Equity Alert
Kirloskar Oil up as BofA Securities starts coverage with 'buy'
This story was originally published at 13:25 IST on 6 July 2026
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Equity Alert: Kirloskar Oil up as BofA Securities starts coverage with 'buy'
MUMBAI--1313 IST--Shares of Kirloskar Oil Engines surged 8% to an intraday high of INR 2,410 on NSE, breaking a six-day losing streak. The company's shares rose after BofA Securities initiated coverage on the stock with a 'buy' recommendation and a target price of INR 2,815, CNBC-TV 18 reported. The target reflects an upside of around 23% from the current market price. At 1249 IST, shares of the company had given up some of the gains and were trading 3% higher at INR 2,297.70. Over 1.6 million shares have changed hands on NSE so far in the day, significantly higher than over 352,000 shares at the same time Friday.
Kirloskar Oil Engines is the second-largest player in the power backup generator sets market in India and is also gaining market share in the high horsepower segment, BofA Securities was quoted as saying in the CNBC-TV 18 report. The brokerage expects Kirloskar Oil Engines' earnings per share to rise at a compounded annual rate of 22% over the next four years. The company's return on equity is expected to rise to 20% from 18%, aided by margin improvement and capital allocation, as per the report.
BofA Securities said the current valuation is sustainable, and valued the stock at 45 times its estimated price-to-earnings for FY28. The brokerage added that data centres could add material upside to the stock from here. In June, the company had secured an order for 96 units of its 2,500 kilovolt-ampere Optiprime Dual Core power systems to support large-scale data centre infrastructure projects.
Of the three brokerage reports on the company available with Informist, two have a 'buy' recommendation on the stock and one has a 'hold' call. (Ashutosh Pati)
Equity Alert: Defence cos up; govt OKs acquisition proposals of INR 520 bln
MUMBAI--1256 IST--Stocks of defence companies traded on a positive note Monday after the Defence Acquisition Council gave an in-principle approval to various acquisition proposals for the armed forces at an estimated amount of INR 520 billion. Most of the defence stocks rose Monday, with the Nifty India Defence index rising 1%.
The council gave the approval for the Indian Army to procure Anti-Unmanned Aerial Vehicles Electronic Warfare System 'AKASH TARANG', Man Portable Anti-Tank Guided Missile Systems, Medium Range Surface-to-Air Missile Weapon System, Very Short Range Air Defence System, Active Protection System for Tanks and Jet Based Kamikaze Drone System, as per the government release.
Bharat Electronics and Bharat Dynamics are the primary production partners for missile systems--Man-Portable Anti-Tank Guided Missile and Medium Range Surface-to-Air Missile. Bharat Electronics is the supplier of key electronics items for the missiles, ICICI Securities said in a note. Shares of Bharat Electronics and Bharat Dynamics were up nearly 2% and 1%, respectively.
Zen Technologies rose nearly 5%. The company is expected to be the supplier of signal processing and jamming components of Anti-drone EW System, according to ICICI Securities. Most of the stocks in the Nifty India Defence traded higher, with Paras Defence and Space Technologies being the top gainer, up nearly 5%. Dynamatic Technologies, Data Patterns, Mishra Dhatu Nigam, and Mazagon Dock Shipbuilders rose 1-3%. (Adhithya Aji)
Equity Alert: Realty cos rise; Nifty Realty up 11% over five days
MUMBAI--1255 IST--Shares of most real estate companies rose, with the Nifty Realty index extending its gains for the fifth straight session. The sectoral index, which gained 11% during this period, was the top gainer among its sectoral peers.
At 1234 IST, the Nifty Realty was up over 1%. Shares of Lodha Developers were up over 3%, the top gainers in the sectoral index. Godrej Properties, Phoenix Mills, Oberoi Realty, and Prestige Estates Projects rose 2.1–2.7%. Shares of Oberoi Realty rose for the sixth straight session after the company recorded gross bookings of INR 81.09 billion for its residential development project Three Sixty North in Gurugram. Shares of Anant Raj and DLF were the only realty stocks to fall.
"A pre-sales CAGR (compound annual growth rate) of 13% during FY26-28E is expected to further increase market share for
our coverage universe," Motilal Oswal said in a sector-specific report. It also sees 16% compound annual growth in collections, combined with net operating cash flows to collections ratio of 20–60%, providing cash flows. According to the broking firm, most real estate players are currently trading at a discount of 10-35% to their residential net asset value. (Arundathi A R)
Equity Alert: Traders remain bullish on indices, Nifty 50 up 0.8% so far
MUMBAI--1250 IST--Traders remained bullish on the market since open with the indices gaining steadily so far Monday. At 1236 IST, the Nifty 50 was at 24448.50 points, up 177.65 points or 0.7%. The BSE Sensex was at 78373.29 points, up 609.38 points or 0.8%. Broader market indices also gained sharply in Monday's session. While Nifty Smallcap 50 and Nifty Smallcap 100 were up 0.5-0.7%, their mid-cap peers were up 0.4?ch.
Analysts had maintained their bullish stance on the market arguing that the concerns around higher input prices induced by West Asia war are allayed and the most important factor is the progress of Southwest monsoon. Crude oil prices have also softened and largely hovers around $70-$72 a barrel.
The Nifty 50 has risen 182.65 points or 0.8% to hit its highest level in two months at 24453.50 points. This was primarily due to traders covering their short positions in the options chain, especially in the call side, at the in-the-money strike prices. Another factor that has lifted the indices so far is the huge buying interest for banking stocks. HDFC Bank, ICICI Bank, and Axis Bank were up 1-3%. However, Kotak Mahindra Bank fell around 3% and was the worst-hit in the Nifty 50 index.
Among Nifty 200 stocks, Radico Khaitan hit a record high of INR 4,095.50. The stock is now up over 4%. The company's Managing Director Abhishek Khaitan told PTI in an interview that the company targets 20% volume growth in its premium and above-segment in 2026-27 (Apr-Mar). The liqiour-maker also eyes expansion in white spirits and a 120-basis-point rise in margins despite the short term volatility in input costs. Meanwhile, Varun Beverages, which sells soft drinks, was down over 4%. (Gopika Balasubramanium)
Equity Alert: Auto cos rise; June vehicle retail sales up 22% YoY, FADA says
MUMBAI--1245 IST--Shares of automobile companies were up after the Federation of Automobile Dealers Associations said overall automobile retail sales rose 22% on year in June, the highest ever for the month. The Nifty Auto was among the top sectoral gainers intraday, up more than 1%. Barring four, all the constituents of the sectoral index were trading higher.
Shares of Bajaj Auto, Mahindra & Mahindra, and TVS Motor Co. were up over 2% and shares of Ashok Leyland, Eicher Motors, and Hero Motocorp gained around 1.5%. Two-wheeler retail sales rose over 21% on year to 1.83 million units. Total passenger vehicle retail sales rose almost 29% on year to 410,853 units. Bajaj Auto and M&M were among the top gainers in the Nifty 50 index.
The fall in crude oil prices on the back of the ceasefire between the US and Iran, easing of supply from original equipment manufacturers, and a limited impact of automobile makers' price hikes supported sales in June, according to FADA. Going forward, over 66% of dealers expect retail automobile sales to grow, FADA said in a release. This is the strongest medium-term reading in recent surveys. (Ruchira Kagita)
Equity Alert: HDFC Bank up 3% to 3-month high on healthy Q1 business update
MUMBAI--1228 IST--Shares of HDFC Bank rose over 3% to a three-month high of INR 827.70. India's largest private sector lender reported that its gross advances and deposits for the June quarter gained around 15?ch, indicating steady business momentum. The heavyweight banking stock was the top gainer among the Nifty 50 constituents.
HDFC Bank's gross advances rose 15.4% on year to INR 30.61 trillion, and deposits grew 14.7% to INR 31.71 trillion for Apr-Jun. Sequentially, the deposits rose 2% and gross advances were up over 3%. The current account and savings account deposits rose over 9% on year to INR 10.26 trillion, but fell over 3% sequentially.
"While CASA moderated sequentially, the overall funding profile remains comfortable and does not alter the bank's structural growth outlook," ICICI Securities said in a note. The brokerage said the business momentum remained steady, with sequential advances and deposits continued to register healthy growth.
At 1202 IST, shares of HDFC Bank traded over 3% higher at INR 827.50. Nearly 37 million shares of the company changed hands on NSE, which is three times higher than the number of shares traded till the same time Friday. (Adhithya Aji)
Equity Alert: Aastha Spintex lists at over 4% discount to IPO price on NSE
MUMBAI--1227 IST--Shares of Aastha Spintex listed at INR 130, a discount of over 4% from its issue price of INR 136, on the NSE Monday. At 1219 IST, the stock traded slightly higher at INR 136.47 on the NSE. Over 7.6 million shares of the company have changed hands on the bourse so far in the day. On the BSE, shares of the company also listed at INR 130.
The initial public offering of Aastha Spintex was subscribed 4.64 times. The issue received bids for over 63.13 million shares, against the 13.60 million shares on offer. The company had raised INR 1.70 billion from anchor investors ahead of the initial public offering, according to media reports.
Aastha Spintex manufactures and trades carded, combed, and compact cotton yarns and cotton bales. For the nine months ended December, the company had reported net profit of INR 175.56 million on revenues of INR 3.13 billion. For 2024-25 (Apr-Mar), the company had reported net profit of INR 229.16 million on revenues of INR 3.51 billion. (Ashutosh Pati)
Equity Alert: Traders covering shorts positions help Nifty 50 hit 2-mo high
MUMBAI--1130 IST--Options chain showed that traders covered their short positions at in-the-money call contracts expiring Tuesday, lifting the index to a two-month high. Meanwhile, they also wrote put options and went long on the Nifty 50. Sustained gains in index heavyweights such as HDFC Bank and ICICI Bank helped the index to rise further.
Traders covered short their positions at call contracts with strike prices such as 24300, 24200, 24250, and 24100, prompting the index to inch up. They also unwound long contracts at far out-of-the-money contracts. Meanwhile, on the put side, traders wrote near out-of-the-money contracts with strike prices 24400, 24300, and 24350. The highest concentration of both call and put contracts were at 24400.
At 1143 IST, the 50-stock index was at 24418.25 points, up 147.40 points or 0.6%. The Nifty 50 index breached 24400 mark and hit its two-month high of 24428.05 points. Sectors such as real estate and automobile continued to lead gains. HDFC Bank, which holds 11% weightage in the index, rose to its highest level since Mar. 18 at INR 825.25. The BSE Sensex was at 78247.28 points, up 483.37 points or 0.6%. (Gopika Balasubramanium)
Equity Alert: Indices inch up further; banking, auto, real estate cos lead
MUMBAI--1101 IST--Indices inched up further after a gap-up opening Monday, with stocks of banks leading the gains among Nifty 50 constituents after robust June quarter business data. Traders also sought shares of real estate and metal companies. However, they sold information technology stocks.
At 1026 IST, the Nifty 50 was at 24390.25, up 119.40 points, or 0.5%. The BSE Sensex was at 78146.48 points, or 0.5%. The index currently hovers around the immediate resistance level of 24400 points and the next hurdle would be 24500 points, according to technical analysts. The support is seen at 24000 points.
Stocks of most real estate players traded higher, pushing Nifty Realty up 1.3%. Lodha Developers, Godrej Properties, and Oberoi Realty were up over 2?ch. Top real estate developers have gained market share amid broader sector exhibiting K-shaped trends, Motilal Oswal Financial Services said in a report.
Automobile players such as Bajaj Auto, Eicher Motors, Mahindra & Mahindra continued to gain, and were up 1-2%. Data from the Federation of Automobile Dealers Associations showed retail sales in India for June were the best ever in any such month. Total passenger vehicle retail sales for the month rose nearly 29% on year and two-wheeler retail sales rose over 21%.
Meanwhile, information technology stocks traded lower, with Tata Consultancy Services falling over 1% and being the worst hit among Nifty 50 constituents. The IT sector companies are expected to post weak earnings for the June quarter, due to limited global discretionary spending trends owing to the West Asia war, revenue deflation owing to artificial intelligence, and margin pressure. (Gopika Balasubramanium)
Equity Alert: Radico Khaitan hits new high; Magic Moments Q1 sales up 43%
MUMBAI--1100 IST--Shares of Radico Khaitan rose around 5% to hit a fresh record high of INR 4,089.90 on the NSE. The stock's trading volumes at around 359,000 were, however, lower than the three-month average of close to 428,000. The stock was also the top gainer in the Nifty 200 index. The stock move came after the company said its key vodka brand, Magic Moments' sales volumes rose 43% on year to 3.25 million cases in the June quarter.
Magic Moments' market share stood at 60% in the June quarter, the company said. The brand sustained a record sales run rate totalling one million cases every month, Radico Khaitan said in a filing released Sunday. Flavoured vodka was a strong growth driver for the brand, according to the company.
For the March quarter, Magic Moments' sales value was close to INR 15 billion and the brand's volumes touched 8.6 million cases. The company's net profit was INR 1.75 billion and its total revenue was INR 51.82 billion. At 1101 IST, shares of the company were 4.3% higher at INR 4,060.60 on the NSE. (Ruchira Kagita)
Equity Alert: Indices open higher led by gains in banking, metal stocks
MUMBAI--0945 IST--Benchmark equity indices opened higher on Monday, mirroring gains in Asian peers. Easing crude oil prices and the receding escalation in West Asia have cooled market volatility. Metal, banking, automobile, and defence stocks attracted buying interest from investors in early trade. Investors would also react to the retail sales data from the Federation of Automobile Dealers Associations.
At 0933 IST, the Nifty 50 was at 24360.45 points, up 89.60 points or 0.4%. The index is expected to take support at 24000 points during the day and face resistance at 24400 points. However, they expect the index to remain in a range during the day. The medium-term bias for the market remains positive, though volatility in global technology stocks could limit the pace of the rally, Rajesh Palviya, head of research at Axis Securities, said in a note.
More than 4% gains in Welspun Corp. led the Nifty Metal index to be the top sectoral gainer. Others, such as APL Apollo Tubes and Lloyd Metals and Energy, also gained 1-2%. Meanwhile, automobile stocks also gained momentum, with Exide Industries and Bajaj Auto gaining over 1?ch. Others, such as TVS Motor Co., Uno Minda, and Mahindra & Mahindra, gained a shade less than 1?ch. In June, total vehicle retail sales were 2.56 million units, up 22% on year, FADA data showed.
Private lenders such as HDFC Bank, Axis Bank, and ICICI Bank gained over 1-2% in early trade, after strong business updates. HDFC Bank's gross advances and deposits for the June quarter grew around 15?ch, the lender had informed exchanges on Saturday. Axis Bank reported a 19% on-year growth in advances and over 18% growth in deposits. (Gopika Balasubramanium)
Equity Alert: Indices may open flat, focus on Q1 earnings, monsoon progress
MUMBAI--0812 IST--Benchmark equity indices are likely to open flat on Monday with a positive bias, with investor's focus on the June quarter earnings and progress in Southwest Monsoon. The indices are expected to be rangebound in the coming sessions, however, strong buying interest may come in at lower levels. Volatility in the market subsided significantly, analysts had said, with India VIX closing at its lowest level since February on Friday.
On Monday, Nifty 50 is expected to open flat and going ahead, sustaining above the 24260 points could lead the Nifty 50 to go move to 24500–24600 in the near term, Vipin Kumaar, assistant vice president – Globe Capital Market, said. However, a fall below 24050 points would likely drag the index back towards the 23800 points, he added. The put-call ratio for the current week's expiry is at 1, which indicates a higher probability of a rangebound movement in intraday, Kumaar said.
The July contract of the GIFT Nifty indicates a largely muted open for Monday. At 0752 IST, the contract was at 24327 points, down 22.50 points from its previous close. On Friday, the Nifty 50 had ended at 24270.85 points, up 95.15 points or 0.4%. The BSE Sensex closed Tuesday's session at 77763.91 points, up 261.79 points or 0.3%. Foreign investors net bought shares worth INR 13.55 billion on Friday, turning buyers for the first time since Jun. 25. Meanwhile, domestic investors turned net sellers and offloaded Indian shares worth nearly INR 19.54 billion.
At present, the concerns around high input costs arising from higher crude oil prices have subsided with crude oil hovering around $70 a barrel. Shipping through the Strait of Hormuz continued to recover, easing concern about crude oil supply. However, progress in peace negotitations between the US and Iran would be watched. Cut back to Indian market, analysts believe that the valuation of stocks also seems fair, as compared to other emerging markets. Some analysts see risks to downward revisions to earnings growth estimates, monsoon-related inflation concerns, and continued outflow of foreign investments to already priced in. (Gopika Balasubramanium)
Equity Alert: Asian markets mixed as investors await US Fed meeting minutes
MUMBAI--0707 IST--Asian markets opened mixed Monday as investors await the minutes from the US Federal Reserve's June meeting which will be realeased later this week. Japan's Nikkei opened flat then fell a bit and was the worst performer among its peers. South Korea's Kospi rose 1.2% despite investors rotating out of chipmakers.
China's CSI was down marginally while Hong Kong's Hang Seng opened up 1.3% and was the top performer. Hang Send futures fell to 23253 from 23350.03 Friday. Australia's S&P ASX 200 fell slightly in early trade then traded almost flat.
Investors await the US Fed Reserve meeting minutes for clarity on whether interest rates will be raised in the world's largest economy. "Fed funds futures now imply 1.5 rate hikes over the next 12 months, a sharp reversal from the deep rate cut pricing that dominated the past three years. The minutes should indicate how much of that repricing the committee actually endorses," market veteran Ed Yardeni wrote in a note according to a CNBC report. Sentiment was better as 160 vessels reportedly passed through the Strait of Hormuz last week and this boosted global supply of crude oil. After weakening to a 40-year low, the Japanese Yen traded at 161.54 per U.S. dollar.
Following are the levels of key indices in the region at 0707 IST:
|
Index |
Level |
hange in % |
|
CSI 300 Index |
4841.65 | (-)0.01 |
|
Hang Seng Index |
23350.03 | 1.28 |
|
Nikkei 225 Day |
69518.01 | (-)0.32 |
|
TOPIX FIRST SECTION |
4085.09 | 0.50 |
|
KOSPI |
8184.8 | 1.19 |
|
FTSE Singapore Strait Times |
5251.23 | 0.13 |
|
S&P/ASX 200 Index |
8851.1 | 0.08 |
(Deesha Jadhav)
End
US$1 = INR 95.45
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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