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Informist, Friday, Jul. 10, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Indices open up led by IT, metal cos; TCS top Nifty 50 gainer

 

MUMBAI--0931 IST--Benchmark equity indices opened higher buoyed by gains in information technology and metal stocks. Gains in the domestic market mirrored those in its Asian peers. The sentiment improved slightly after US President Donald Trump said Iran reached out to make a peace deal. Qatar, Pakistan, alongside other regional nations are also trying to put down the spat between the US and Iran.

 

At 0919 IST, the Nifty 50 was at 24160.75 points, up 197.95 points or 0.8%. For the day, the index is expected to face resistance at 24200 points and support at 23850 points. The BSE Sensex was at 77441.42 points, up 699.60 points or 0.9%. Barring Nifty Pharma, Nifty Realty, and Nifty Healthcare, all the other sectoral indices higher in early trade. Broader market indices also rose and were up 0.7-0.9%.  

 

Tata Consultancy Services was the top gainer in the Nifty 50 in early trade, rising over 4% to a high of INR 2,133.30. This was after the company's positive remarks on improvement in demand during the September quarter. While several brokerages said the June-quarter results were in line with the view and expect recovery ahead, they reduce their respective target prices. 

 

Meanwhile, Dr. Reddy's Laboratories fell around 2% and was the worst-hit stock in the Nifty 50. The company said it expected to resume commercial supply of semaglutide by only late October or early November. Several brokerages cut down their respective target prices. Going forward, the key risks to the company's earnings are related to when semaglutide supplies resume and volumes scale up, Emkay Global Financial Services said in its note. The market opportunity is expected to be significantly lesser for Dr Reddy's by the time it is ready to enter the market. (Gopika Balasubramanium)

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Equity Alert: Brokerages wary of Dr Reddy's semaglutide issue, trim estimates

 

MUMBAI--0915 IST--Some brokerages retained their stance on Dr Reddy's Laboratories and some revised their target prices on the stock downwards after the company said it expected to resume commercial supply of semaglutide by only late October or early November. A batch of semaglutide injectibles were found to be out of specification due to an issue with its active pharmaceutical ingredient, the pharmaceutical major said Thursday.

 

Dr Reddy's now expects to supply 6-7 million semaglutide pens in the second half of 2026-27 (Apr-Mar), lower than its earlier forecast of around 10 million for the period. Going forward, the key risks to the company's earnings are related to when semaglutide supplies resume and volumes scale up, Emkay Global Financial Services said in its note. The market opportunity is expected to be significantly lesser for Dr Reddy's by the time it is ready to enter the market. Uncertainties around partner-driven volumes are also key to monitor, the brokerage said.

 

Emkay Global revised its earnings before interest, taxes, depreciation, and amortisation margin in FY27 lower by 120 basis points to 18.9% from 20.1?rlier. The brokerage, however, retained its 'reduce' call on the stock with an unchanged target price of INR 1,300. The top brass of Dr Reddy's, however, expect to achieve a margin of over 20% for the full financial year.

 

Semaglutide-related trouble go on for longer than expected, Systematix Institutional Equities said. The active pharmaceutical ingredient for the drug is anticipated to be validated by the end of September, with supplies to its contract development and manufacturing partner, OneSource Specialty Pharma resuming soon after, the management had said. Meanwhile, "...we believe the temporary disruption could diminish Dr Reddy's first-mover advantage, allowing competing players to enter the market earlier," the brokerage said. Hence, the company's pricing power could moderate and its gains in market share could be limited in the medium term, Systematix said.

 

Systematix downgraded the stock to ‘hold' from ‘buy' while trimming its target price to INR 1,398. The brokerage sees the company's sales growing at a compounded annual rate of 7% over FY26-FY28, and EBITDA at 13.5% for the same period. In FY28, Dr Reddy's' sales from semaglutide are expected to be $100 million, lower than $150 million pencilled in earlier.

 

Elara Securities (India) also downgraded the stock to 'reduce' from 'accumulate' and cut its target price by 11% to INR 1,283 from INR 1,444. The company's semaglutide sales in Canada, for which it only recently received approval, are seen $50 million in FY27, as against $120 million earlier. In FY28, the revenues from the therapy are estimated at $70 million now, compared with $80 million before. Delays in validation and supply resumption are not entirely ruled out, the brokerage said. "Quick resolution of the Semaglutide API issues, and in-time approval of biosimilar abatacept will be key upside risk," Elara Securities said.

 

While the issue related to the active pharmaceutical ingredient in the company's semaglutide pens is a "process-driven setback," the drug's supply halt, if extended, could be detrimental to its earnings in FY27, Nuvama Institutional Equities said in a report. Semaglutide will not contribute to the drugmaker's earnings in the September quarter, the brokerage noted. Nuvama reduced its earnings per share estimates for the company by around 9% for FY27 and cut its target price by 6% to INR 1,465 from INR 1,560 while retaining its 'buy' recommendation.

 

For the March quarter Dr Reddy's reported a consolidated net profit of INR 2.21 billion on revenues of INR 75.46 billion. Thursday, shares of the company closed almost 6% lower at INR 1,269.50 on the NSE. In the US, the company's American depositary receipts closed almost 2% lower at $13.89.  (Ruchira Kagita)

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Equity Alert: Brokerages bullish on Dixon Tech post vivo  Mobile JV pact

 

MUMBAI--0900 IST--Broking firm Emkay Global Financial Services raised its target price for Dixon Technologies (India) and maintained its 'buy' recommendation on the stock after the company signed an agreement with vivo Mobile India to form a joint venture company to manufacture electronic devices. The brokerage has raised its target price on Dixon by 22% to INR 15,200, and its earnings-per-share estimate for 2026–27 (Apr-Mar) by 14% and by 17% for FY28, owing to higher smartphone volumes.

 

The company Thursday said vivo Mobile India has received approval from the government for a joint venture in India. With this, Dixon and vivo Mobile India also signed an agreement to form a joint venture company to manufacture electronic devices, including smartphones. Dixon Technologies will hold a 51% stake in the joint venture, while the remaining 49% will be held by vivo Mobile India.

 

Brokerage Motilal Oswal retained its 'buy' recommendation on the stock with a revised target price of INR 16,100. "We expect this JV to enhance the company's manufacturing capabilities and strengthen its market share and positioning in the Android smartphone market in India," the brokerage said in its report. It expects the company to get incremental volumes starting from the December quarter. "We have baked in volumes of 13m (million)/17m (million) in FY27/FY28 from Vivo into our estimates," according to the report.

 

Motilal Oswal also sees a healthy growth of 19% on year in the June quarter, supported by strong growth of more than 30% on quarter in mobile volumes as demand has improved sequentially.

 

ICICI Direct, the retail wing of ICICI Research, also maintained its 'buy' recommendation on the stock with an average target price of INR 16,300. It also raised revenue and profit estimates along with a higher multiple. "We revise Dixon's smart phone volumes upwards from 3.3 crore (33 million) in FY26 to 4.3 crore (43 million) in FY27E and 5.6 crore (56 million) in FY28E, implying ~30% volume CAGR (compound annual growth rate) in this segment," the brokerage said in its report.  (Arundathi A R)

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Equity Alert: Brokerages say TCS Q1 results in line, sees recovery in Q2   

 

MUMBAI--0843 IST--Brokerages said that the June quarter earnings of information technology major Tata Consultancy Services were largely in line with their expectations. Analysts believe that growth in the IT behemoth will pick up in the coming quarters. Brokerages have trimmed their target prices on the stock. 

 

For the March quarter, Tata Consultancy Services' consolidated net profit fell nearly 3% on quarter to INR 133.49 billion. The bottom line was hit by a one-time cost of INR 6.68 billion which was utilised for settlement of a legal claim. Excluding the one-time cost, the net profit of the company would have been INR 140.17 billion, sharply higher than the Street's view of INR 134.03 billion. 

 

The company's consolidated revenue rose 2.2% sequentially and almost 14% on year to INR 722.75 billion for the June quarter. Analysts had expected the company to post a top line of INR 718.05 billion for the quarter. TCS recorded annualised artificial intelligence revenue of $2.6 billion for the three months, up 13.6% quarter-on-quarter.   

 

Salary hikes along with investments in the partner ecosystem and targeted initiatives impacted margins of TCS by 170 basis points, which was partially offset by foreign exchange benefits and operational efficiencies, according to Nuvama Institutional Equities. "TCS appears to be well set for a recovery in FY27, given its commentary and strong hiring in Q1," the brokerage said. Nuvama also said that the deal wins were decent, margins were solid, and AI revenue growth was strong. 

 

"We expect growth to recover over the next few quarters for TCS, as it recovers lost ground due to the Gulf war and the macro and Gen AI both gradually turn favourable...," Nuvama said. 

 

Nuvama trimmed the target price on stock 10% to INR 3,000 and maintained a 'buy' recommendation on the stock. Nuvama reduced the 2026-27 (Apr-Mar) earnings-per-share estimate by 0.5% and by 1.2% for FY28. The brokerage is of the view that the stock's valuations are attractive after the recent correction. Nuvama values the stock at 18 times of the FY28 earnings per share estimate. 

 

The IT major delivered a weak performance for the June quarter and margins were impacted by annual wage hikes, according to Nirmal Bang Institutional Equities. "TCS's revenue and order book growth have remained a concern since the past 4-5 quarters as AI led deflation starts to materialize and productivity gains are realized faster than additional work can replace the deflation," the brokerage said. 

 

Nirmal Bang reduced the target price to INR 1,682 from INR 1,693 earlier and maintained its 'sell' recommendation on the stock. The brokerage maintained an underweight stance on the sector for 2026 due to artificial intelligence-led concerns. 

 

 

Global brokerage Jefferies said that TCS June quarter results were largely in line. The brokerage expects a subdued 4% compound annual growth rate in earnings per share over FY27 to FY29, NDTV Profit reported. The brokerage trimmed the target price over 26% to INR 2,275 and maintained an 'underperform' call on the stock. Additionally, Nomura increased TCS' target price minisculely to INR 2,590 from INR 2,570 earlier and retained its 'buy' call on the stock.  (Adhithya Aji)

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Equity Alert: Asian markets open higher ahead of SK Hynix debut in US

 

MUMBAI--0830 IST--Asian markets opened higher and AI and chip stocks lead the gains. South Korea's Kospi was up 3.7% while Japan's Nikkei and Hong Kong's Hang Seng were up 2% and 1%, respectively. SK Hynix was up 1.3% ahead of its listing in the US. The company is pricing its American Depository Receipts at $149 each, and will riase about $26.5 billion.

 

Japan's SoftBank was up 11%, Advantest rose almost 4%, and Renesas Electronics was up 3%. South Korea's Samsung SDI was up 8%. Seol semiconductor was up almost 6%, Samsung Electronics and LG Display both were up around 4%. China's CSI 300 was slightly up. Morgan Stanley said in a note that Hong Kong and Chinese equities had outperformed regional and global peers over the past week, according to a CNBC report.

 

Austrailia's S&P/ASX 200 was marginally up. The Japanese yen continued to be at its lowest in 40 years at 161.42 per US dollar.

 

Following are the levels of key indices in the region at 0754 IST:

 

Index	Level	Change in %
Nikkei 225 Day	69141.04	2.06
TOPIX FIRST SECTION	4053.55	0.83
S&P/ASX 200 Index	8803.4	0.47
KOSPI Index	7562.49	3.71
Hang Seng Index	24288.08	1.07
CSI 300 Index	4890.42	0.29
FTSE Singapore Strait Times	5448.15	0.26

 

(Deesha Jadhav)

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Equity Alert: Domestic indices seen tad higher at open; TCS, Dr Reddy's eyed

 

MUMBAI--0823 IST--India's headline indices are seen a tad higher at open amid positive cues from Asian indices but investors would react to the June quarter earnings and commentaries by Tata Consultancy Services, the first to put out results. Further, focus would also be on Dr. Reddy's Laboratories after the company spoke to analysts and investors on the semaglutide issue. There is some improvement in the sentiment after US President Donald Trump said Iran reached out to make a deal. Qatar, Pakistan, and other regional mediators are trying to de-escalate tensions between the countries, various media reports said. 

 

"Now, till it holds above 23750 points, a bounce can be seen towards 24150-24250 zone, while immediate support is seen near 23750," Mandar Bhojane, technical and derivatives analyst with Chola Securties said. Foreign investors turned buyers in index futures market with the increase in open interest reflecting a bullish bias due to build up of long positions, he said. Hence, the market is likely to consolidate in the near term, he added.

 

At 0731 IST, the July contract of GIFT NIFTY was at 24117, up 14.50 points or 0.1%. This was about 60 points more than the Nifty 50's Thursday close. The index had settled at 23962.80 points, up by 80.75 points or 0.3%. The index gave up most of its intraday gains as investors cashed out profits, taking a sell-on-rise approach.

 

Tata Consultancy Services will be on spotlight after its June quarter result announcement. The company expects demand to improve starting September quarter. The company's management expects a recovery in the life sciences and healthcare segment in the ongoing quarter and is positive on improvement in revenue contribution from the manufacturing segment as well. However, some brokerages have cut down their respective target prices by 1-2%. Citi cuts TCS' target price by around 11% and Nuvama cuts it by over 7%. The stock ended at INR 2,049.50 on the NSE. (Gopika Balasubramanium)

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Equity Alert: US indices close higher Thu, Trump says Iran sought a deal

 

MUMBAI--0702 IST--US indices closed higher Thursday driven by gains in chip stocks led by Micron Technology which said it will invest $250 billion in the US through 2035. The Nasdaq Composite closed up 1.3% while the Dow Jones Industrial Average and the S&P 500 both ended marginally up. Investor sentiment improved after the US President Donald Trump said that Iran had sought a deal. Qatar and Pakistan are trying to bring Washington and Tehran back to negotiations, officials from the countries told MS Now, according to a CNBC rpeort.

 

Applied Materials and Sandisk were up by 3.0% and 7.6%, respectively. Meta Platforms rose as the company plans to manufacture AI chips in September, according to a Reuters report. Pepsico fell 3.3?ter it reported its Q2 earnings, and Costco fell 4.2%.

 

Investors await the US listing of South Korea chipmaker SK Hynix and earnings of Delta Air Lines. SK Hynix is pricing its American Depository Receipts at $149 each, according to Blooomberg. 

 

The S&P 500 is now trading at 20 times expected earnings, down from 21 a month ago. Investors now expect the US Federal Reserve to raise interest rates by 25 basis points by December, according to the CME Fedwatch tool. 

 

Following are the closing levels of major indices in US Thursday:

 

Index	Level	Change in %
Dow Jones Industrial Average	52487.41	0.27
NASDAQ Composite	26206.89	1.30
S&P 500	7543.64	0.81

 

(Deesha Jadhav)

 

US$1 = INR 95.31

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.

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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