Equity Alert
Indices end tad higher; bks, auto cos top gainers, metal cos lag
This story was originally published at 15:57 IST on 15 July 2026
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Equity Alert: Indices end tad higher; bks, auto cos top gainers, metal cos lag
MUMBAI--1546 IST--Benchmark indices ended marginally higher Wednesday after coming off their intraday highs during the second half of the trading session. With around half of its constituents closing in positive territory, the Nifty 50 index closed above the 24000 level. Shares of financial services companies, automobile players, and banks supported the gains in the 50-stock index. On other hand, energy and metal companies were among the main laggards.
Wednesday, the Nifty 50 closed at 24078.50, up 26.45 points or 0.1% higher, and the BSE Sensex closed at 77185.43, up 130.49 points, up 0.2%. Quick-commerce giant Eternal ended 3% higher. The stock was the top gainer in the 50-stock index for most of the session. Insurance major HDFC Life Insurance Co. was also among the top gainers, closing nearly 2.4% higher ahead of its June quarter results due later in the day. Automobile players Bajaj Auto and Eicher Motors closed nearly 2% higher each. Data by the Society of Indian Automobile Manufacturers released Wednesday showed total vehicle sales in June surged over 19% on year to 2.26 million units.
Hindalco Industries ended 2% lower and was the worst performer in the 50-stock index. Other metal companies, JSW Steel and Tata Steel, closed around 1.6% lower each. Select information technology stocks were also among the laggards, with shares of Infosys and Wipro ending 1.4-1.5% lower.
Billionbrains Garage Ventures ended over 6% higher after the company reported its June quarter results. The company reported a consolidated net profit of INR 7.35 billion, up 7% sequentially, beating the Street's view. However, the company's revenues for Apr-Jun fell marginally on quarter to INR 15.01 billion. The stock was the highest gainer in the Nifty 200 index. Shares of Union Bank closed 1% higher after the bank's June quarter net profit surpassed the Street's view by a wide margin. For Apr-Jun, the state-owned bank reported a net profit of INR 53.32 billion, up nearly 30% on year on the back of lower provisions. The bank's total income for the June quarter was INR 318.06 billion, up only around 1% on year.
Patanjali Foods closed nearly 15% lower and was the worst-performer in both the Nifty 200 and Nifty 500 indices. The stock touched its lowest level in three years at INR 328.20 during the session. Among other notable laggards, Tata Elxsi closed nearly 5% lower after the company reported a 23% sequential fall in its net profit to INR 1.71 billion for the June quarter. The company's total income for the June quarter was INR 10.63 billion, up 1.8% sequentially. (Shruti Nair)
Equity Alert: Landmark Cars jumps 14%; Q1 provisional revenue up 22.5% YoY
MUMBAI--1458 IST--Shares of Landmark Cars soared over 14% to their highest level in eight months of INR 566.95 on the NSE after the company said its overall revenue from operations went up 22.5% on year provisionally to INR 17.33 billion. This is its highest-ever sales for Apr-Jun, the company said. In the year-ago quarter, the company's total revenue had risen 28% on year to INR 10.62 billion.
The car dealer's vehicle sales, including those by agencies and from pre-owned vehicles, rose 24% year-on-year to INR 14.65 billion. Meanwhile, revenues from after-sales service and sale of spare parts went up 14% to INR 2.68 billion.
New models across multiple brands are expected to be launched in the upcoming quarters, the company said in an exchange filing Tuesday. "These launches are expected to drive healthy sales momentum in the coming months," Landmark Cars said. The supply of BYD cars improved in the June quarter, and it is expected to rise further.
At 1454 IST, shares of Landmark Cars had come off highs and were 5% higher at INR 521.55 on the NSE with trading volumes at over 26 million, over three times higher witnessed until the same time Tuesday. (Ruchira Kagita)
Equity Alert: KEC Intl climbs 5%; co wins orders worth INR 11.80 bln
MUMBAI--1447 IST--Shares of KEC International rose 5% to an intraday high of INR 514.40 per share after the company said it had won orders worth INR 11.80 billion across several business verticals.
The orders include a 400 kilovolt transmission line project in western India to power a data centre, according to the company's exchange filing. The renewables vertical got an order for a solar photovoltaic project with capacity of over 200 megawatts. With the new set of orders, the company's year-to-date orders now stand at INR 52 billion, Vimal Kejriwal, chief executive officer and managing director of KEC International, said in the company's press release.
Of the 14 brokerage reports on the stock available with Informist, 12 have a "buy" or equivalent recommendation with an average target price of INR 666 per share, which is over 31% higher than the current market price of the stock. The remaining two brokerages have a "hold" recommendation on the stock. At 1439 IST, shares of the company were at INR 507.95, up nearly 4% from Tuesday on the National Stock Exchange. So far, over 4.1 million shares of the company have changed hands on the exchange, nearly 10 times the number of shares traded till the same time Tuesday. (Shruti Nair)
Equity Alert: European markets down, luxury goods makers report higher sales
MUMBAI--1420 IST--Stock indices in Europe opened lower Wednesday as the West Asia war weighed on investor sentiment. The pan European Stoxx 600 index fell 0.2% as most sectors traded in the red except for technology stocks. European jewellery companies reported better than expected sales for the quarter.
Germany's DAX fell 0.8%. Shares of Dutch chipmaker Advanced Semiconductor Materials Lithography rose 7?ter the company reported higher than expected earnings for the June quarter. Shares of Cartier owner Richemont rose 6.5?ter the company reported sales growth that was double the consensus for the June quarter. Van Cleef reported 20% sales growth. France's CAC 40 traded flat. Shares of Mot Hennessy Louis Vuitton SE, Hermes, and Kering rose between 2% and 3%. Monclear, Prada, and Brunello Cucinelli rose between 1% and 2%.
Following are the levels of key indices in the region at 1413 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
FTSE 100 Index |
10497.61 | (-)0.3 |
|
CAC 40 |
8358.32 | (-)0.1 |
|
MIB INDEX |
52605.09 | (-)0.5 |
|
DAX PERFORMANCE – INDEX |
24966.98 | (-)0.7 |
|
SLI |
2283.18 | (-)0.1 |
(Deesha Jadhav)
Equity Alert: Steel Strips rises after declaring Q1 earnings, PAT up 43% YoY
MUMBAI--1415 IST--Shares of Steel Strips Wheels jumped nearly 13?ter the company reported its earnings for the June quarter. The stock was 0.5% higher before the earnings announcement. The company's net profit rose 43.2% on year to INR 715.12 million on revenue of INR 15.10 billion. Sequentially, its profit rose 11% and revenue 2.4%.
This was despite Steel Strips' cost of raw materials increasing 33% on year and over 11% sequentially to INR 10.89 billion. The change in the company's value of its inventory supported profit growth in the June quarter. The inclusion of a deferred tax gain worth INR 10.93 million also helped. Its total expenditure, including finance cost, was INR 14.16 billion compared with INR 11.24 billion a year ago.
At 1404 IST, the stock was off highs and up by almost 4% at INR 260.14 on the NSE, with trading volumes of over 16 million, much higher than over 431,000 witnessed till the same time Tuesday. ICICI Direct's target price of INR 280 on the stock was achieved intraday Wednesday. It had set this target price on Jun. 8. In a note, the broking firm advised its clients to book profits in the stock. (Ruchira Kagita)
Equity Alert: Asian markets close higher; China's GDP growth below view
MUMBAI--1340 IST--Asian stock markets closed higher Wednesday after better-than-expected US inflation data cooled market expectations of a interest rate hike in the US. China reported slow economic growth for the second quarter. Crude oil prices rose after the US Central Command said it had carried out another round of strikes against Iran late Tuesday.
China's CSI 300 closed slightly lower. China's GDP growth reported by the National Statistics Bureau was 4.3% for the June quarter, lower than the estimated 4.5% in a poll by Reuters.
South Korea's Kospi closed 6% higher as chipmakers SK Hynix and Samsung Electronics were up 8% and 6%, respectively. The small-cap Kosdaq gained 4%. Japan's Nikkei closed 1.5% higher. Kioxia Corp., Ibiden Co., and Taiyo Yuden Co. rose 4.5% to 5.5%. Hong Kong's Hang Seng closed 1% higher as Innovent Biologics' shares rose 9.3%.
Following were the levels of key indices in the region at 1323 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
68751.51 | 1.5 |
|
TOPIX FIRST SECTION |
4088.12 | 1.2 |
|
S&P/ASX 200 Index |
8841.1 | 0.4 |
|
KOSPI Index |
7284.41 | 6.2 |
|
Hang Seng Index |
24649.99 | 1.3 |
|
CSI 300 Index |
4786.8 | (-)0.2 |
|
FTSE Singapore Strait Times |
5546.15 | 0.9 |
(Deesha Jadhav)
Equity Alert: Indices come off highs; crude oil prices touch $86/bbl
MUMBAI--1335 IST--Benchmark indices came off highs amid tensions between the US and Iran. With US military operations in the region intensifying and the US naval blockade on Iran's ports being reinstated, crude oil prices rose nearly $86 per barrel. However, with more than half of its constituents trading higher, the Nifty 50 index remained above the 24000 level. Shares of banks and financial services companies continued to lend support to the 50-stock index. On the other hand, energy, metal, and fast-moving consumer goods companies were among the laggards.
At 1331 IST, the Nifty 50 was at 24071.25, up 0.1%, while the BSE Sensex was at 77169.33, up 0.2%. In the broader markets, the Nifty small-cap indices came off highs but continued to outperform their headline peers and were up around 0.4-0.6%, while the Nifty mid-cap indices were up 0.3-0.4%. Bajaj Finance and Shriram Finance were up 1.3% and 2%, respectively, and were among the top gainers in the Nifty 50. HDFC Life Insurance was up 1.4% ahead of its June quarter earnings later in the day. Power Grid Corp of India, down 2%, continued to be the worst performer in the index, followed by Hindalco Industries, which was down 1.6%.
Billionbrains Garage Ventures was up nearly 4% and was among top gainers in the Nifty 200 index after the company reported its June quarter earnings. The company's consolidated bottom line jumped over 7% sequentially to INR 7.35 billion, beating the Street's view of INR 6.64 billion. The company attributed the bottom line growth to operating leverage across all cost verticals. The company's revenue for Apr-Jun was broadly in line with analysts' expectations and came in at INR 15 billion. Shares of Union Bank were up over 2?ter the state-owned bank's net profit jumped nearly 30% on year to INR 53.32 billion and surpassed the Street's view of INR 45.73 billion. The bank's total income rose only 1% on year to INR 318.06 billion.
Patanjali Foods, down nearly 14%, was the worst performer in the Nifty 200 and Nifty 500 indices. Tata Elxsi was also among the notable laggards, down nearly 6%. The company reported a 23% sequential fall in its net profit for the June quarter. (Shruti Nair)
Equity Alert: Patanjali Foods falls to 3-year low, volumes at over 63 mln
MUMBAI--1305 IST--Shares of Patanjali Foods fell over 19% to their lowest level in over three years at INR 328.20. At 1314 IST, the stock's trading volumes on the NSE surged to over 63 million, significanly higher than close to 2 million shares traded till the same time Tuesday and nearly 24 times more than the three-month average.
Around 1.5% equity stake in the company worth INR 1.95 billion changed hands on the exchange through large deals, CNBC-TV18 reported. The deal was carried out at a price of INR 355 apiece. The company's business is doing well and its balance sheet is robust, Sanjeev Asthana, the company's chief executive officer, told the media outlet in an interview later. There is no change in the company's business objectives, he said.
The promoter and promoter gourp members of the company owned 68.25% stake in the company as of Jun 30. Among other major shareholders, Life Insurance Corp. of India held 9.13% stake, GQG Partners Emerging Markets Equity Fund 2.89%, and Jainam Broking 1.27%. At 1314 IST, shares of the company were off lows and were 14% lower at INR 349.40 on the NSE. (Ruchira Kagita)
Equity Alert: L&T Tech up 9%; co's consol Q1 PAT rises 7% QoQ, beats view
MUMBAI--1225 IST--Shares of L&T Technology rose over 9% to hit their highest level in nearly two months at INR 3,600. This comes after the company's June quarter consolidated net profit and margin beat analysts' estimates. The stock was among the highest gainers in the Nifty 500 index. Tuesday, the company reported a consolidated net profit of INR 3.57 billion for the June quarter, up over 7% sequentially, on revenues of INR 29.4 billion, up 3% on quarter.
Strategic partnerships with Anthropic and Databricks along with the new Munich engineering-intelligence center, reinforce the company's "engineering intelligence" positioning and attempts to differentiate from commoditised engineering research and development, brokerage IDBI Capital highlighted in a report. The company's balance sheet remains healthy as days sales outstanding improved to 77 days and free cash flow stood at 153% of net income. The company's management reiterated its 13-15% five-year compounded annual revenue growth rate view and 16-17% margin aspiration. Execution risk in technology and medical technology segments along with demand in Europe remain key areas to monitor, but an improving mix and diversification support a constructive stance, according to the brokerage. The brokerage maintained its "hold" recommendation on and valued the stock at 22.5 times the earnings per share estimates for the financial year 2027-28 (Apr-Mar) with a reduced target price of INR 3,625. Brokerage Nomura also tweaked its earnings per share estimates by 1-2% for FY27 and FY28, and raised its the target price for the stock by 1% to INR 3,180.
At 1210 IST, shares of the company were up nearly 6% at INR 3,481.50 on the National Stock Exchange. So far over 1.8 million shares of the company have changed hands. This is 18 times higher than the number of shares traded until the same time Tuesday. (Shruti Nair)
Equity Alert: Signatureglobal up 9%; Q1 pre-sales rise 25 QoQ
MUMBAI--1224 IST--Shares of Signatureglobal (India) surged around 9% to their highest level in two months even as the company's pre-sales for the June quarter provisionally fell 25% on year to INR 19.7 billion. They had, however, gone up by the same quantum sequentially. The fall in its June quarter pre-sales was more than the 15% on-year fall reported in the year year-ago period. Meanwhile, the company said its project pipeline remained robust.
The real estate major's average sales realisation went up to INR 17,093 per square foot in the June quarter, up almost 5% from INR 16,296 in the corresponding quarter a year ago. This was largely attributable to the positive response the company received for its premium residential project, Tonino Lamborghini Residences, in Gurugram. The first phase of this project, which was made in collaboration with Italy-based Tonino Lamborghini, "received an overwhelming response from discerning homebuyers," Chairman and Whole-Time Director Pradeep Kumar Aggarwal said in a press release.
Its project pipeline involves 21.2 million square feet of recently launched projects and 19.8 million square feet of forthcoming projects, Signatureglobal said. For another 12.3 million square feet, around 7 million square feet are under construction and occupancy certificates were granted for 5.3 million square feet, the company said. All these projects are expected to be executed over the next 4–5 years, according to the company.
At 1220 IST, shares of the housing company had come off its highs and were up around 4% at INR 857.35 on the NSE. Almost four million shares of the company changed hands on the bourse, significantly higher than around 212,000 traded till the same time Tuesday. (Ruchira Kagita)
Equity Alert: Indices remain up as banks give support; heavyweights rise
MUMBAI--1140 IST--Benchmark indices remained higher with banking stocks providing more to the gains. The three heavyweights stocks in the Nifty 50--Reliance Industries, HDFC Bank, and ICICI Bank--gained around 1?ch. At 1142 IST, the Nifty 50 was at 24193.95, up 141.90 or 0.6%, and the BSE Sensex was at 77563.98, up 509.04 points or 0.7%.
UltraTech Cement was among the top gainers in the Nifty 50, up around 3%. HDFC Life Insurance was over up 2% ahead of its June quarter earnings due later in the day. Its peer SBI Life Insurance rose 1.5%. Shares of financial institutions Shriram Finance, Bajaj Finance, Jio Financial Services, State Bank of India, and Axis Bank gained around 1-3%.
On other hand, IT major Infosys was among the worst hit constituents in the index, down over 1%. Power Grid Corp. of India, Dr. Reddy's Laboratories, and Hindalco Industries, were also among laggards, down around 1?ch. All the broader market indices were in the green, with Nifty Midcaps up 0.5-0.6%, and Nifty Smallcaps up around 1?ch.
Among the sectoral indices, Nifty PSU Bank, Nifty Financial Services, Nifty Private Bank, and Nifty Bank were the top gainers, up over 1?ch. In contrast, Nifty IT was among the worst hit, down nearly 1%. US tech giant IBM reported a lower than expected earnings for the June quarter. The company's revenue gained just 1% to $17.2 billion. IBM's Chief Executive Officer Arvind Krishna said that the clients shifted their quarterly capital expenditure spend towards servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of expected price increases.
"We did not adapt and move quickly enough, and numerous large deals failed to close on the timelines we expected, driving the majority of our shortfall," Krishna said in a letter to investors. Following this, the American Depository receipts of Infoys fell nearly 4%, and those of Wipro fell over 3%.
"The broadening chart structure points toward further consolidation as long as the index remains within the 23800–24600 spot zone," Vipin Kumar, assistant vice-president, research, at Globe Capital Market, said. Kumar said within this range, crossing and sustaining above the 24330 spot level could lead it toward 24600, while a fall below 23960 could drag it back to 23800 in the near term. (Adhithya Aji)
Equity Alert: Nuvoco Vistas hits 8-mo high; brokerages up earnings estimates
MUMBAI--1125 IST--Shares of Nuvoco Vistas Corp. jumped almost 17% intraday to their highest level in over eight months of INR 398. The stock rose as much as about 26% in only two trading sessions after the company announced its earnings for the June quarter. Better realisations supported its growth in the quarter, according to analysts. Most brokerages raised their earnings estimates for the company. Meanwhile, cement volumes are seen growing 7–8% in the remainder of the financial year 2026-27 (Apr-Mar), the company's top brass had told analysts in a conference call post earnings.
The company's cost management is expected to be better going forward, Nomura said raising its estimate for the company's earnings before interest, taxes, depreciation, and amortisation by 5% to INR 20 billion for FY27. However, for the September quarter, the brokerage expects the cement maker's EBITDA to drop by INR 180 per tonne sequentially to INR 890 due to increased power costs. The company's cement volumes are expected to go up by about 5% on year to 4.5 million tonnes in the September quarter but prices are anticipated to fall 3% on quarter. Nomura is positive on Nuvoco and maintained its 'buy' stance and an unchanged target price of INR 400 on the stock.
Further, while non-trade volumes account for roughly 30% of the industry mix, the magnitude of non-trade pricing in the eastern region during the June quarter was high, Nomura noted. The price of each bag in the non-trade segment went up by INR 20 in the eastern region, Managing Director Jayakumar Krishnaswamy said during the call. Given this backdrop, "...We see upside risk to earnings for companies, in particular those concentrated in the Eastern region," the brokerage said.
Elara Securities (India) revised its target price for the stock higher by 6% to INR 391 but downgraded the stock to ‘accumulate' from ‘buy' earlier. However, the brokerage raised its earnings estimates for FY27, FY28, and FY29. Only the FY27 sales estimates for the company have been tweaked 0.9% lower as cost pressures are expected to persist in the near term. However, cost-saving measures, improved rail availability during the monsoon, and implementation of lean discounts on clinker and cement movement may partially offset cost troubles.
For FY27, Elara Securities raised its estimates for the company's EBITDA higher by almost 9% on year to INR 15.03 billion. For FY28, it hiked the EBITDA expectation by 3.2%. "Sub-par demand, weak cement price and a sharp rise in fuel prices are key risks to our call," the brokerage said.
"...The realisation-beat powered a one-time earnings reset," ICICI Securities said. The brokerage raised its EBITDA estimates for the company by 11% for FY27 and by 7% for FY28. However, challenges related to elevated competition, a weak monsoon, and high energy costs still persist, it said. Hence, the brokerage kept its enterprise multiple of 8 based on FY28 earnings estimates unchanged. ICICI Securities maintained its ‘hold' call on the stock with a higher target price of INR 358 apiece.
Nuvoco reported a consolidated net profit of INR 1.60 billion during the June quarter, up 20% on year. Its revenue increased nearly 9% to INR 31.29 billion. At 1131 IST, shares of Nuvoco were 15% higher at INR 391.75 on the NSE with its trading volumes above 33 million, higher than around 14 million until the same time Tuesday. The stock's trading volumes are several times higher than its one-year average of about 553,000. (Ruchira Kagita)
Equity Alert: Jana Small Finance Bank gains ahead of Apr-Jun earnings
MUMBAI--1107 IST--Shares of Jana Small Finance Bank rose marginally ahead of its earnings for the June quarter, due later in the day. At 1107 IST, shares of the company were trading 1.5% higher at INR 497.05 on the NSE.
ICICI Securities, the only brokerage with estimates on Jana Small Finance Bank, expects it to report a net profit of INR 1.33 billion, up nearly 31% on year. Net interest income is seen at INR 7.86 billion, up nearly 32% on year and 7% on quarter.
The small finance bank's gross advances are expected to rise 25% on year to INR 375.59 billion, while deposits are seen growing 22% on year to INR 357.84 billion, according to the brokerage firm. ICICI Securities expects the lender's net interest margin to contract by 51 basis points on year to 8.5%. For the quarter ended June, the credit cost is expected to decline 30 bps on year to 2.3%.
Shares of the company have risen over 8% since Apr. 29, when it detailed the March quarter earnings. ICICI Securities has a "buy" recommendation on the stock with a target price of INR 535, nearly 8% higher than the current market price. For the March quarter, the bank had reported a net profit of INR 1.40 billion and a total income of INR 17.10 billion. (J. Navya Sruthi)
Equity Alert: HDFC Life Insurance rises ahead of Apr-Jun earnings
MUMBAI--1051 IST--Shares of HDFC Life Insurance Co. rose ahead of its earnings for the June quarter, due later in the day. The company is expected to post a marginal increase in its net profit and gross premium.
The insurer is expected to report a net profit of INR 6 billion, according to Motilal Oswal Financial Services. On the other hand, SMIFS Ltd. expects the company to report a net profit of INR 5.72 billion. Gross premium income, the topline for insurers, is expected to be around INR 163.90 billion for the June quarter, according to Motilal Oswal, while SMIFS expects it to be around INR 170.33 billion.
Both the brokerage firms expect the company's net profit and gross premium to grow quarterly and yearly. However, both firms expect the gross premium to rise on year but fall on quarter. The life insurer reported a net profit of INR 4.96 billion on a net premium income of INR 264.22 billion in the March quarter.
The insurer is likely to report a 7% growth in its value of new business supported by higher growth in protection business, Motilal Oswal said. The expected lower value of new business and annual premium equivalent growth of the company reflects year-on-year decline in margin, PhillipCapital (India)Pvt. Ltd. said.
At 1041 IST, shares of the company were trading 2.5% higher at INR 569.10 on the NSE. Shares of the company have fallen nearly 10% since Apr. 16, when it detailed the March quarter earnings. Of the 13 research reports on the company available with Informist, 12 have a "buy" recommendation with an average target price of INR 757 per share, over 33% higher than the current market price. (J. Navya Sruthi)
Equity Alert: Ather Energy at all-time high; Hero MotoCorp to invest in co
MUMBAI--1050 IST--Shares of Ather Energy rose over 9% to their all-time high of INR 1,313.80 after Hero MotoCorp said its committee of directors has approved an additional investment of INR 10 billion in the company. The stock rose for the second straight session and gained almost 11% during this period.
Hero MotoCorp will invest in Ather Energy via subscription of equity shares or other eligible securities representing equity shares on a preferential allotment basis. Hero MotoCorp currently has a 29.48% stake in Ather Energy, which is its associate company. The quantum of increase or decrease in Hero MotoCorp's stake in Ather Energy after the subscription of additional securities depends on the pricing of the preferential issue and further issuance of securities as approved by the board of the latter.
At 1047 IST, shares of Ather Energy were over 7% higher at INR 1,289.50, while those of Hero MotoCorp were nearly 1% higher at INR 4,911 on the NSE. So far in the day, over 8 million shares of Ather Energy changed hands on the exchange and nearly 152,000 shares of Hero MotoCorp were traded. (Arundathi A R)
Equity Alert: Tata Elxsi hits five-year low after Q1 PAT falls 23% QoQ
MUMBAI--1035 IST--Shares of Tata Elxsi fell 6% intraday to hit over a five-year low of INR 3,469.7, after the company reported a significant fall in net profit for the June quarter due to higher costs. The earnings were announced after market hours Tuesday.
The net profit fell 23% sequentially to INR 1.71 billion for the June quarter and missed the Street estimate of INR 2.01 billion. The company's total income from operations rose nearly 3% on quarter to INR 10.63 billion and beat the Street's view of INR 10.21 billion. In constant currency terms, the company's net profit grew 1.3% on quarter, broadly in line with analyst expectations. However, the company's earnings before interest and taxes margin fell to 19% from 22.3% for the March quarter.
Brokerage Motilal Oswal lowered its earnings per share estimates for the financial year 2026-27 (Apr-Mar) and FY28 citing "weaker-than-expected" margin performance for the June quarter and a slower recovery in the transportation business. The brokerage also underscored that while some of the margin headwinds were one-off in nature, it expects margin recovery to remain gradual amid continued investments, wage hikes in the September quarter, and an uneven demand environment.
The brokerage cut its valuation on the stock to 21 times the earnings per share estimates based on FY28, from 22 times earlier. The brokerage reiterated its "sell" rating on the stock and cut its target price by 7% to INR 3,100 per share. Nirmal Bang also echoed similar concerns regarding the company's weak margin performance and wage hikes in the ongoing quarter. The brokerage cut its target price on the stock by over 20% to INR 3,857.
Prabhudas Lilladher also factored in the company's weak margin performance and scope for continued investments and reduced its EBIT margin estimates by 130 bps to 20% for FY27 and 110 bps to 21.3% for FY28. The brokerage also lowered its revenue growth estimate for FY28 to 8.8% in constant-currency terms from 10% on the grounds of slower recovery in the European auto market. Within the context of growth uncertainty and incremental margin pressure, the brokerage downgraded its recommendation on the stock to "reduce" from "hold", revised its target multiple to 23 times the earnings per share estimates for FY28 from 24 times, and lowered the target price to INR 3,350.
At 1017 IST, shares of the company traded at INR 3,534.90 on the National Stock Exchange, down 4.3% from Tuesday. Over 815,000 shares of the company have changed hands on the exchange so far. This is over six times the number of shares traded until the same time on Tuesday. (Shruti Nair)
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)
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)
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)
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)
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)
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 96.26
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
All prices from National Stock Exchange, unless otherwise specified.
All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.
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