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Informist, Wednesday, Jul. 15, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Kusumgar lists at INR 569 on NSE, 36% premium to issue price

 

MUMBAI--1030 IST--Kusumgar listed at INR 569 apiece on the National Stock Exchange, a premium of nearly 36% to its issue price of INR 419. The stock made its debut on BSE at INR 574, a premium of almost 37% against the issue price. At 1027 IST, shares of Kusumgar were trading over 46% higher at INR 612.60 on the NSE. Over 13 million shares of the company have changed hands on the exchange so far.

 

The company's public issue closed Friday and was subscribed 128.85 times, with bids placed for 1.48 billion shares against 11.47 million shares on offer. The company's initial public offering was solely an offer for sale of shares worth up to INR 6.50 billion. Kusumgar is a manufacturer of woven, coated, and laminated synthetic fabrics, referred to as engineered fabrics. It offers engineered fabrics and solutions focusing on polyamides and polyester filaments and polyurethane chemistry.

 

For FY26, the company had reported a net profit of INR 982 million on revenues of INR 6.92 billion. For FY25, it had reported a net profit of INR 1.12 billion on revenues of INR 7.79 billion.  (Arundathi A R)

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Equity Alert: Indices open higher after Trump drops 20?es on Hormuz cargo

 

MUMBAI--0939 IST--Benchmark indices opened higher on Monday after US President Donald Trump dropped plans to impose a 20?e on vessels transiting the Strait of Hormuz. Asian peers opened higher on Tuesday as well. Information Technology stocks were the major laggards in the indices. At 0938 IST, the Nifty 50 was at 24201.75, up 149.70 points or 0.6%, and the BSE Sensex was at 77586.06, up 531.12 points or 0.7%. 

 

Financial services stocks, Shriram Finance and Bajaj Finance, were the top gainers in the Nifty 50, up nearly 3?ch. HDFC Life Insurance gained over 2% ahead of the company's June quarter earnings later in the day. InterGlobe Aviation, Axis Bank, Bajaj Auto, and UltraTech Cement were up 1-2%. The heavyweight banking stocks ICICI Bank and HDFC Bank rose around 1?ch. On the other hand, Hindalco Industries was the worst in the index, down over 1%. Infosys, Tata Consultancy Services, Tech Mahindra, and Wipro fell around 1?ch.

 

Tata Elxsi's shares fell nearly 5%. The stock was among the worst hits in both the Nifty 200 and Nifty 500. The technology company missed its net profit estimate for the June quarter. The company reported a bottom line of INR 1.71 billion, below the Street's estimate of INR 2.01 billion. Patanjali Foods was the worst hit on the Nifty 200 and the Nifty 500, down over 7?ch. 

 

In the Nifty 200, Hyundai Motor India rose nearly 4%, making it the top gainer. On the other hand, ICICI Prudential Asset Management, National Aluminium Co., and Adani Power fell 1-4%, making them among the worst-hit stocks in the index. Nuvoco Vistas Corp. was the top gainer among the Nifty 500 constituents, up 8%. The company's management said it sees cement prices as stable, with a positive outlook. Ather Energy's shares rose nearly 6?ter the bike maker Hero MotoCorp invested INR 10 billion in the electric two-wheeler company.  (Adhithya Aji)

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Equity Alert: L&T Tech Q1 PAT, margin beat view; brokerages retain stance

 

MUMBAI--0803 IST--L&T Technology Services' net profit and margin for the June quarter beat consensus estimates. Barring Europe, sales from all its geographies increased sequentially. Its mobility and sustainability business also supported growth. Brokerages have maintained their stance on the stock and retained confidence in the company's long-term growth trajectory.

 

L&T Technology's revenue and margin for the June quarter beat estimates, as per Emkay Global Financial Services. The brokerage also gained confidence from the company's strong cash flows and a revival in its mobility vertical. Its sales from the mobility segment rose 2.3% on quarter. However, weakness in the company's technology segment disappointed, Emkay Global said. Revenues from this division fell 3.1% sequentially.

 

Enterprise initiatives remain central to the company's long-term strategy, Emkay Global said. Its involvement in artificial intelligence and downstream engineering transformation separates it from traditional engineering research and development vendors, the brokerage said. Emkay Global has cut its earnings per share estimates for the company by around 2% for the financial year 2026-27 (Apr-Mar), while maintaining them for FY28 and FY29. "...consistent delivery on medium-term growth ambitions will be key to a stock rerating," the brokerage said. It has retained the "add" recommendation on the stock with a target price of INR 3,800 per share.

 

L&T Technology's sales from Europe declined nearly 1% on quarter. However, management expressed confidence of benefiting in the region from vendor consolidation and engineering outsourcing on a conference call with analysts. The management is also confident of achieving earnings before interest and taxes margin of mid-16% on or before the March quarter of this financial year.

 

The company's revenue in constant currency was up 1.5% sequentially for the June quarter, above Nuvama Institutional Equities' estimate of a 1% growth. Its EBIT margin at 15.7%, which rose by 50 basis points, was in line. However, the engineering research and development industry will take time to recover, Nuvama said. The brokerage maintained its earnings per share estimates for the company for FY27 and FY28 and retained its "hold" rating for the stock. It however trimmed its target price by 12% to INR 3,500 per share from INR 4,000 earlier. Based on earnings estimates for FY28, the stock is now valued at a price-to-earnings multiple of 22, as against 25 earlier.

 

L&T Technology reported a consolidated net profit of INR 3.57 billion for the June quarter, up over 7% sequentially, and revenues grew 3% to INR 29.4 billion. The company had reported its earnings after the market closed for trading. Tuesday, shares of the company closed a tad lower at INR 3,293.10 on the NSE.  (Ruchira Kagita)

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Equity Alert: Asian mkts up, US scraps 20?es on ships passing Hormuz

 

MUMBAI--0830 IST--Asian markets opened higher Wednesday after a better-than-expected US inflation report cooled market expectations of a US interest rate hike. The earnings from Wall Street banks also boosted sentiment. The US has scrapped the proposed 20% fees for ships passing through the Strait of Hormuz.

 

The US Consumer Price Index fell 0.4% in June from May. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs reported earnings above analysts' expectations.

 

South Korea's Kospi was the best performer among its peers. Kospi gained almost 6% as shares of SK Hynix and Samsung Electronics were up 13% and 8%, respectively. Chip equipment maker Hanmi Semiconductor was up 25% in early trade. Japan's Nikkei was up slightly, with shares of Japanese industrial giant Mitsubishi Heavy Industries rising 4.8%. The shares rose after Nikkei Asia reported on its collaboration with Nvidia. The partnership would provide cooling systems and energy management equipment for AI data centres, potentially improving energy efficiency. Nvidia plans to establish next-generation AI data centres and is working with SK Hynix to develop an AI factory by 2029.

 

The following are the levels of key indices in the region at 0735 IST:

 

Index	Level	Change in %
Nikkei 225 Day	67863.54	0.2
TOPIX FIRST SECTION	4046.23	0.2
S&P/ASX 200 Index	8831.8	0.3
KOSPI Index	7199.71	5.9
Hang Seng Index	24474.56	0.6
CSI 300 Index	4802.15	0.1
FTSE Singapore Strait Times	5522.71	0.5

 

(Deesha Jadhav)

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Equity Alert: Seen lower amid new US-Iran strikes, higher oil prices

 

MUMBAI--0825 IST--Headline equity indices are expected to open lower Wednesday as the US and Iran exchanged a fresh round of strikes, which kept oil prices above $85 per barrel. US President Donald Trump dropped his plan to impose shipping fees on vessels transiting the Strait of Hormuz. At 0824 IST, the September futures contract for Brent crude was over 1% higher from the previous close at $85.91 per barrel.

 

US Central Command said it has completed the latest wave of strikes against Iranian military targets, according to a CNBC report. "The five-hour mission struck military targets across the country and further degraded Iran's ability to attack commercial shipping," the report said, citing Centcom.

 

At 0821 IST, the GIFT Nifty's July futures contract was a tad lower from Tuesday's close at 24042. This was down a mere 10 points from the Nifty 50's previous close of 24052.05.

 

"GIFT Nifty is indicating a muted opening for the domestic markets," Vipin Kumar, assistant vice president of research at Globe Capital Market, said. "The broadening chart structure points toward further consolidation as long as the index remains within the 23800–24600 spot zone. Within this range, crossing and sustaining above the 24330 spot level could lead it toward 24600; conversely, a fall below 23960 could drag it back to 23800 in the immediate near term."

 

Shares of HDFC Life Insurance Co. will be in focus as the company is set to announce its June-quarter results later in the day. The stock closed 3.2% lower Tuesday. Earnings of Jio Financial Services, Wipro, and Tech Mahindra will also be detailed on Thursday.

 

Broking firm Nirmal Bang Institutional Equities has cut its target price on Tata Elxsi by 20% to INR 3,857 after the company posted its June quarter results post-market hours Tuesday. The brokerage has retained a 'hold' recommendation on the stock.

 

In the global equity market, all three major US indices settled flat to marginally higher Tuesday. Asian equity indices were higher in early trade, with South Korea's KOSPI gaining 7%.  (Arundathi A R)

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Equity Alert: US mkts close up as CPI falls 40 bps, earnings surprise

 

MUMBAI--0658 IST--US markets closed higher Tuesday after better-than-expected inflation report and higher-than-estimated earnings from large banks. The Consumer Price Index fell 0.4% or 40 basis points in June from May, bringing annual inflation down to 3.5%, below Dow Jones economists' expectations of 3.8%. Following the data, investors lowered expectations of a July rate hike, although markets still anticipate a possible increase in September.

 

The Dow Jones Industrial Average ended slightly higher, with Goldman Sachs providing the biggest boost, while shares of International Business Machines Corp. weighed the most on the index. The S&P 500 gained 28 points, supported by strong gains in Nvidia. The Nasdaq Composite climbed 234 points for its fourth gain in five sessions and Microsoft was the largest drag on the index. IBM shares fell 25%, their worst single-day decline, after the company warned that weaker demand for its software and infrastructure businesses would result in lower-than-expected second-quarter profits.

 

Large banks including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs reported earnings above analysts' expectations. Citigroup's shares fell despite reporting its highest quarterly revenue in a decade as investors remained concerned about rising expenses and their impact on future earnings.

 

Following are the closing levels of major US indices on Tuesday:

 

Index	Level	Change in %
Dow Jones Industrial Average	52508.27	0.02
NASDAQ Composite	26107.01	0.9
S&P 500	7543.59	0.4

 

(Deesha Jadhav)

 

US$1 = INR 96.14

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

 

Edited by Deepshikha Bhardwaj

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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NYSE: New York Stock Exchange
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