Equity Alert
Dr Reddy's plummets 7%; global Semaglutide sales seen at risk
This story was originally published at 13:41 IST on 9 July 2026
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Equity Alert: Dr Reddy's plummets 7%; global Semaglutide sales seen at risk
MUMBAI--1312 IST--Shares of Dr. Reddy's Laboratories dropped nearly 7% to an intraday low of INR 1,261.10 on the NSE after the company said it found an issue associated with an active pharmaceutical ingredient used in its generic semaglutide product. Consequently, commercial supplies of the popular diabetes management drug will be delayed. An analyst said that Dr. Reddy's faces a severe risk of losing its market share in India and Canada. He also flagged that the company faces a risk of $120 million–$130 million of its revenues in 2026-27(Apr-Mar).
"Dr. Reddy's was already commenting on supply disruptions for the drug, which had affected production," Mehul Sheth, analyst at HDFC Securities, said. "We were, therefore, building a staggered market share gain for its Semaglutide offering... with the current supply disruption, it may take the company at least one quarter's time to return to normal production," he said. Sheth added that the company's early mover advantage in both Canada and India may be at risk as players such as Sun Pharmaceutical Industries, Zydus Lifesciences, and Lupin have expressed their intent to launch their own versions of the weight-loss drug in Canada over the next 6–7 months.
"Both revenue and EBITDA (earnings before interest, tax, depreciation, and amortisation) impact will depend on what the management says about possible delays and when they can get back on track (with production)," Sheth said. Alternatively, he noted that the company could use a third-party player for API development, but it would likely take them more than a quarter to get regulatory approval for such an arrangement.
At 1309 IST, shares of the company traded nearly 6% lower at INR 1,261.10 on the NSE. Around 7 million shares of the company changed hands on the bourse so far, which is seven-fold the number of shares traded till the same time Wednesday. (Eshitva Prakash)
Equity Alert: Indices rise again after coming off highs; Dr Reddys dn 5%
MUMBAI--1142 IST--Benchmark equity indices again inched up after coming off highs a while ago. The Nifty 50 rose to as high as 24134.70 points, broadly close to the intraday support, and then came off highs. The index has more or less remained above the psychologically important 24000 level. Dr. Reddy's Laboratories was in focus, with the company falling over 5%, and occupying the bottom spot in the 50-stock index.
At 1127 IST, the Nifty 50 index was at 24075.40 points, up 193.35 points, or 0.8%. The index has maintained its intraday gains so far. The BSE Sensex was at 77143.93 points, up 640.33 points, or 0.8%. Barring Nifty IT, all the sectoral indices were in the green. Nifty IT was down 0.8% with most large-cap players trading lower. A rise in mid-cap companies such as Coforge, LTM, and Persistent Systems rose 0.4-1.5% and prevented the index from falling sharply.
Shares of Dr. Reddy's plunged after the company said its commercial supply of semaglutide will be delayed for some time after a few batches of the drug were found to be out of specification due to an issue with its active pharmaceutical ingredient. Its manufacturing partner, Onesource Specialty Pharma said there awas no impact on its operations due to the above issue and demand for semaglutide is robust in Canada and other markets. To discuss this, the company will hold a conference call with investors and analysts at 1630 IST. (Gopika Balasubramanium)
Equity Alert: Tata Steel down 1%; co's Netherlands, UK deliveries fall in Q1
MUMBAI--1140 IST--Shares of Tata Steel shed nearly 1% and hit an intraday low of INR 186.62 per share on the National Stock Exchange. This comes despite the company reporting a healthy operational performance in the June quarter in a business update on Wednesday. The company reported an 11% on-year jump in its domestic crude steel production to 5.82 million tonnes for Apr-Jun. The company's delivery volumes also went up nearly 9% on year for the reporting quarter to 5.17 million tonnes from 4.75 million tonnes in the year-ago quarter.
The company's healthy volume performance in India was on the back of higher production at the Jamshedpur and Kalinganagar plants, reflecting a robust domestic demand, ICICI Securities said in a note. However, deliveries from the Netherlands and the UK operations fell 6.7% on year to 1.4 million tonnes and 20% on year to 480,000, respectively, the brokerage highlighted.
In another development, prosecutors in the Netherlands have summoned Tata Steel IJmuiden over alleged intentional and unlawful pollution. The first preliminary hearing has been scheduled for Nov. 20 at the Amsterdam District Court. This development is sentimentally negative for Tata Steel as it could result in legal and regulatory overhang for its Netherlands operations, the brokerage said in its note and underscored that the outcome of the proceedings and ensuing financial implications will be of interest. However, the brokerage expects the company's ongoing restructuring and cost optimisation initiatives in Europe to continue to support the long-term investment case.
At 1134 IST, shares of the company were at INR 187.50, down 0.4% from Wednesday, in contrast to its peers JSW Steel, Jindal Steel, and Steel Authority of India, which were up around 1–1.3.0% on the National Stock Exchange. Over 9.8 million shares of Tata Steel have changed hands so far on the exchange, higher than the 6.4 million shares traded until the same time Wednesday. (Shruti Nair)
Equity Alert: Phoenix Mills Q1 retail consumption growth beats Nomura view
MUMBAI--1046 IST--Phoenix Mills reported stronger retail consumption growth for Apr-Jun, which was 4% higher than the estimates by Nomura. According to the brokerage, the June quarter retail consumption performance was supported by healthy trends across the portfolio with double-digit growth across most assets. Nomura has raised its estimates for Apr-Jun revenue and earnings before interest, taxes, depreciation, and amortisation of the company.
Phoenix Mills reported strong retail consumption growth of INR 47.27 billion, up 32% year-on-year on the back of better performance of new malls such as Phoenix mall of Asia, Bengaluru, and Phoenix Mall of the Millennium, Pune.
The brokerage revised the June quarter revenue growth estimate to 16% from 14% earlier at INR 11.0 billion. EBITDA is now expected up 19% year-on-year at INR 6.7 billion, revised from 15% previously. It also raised the estimates for retail income growth to 20% on year to INR 6.1 billion from 17?rlier.
For the June quarter, residential sales were reported at INR 640 million, while collections were at INR 510 million. The company is expected to mark the June quarter with double-digit growth across most assets, mainly supported by firm consumption across the sectors, the brokerage said in its report. The holding leased occupancy rose to 72% as of June from 70% in March, and the leased part of 190,000 square kilometres was also completed during the quarter.
Despite the disruptions due to the West Asia war, the hotel segment revenue per available room recorded 15% on-year growth with The St. Regis, Mumbai, and 23% on-year growth with Courtyard by Marriott, Agra. This is on the back of healthy occupancies and a double-digit rise in average room rate, as per the brokerage report.
Shares of Phoenix Mills rallied 21% over the last three months mainly due to expectations for strong demand in domestic consumption. The brokerage retained its "neutral" recommendation on the stock with a target share price of INR 1,700, which is nearly 18% down from the current share price. At 1109 IST, shares of the company traded at INR 2,070.30 on the National Stock Exchange, up over 2%. (Durgesh Nandan)
Equity Alert: Indices retain gains; consumer durables, realty cos rise
MUMBAI--1040 IST--Benchmark equity indices maintained their gains from the early trade with buying interest seen across sectors, barring metal and information technology stocks. The Nifty 50 rose past 24000 points and has remained above the level so far in the day. The gauge that measures expected volatility in the market, India VIX, has cooled down to around 8%, indicating that the nervousness of investors has reduced significantly from Wednesday afternoon when the US ended the truce with Iran.
At 1031 IST, the index was at 24042.45, up 160.40 points, or 0.7%. The BSE Sensex was at 77000.02 points, up 496.42 points, or 0.7%. While the medium- to long-term outlook for Indian market remains positive, indices are expected to be broadly in a range in the near-term as investors would slice and dice the corporate earnings for the June quarter to ascertain which parts of the economy remained resilient through the West Asia war-induced shocks.
Traders continued buying shares of real estate and consumer durables companies. The Nifty Realty and the Nifty Consumer Durables index were up around 1.8?ch. Relentless buying in Kalyan Jewellers India pushed the sectoral index to be the top gainer among these indices. Media-related stocks also gained momentum with D.B. Corp. and Tips Music rising over 5?ch. (Gopika Balasubramanium)
Equity Alert: TCS down over 2% ahead of Apr-Jun earnings announcement
MUMBAI--1030 IST--Shares of Tata Consultancy Services fell over 2% to the day's low of INR 2,016 ahead of its June quarter earnings announcement, scheduled later in the day. The stock was down for the second session and shed almost 4% during this period.
The information technology colossus is expected to report a marginal sequential decline in its consolidated bottom line owing to annual salary hikes rolled out across the organisation from Apr. 1. However, its revenue for the quarter is expected to rise slightly, with the depreciation of the rupee against the dollar.
For Apr-Jun, the Tata Group company is likely to report a consolidated net profit of INR 135.23 billion, down 1.4% sequentially. However, this would translate to a growth of almost 6% on a year-on-year basis. Its consolidated revenue for the reporting quarter is expected to grow about 2% sequentially and 14% on year to INR 720.3 billion.
At 1027 IST, shares of TCS were 1% down at INR 2,036 on the NSE. So far in the day, over 1 million shares of the company have changed hands, almost in line with the shares of the company traded till the same time Wednesday.
Of the 20 brokerage recommendations available with Informist on the company, 19 have a 'buy' recommendation with an average target price of INR 3,238, while the remaining one has a 'hold' recommendation. (Arundathi A R)
Equity Alert: Dr. Reddy's falls 3%, co says Semaglutide supply to see delay
MUMBAI--1015 IST--Shares of Dr.Reddy's Laboratories fell nearly 3% to the day's low of INR 1,312.10 after the company Thursday said its semaglutide supply will be delayed due to an issue found with certain batches. The stock extended losses for the fourth straight session and shed 4.5% during this period. The volume of the shares traded so far in the day was four times the shares traded till the same time Wednesday. The company will hold a conference call on Thursday at 1630 IST to discuss the API issue.
The company informed exchanges that it found an issue associated with active pharmaceutical ingredient used in the semaglutide. "There is no impact on patient safety or on the product's existing global regulatory filings," according to the filing. The company said the commercial supplies of the product will be delayed for a certain period until the issue is resolved.
At 1003 IST, shares of Dr.Reddy's were over 2% lower at INR 1,317.90 on the NSE. So far in the day, over 2 million shares of the company have changed hands on the exchange, higher than 526,938 shares traded till the same time Wednesday.
Of the 13 brokerage recommendations available with Informist on the company, nine have a 'buy' recommendation with an average target price of INR 1,523. Of the remaining four, two have a 'sell' recommendation and two have a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Brokerages see 14% premium growth driving insurers' Q1 earnings
MUMBAI--0933 IST--The life insurance industry recorded a growth of 16% on year in individual annualised premium equivalent during June, driven by an 11% on-year volume growth in terms of insurance policies sold, according to data by the Life Insurance Council. Notably, the private sector annualised premium growth came in at 14% on year. Among notable players, Axis Max Life recorded a total annualised premium equivalent growth of 21%, followed by SBI Life which recorded a growth of 18%.
Brokerage Nirmal Bang Equities sees healthy performance in the June quarter for the life insurance sector, supported by sustained annualised premium equivalent momentum in retail protection and evolving channel dynamics. Growth in the sector is also increasingly driven by a favourable shift towards non-participating savings, Nirmal Bang Equities highlighted in its research report. However, profitability margins face structural limitations due to the non-availability of the goods and services input tax credit, which partially offsets the aforementioned product mix benefits, according to the brokerage. Intense competition in non-participating segments and evolving regulatory developments, specifically draft commission guidelines, Bima Sugam's launch, and the Indian Accounting Standards transition, will remain in focus, according to the brokerage.
Brokerage Nomura also underscored potential regulatory changes as an area of interest. The Insurance Regulatory and Development Authority of India is considering an overhaul of the commission structure of insurers seeking to curb mis-selling of policies, according to media reports. This is likely a drag on the industry in the near-term, the brokerage said in its research report.
The industry is expected to report around an 11–12% growth in retail annualised premium equivalent growth in the financial year 2026-27 (Apr-Mar), supported by a 13–14% growth in the private sector, Emkay Global said in a research report. The brokerage expects LIC to deliver a 6–7% retail annualised premium equivalent growth. The life insurance stocks have witnessed a sharp correction amid regulatory overhangs over recent months, the brokerage highlighted. Current valuations do not adequately reflect the strong franchise strengths, supported by brand, distribution, and scale, thus providing an attractive entry point, according to the brokerage. (Shruti Nair)
Equity Alert: Indices open higher; TCS down 1% ahead of Q1 results
MUMBAI--0940 IST--Benchmark indices opened higher on Thursday, bouncing back slightly from Wednesday's sharp fall. Investors looked past the fresh escalations in West Asia as the US struck Iran for the second straight day on Wednesday and revoked the interim peace deal reached last month. Movement in Indian indices mirrored that of other Asian markets, which rose as traders bought into chipmakers and technology companies.
In India, investors turned positive on consumer durables stocks, as well as real estate and select pharmaceutical companies. Tata Consultancy Services fell ahead of its June-quarter earnings due later in the day, and so did other information technology stocks.
At 0930 IST, the Nifty 50 was at 24036, up 153.95 points or 0.6%. The index is expected to find immediate support at 23800 points, but 23600 remains the crucial support for the day, technical analysts said. The BSE Sensex was at 77012.86 points, up 509.26 points or 0.7%. Broader market indices also rose in early trade, outperforming benchmark indices. Both the mid-cap and small-cap indices rose over 1%.
Eternal, Sun Pharmaceutical Industries, and Bharti Airtel topped the Nifty 50 index, up nearly 2-4%. Less than 15 Nifty 50 constituents traded lower on Thursday. Information technology majors were the laggards, with TCS, HCL Technologies, and Tech Mahindra down over 1?ch.
Among sectoral indices, Nifty Consumer Durables rose over 2% and was the top gainer, as Kalyan Jewellers India and Dixon Technologies (India) jumped around 4-10%. Nifty Realty and Nifty Pharma were up around 1.5?ch. Dr. Reddy's Laboratories fell 2?ter the company said that the supply of semaglutide would be delayed as there were issues with batches associated with the active pharmaceutical ingredient used in the product. (Gopika Balasubramanium)
Equity Alert: Emkay Global downgrades Rainbow Children's to 'add' from 'buy'
MUMBAI--0850 IST--Emkay Global Financial Services downgraded Rainbow Children's Hospital to 'add' from 'buy' while keeping its target price unchanged at INR 1,550. This target implies an upside of over 8% from the stock's closing price of INR 1431,10 Wednesday. The company's revenue is seen increasing 17?tween 2026-27 (Apr-Mar) and FY29, which is less than the 20% growth pencilled in for the hospitals in its coverage, the brokerage said.
Further, the ramp-up of the hospital network's new facilities is likely to weigh on its earnings before interest, taxes, depreciation, and amortisation margins through FY28-29. Rainbow Children's margin is estimated to contract by 378 basis points over FY26-29. Increasing competition in the pediatric segment also poses near-term challenges for the company, Emkay Global said.
For the June quarter, the hospital company's revenues are expected to grow 23% on year, according to Emkay Global. This growth will be supported by increased volumes across the chain's new and mature facilities. The company's profit is seen rising 18% on year to INR 634 million. However, its EBITDA margin is likely to lag top-line growth, the brokerage said, citing initial losses at new Bengaluru units and elevated employee costs from additions to senior management. Its margin is estimated to decline 77 bps for the three months ended June.
For the March quarter, Rainbow Children's reported a consolidated net profit of INR 770.43 million on revenues of INR 4.60 billion. Wednesday, the company's shares closed 0.6% higher at INR 1,431.10. (Ruchira Kagita)
Equity Alert: Asian markets open mixed, Kospi up almost 3%
MUMBAI--0830 IST--Asian Indices opened mix Thursday with South Korea's Kospi leading the gains. US President Donald Trump said he was no longer interested in negotiating a deal with Iran and that the interim peace deal was "over" after another wave of attacks in the West Asia.
South Korea's Kopsi rose 2.8% driven by a rise in Samsung Electronics and a SK Hynix after falling sharply the day before as investors raised concern about long-term prospects of AI chipmakers. Hong Kong's Hang Seng fell slightly. Meanwhile, Japan's Nikkei was up 2% and Topix First Section and FTSE Singapore Strait Times were slightly up.
China's CSI 300 was marginally up despite the 5?ll in Luxshare Precision Industry. Meanwhile, China's Producer Price Index rose 4.1% on year, the highest since July 2022, the National Bureau of Statistics data showed, matching the forecast of a Reuters poll.
Austrailia's S&P/ASX 200 was down less than 1%.
Following are the levels of key indices in the region at 0734 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
68177.5 | 2.03 |
| TOPIX FIRST SECTION | 4023.94 | 0.44 |
| S&P/ASX 200 Index | 8730.2 | (-)0.62 |
| KOSPI Index | 7449.67 | 2.80 |
| Hang Seng Index | 24141.31 | (-)0.24 |
| CSI 300 Index | 4771.77 | 0.34 |
|
FTSE Singapore Strait Times |
5397.2 | 0.51 |
(Deesha Jadhav)
Equity Alert: Indices seen under pressure amid renewed West Asia tensions
MUMBAI--0810 IST--Benchmark equity indices are expected to be under selling pressure at the open amid a fresh escalation in West Asia, as the US struck Iran for the second straight day. The US launched strikes against Iran late Wednesday. The US called these additional strikes an attempt to degrade their ability to threaten freedom of navigation in the Strait of Hormuz. This comes after the US President Donald Trump ended the truce with Iran on Wednesday afternoon, saying the memorandum of understanding signed with Tehran is "over" in an address in Turkiye.
The near-term market sentiment is negative, with rising crude oil prices and uncertainty about whether both the US and Iran will reach a peace deal. While analysts do not expect the situation in West Asia to worsen as much as it did in Mar-Apr, the uncertainty about how things will pan out from here will keep investors from taking large bets. With these fresh escalations in West Asia, crude oil prices shot up to $80 a barrel on Wednesday. At 0728 IST, the September futures contract of Brent crude oil on the Intercontinental Exchange was at $78.7 a barrel, up around 1%.
"Technically, the Nifty 50 index has reached an important price support at 23,800 (points), but a decisive fall below this level may drag it towards 23600-23400 in the near term," Vipin Kumaar, assistant vice president – technical and derivatives at Globe Capital Market, said. "On the higher side, 24200-24250 (points) will act as immediate resistance," he said. At 0727 IST, the July contract of GIFT NIFTY was at 23970.50, up 31.50 points or 0.1%.
Thursday, investors would also focus on the June-quarter earnings of Tata Consultancy Services due later in the day. The company is expected to report a marginal sequential decline in its consolidated bottom line owing to annual salary hikes rolled out across the organisation from Apr. 1. However, its revenue for the quarter is expected to rise slightly, with the depreciation of the rupee against the dollar. Shares of the company ended 1.8% lower Wednesday at INR 2,057.50 on the National Stock Exchange. (Gopika Balasubramanium)
Equity Alert: US markets close flat; Trump says US-Iran interim deal "over"
MUMBAI--0701 IST--US Indices closed flat Wednesday as investor sentiment was affected by renewed US-Iran tensions and a jump in oil prices. US President Donald Trump said he was no longer interested in negotiating a deal with Iran and that the interim deal was "over" after another wave of attacks in the West Asia.
The Dow Jones Industrial Average and the S&P 500 both ended slightly down. Microsoft and Alphabet each fell more than 1% and Meta Platforms lost 2% while SpaceX was down less than 1%. The Nasdaq Composite was marginally up, supported by a rally in Broadcom after it said that its agreement with Apple for supplying chips will be worth more than $30 billion.
Uncertainty regarding inflation due to rising energy costs created nervousness about rates hikes among investors. The minutes from the Fed'S June meeting revealed that Fed officials were reluctant to cut rates until they see inflation moving sustainably towards its target. Investors await the weekly jobless claims report and home sales data, both due later in the day, as well as Pepsico's earnings.
"Any assumption of a swift return to normalized Persian Gulf exports is certainly being challenged," said Mason Mendez, global real assets analyst at Wells Fargo Investment Institute, as per a CNBC report. "Given the reduced supply buffer of already low global reserves and inventories, any further escalations are likely to re-enforce a higher geopolitical risk premium in oil prices--even when negotiations eventually resume."
Following were the closing levels of major US indices Wednesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
52348.39 | (-)1.09 |
|
NASDAQ Composite |
25870.65 | 0.20 |
|
S&P 500 |
7482.71 | (-)0.28 |
(Deesha Jadhav)
US$1 = INR 95.33
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
All prices from National Stock Exchange, unless otherwise specified.
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