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Informist, Monday, Jul. 13, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert:  Avenue Supermarts hits 3-mo-low on Q1 results; brokerages mixed

 

MUMBAI--1117 IST--Shares of Avenue Supermarts fell more than 4% to their lowest level in three months of INR 3,098 after its earnings for the June quarter Saturday. Brokerages were mixed on the DMart operator's earnings. Though some brokerages said its earnings were in line with expectations and some said it missed their estimates, they retained their ratings on the stock. At 1048 IST, shares of the company were over 2% lower at INR 3,984 on the NSE with trading volumes close to a million.

 

Avenue Supermarts' standalone gross margin was 15.1%, up 50 basis points on year, Nuvama Institutional Equities noted. This rise was aided by a favourable product mix and improving margins in its categories, the brokerage said. During Apr-Jun, the company's food operations made up 54.9% of the total mix, a tad lower than 55.6% in the year-ago quarter. Revenues from general merchandise and apparel had gone up slightly to 25.5% from 24.7%. However, higher overhead spends compressed the company's gross margin, it said. Nuvama trimmed its target price on the stock to INR 4,383 from INR 4,974 while retaining its 'hold' recommendation. 

 

"...without a meaningful revival in metro markets, the scope for structural gross margin expansion remains limited," ICICI Securities said. Further, flat growth in older metropolitan stores indicates competitive pressure from quick-commerce and value retail peers in the urban market, the brokerage said, while adding that the company's margin, though stable, lacks catalysts for significant expansion.

 

The company's decision to raise INR 10 billion through non-convertible debentures in one or more tranches on a private placement basis signals confidence in its deploying capital for expansion, the brokerage said in a report. It maintained its 'hold' rating on the stock but cut its earnings per share estimates 2.9% for 2026-27 (Apr-Mar) and 3.6% for FY28. ICICI Securities trimmed its target price to INR 4,200 from INR 4,350 earlier. 

 

On-year sales growth coming down to 15% has raised concerns about the company losing its market share to quick-commerce players in large cities, Motilal Oswal Financial Services said. However, its value-focused model and better store economics are likely to support its customer relevance over the longer term, the brokerage said. Motilal Oswal revised its target price on the stock slightly to INR 4,800 from INR 4,750 while maintaining its 'buy' stance. It expects the company's consolidated revenue and net profit to grow 18% and 16%, respectively, at a compounded annual rate between FY26 and FY29. 

 

Avenue Supermarts' profit growth has lagged revenue growth in 10 out of the last 13 quarters, brokerage Citi said. Competition from quick-commerce companies, lower other income, and higher interest expense dragged on the company's financials, the brokerage said. It cut its revenue estimates for the company by 4–6% for FY27–29 and expectations for earnings per share by 5-7%. Citi retained its 'sell' recommendation on the stock with a reduced target price of INR 3,400 from INR 3,650 before. The stock's price-to-earnings multiple of 63, based on FY28 earnings estimates, is unfavourable, it said. 

 

Avenue Supermarts' net profit expanded almost 13% on year for the June quarter to INR 9.36 billion. Analysts had expected profit at INR 9.00 billion. Its total sales for the quarter were INR 183.43 billion, up 15% on year. The company's like-for-like sales growth stood at 5.5%, lower than the 7.1% witnessed in the year-ago quarter. (Ruchira Kagita)

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Equity Alert: Bharat Dynamics dn; govt to include pvt cos in missile making

 

MUMBAI--1042 IST--Bharat Dymanics' shares fell nearly 3% to an intraday low of INR 1,303 after a media report said the government was planning to include private players in the missile manufacturing space. Participation of private companies was absent in missile manufacturing with Bharat Dynamics being the prime maker of the weapon by collaborating with Defence Research and Development Organisation.

 

The defence ministry plans to invite private Indian companies as state-owned Bharat Dynamics cannot cater to the growing demands of the armed forces and missile exports to third countries, Hindustan Times reported. The government will soon release a request to companies such as ICOMM Tele, Adani Enterprises, Bharat Forge, Tata Group, and Mahindra Group to make 180-200 kilometres range Astra Mark 2 missile, the report said.

 

At 1035 IST, shares of Bharat Dynamics fell over 2% to INR 1,312.30. Over 700,000 shares of the company changed hands on NSE, higher than 326,694 traded till the same time Friday.  (Adhithya Aji)

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Equity Alert: One hour into trade, mkt off lows; Nifty 50 goes past 24100

 

MUMBAI--1030 IST--An hour into the trade, indices were slightly off lows as investors bought into the dips, with the Nifty 50 slowly gliding past 24100 points. Traders turned bullish on information technology stocks and bought shares of Tata Consultancy Services and HCL Technologies among large-cap IT firms. Broader market indices also saw slight recovery and the broader Nifty SmallCap 250 turned green.

 

At 1024 IST, the index was at 24115.50 points, down 91.40 points or 0.4%. The index has come off lows and the has touched a high of 24128.80 points so far. The BSE Sensex was at 77276.18 points, down 293.21 points or 0.4%. Among sectoral indices, Nifty Consumer Durables and Nifty IT was up 0.6?ch. 

 

Tata Consultancy Services gained 2.5% and was the top gainer in the Nifty 50 index. The company is building a team of up to 8,900 forward-deployed engineers ‌and hunting for artificial intelligence acquisitions as it bets AI will create new business rather than undermine outsourcing, two TCS executives told Reuters. HDFC Life Insurance was up over 1%, followed by HCL Technologies which was up 0.8% The IT major will release its quarterly earnings later in the day. 

 

Kalyan Jewellers India rose over 6% and maintained its top spot in the Nifty 200. On other hand, ICICI Lombard General Insurance Co. fell over 2%, followed by Bharat Dynamics, HDFC Asset Management Co., and Biocon which declined 2-3%. Avenue Supermarts was down 2?ter the company missed analysts' estimate for the June quarter. 

 

Among Nifty 500 stocks, Canara HSBC Life Insurance Co. was up over 8% and was the top gainer. Affle 3i and Zensar Technologies up over 6?ch. (Gopika Balasubramanium)

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Equity Alert: Nuvama cuts target price for LTM by 11%, retains 'buy'

 

MUMBAI--0920 IST--Nuvama Institutional Equities has cut the target price of LTM by over 11% to INR 5,500 from INR 6,200 and maintained its 'buy' recommendation on the company's stock. The new target price implies an upside of over 36% from the closing price Friday. At 0922 IST, shares of LTM were down 0.6% at INR 4,011.80 on the NSE.

 

While Nuvama expects the company's growth momentum to pick up in coming quarters, "soft" June quarter results raised the ask-rate for the company to meet its guidance of higher on-year growth in 2026-27 (Apr-Mar) – a tall ask in the broking firm's opinion. It has reduced LTM's earnings per share estimate by 2.8% for FY27 and by 3.6% for FY28. The brokerage is also awaiting further clarity from the company to include the Randstad IT acquisition in its estimates. The acquisition is expected to close around the December quarter.

 

LTM's revenue grew 0.3% on quarter in constant currency terms in the June quarter, largely in line with the brokerage estimate of 0.4%. The total contract value of LTM was $1.7 billion, including two large deals. The banking, financial services, and insurance segment of the company grew 0.3% on quarter, thus, returning to sequential growth.

 

The management guided that these issues will normalise in the coming quarters. It also expects growth momentum to improve through FY27, with the earnings growth in September quarter outpacing June quarter and also sees further expansion in margin. (Ayush Jaiswal)

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Equity Alert: Indices fall sharply at open; Nifty 50 maintains 24000 pts  

 

MUMBAI--0930 IST--Benchmark equity indices open sharply lower after the war between the US and Iran intensified over the weekend, and crude oil prices jumped over 4%. Analysts expect the 50-stock index to find support at 24000 points. The index has not breached the 24000 point level since opening. Less than ten Nifty 50 constituents traded higher. India VIX, the index that measures expected volatility in the Indian stock market, jumped 8% as soon as the trading session began. 

 

At 0930 IST, the index was at 24025.65 points, down 181.25 points or 0.8%. The index has fallen as low as 24000.20 points right at the open. The BSE Sensex was at 76944.96 points, down 624.43 points or 0.8%. Barring the media sector index, all other sectoral indices fell sharply at the open. The decline in the broader market indices was much slower than that of the benchmark indices. They were down 0.3-0.5% in early trade. 

 

Among sectoral indices, Nifty Metal was down over 1% and was the worst hit. Barring Welspun Corp., all the other stocks in the index fell. Tata Steel fell by over 2% and was among the stocks hit the hardest in a bearish market. 

 

Traders sold shares of InterGlobe Aviation at the open, sending the stock down over 2%. The fall comes after the sharp jump in crude oil prices, which is directly linked to one of its largest expenditure items — fuel costs. Meanwhile, Oil and Natural Gas Corp. was up over 1% and was the top gainer of the 50-stock index. 

 

L&T Finance was up around 3% and was the top gainer among the Nifty 200 stocks. The company's shares rose after its June-quarter net interest income growth came in at a seven-quarter high, and it reported better-than-expected profit. Kalyan Jewellers rose around 3% and is up for the fourth session in a row. The bull run on the stock came after Citi raised its target price to INR 750. ICICI Lombard General Insurance Co. fell 3% and was the worst-hit. (Gopika Balasubramanium)

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Equity Alert: Asian markets open lower, Kospi down 5.5%

 

MUMBAI--0747 IST--Asian markets opened lower Monday due to the flareup between the US and Iran over the weekend. Tehran targeted US facilities in Qatar and United Arab Emirates on Sunday and said it had closed the Strait of Hormuz. This led to a surge in crude oil prices and stoked fears this would lead to a rise in inflation. South Korea's Kospi fell sharply despite SK Hynix's solid US debut. 

 

"The Strait closure will hang over the market with a risk-off tone," wrote Ben Emons, founder of Fed Watch Advisors, according to CNBC. "Still, unless there is a serious prospect of a closure in the coming months, which could cause major global energy shortages...the focus next week will (also) be on CPI, Warsh, and bank earnings."

 

The Kospi fell 5.5?ter a 10?ll in SK Hynix's shares following its debut on Nasdaq Friday. The decline reflects investors locking in profit and uncertainty regarding the valuation of the stock after its ADR debut created a new benchmark. Samsung Electronics shares fell 6% Monday. Japan's Nikkei fell 1.7%. Japan's SoftBank, Renesas, Tokyo Electron, and Avandest all traded lower.

 

Samsung Electronics is planning to advance the operationalising of its first semiconductor fabrication plant in Yongin, south of Seoul, to 2029 from 2030–31. The plant will include six semiconductor production facilities, according to CNBC. Samsung Electronics and SK Hynix pledged to invest hundreds of billions of dollars to improve South Korea's semiconductor ecosystem.

 

Japan's Topix and China's CSI 300 were slightly down. Australia's S&P/ASX 200 was also down marginally. Brent crude September futures rose rose 3.7% to $78.86 per barrel.

 

Following are the levels of key indices in the region at 0747 IST:

 

Index	Level	Change in %
Nikkei 225 Day	67341.49	(-)1.77
TOPIX FIRST SECTION	4008.4	(-)0.69
S&P/ASX 200 Index	8775.8	(-)0.34
KOSPI Index	7057.86	(-)5.59
Hang Seng Index	24398.45	0.92
CSI 300 Index	4734.81	(-)0.96
FTSE Singapore Strait Times	5459.35	(-)0.18

 

(Deesha Jadhav)

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Equity Alert: Domestic indices to open sharply down as US-Iran war intensifies

 

MUMBAI--0815 IST--India's headline indices are expected to open sharply lower amid renewed escalation in the West Asia war and a rise in crude oil prices. Last week, analysts had said that if the situation in West Asia worsened, there may be a decline of up to 3-4% in the benchmark indices. Over the weekend, Iran ordered to close the Strait of Hormuz, straining the transit of shipments through the route and also targetted Gulf nations. In response to Tehran's aggression, the US launched fresh trikes against Iran early Monday. Following this, other Asian indices have been lower since open.   

 

"Iran's strikes on US military bases and assets stationed in the southern Persian Gulf constitute a legitimate and lawful exercise of its inherent right to self-defense under international law," Esmaeil Baqaei, spokesperson of Iranian foreign affairs ministry said in a post on X. With such escalations in the West Asia war, the crude oil prices have risen sharply; however, they stayed below $80 a barrel. At 0759 IST, the near-month futures contract of Brent crude oil traded on the Intercontinental Exchange rose over 3% to $79.27 a barrel. 

 

In the near term, the market is expected to consolidate and there is a reflection of diffidence and indecisiveness among investors, analysts said. "A break on either side of the 23800–24600 range will trigger the next short-term directional move, hence, we suggest that traders adopt a stock-specific trading approach for the time being," said Vipin Kumaar, assistant vice president – Globe Capital Market.

 

At 0737 IST, the July contract of GIFT NIFTY was at 24042.50, down 158 points or 0.7%. This was over 200 points lower than than the Nifty 50's close level on Friday. The index had settled at 24206.90 points, up by 244.10 points or 1%. The index closed higher for the second straight session but has not recouped losses it made after US President Donald Trump ended the peace deal with Iran.

 

Major support for the Nifty 50 remains at 23000 points for the near term, but any breach of 23750 points would lead the Nifty 50 to consolidate, Chola Securties said in a note. Intraday resistance is seen around 24500 points and support at 24000 points, the broking firm said. (Gopika Balasubramanium)

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Equity Alert: US indices end up; futures fall as Iran targets US facilities

 

MUMBAI--0659 IST--US indices closed higher Friday after the debut of SK Hynix on Nasdaq boosted sentiment. Stock futures fell slightly Sunday night as investors weighed the recent exchange of heavy missile and drone assaults between the US and Iran. Tehran targeted US facilities in Qatar and the United Arab Emirates Sunday and said it had closed the Strait of Hormuz.

 

The S&P 500 ended marginally higher Friday, supported by a rally in technology stocks. The Dow Jones Industrial Average ended slightly up. Improved profit estimates have brought the S&P 500 price-to-earnings multiple to around 20 times forward earnings, down from 21 times late May, despite the index remaining close to record highs, according to a Reuters report.

 

The American Depository Receipts of South Korean chipmaker SK Hynix rose 13% on listing Friday. The company had raised $26.5 billion at $149 per ADR. The ADR pricing was at a 2.7% premium to the company's average share price in Seoul over the previous three trading sessions, according to CNBC. This indicates the enthusiasm for chip stocks is still intact even after the recent pullback due to the concerns about slower artificial intelligence spending. SK Hynix, a global leader in high-bandwidth memory chips used in AI processors, plans to use the funds raised to expand manufacturing capacity and strengthen its presence in the US market.

 

Shares of Micron have climbed 771% over the last 12 months. SK Hynix's US listing may improve its valuation by attracting more investors. Even with its dominance in chips, SK Hynix is valued at 5.8 times forward earnings, below Micron's 7 times, according to LSEG data cited in a Reuters report.

 

Meta Platforms was up nearly 6%. Delta Air Lines was down nearly 2?spite forecasting third quarter profit above expectation. Investors are now shifting their focus to the upcoming second quarter earnings season, US economic data, and June inflation figures, which could influence the US Federal Reserve's interest rate decisions. US trading volumes were relatively low as 14.5 billion shares were traded Friday compared with an average of 22.4 billion shares over the previous 20 trading sessions.

 

Following were the closing levels of major US indices Friday:

 

Index	Level	Change in %
Dow Jones Industrial Average	52637.01	0.29
NASDAQ Composite	26281.60	0.29
S&P 500	7575.39	0.42

 

(Deesha Jadhav)

 

US$1 = INR 95.78

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Akul Nishant Akhoury

 

All prices from the 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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