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

Equity Alert: Nuvama starts coverage on Vedanta Aluminium with 'buy' rating

MUMBAI--1515 IST--Nuvama Wealth Management initiated coverage for Vedanta Aluminium Metal, the demerged company of Vedanta, with a "buy" recommendation and a target price of INR 540 per share. This reflects an upside of over 21% from the current market price. The brokerage expects Vedanta Aluminium's earnings before interest, tax, depreciation, and amortisation to rise at a compounded annual growth rate of 29% by 2027-28 (Apr-Mar) over FY26. Higher aluminium prices and rise in volumes are also likely to support the company's performance.

The company is reducing its cost of production, which will help its profitability to exceed the historical average, Nuvama said. This cost reduction will help the company sustain a high EBITDA of over $1,100 per tonne. Aluminium prices are also expected to stay firm till FY28 due to the ongoing deficit in the global aluminium market, the brokerage said. Despite the recent correction in prices of the metal due to easing traffic through the Strait of Hormuz, Nuvama believes full restoration of supply from West Asia will happen by the second quarter of FY28.

Vedanta Aluminium's volumes are expected to rise at an 8% compounded annual growth rate over FY26 to FY28 due to the ongoing capacity expansion of 435,000 tonnes per annum in arm Bharat Aluminium Co. "The company plans to further debottleneck capacity to 3mtpa (3 million tonnes per annum) by end-FY28E. This would drive volume growth unlike domestic peers, having no volume growth until FY28," the brokerage said.

At 1500 IST, shares of Vedanta Aluminium traded slightly higher at INR 444.90. Of the five brokerage reports on the company available with Informist, three have a "buy" recommendation on the stock with an average target price of INR 562. The stock is down 4% this week.  (Ashutosh Pati)

Equity Alert: Indices inch higher in last hour of trade; Nifty 50 above 24200

MUMBAI--1450 IST--Headline indices broadly maintained their gains heading into the last hour of trade, with the Nifty 50 index breaching the 24200 level. Less than 10 constituents of the 50-stock index were in the red amid crude oil prices remaining slightly lower around $76 per barrel. In the broader market, small-cap indices continued to outperform their headline peers with the Nifty small-cap indices gaining 1.3–1.5%, while the Nifty mid-cap indices were up 1.1–1.3%.

At 1448 IST, both the Nifty 50 and the BSE Sensex were up around 1.1% each at 24215.60 points and 77603.48 points, respectively. Jio Financial Services, up nearly 4%, remained the top gainer in the 50-stock index. Insurance players SBI Life Insurance Co and HDFC Life Insurance Co were up over 2% and 3%, respectively, and were also among the top performers. Dr. Reddy's Laboratories fell further, down nearly 2%, to become the worst performer in the Nifty 50 index. Brokerages' view on the stock turned cautious after the company reported supply issues in its semaglutide vertical.

Most sectoral indices were trading higher. The Nifty Realty index gained 3.2% and outperformed its peers, while the Nifty PSU Bank and Nifty IT indices were up nearly 3% and 2%, respectively. The Nifty Pharma, down 0.2%, remained the worst performer among sectoral indices. The Nifty FMCG and Nifty Healthcare indices were also marginally lower.

Indian Bank rose further, up nearly 10%, after the bank detailed its June quarter results and remained the top gainer in the Nifty 200. The bank reported a net profit of INR 32.73 billion on total income of INR 207.24. Its small-cap peer Bank of Maharashtra also reported its Apr-Jun earnings during the day with its net profit coming in at INR 20.20 billion and total income at INR 90.63 billion. The stock was up 2%, broadly unchanged after declaring its results. Quick-commerce player Swiggy, down nearly 3%, remained the worst performer in the Nifty 200 index.

Godrej Industries sharply extended its gains, up nearly 17%, and was the top gainer in the Nifty 500 index. Schneider Electric Infrastructure, down 4.2%, remained the worst performer in the Nifty 500. (Shruti Nair)

Equity Alert: European mkts slightly higher Fri, most headed for weekly loss

MUMBAI--1434 IST--Most stock markets in Europe were only marginally higher on Friday, but all major indices in the region were on track to post weekly losses. The pan-European STOXX 600, which was up only slightly intraday, was also set to decline on a weekly basis. Technology stocks faced some selling pressure ahead of South Korean SK Hynix's US listing later Friday. The STOXX Europe 600 Technology index was more than 1% lower.

Shares of Infineon Technologies were down over 2%, Soitec and ASML Holding around 3%, and BE Semiconductor Industries nearly 2%. Luxury stocks in Europe were up by a small margin. Shares of LVHM, Moncler, Burberry Group, Kering, and Hermes International were down around 1% and the STOXX Europe Luxury 10 index gained only slightly.

In other news, easyJet prefers the takeover offer by US-based private equity giant Apollo Global Management over that made by Castlelake earlier. The budget airline company gave an in-principle nod for an offer of 7.15 pound sterling (INR 914.6). "Apollo places a high value on people and believes that identifying and retaining key staff within the easyJet Group will be of paramount importance," easyJet said in a press release. Castlelake had proposed offering 6.90 pound sterling for each easyJet share. Shares of the airline major surged over 14% during early hours of trade.

Following were the levels of major European indices at 1431 IST:

(Ruchira Kagita)

Equity Alert: Apollo Micro up 5%; co to buy 41% stake in Premier Explosives

MUMBAI--1355 IST--Shares of Apollo Micro Systems surged 5% to an intraday high of INR 418.20 after the company said it will acquire a 41.33% stake in Premier Explosives for around INR 15.50 billion in an all-cash deal. At 1346 IST, shares of Apollo Micro had given up some of the gains and traded 3% higher at INR 410.25. Over 14 million shares of the company changed hands on NSE so far in the day, up from around 11.4 million shares at the same time Thursday. Shares of Premier Explosives fell 3.5% to an intraday low of INR 688.95.

Apollo Micro late Thursday said it has entered into a definitive share purchase agreement with Premier Explosives for the acquisition. The transaction is expected to be completed in Oct-Dec. Post completion, Premier Explosives will be under the umbrella of Apollo Micro Systems and will continue to operate under its existing brand. The acquisition reflects complementary capabilities in defence systems and energetic materials, enhanced research and development, and broader participation in defence and space-related programmes, Apollo Micro said.

Shares of Apollo Micro have fallen 9% in the last seven days and risen around 3% in last 30 days. The stock has gained 72% in the last 90 days and nearly 120% in the last 52 weeks.  (Ashutosh Pati)

Equity Alert: Indices remain up; PSU bks rise after Indian Bank's Q1 results

MUMBAI--1345 IST--Benchmark indices remained higher, with the Nifty 50 index just below the 24200 mark. Only 10 constituents of the 50-stock index traded lower, while stocks from diverse sectors were among the top gainers. In the broader markets, Nifty small-cap indices outperformed their benchmark peer and gained 1.2-1.4%, while the Nifty mid-cap indices rose 1-1.2%. Stocks of public sector banks gained sharply after Indian Bank detailed its June quarter results. The stock was up over 8% after the bank reported a net profit of INR 32.73 billion on total income of INR 207.24 billion.

The Nifty PSU index rose sharply and was up over 3% with Indian Bank as its top-gaining constituent. The stock climbed over 8% to an intraday high of INR 872.45 per share after declaring its results and became the top gainer in sectoral index. All other constituents of the index were also in the green. Among other sectoral gainers, the Nifty Realty and Nifty IT indices were up around 3% and 2%, respectively. The Nifty FMCG, Nifty Pharma, and Nifty Healthcare indices were the only sectoral indices in the red, down 0.1–0.2%. 

At 1348 IST, both the Nifty 50 and BSE Sensex were up 1% each at 24197.90 points and 77525.27 points, respectively. Jio Financial Services was up nearly 4% and was the top gainer in the 50-stock index. Information technology stocks Tech Mahindra, Infosys, and Wipro were up around 2% after sector bellwether TCS detailed its June quarter earnings on Thursday. Among the laggards, Dr. Reddy's Laboratories was down 1.2% after several brokerages trimmed their target price on the stock after the company announced supply issues in its semaglutide segment. Eternal was down 1.4% and was the worst-hit stock in the Nifty 50 index. Its peer Swiggy was down nearly 3% and was the worst performer in the Nifty 200 index.

Small-cap technology players Zensar Technologies and Newgen Software Technologies were up around 14% and 13%, respectively, and led the gains in the Nifty 500 index. Schneider Electric Infrastructure was down over 4% and was the worst-hit constituent of the index. (Shruti Nair)

Equity Alert:  Most Asia markets rise ahead of SK Hynix's US listing 

MUMBAI--1340 IST--Most indices in Asia ended higher Friday. South Korea's KOSPI outperformed its peer indices in the region to close 2.5% higher ahead of the country's semiconductor major SK Hynix's American repository deposits' US listing later Friday. The index heavyweight itself, however, was marginally down. Friday, China's CSI 300 and the SSE Composite indices fell 2% and over 1% respectively.

SK Hynix is likely to trade a premium to its shares in its home country but at a discount to technology giant Micron Technology, Reuters reported. This is seen as a key advantage for its American depositary receipts, which are priced at $149 apiece. "This is the purest large-cap way for US investors to own the AI-memory theme, and Hynix deliberately picked Nasdaq to tap that demand and the higher valuations U.S. chip names command versus Seoul. SK Hynix gets its deal done on the strength of the story," the media agency quoted Giuseppe Sette, co-founder at Reflexivity in London as saying. 

KOSPI extended its decline to the third straight week and over this period, the index shed around 17%. The headline South Korean index had entered the bear zone Wednesday. China's CSI 300 index also posted a three-week losing run. In this period, it declined more than 3%. Japan's benchmark Nikkei 225 index also posted losses on a weekly basis, down almost 2%.

Concerns related to the sustainability of the rally in trade linked with artificial intelligence weighed on sentiment this week. Fears related to the fragility of the truce between the US and Iran were ignited after US President Donald Trump said the ceasefire with Tehran was over.

However, Hong Kong's Hang Seng and the FTSE Singapore Strait Times gained for the second week in a row. The Hang Seng closed 1% higher Friday, while the FTSE Singapore was modestly up.

Following are the levels of key indices in the region at 1340 IST:

(Ruchira Kagita)

Equity Alert: Motilal Oswal starts coverage on Vedanta Aluminium with 'buy'

MUMBAI--1332 IST--Motilal Oswal Financial Services initiated coverage on Vedanta Aluminium Metal with a "buy" recommendation and a target price of INR 540, an upside of almost 22% from the stock's closing level Thursday. At 1338 IST, the stock traded slightly higher at INR 445.80 on the NSE. 

Vedanta Aluminium's ongoing backward integration, rising contribution from its value-addded aluminium products, and robust domestic demand outlook provide strong visibility on earnings growth and cash flow generation over the medium term, Motilal Oswal said. 

The global aluminium market is undergoing structural changes due to China's production capacity, supply disruption in Europe and Russia, and years of underinvestment outside China. Consumption of primary aluminium globally is expected to rise to around 80–85 million tonnes by 2030 from 74 million tonnes in 2025. 

Domestic aluminium demand is also expected to grow at an 8-9% annually and reach 8.0-8.5 million tonne by 2029-30 (Apr-Mar), driven by infrastructure development, electrification, automotive demand, renewable energy investments, and manufacturing growth. The country's persistent aluminium import dependence further creates a sizeable import substitution opportunity for domestic producers, the brokerage said.

Vedanta Aluminium has secured a bauxite mine with 300 million tonnes of reserves and five coal mines with combined reserves of over one billion tonnes. This will help the company in achieving self-sufficiency in bauxite and coal, the two most critical inputs for aluminium production. The volume of the company is expected to grow at 6% annual rate between FY26 and FY28. The company's share of value-added products is likely to improve to 90% from 71%, which will offer a notable uplift to realisations, margins, and return ratios. 

Thus, based on the above factors, the brokerage expects the company's consolidated revenue to grow at a compounded annual growth rate of 11% between FY26 and FY28. Its earnings before interest, tax, depreciation, and amortisation is projected to grow at an annual rate of 18% over the same period. The profit after tax of the company is also estimated to grow at 23% annually between FY26 and FY28.

Vedanta Aluminium is also expected to increase its smelting capacity to three million tonnes per annum from 2.9 million tonnes per annum by the end of FY28. This will be on the back of ongoing commission at Bharat Aluminium Co. and debottlenecking in Jharsuguda. However, some execution risks exist for the company, which include input cost inflation, aluminium price volatility, and trade-related challenges. (Ayush Jaiswal)

Equity Alert: Indices remain higher; Nifty Realty up nearly 5% this week

MUMBAI--1330 IST--Indices continued to remain in the positive territory with investors primarily buying stocks of real estate companies and state-owned banks. The Nifty 50 index is now hovering around 24200 points, after being briefly above this level after one hour into opening. The index likely faced strong resistance at that level as soon as it was breached. Real estate stocks have been in focus the whole week, with investors adding long bets in almost all the sessions. 

At 1316 IST, the Nifty 50 was at 24183.35 points, up 220.55 points, or 0.9%. The index has moved in a thin range of 24150-24200 points since 1130 IST. The BSE Sensex was at 77499.54 points, up 757.72 points, or 1%. Most sectoral indices were higher, with only those tracking fast-moving consumer goods, pharmaceutical, and healthcare companies being in the red. Broader market indices kept their momentum and were up over 1% each. 

Investors were bullish on real estate stocks through the week, with Nifty Realty rising around 5% so far this week. The index has outperformed the Nifty 50, which has fallen 0.3% so far this week. Lodha Developers and Brigade Enterprises have gained 8-14% since Monday. 

Concerns about people deferring purchases of properties and higher input costs have eased as there has been "good momentum" in property bookings in June quarter, an analyst at a large-sized broking firm said. "The projects which have been launched saw good absorption rate from customers and there is robust demand in most cities," the analyst added. In his view, DLF and Brigade Enterprises are still undervalued and also small-cap stocks such as Aditya Birla Real Estate and Arvind Smartspaces. (Gopika Balasubramanium)

Equity Alert: Indian Bank surges 10% post Apr-Jun results; PAT up 10% YoY

MUMBAI--1326 IST--Shares of Indian Bank surged over 10% to INR 872.45 after the lender reported a strong performance for the June quarter. Indian Bank's net profit for the quarter rose over 10% on year to INR 32.73 billion and total income increased around 11% on year to INR 207.24 billion. However, the bank's net profit was lower than analysts' expectations of INR 34.03 billion.

The bank's domestic net interest margin rose to 3.41% from 3.35% a quarter ago. This was also higher than its full-year guidance of 3.10-3.25%. The lender's net interest income, the difference between interest earned and interest expended, rose nearly 17% on year to INR 74.35 billion in the June quarter from INR 63.59 billion a year ago.

Indian Bank's provision coverage ratio improved by 2 basis points to 98.22% in the June quarter. Its provisions and contingencies for the quarter rose 73% on year to INR 11.96 billion from INR 6.91 billion a year ago. Provisions specifically for non-performing assets were at INR 3.76 billion.

At 1322 IST, shares of the bank traded 7% higher at INR 849.05. Nearly 10 million shares have changed hands so far on NSE, much higher than over 972,000 shares at the same time Thursday. Of the nine brokerage reports on the bank available with Informist, seven have "buy" recommendation on the stock with an average target price of INR 992. One has a "hold" recommendation while another has a "sell" recommendation.  (Ashutosh Pati)

Equity Alert: OneSource Specialty at 1-mo-low on Dr Reddy's semaglutide issue

MUMBAI--1148 IST--Shares of OneSource Specialty Pharma slipped over 7% to their lowest level in a month at INR 1,506.1 after Dr. Reddy's Laboratories said semaglutide supplies could resume only after September. OneSource Specialty is the drugmaker's only fill-and-finish partner. Brokerages expressed caution over the adverse development. Chances of further delay in the commercial supply of semglutide are not completely ruled out yet, according to several brokerages. 

Dr. Reddy's informed exchanges on Thursday that a batch of semaglutide injectibles were found to be out of specification due to an issue in its active pharmaceutical ingredient. After the Hyderabad-headquartered drugmaker's statement, OneSource Specialty had said it did not expect any material impact on its operations due to this issue and that it had enough demand for semaglutide from Canada and other customers.

At 1141 IST, shares of OneSource Specialty came off intraday lows were trading around 2% lower at INR 1,594.90 on the NSE, with trading volumes close to 610,000, higher than around 132,000 till the same time Thursday.  (Ruchira Kagita)

Equity Alert: Adani Ent, Adani Ports up; Helios Capital buys Adani Ent shrs

MUMBAI--1138 IST--Shares of Adani Enterprises and Adani Ports and Special Economic Zone rose almost 3% each after Bloomberg Friday reported Helios Capital Management had bought about 770,000 shares of Adani Enterprises in the second quarter across three of its funds, two of which were first-time buyers. The stocks have extended gains for the second straight session. 

"The easing of Adani's legal and reputational overhang and the group's businesses in ports and emerging energy ventures strengthen the case for further investment," Bloomberg reported, citing Samir Arora, founder of Helios, as saying. Arora of Helios was bullish on stocks such as Eternal and One 97Communications, that the portfolio management services offering company's funds have rotated into financials, capital goods, defence, power infrastructure, electronic manufacturing services and consumer firms.

"We have always liked their execution; we own Adani Ports & Special Economic Zone, so we know that," the report said quoting Arora, whose INR 75.8 billion ($795 million) Helios Flexi Cap Fund has returned about 8% in the last year to beat 91% of its peers.

At 1137 IST, shares of Adani Enterprises were 2.5% higher at INR 3,162.10, while those of Adani Ports and Special Economic Zone were 2% up at INR 1,837.50 on the NSE.  (Arundathi A R)

Equity Alert: Headline indices come off highs; Nifty 50 slips below 24200

MUMBAI--1132 IST--The Nifty 50 slipped below 24200 points, after remaining above the level for almost an hour, as large-cap information technology stocks came slightly off highs. However, the heavyweights HDFC Bank and ICICI Bank traded 1-1.5% higher and helped the index maintain its gains. So far this week, the index has fallen 0.8%. If not for the sharp correction after the US and Iran did away with truce, the index would have risen. 

At 1130 IST, the 50-stock index was at 24161.20 points, up 198.40 points, or 0.8%. The index came off highs to reach the levels immediate to the open. The BSE Sensex rose by 657.46 points, or 0.9%. Barring Nifty FMCG, which was slightly down, all the other sectoral indices rose. India VIX was down more than 7%.

The Nifty IT index was the top gainer among its peers, up 1.8%. All the constituents of the Nifty IT traded higher. Sharper gains were seen in tier-2 companies such as Coforge, Persistent Systems, Oracle Financial Services, and Mphasis that rose 2-3%. However, their valuations are expensive than the tier-1, or the large-cap companies.

Management comments of Tata Consultancy Services suggest that the demand will come back during Jul-Sept. Moreover, a stable headcount of the company also implies that artificial intelligence has not disrupted the business model yet. TCS came off highs and was up just a whisker above 1%. (Gopika Balasubramanium)

Equity Alert: Equity Alert: IT cos up; TCS Q1 AI revenue gain boosts sentiment for peers

MUMBAI--1118 IST--Shares of information technology majors traded higher after the June quarter earnings of bellwether Tata Consultancy Services. The IT major's gain in artificial intelligence revenue for Apr-Jun boosted the sentiment for its peers. An analyst said that TCS' annualised artificial intelligence revenue of $2.6 billion indicated strong growth and healthy participation of AI in Indian players.

The nearly 14% sequential growth in TCS' annualised artificial intelligence revenue has led investors to project the same outcome from other companies, according to Sumit Pokharna, vice president - research at Kotak Securities. Pokharna added that AI's contribution to overall revenue of TCS rose to 8.5% in the June quarter from 5.1% in the September quarter in 2025-26 (Apr-Mar). However, he added that this is a short-term relief for the IT sectors which saw selling pressure recently due to AI worries. Factors like AI deflation and commentaries from other companies will indicate a long-term outlook for Indian IT players. 

Shares of TCS rose over 1% after the company released its June quarter results post market hours Thursday. 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. 

Shares of other IT companies in the Nifty 50--Infosys, HCL Technologies, Tech Mahindra, and Wipro--gained 1–2%. Coforge, LTM, Persistent Systems, Mphasis, and Oracle Financial Services rose around 3% each. At 1116 IST, the Nifty IT was at 27943.30, up 472.05 points or 1.7%.  (Adhithya Aji)

Equity Alert: TCS shrs up 4%; mgmt sees Q2 sales recovery in select segments

MUMBAI--1110 IST--Shares Tata Consultancy Services climbed over 4% on Friday to hit an intraday high at INR 2,133.30 per share after the information technology bellweather detailed its June quarter results on Thursday. The company's consolidated net profit for the June quarter fell 2.7% on quarter to INR 133.49 billion, missing the Street's view of INR 134.03 billion. However, the company's consolidated revenue for the June quarter grew 2.2% sequentially to INR 722.25 billion, surpassing analysts' estimate of INR 718.05 billion. Further, the IT major expects a recovery in life sciences and healthcare segment in the September quarter as well as an improvement in sales from the manufacturing segment.

While, the company believes pent-up technology backlog and stronger client conversions is likely to improve demand in the September quarter, brokerage Motilal Oswal opines otherwise. Amid geopolitics, tariff uncertainty, and cautious discretionary spending, the brokerage expects demand to be soft in the financial year 2026-2027 (Apr-Mar). However, the brokerage underscored that the banking, financial services, and insurance sector continues to hold up well. The brokerage also highlighted technology and services vertical also remains healthy.

At 1104 IST, shares of the company were at INR 2,072.10, up 1% from Thursday on the National Stock Exchange. So far, over 4.2 million shares of the company have changed hands on the exchange compared to the 1.4 million shares traded until the same time Thursday. (Shruti Nair)

Equity Alert: Dr Reddy's falls to nearly 3-mo low; brokerages trim price aim

MUMBAI--1105 IST--Shares of Dr.Reddy's Laboratories fell over 3% to a nearly three-month low of INR 1,222 after some brokerages lowered their target price on the stock due to issues associated with its semaglutide supply. The stock fell for the fifth straight session and shed over 11% during this period.

Most brokerages turned bearish on the stock after the company said it expected to resume commercial supplies of its semaglutide injections by late October or early November, after resolving an active pharmaceutical ingredient-related quality issue that delayed its shipments. However, the company reiterated that there was no impact on patient safety, existing global regulatory filings or supplies of semaglutide oral tablets.

"As the supply has been disrupted at a time when demand remains strong, and the management has reduced its guidance by nearly 50% of the expected units from 12 million to around 6-7 million, we expect topline to be impacted, as customers may look for alternative suppliers and the company currently has no alternative option to offer," said Abhijeet Porwal, research associate at Deven Choksey. Accordingly, he expects the company's full-year topline to be in the range of INR 360 billion-INR 370 billion.

At 1055 IST, shares of Dr.Reddy's were over 1% lower at INR 1,247.80 on the NSE. So far in the day, over 4 million shares of the company have changed hands on the exchange, slightly higher than nearly 4 million shares traded till the same time Thursday.

Of the 13 brokerage reports available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR 1,506. Of the remaining six, three have a 'hold' recommendation and the other three have a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert:Indices up 1%, a shade above opening level, Nifty 50 tops 24200

MUMBAI--1035 IST--Building on to its openings gains, indices rose a shade further and an hour into the trade were up around 1% each to cross the psychologically crucial 24200 points. Investors remained bullish on information technology and metal stocks. Heavyweights also gained, helping the indices keep up the rise. Broader market indices outpetformed benchmark indices, with 1.2-1.5% gains. All the sectoral indices were in the green.

At 1033 IST, the Nifty 50 was at 24188.55 points, up 225.75 points or 0.9%. The index has risen 263 points so far in the session. Only five Nifty 50 stocks traded lower. The BSE Sensex was at 77469.26 points, up 727.44 points or 1%. The gauge that measures volatility in the Dalal Street, India VIX, fell for the second straight day, and was down around 7%. 

Adani Enterprises and Adani Ports and Special Economic Zone were up 2-3%. Singapore-based Helios Capital Management has bought 770,000 shares of Adani Enterprises across three of its funds during the quarter, Bloomberg reported. The easing of Adani's legal and reputational overhang and the group's businesses in ports and emerging energy ventures strengthen the case for further investment, Samir Arora, founder of Helios was quoted as sayig by Bloomberg.

Dr. Reddy's Laboratories was down 1% and remained the worst-hit Nifty 50 stock. The stock has fallen over five sessions in a row now, and declined 11% during this time. The company had informed Thursday about the delay in commercial supply of Semaglutide due to ingredient issue. Following this, its manufacturing partner for semaglutide, Onesource Speciality Pharma fell around 3%. Dr. Reddy's had told investors and analysts late Thursday in a concall that it expected resumption of commercial supplies of its semaglutide injections by late October or early November. (Gopika Balasubramanium)

Equity Alert: Bank of Maharashtra shares up 2% ahead of Apr-Jun earnings

MUMBAI--1000 IST--Shares of Bank of Maharashtra rose nearly 2% Friday ahead of the bank's June quarter earnings, slated to be announced later in the day. The company's net profit for the June quarter is expected to report a robust double-digit on-year growth.

Systematix Shares and Stocks expects the net profit of the company to grow nearly 25% on year to INR 19.91 billion, while YES Securities (India) has projected it to rise over 23% on year to INR 19.66 billion. In the year-ago quarter, Bank of Maharashtra's net profit was INR 15.93 billion.

The bank's net interest income is also expected to rise on year in the June quarter. YES Securities expects the net interest income to rise nearly 16% on year to INR 38.14 billion, while Systematix has projected the growth in net interest income of the bank to be up over 14% on year at INR 37.59 billion.

"NII growth will be in-line with average loan growth as the rise in yield on advances to be in tandem with rise in cost of deposits," YES Securities said in a report. "Consequently, NIM (net interest margin) will be stable sequentially. "Bank of Maharashtra's slippages are expected to increase sequentially, both the brokerages said in their respective reports. "Slippages are expected to increase sequentially. Provisions are also expected to increase sequentially," Systematix Shares and Stocks (India) said in its report.

At 0956 IST, the stock was up 2% at INR 83.44 apiece on the National Stock Exchange. The four brokerage recommendations available with Informist on the company have a "buy" call on the stock with an average share price of INR 85 per share, nearly 2% up from the current market price.  (Diksha Tripathy)

Equity Alert: Just Dial up 3% ahead of Q1 earnings

MUMBAI--0951 IST--Shares of Just Dial rose over 3% to an intraday high of INR 565.7 apiece ahead of its June quarter earnings. At 0945 IST, shares of the company traded at INR 558.80 apiece, up 2.2% from Thursday.

Kotak Institutional Equities expects the Mumbai-based internet technology company to report an 18% on-year fall in net profit to INR 1.3 billion for the June quarter despite a 6.2% rise in revenue to INR 3 billion. The revenue growth is estimated to be led by paid campaign growth and growth in realisations. The brokerage expects the EBITDA margin to expand 30 bps on quarter to 29.2% on account of a rise in operating leverage, with other income being volatile.

All three brokerage reports on the company available with Informist have a 'buy' recommendation on the stock with an average target price of INR 1,023 per share. The target price is 87% higher than the share's closing price Thursday.

For the March quarter, Just Dial had reported a net profit of INR 1 billion, down 15% sequentially and down 37% on year, on revenues of INR 3.07 billion, up marginally on year. For the full year 2025-26 (Apr-Mar), the company had reported a net profit of INR 4.97 billion, down 15% on year, on revenues of INR 12.14 billion, up 6% on year.  (Utthara E.S.)

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)

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% earlier. 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)

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)

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)

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:

(Deesha Jadhav)

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)

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% after 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:

(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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