Equity Alert
Indices end marginally up, IT stocks rise sharply
This story was originally published at 16:04 IST on 13 July 2026
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Equity Alert: Indices end marginally up, IT stocks rise sharply
MUMBAI--1540 IST--The benchmark indices closed marginally higher, starting the week on a muted note. Strong gains in information technology stocks helped the indices to recover from the day's low. Some automobile stocks were also sought after by traders, alongside shares of some private banks.
The indices fell sharply when the market opened, mirroring movement in other Asian indices, as the situation in West Asia worsened with the US and Iran launching strikes against each other. Following this, near-month futures contract of Brent crude oil jumped 4%, reviving concern about higher prices.
Some analysts said the market has already discounted the impact of war and unless and until crude oil prices jump to $90 a barrel or above, there would not be sharp movement in stocks. However, bouts of intraday volatility in the indices cannot be ruled out, as there is still a lot of uncertainty about the situation in West Asia, especially whether the fighting is going to continue for a long time or whether the US and Iran can reach a deal.
Monday, the Nifty 50 closed at 24211 points, up 4.10 points. The index managed to close above the crucial level of 24200 points. After recovering from the intraday fall, the index largely moved between 24100 and 24200 points. The BSE Sensex closed at 77616.40 points, up 47 points or 0.1%.
Tata Consultancy Services ended over 5% higher and was the top gainer in the Nifty 50. While the stock moved up after the open, the big rise came after the company informed the exchanges that it had won a multi-million-dollar deal with Switzerland's ABB Group to improve its global network operations using artificial intelligence. Other IT majors such as HCL Technologies, Tech Mahindra, and Infosys rose 3-5%. The Nifty IT ended 3.6% higher. (Gopika Balasubramanium)
Equity Alert: Nifty 50 July ends at premium of 38 points to spot index
MUMBAI--1535 IST--The July futures contract of the Nifty 50 closed at a premium of 38 points to the spot index Monday. Open interest in the contract was almost unchanged from Friday at around 16.71 million, according to provisional data.
--Nifty 50 closed at 24211.00 points, up 4.10 points or flat vs Friday
--Nifty 50 July closed at 24249.00 points, up 7.10 points or flat vs Friday
Nifty 50 options, expiring Tuesday, with maximum change in open interest:
Call: 24500, Put: 24000
Nifty 50 options, expiring Tuesday, with maximum open interest:
Call: 24500, Put: 24000
(Eshitva Prakash)
Equity Alert: Gensol Engg hits 5% lower circuit; IREDA accuses co of fraud
MUMBAI--1524 IST--The Gensol Engineering hit the 5% lower circuit at INR 19.31 Monday. This comes after the company and its subsidiary, Gensol EV Lease, were declared "fraud" by Indian Renewable Energy Development Agency Friday. The state-owned non-banking finance company said the two companies had collectively defaulted on loans worth INR 6.72 billion.
The non-bank lender made allegations of misappropriation and criminal breach of trust along with forgery of documents against the two companies. Gensol Engineering defaulted on an loan of INR 4.54 billion while its subsisiary defaulted on a loan of INR 2.19 billion, according to a filing by Indian Renewable Energy. Monday over 44,000 shares of Gensol Engineering were traded on the National Stock Exchange. (Shruti Nair)
Equity Alert: European markets open flat as West Asia war clouds sentiment
MUMBAI--1513 IST--European indices opened flat as investors were cautious due to the escalation of hostilities in West Asia. The US and Iran stepped up attacks on each other Sunday. Germany's DAX traded flat.
Chipmakers Infineon Technologies, Advanced Semiconductor Materials International, STMicroelectronics, and Advanced Semiconductor Materials Lithography fell between 1.5% and 2.4%. The selloff came after shares of South Korea's SK Hynix fell more than 15% in Seoul Monday, after its American Depository Receipts made a strong debut on Nasdaq Friday. Akzo Nobel rose 3.3?ter Nippon Paints made an offer of 7.5 billion euros to buy the company.
The energy sector was up 1%. Oil and gas companies led gains as the Brent crude September futures rose 3% to $78.29 per barrel.
Following are the levels of key indices in the region at 1402 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
FTSE 100 Index |
10485.07 | (-)0.1 |
|
CAC 40 |
8326.7 | (-)0.2 |
|
MIB INDEX |
52635.16 | 0.04 |
|
DAX PERFORMANCE-INDEX |
25082.15 | 0.1 |
|
SLI |
2278.99 | (-)0.2 |
(Deesha Jadhav)
Equity Alert: Voltas up 5%; Equirus says pdts price hikes to aid Q2 margins
MUMBAI--1512 IST--Shares of Voltas rose nearly 5% to an intraday high of INR 1,349.80. The price hikes incurred by the company on the back of higher input costs and strong demand for room air conditioner business is expected to support September quarter margins, Equirus Securities said in a note.
Equirus said the Tata Group company has increased the prices on room air conditioners by around 2.5-3.0% on strong demand. The brokerage believes that higher raw material costs and rupee depreciation impact will be more visible in Jul-Sept. "Further, going by the history it has rarely been observed that brands initiate price hikes post June which is difficult to get absorbed," Equirus said. However, the 2.5-3.0% price hike seems to have been absorbed and the channel has started to buy as per the revised list, the brokerage added.
At 1504 IST, shares of Voltas traded nearly 5% higher at INR 1,348. Nearly 2 million shares of the company changed hands on NSE, nearly five times higher than the number of shares traded till the same time Friday. The stock was among the top gainers in the Nifty 200 constituents. (Adhithya Aji)
Equity Alert: Domestic indices marginally higher in final hour of trade
MUMBAI--1511 IST--The headline indices turned positive and were up marginally in the final hour of trade. The indices largely performed better than their Asian peers, which ended Monday's session in the red, barring Hong Kong's Hang Seng Index. All the domestic broader market indices also recovered. Analysts are bullish on mid-cap stocks on the back of visibility in earnings growth.
At 1510 IST, the Nifty 50 was at 24212.50 points, up 5.60 points. The index had found support at 24000 points earlier in the day and came off the day's low thereafter. It remained broadly in a range between 24100 and 24200 points for the better part of the session. BSE Sensex was at 77609.37 points, up 39.98 points or 0.1%.
Indices tracking sectors such as banks, financial services, and oil and gas also rose. The rise in shares of Kotak Mahindra Bank and ICICI Bank by 1-2% helped the Nifty Bank sectoral index to rise 0.3%. The Nifty FMCG index was hit the hardest, falling over 1%. Stocks such as Nestle India, Hindustan Unilever, and Tata Consumer Products fell 1-2%.
Among other stocks, Voltas rose around 5% to be among the best performers in the Nifty 200 constituents. Broking firm Equirus Securities said industry feedback suggests the company has taken a fresh round of price increases of 2.5-3% on a blended basis across its room air-conditioning portfolio. (Gopika Balasubramanium)
Equity Alert: JSW Infra at 52-wk high; co forms arm for Kolkata port project
MUMBAI--1449 IST--JSW Infrastructure shares rose over 7% and hit their 52-week high at INR 355.80 per share. This comes after the company Friday said it had incorporated a wholly-owned subsidiary, JSW Kolkata Outer Harbour Container Terminal Pvt. Ltd. The subsidiary will facilitate the integrated development of the outer container terminal and berths 1-5 at the Netaji Subhash Dock under the Kolkata Dock System.
The company is expected to be on a strong long-term growth trajectory over the financial year 2025-26 (Apr-Mar) to FY30 backed by the expansion of port capacities, strengthening of the logistics network and pursuing inorganic growth opportunities, ICICI Securities said in a research report. The company is executing an integrated capital expenditure of INR 390 billion across ports and logistics and is targetting an expansion of 400 million tonnes per annum by FY30 through brownfield expansions, connectivity projects and greenfield developments in Odisha, Karnataka, Maharashtra and Oman, the brokerage highlighted in its report. The brokerage maintained a "buy" or equivalent recommendation on the stock with a revised target price of INR 400, which is over 14% higher than the current market price. The brokerage values the company at 23 times the earnings before interest, tax, depreciation, and amortisation estimate for FY28.
At 1439 IST, shares of the company were at INR 350.50, up 6.2%, on the National Stock Exchange. So far, over 13.40 million shares of the company have changed hands, which is nearly five times the number of shares traded until the same time on Friday. (Shruti Nair)
Equity Alert: Puravankara hits five-month-high; pre-sales up 28% YoY
MUMBAI--1435 IST--Shares of Puravankara rose nearly 17% intraday to touch a five-month-high of INR 261.8 on the NSE. The company's pre-sales for the June quarter rose 28% on year to INR 14.4 billion and collections rose 40% to INR 12 billion, it said in a press release. The company had reported a 6% growth in pre-sales in the year-ago quarter.
The real estate company's sales area for the June quarter rose 9% to 1.36 million square feet and its average price realisation improved 18% to INR 10,589 per square foot. The company delivered 745 homes. It is on track to achieve its sales guidance of INR 112 billion across the southern and western regions in the financial year 2026-27 (Apr-Mar), the company said.
During the June quarter, the company had announced four land transactions that added INR 52 billion to its gross development value, it said. "These additions strengthen our project pipeline and support our objective of sustaining long-term, profitable growth," Ashish Puravankara, managing director of the company, said in the press release.
Further, Puravankara signed an agreement with ICICI Prudential Asset Management Co. to sell its commercial property, Purva Zentech, for INR 6.26 billion. At 1430 IST, shares of the company were over 11% higher at INR 249.36 apiece on the NSE, with trading volumes at nearly 13 million, sharply higher than the number of shares traded till the same time Friday. (Ruchira Kagita)
Equity Alert: UBS starts CarTrade coverage with 'buy'; price view INR 4,000
MUMBAI--1421 IST--Global brokerage firm UBS has initiated coverage on CarTrade Tech with a 'buy' recommendation and a target price of INR 4,000. The target price translates to an upside of over 42% from the current market price. The brokerage said the digital automotive platform's asset light model offers operating leverage. UBS expects the margins of the company to expand to 47% in 2029–30 (Apr-Mar) from 33% in FY26. "In our view, this growth potential is underappreciated," UBS said.
UBS said its analysis shows significant growth potential in OLX, which is the company's flagship customer-to-customer platform. On an overall basis, UBS estimates CarTrade's earnings to grow 15–20% over the next two years. Despite just spending 4% of the revenue on marketing, the company's platform traffic is 95% organic. Meanwhile, the company's global peers spend 4-10% of their sales on marketing while domestic players spend over 10%, UBS added.
"We believe the company has not yet fully monetised some of the meaningful revenue-generating streams, such as financing referral/fees and transaction fees," the brokerage said. UBS estimates CarTrade's revenue at a compound annual growth rate of 24% over four years. Moreover, the brokerage said the market underestimates the company's operating leverage.
For OLX, UBS is of the view that the used-car vehicles sales platform is well positioned to expand monetisation off a low average revenue per user, leveraging its large base of 180 million users. The revenue from the platform is expected to post strong growth and margin expansion as average revenue per user is seen to improve to INR 30 from INR 12 in FY30, UBS added. At 1418 IST, shares of CarTrade traded marginally higher at INR 2,813.60. (Adhithya Aji)
Equity Alert: Fino Payments Bk up 13%; June loan disbursals grow multifold
MUMBAI--1340 IST--Shares of Fino Payments Bank rose almost 13% to an intraday high of INR 152.63 per share on the NSE with the stock's trading volumes above 15 million. The stock rose after the lender released its business update for June. The bank's loan disbursals more than tripled to INR 2.4 billion from INR 680 million a year ago.
The bank's average total deposits rose 11% on year to INR 27.55 billion and the number of new accounts opened went up 31% to 313,263. Its transaction division's throughput fell 35% to INR 28.3 billion. "The overall ecosystem shift from cash to UPI (Unified Payments Interface) and focus on higher-quality, more transacting merchants has resulted in throughput moderation," the company said in the press release Saturday.
For the March quarter, Fino Payments Bank reported net profit of INR 71 million and total income of INR 3.4 billion. At 1338 IST, shares of the company traded at INR 148.88 on the NSE, up 10% over Friday. The trading volume of over 15 million was significantly higher than the 135,000 witnessed till the same time Friday. (Ruchira Kagita)
Equity Alert: Asia markets close lower, Kospi down almost 9%
MUMBAI--1337 IST--Asian indices closed lower Monday and South Korea's Kospi fell to its lowest since May after the recent exchange of attacks between the US and Iran. Tehran targeted US facilities in Qatar and the United Arab Emirates on Sunday and said it had closed the Strait of Hormuz and this dented market sentiment substantially.
South Korea's Kospi fell almost 9%, pulled down by SK Hynix, which fell more than 15% in the Seoul market despite a solid debut on the Nasdaq for its American Depository Receipts. Trading on the exchange was halted for 20 minutes after this plunge. SK Hynix's shares fell as investors booked profits and compared the demand for AI memory chips against the gains of the stock this year.
China's CSI 300 fell 1.7%. Chinaese exports data is due Tuesday. The exports are likely to have increased as its shipments to the US rose ahead of possible new tariffs, riding the AI boom, and competed aggressively on price to win over cost-conscious consumers. Investors await the late-July Politburo meeting for more clarity regarding policy changes for the year.
Japan's Nikkei fell almost 2%. Chip-related stocks Kioxia and Advantest were down 14% and 4.2%, respectively. Australia's S&P/ASX 200 and Hong Kong's Hang Seng traded almost flat.
Following were the levels of key indices in the region at 1337 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
67242.73 | (-)1.92 |
|
TOPIX FIRST SECTION |
4007.49 | (-)0.71 |
|
S&P/ASX 200 Index |
8808.5 | 0.03 |
|
KOSPI Index |
6806.93 | (-)8.95 |
|
Hang Seng Index |
24181.84 | 0.03 |
|
CSI 300 Index |
4695.38 | (-)1.79 |
|
FTSE Singapore Strait Times |
5454.44 | (-)0.27 |
(Deesha Jadhav)
Equity Alert: Kalyan Jewellers rises 12% to hit 6-month high
MUMBAI--1336 IST--Shares of Kalyan Jewellers gained for the fourth consecutive session and rose nearly 12% to a six-month high of INR 531.90. The stock has risen 50% during the period. The optimism around the stock rose after global brokerage Citigroup maintained its "buy" call on Kalyan Jewellers with a target price of INR 750, which is an upside of nearly 42% from the current market price.
A large deal was also executed during market hours, where 1.59 million shares of the company were sold at INR 523.75 per piece, 10% premium to Friday's closing price. On Friday, Bofa Securities Europe SA bought over 8 million shares of the company at INR 470.95 a piece. The investment firm bought shares aggregating to INR 3.90 billion.
"A better-than-anticipated Q1 FY27 business update, followed by a 'Buy' rating from Citigroup, fuelled the ongoing rally in Kalyan Jewellers," said Vipin Kumaar, assistant vice-president, research, at Globe Capital Market. Kumaar said a breakout and sustenance above the resistance levels of INR 530-INR 540 will lead gains to INR 575–INR 600 in the medium term. "Any dip down to the 470–450 levels should be taken as a fresh buying opportunity from a medium-term perspective," Kumaar added.
At 1400 IST, shares of Kalyan Jewellers traded over 9% higher at INR 521.20. Over 126 million shares of the company changed hands on NSE, which was higher than 98 million shares traded till the same time Friday. The stock was the top gainer in the Nifty 200 index. (Adhithya Aji)
Alert: Indices flat again after small rise; small-caps up marginally
MUMBAI--1335 IST--Indices were flat after turning positive for a brief time. The index was in the negative territory for most part of the session. The 50-stock index had risen above 24200 points for a short and fell back to hover around 24190 points. Small-cap indices also recovered and were marginally higher. Options chain also mirrored the intraday movement in the Nifty 50, with traders changing positions as the index recoverd.
The broad recovery in the indcies was led by strong buying interest in shares of information technology and automobile companies. However, shares of real estate, metal, and fast-moving consumer goods continued to trade lower.
At 1336 IST, the 50-stock index was at 24196.55 points, down 10.35 points or flat. The index has risen as high of 24259.80 points so far. The BSE Sensex was at 77572.98 points, up 3.59 points. About 19 Nifty 50 stocks traded higher now, more than 10 stocks that were higher at open. Nifty IT continued to be the top gainer among its peers and was up 4.4%. The index hit a one-month high of 29272.65 points.
Options chain showed that traders unwound long positions in far out-of-the-money call options and in-the-money put contracts. This indicates that the traders squaring off their losses as the index had fallen sharply in the morning as reacting to renewed escalations in West Asia war over the weekend. Traders covered short positions in far in-the-money call contracts and far out-of-the-money put contracts, as the index recovered from intraday lows. The maximum addition of contracts were at 24200-call and 24000-put. (Gopika Balasubramanium)
Equity Alert: NTPC up 2%; co to invest INR 204.57 bln in thermal project
MUMBAI--1236 IST--Shares of NTPC gained nearly 2% to hit an intraday high of INR 349.9 per share. This comes after the company Saturday said it had approved an investment of INR 204.57 billion for the third stage of Lara Super Thermal Power project in Chattisgarh which has an existing capacity of 1.6 gigawatts.
The project's capital expenditure was higher than historical thermal benchmarks and positive for the domestic capital goods and engineering, procurement, and construction ecosystem, ICICI Securities said in a note. Larsen & Toubro is reportedly the lowest bidder for NTPC's bulk thermal engineering, procurement, and construction package. Other domestic equipment suppliers such as Bharat Heavy Electricals are likely to benefit through boiler, turbine, generator and balance-of-plant packages, according to the brokerage.
Of the 10 brokerage reports on the company avalaible with Informist, nine have a "buy" or equivalent recommendation with an average target price of INR 444 per share, which is around 27% higher than the current market price. One brokerage has a "hold" or equivalent recommendation on the stock. At 1245 IST, shares of the company were at INR 349.35, up 1.4% from Friday. So far, over 3.7 million shares of the company had changed hands on the National Stock Exchange. This was roughly half the 7.2 million shares traded until the same time Friday. (Shruti Nair)
Equity Alert: Indices recoup losses, turns flat; Nifty 50 hovers near 24200
MUMBAI--1235 IST--Benchmark indices recouped most intraday losses and turned flat after it continuously came off lows from the sharp fall at open. The Nifty 50 now hovers around 24200 points. Since the June-quarter results season has started, the Street's focus would largely be stock-specific and the earnings, rather than the West Asia war. Some analysts said since the war was an evolving issue, the market will not always react to it, unless there is something major happening.
At 1235 IST, the Nifty 50 index was flat at 24203.90 points. The index had fallen as low as 24000 points earlier in the day. This psychologically important level was the index's intraday support level. Analysts said the 50-stock index took support at that level and started coming off lows. However, they did not fully rule out the possibility of volatile movements through the day due to the results season as well as movement in price of crude oil. The BSE Sensex was at 77595.03, up 25.64 points.
"No one can predict to what extent the war will go to, and unless and until crude goes to $90 per barrel, the remaining things are discounted for," Nandish Shah, senior technical and derivatives analyst at HDFC Securities, said. Broadly, the Nifty 50 is expected to stay in a band of 23800-24500 points unless either of the side is broken, Shah said.
Tata Consultancy Services rose 6% to a high of INR 2,199.90, a little away from one-month high. The stock rose sharply after TCS announced a multi-million dollar deal with Switzerland's ABB Group to improve the latter's global network operations through artificial intelligence. Meanwhile, large-cap steel-makers fell sharply, Tata Steel and JSW Steel were down 1.5-2.3%. (Gopika Balasubramanium)
Equity Alert: Just Dial locked in 20% upper circuit; Q1 PAT rises 66% QoQ
MUMBAI--1225 IST--Shares of Just Dial were locked in the 20% upper circuit at INR 676.85, which was also the highest level in three months. The move in the stock came after the company posted a 66% on-quarter jump in its net profit for the June quarter. Its top line also rose almost 7% sequentially. Its number of unique visitors went up almost 6% on quarter to 192.9 million, with traffic growing across its voice, web, and mobile platforms. At 1226 IST, the stock's trading volumes were around 15 million, significantly sharper than nearly 151,000 until the same time Friday.
Just Dial reported its fastest revenue growth in eight quaretrs, driven by an on-quarter increase in its sales fleet, brokerage Citi said. "Traffic growth may be recovering," the brokerage said. Citi raised its sales estimates for the company by 4% for 2026-27 (Apr-Mar) and 6% for FY28. However, the company's margins are likely to see some pressure in the near term due to higher investment, the brokerage said. Citi expects the company's earnings before interest, taxes, depreciation, and amortisation margin to be 28% in FY27, as against 29?rlier. In FY28, the margin is seen at 29%, lower than the 31% anticipated before. The brokerage retained its 'buy' call on the stock with target price slightly higher by 3.3% at INR 930.
The company appointed former Flipkart executive Dinkar Ayilavarapu as the chief executive officer-designate and he is set to officially hold the position from Aug.1. Meanwhile, Dinesh Taluja has been appointed as the chief financial offficer. "...improving clarity on this management transition could help rerate the stock," ICICI Securities said in a report. The company's founder, VSS Mani, will step down as CEO and Managing Director with effect from Jul. 31. ICICI Securities maintained its 'buy' stance while revising its target price lower to INR 825 from INR 968 earlier. (Ruchira Kagita)
Equity Alert: Jindal Steel fall 4% post CEO Gautam Malhotra's exit
MUMBAI--1206 IST--Shares of Jindal Steel fell nearly 4% to a near six-month low of INR 1,010.10 after the company's chief executive officer Gautam Malhotra resigned with effect from Wednesday. Malhotra stepped down after eight months of assuming the position and the company did not state any reason behind the move.
Former CEO of Vedanta's Aluminium business Rajeev Kumar is expected to succeed Malhotra in the position, Mint reported, citing four officials of Jindal Steel. At 1154 IST, shares of Jindal Steel traded nearly 3% lower at INR 1,021.50. Over 1 million shares of the company changed hands on NSE which was higher than nearly 649,000 shares on Friday.
Of the 14 brokerage reports available on the company with Informist, 12 have a 'buy' call on the stock with an average target price of INR 1,337, while one each has a 'hold' and 'sell' recommendations with average target prices of INR 1,303 and INR 1,018, respectively. (Adhithya Aji)
Equity Alert: HCL Tech rises to over 1-month high ahead of Apr-Jun earnings
MUMBAI--1156 IST--Shares of HCL Technologies rose over 3% to an over one-month high of INR 1,204 ahead of its June quarter earnings announcement, scheduled later in the day. The stock rose ahead of its earnings after closing lower on Friday.
The information technology major is expected to post a flat net profit growth for Apr-Jun and a marginal on-quarter rise in revenue, helped by depreciation of the rupee against the dollar. The company's consolidated net profit for the June quarter is likely to remain largely unchanged on a sequential basis at INR 44.86 billion. However, on a year-on-year basis, this would translate to a rise of almost 17%. Its revenue for the quarter is expected at INR 344.38 billion, up 1.3% sequentially and over 13% on year.
At 1134 IST, shares of HCL Technologies were over 3% higher at INR 1,201.60 on the National Stock Exchange. Nearly 3 million shares of the company changed hands on the exchange so far, nearly two times higher than over 1 million shares traded till the same time Friday.
Of the 19 brokerage recommendations available with Informist on the company, nine have a 'buy' recommendation on the stock with an average target price of INR 1,574. Of the remaining 10, six have a 'hold' recommendation with an average target price of INR 1,519 and four have a 'sell' recommendation on the stock with an average target price of INR 1,340 on the stock. (Arundathi A R)
Equity Alert: TCS up 5% amid ABB deal, role changes, top mgmt comments on AI
MUMBAI--1155 IST--Shares of Tata Consultancy Services gained over 5% to hit an intraday high at INR 2,180 on Monday. This comes after the company Monday announced a multi-million dollar deal with Switzerland's ABB Group to improve the latter's global network operations through artificial intelligence. Further, several newspapers published interviews with the company's top management on Monday after TCS released its June quarter results last week. The stock was the top gainer in the Nifty 50.
The company's September quarter earnings are expected to fare better with some stressed sectors showing positive traction as well as the growing pipeline of artificial intelligence deals worth $2.6 billion, the company told The Economic Times. The company underscored its plan to use AI agents as a means to improve its productivity. The principle is "human plus agent in the loop," Chief Executive Officer K. Krithivasan told Business Standard. For the June quarter, the company reported a consolidated net profit of INR 133.49 billion on revenues of INR 722.75 billion.
On Sunday, the company announced a major overhaul in its top management through a notice circulated internally, according to several media outlets. Around a dozen top executives have been shuffled across service verticals, as well as country operations, according to a report by Mint. Notably, the banking, financial services, and insurance Americas unit will be split into two separate units. The incumbent head of the BFSI Americas unit, Susheel Vasudevan will head the 50 largest clients which each generate over $100 million in annual revenue. Subsequently, Rakesh Kumar and Ramakrishna Mohan Veeturi will head the two newly recognised units. The company confirmed Veeturi's appointment in an exchange filing on Sunday. Changes have also been made in the travel, transport, and hospitality vertical as well as the energy, resources, and utilities segment. The company on Sunday announced the appointment of Arun Mohan as the business head of the travel, transport, and hospitality vertical.
Shares of the company have been up for two sessions in a row since the company declared its June quarter results on Jul. 9. At 1148 IST, shares of the company were at INR 2,162.50, up 4.5% from Friday. So far, over 5 million shares of the company have changed hands on the National Stock Exchange, higher than the nearly 4.5 million shares traded until the same time on Friday. Shares of other information technology companies were also among the gainers in the 50-stock index, with Infosys, HCL Technologies, and Tech Mahindra gaining 2.5-3.0%. (Shruti Nair)
Equity Alert: Indices remain lower; traders buy IT stocks; TCS up 4.6%
MUMBAI--1135 IST--Indices came off lows further with traders buying large-cap information technology stocks and select automobile stocks. Traders unwound long positions in the call options Tuesday and covered their short positions in the put options. The near-month futures contracts of Nifty 50 were also lower. However, expectations of volatility in market was intact with India VIX remaining above 8% since open.
At 1134 IST, the Nifty 50 index was at 24143.80 points, down 63.10 points or 0.3%. The index has now erased some losses to reach 24162.05 points. It has largely remained above 24100 since one hour into Monday's session. The BSE Sensex was at 77385.24 points, down 184.15 points or 0.2%. All but Nifty IT, Nifty Consumer Durables, and Nifty Auto, all the other sectoral indices were lower. Whie, small-cap indices recovered and turned green, mid-cap indices continued to be lower, mirroring the benchmark indices.
Information technology stocks such as Tata Consultancy Services, HCL Technologies, and Tech Mahindra were up 3-5%. The management commentaries from some top firms indicated that the September quarter would definitely be better than June quarter. The banking, financial services, and insurance segment is also seen posting good sequential growth.
Investors primarily sold realty stocks an hour after the trading session began. The index tracking real estate firms fell over 1%. Last week, analysts had said that the stocks will largely follow the trend in broader market, and some are now attractive to buy and with some there are concerns about expensive valuations. All the constituents traded lower and Lodha Developers, Prestige Estate Projects, and Oberoi Realty fell 1-2%. (Gopika Balasubramanium)
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)
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)
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)
Equity Alert: Nuvama cuts target price for LTM by 11%, retains 'buy'
MUMBAI--0932 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)
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)
Equity Alert: Asian markets open lower, Kospi down 5.5%
MUMBAI--0817 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)
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)
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 95.62
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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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