead it to 24500–24600 points, Vipin Kumar, AVP Research at Globe Capital Market said. On the other hand, sustained trading below 24000 points would likely drag the index back toward the lower band of the range at 23800 points, he said.
"The PCR (put-call ratio) for the current week's expiry stands at 1.34, indicating a short-term bullish bias. Considering its current chart structure and derivatives data, we suggest traders maintain a "buy on dips" approach as long as the Nifty index sustains above 24000 (points)," Kumar said. Analysts expect small- and mid-cap stocks to continue outperforming benchmark indices in the near term, supported by retail investors pumping in significant cash. (Arya S. Biju)
Equity Alert: Asian mkts up after soft US jobs data dim rate hike prospects
MUMBAI--0730 IST--Asian equity indices had a mixed start to Friday's session after softer-than-expected US jobs data eased investors' fears of a rate hike by the US Federal Reserve. However, the indices gained soon after open, with Hong Kong's Hang Seng index leading its Asia-Pacific peers. The US market will be shut on Friday on account of Independence Day.
While South Korea's Kospi bounced back from a slight fall at the open. Stocks of chipmakers there traded higher, with SK Hynix Inc. up 1.5% and Samsung Electronics Co. up over 4%. However, sentimentally, the sharp fall in chipmakers in the US is seen weighing on the regional benchmark index. Meanwhile, Japanese chip stocks were down, with Sumco Corp., Advanta, Renesas Electronics Corp., and Disco Corp. falling 1-2%. Lasertec Corp. fell around 3.5%. However, Japan's Nikkei and Topix were 0.4-07.% higher.
FTSE Singapore Strait Times was up slightly on Friday. The country's central bank is likely to tighten its monetary policy in July, although it could be a close call, Citi Research's Wei Zheng Kit was quoted as saying in a note. Concerns have shifted to core inflation persistently staying above the implicit 1.5-2% target, he said, with sustained food-services price increases a particular concern. Even then, the central bank could maintan status quo as the April tightening likely provided the Monetary Authority of Singapore with some buffer, he said.
The US non-farm payrolls report by the Bureau of Labor Statistics showed the economy added 57,000 jobs in June. This was way below an increase of 110,000 jobs predicted by a Reuters poll. The unemployment rate was 4.2%, in line with expectations of 4.3%. Thus, the expectations of a rate hike by the US Fed eased; according to CME FedWatch, they fell to 55% from 64.1% for the September meeting.
Following are the levels of key indices in the region at 0732 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4837.07 | 0.51 |
| Hang Seng Index | 23397.81 | 1.50 |
| Nikkei 225 Day | 68992.66 | 0.4 |
| TOPIX FIRST SECTION | 4039.93 | 0.60 |
| KOSPI | 7796.14 | 1.94 |
| FTSE Singapore Strait Times | 5222.52 | 0.10 |
| S&P/ASX 200 Index | 8823.30 | 1.13 |
(Gopika Balasubramanium)
Equity Alert: Dow hits record high; soft US jobs data allays rate hike fears
MUMBAI--0702 IST--While the benchmark Dow Jones Industrial Average hit another record high on Thursday, the tech-heavy Nasdaq closed lower as stocks of chipmakers saw a sharp drop, ahead of the long holiday weekend. The softer-than-expected US jobs data allayed worries about a hike in interest rate by the US Federal Reserve. The US market will be closed on Friday in observance of the US Independence Day.
The US non-farm payrolls report by the Bureau of Labor Statistics showed the economy added 57,000 jobs in June. This was far below a rise of 110,000 jobs expected by economists polled by Reuters. The unemployment rate was 4.2%, in line with expectations of 4.3%. Thus, the expectations of a rate hike by the US Fed eased; according to CME FedWatch, they fell to 55% from 64.1% for the September meeting.
"As we are learning how the Fed reaction function will form under [Fed Chairman Kevin] Warsh, this print takes some of the pressure off of the inflation fighting institution to hike near term," Bradford Smith, portfolio manager at Janus Henderson Investor, told CNBC. "With oil price inflation moderating, some softness on the jobs front likely keeps the Fed on hold at least for the next meeting."
Among stocks, Tesla's shares dropped 7.5% even though the electric carmaker reported better-than-expected second-quarter deliveries, Reuters reported. Tesla's shares had risen sharply this week ahead of the data. Bending Spoons dropped 11.3%, a day after the Vimeo owner gained 40% in its listing on the Nasdaq. The index measuring semiconductor stocks, Philadelphia SE Semiconductor Index, ended 5.4% lower, falling sharply for a second day. Shares of Nvidia fell 1.4% while SanDisk dropped 14.1%.
Following were the closing levels of major US indices on Thursday:
|
US indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
52900.00 | 1.14 |
|
NASDAQ Composite |
25832.67 | (-)0.80 |
|
S&P 500 |
7483.24 | 0.01 |
(Gopika Balasubramanium)
US$1 = INR 95.21
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.
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