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Informist, Thursday, Jul. 16, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Mkt largely unchanged from open; ICICI Lombard hits 2-year low

 

MUMBAI--1020 IST--Indices were largely unchanged from the open. However, they slightly come off intraday highs a couple of times but sustained buying into information technology and automobile stocks restricted losses. Meanwhile, traders turned bearish on insurers and non-banking financial companies. Fall in shares of real estate also continued. ICICI Lombard General Insurance Co. hits over two-year low within 45 minutes into Thursday's session.

 

Investors will also keep an eye on crude oil prices which spiked to a high of $87 a barrel in the wake of fresh escalations between US and Iran, after the former struck off the truce. At 1019 IST, the Nifty 50 index was at 24126.30 points, up 47.80 points or 0.2%. The small-cap indices fell into the red after rising slightly in the initial minutes of trade and the mid-cap indices were slightly down. The BSE Sensex at 77379.80 points, was up 194.37 points or 0.3%.

 

HCL Technologies was up 3% and was the top gainer of the Nifty 50. Tech Mahindra and Wipro were up around 2?ch. So far, the management commentaries hinted at a recovery of demand in the September quarter. There has been a slowdown in demand due to the West Asia war slowing down spending.  

 

ICICI Lombard fell 15% to INR 1,544.60, its lowest level since June 2024, and continues to be the worst-hit Nifty 200 constituent. This was after the company posted a sharp fall in its net profit. Other insurers such as HDFC Life Insurance Co. and SBI Life Insurance Co. were down 1-2% and were the most hit stocks in the Nifty 50. 

 

This quarter saw a relatively slower growth in HDFC Life's annualised premium equivalent and value of new business, both growing in single digits. "We believe most of the near-term negatives are largely priced in at current valuations, while an expected recovery in growth could drive a gradual uptick in price," ICICI Direct said in a note. (Gopika Balasubramanium)

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Equity Alert: South Indian Bank shares up 0.5% ahead of Q1 earnings

 

MUMBAI --1008 IST--Shares of South Indian Bank rose ahead of its June quarter earnings, due later inthe day. At 1008 IST, shares of the bank traded 0.5% higher at INR 45.73 apiece. The bank is expected to report a healthy 29% on-year growth in its net profit for the quarter to INR 4.12 billion, driven by an expansion of its loan book. However, the growth is expected to be a slower by 2% on a sequential basis, according to Anand Rathi Share and Stock Brokers Ltd.

 

Nirmal Bang Equities Pvt. Ltd. expects the bank to report a net profit of INR 4.25 billion, up nearly 32% on year and up 4% sequentially. The bank's net interest income for the reporting quarter is expected to be INR 9.24 billion, up over 11% on year and nearly 1% on quarter, according to Anand Rathi. Nirmal Bang estimates the net interest income at INR 9.55 billion, up almost 15% on year and over 4% on quarter.

 

The lender's net interest margin for the quarter is expected to fall slightly on year for the June quarter but rise 7 basis points on a sequential basis, according to Nirmal Bang.

 

South Indian Bank's gross advances rose 17.0% on year to INR 1.04 trillion as of Jun. 30, while its deposits grew 11.4% to INR 1.26 trillion. Its current account savings account ratio improved to 32.99% at the end of June from 32.12% a quarter ago.

 

For the March quarter, South Indian bank's net profit was INR 4.08 billion and its total income was largely flat on year at INR 29.45 billion. Shares of the bank are up 7.4% since May 6, when it detailed its March quarter earnings. 

 

The three brokerage reports on the company available with Informist, two have "buy" recommendations on the stock with target prices of INR 57, indicating an upside of 24% from the current market price and a "hold" recommendation at INR 45. (Divya Moolayattil)

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Equity Alert: Jio Financial shares down 1% ahead of Apr-Jun earnings

 

MUMBAI—1005 IST--Shares of Jio Financial Services Ltd. fell 1% to an intraday low of INR 234.10 on Thursday ahead of the company's June quarter earnings, which are slated to be announced later in the day. The core investment company is expected to report a healthy on-year growth in its net profit for the June quarter.

 

Motilal Oswal Financial Services Ltd. expects net profit of the company for the June quarter at INR 3.35 billion, up nearly 13% on year. Jio Financial Services had posted a net profit of INR 2.96 billion in the year-ago quarter.

 

Jio Financial's net interest income is expected to rise 50% on year for the June quarter to INR 3.96 billion, according to Motilal Oswal. "Expect interest income to improve driven by strong AUM (asset under management) growth in Jio credit," Motilal Oswal said in its report. Jio Credit's asset under management is expected to rise around 12% on quarter, the brokerage said.

 

Market participants will watch for the management's commentary on growth outlook of the non-banking finance company segment and progress in other businesses, Motilal Oswal said.

 

At 1004 IST, the stock was down 0.6% at INR 235.25 apiece on the National Stock Exchange. The only brokerage report on the company available with Informist has a "buy" recommendation on the stock at a target price of INR 315 per share, up nearly 40% from the current market price.  (Nandini Sinha)

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Equity Alert: ITC Hotels shares down 1% ahead of Apr-Jun earnings

 

MUMBAI--0959 IST--Shares of ITC Hotels Ltd. fell nearly 1% to an intraday low of INR 182.50 ahead of the company's June quarter earnings, slated to be announced later in the day. ITC Hotels' consolidated net profit is expected to rise over 19% on year to INR 1.59 billion for the June quarter, according to JM Financial Institutional Securities Pvt. Ltd. PhillipCapital (India) Pvt. Ltd. sees ITC Hotels' bottom line rising over 27% on year to INR 1.70 billion for the quarter.

 

PhillipCapital sees the company's top line rising over 9% on year to INR 8.92 billion and JM Financial expects a near 20% on-year increase to INR 9.76 billion. ITC Hotels' earnings before interest, tax, depreciation, and amortisation are projected at INR 2.72 billion by JM Financial and INR 2.90 billion by PhillipCapital.

 

PhillipCapital (India) expects the company's consolidated revenue to rise, supported by an 8% growth in revenue per available room in "owned hotel business", including ITC Ratnadipa in Colombo, Sri Lanka. The brokerage expects modelled consolidated operating margins, excluding residential, to contract by 50 basis points on year due to higher employee costs.

 

At 0958 IST, shares of ITC Hotels traded marginally lower at INR 183.30. Of the six brokerage reports on the company available with Informist, five have a 'buy' recommendation on the stock with an average target price of INR 213 and one has a 'hold' recommendation.  (Ashutosh Pati)

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Equity Alert: Newgen Software shares rise 5% ahead of June quarter earnings

 

MUMBAI--0935 IST-- Shares of Newgen Software Technologies rose nearly 5% to an intraday high of INR 586.90 ahead of its June quarter earnings, to be announced later in the day. At 0932 IST, the company's shares traded nearly 4% higher at INR 579.

 

IDBI Capital Market Services expects the company's consolidated net profit for the June quarter to fall 49% sequentially to INR 539 million, while ICICI Securities has projected it to decline 57% on quarter to INR 461 million. Newgen's net sales are also expected to fall in the June quarter. ICICI Securities expects net sales to fall by 20% on quarter to INR 3.62 billion, while IDBI Capital expects them to fall nearly 21% on quarter to INR 3.59 billion.

 

The company had reported a consolidated net profit of INR 1.15 billion for the March quarter on consolidated net sales of INR 4.52 billion.

 

The software company's revenue is likely to rise 13% year-over-year, driven by traction in the annuity business across segments, including annual maintenance contracts, support, and software-as-a-service, according to ICICI Securities. Its product business is also expected to see improvement, the brokerage said.

 

Of the four brokerage reports on the company available with Informist, two have a 'buy' recommendation on the stock with an average target price of INR 640 per share. The target price is 15% higher than the closing price on Wednesday. Two brokerages have a 'hold' recommendation with an average target price of INR 548.  (Diksha Singh)

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Equity Alert: Indices open slightly higher; IT, auto stocks attract buying

 

MUMBAI--0930 IST--Benchmark equity indices opened slightly higher on Thursday, defying weakness in other Asian markets. Information technology stocks led the gains, attracting buying interest in the early minutes of the session. India VIX, the NSE's volatility gauge, fell 3%. Meanwhile, estate stocks, along with shares of select banks and financial services, saw selling pressure. 

 

At 0932 IST, the 50-stock index was at 24128.10 points, up 49.60 points or 0.2%. Intraday, the index is expected to find support at 24000 points and face resistance at 24200 points. Analysts forecast a range-bound movement for the index throughout the session. While the small-cap indices were higher, the mid-cap indices were marginally lower. The BSE Sensex at 77394.36 points, was up 208.93 points or 0.3%.

 

Traders turned bullish on IT stocks and bought shares of Tech Mahindra, HCL Technologies, Wipro, and Infosys, pushing them 1-2% higher ahead of the June-quarer earnings of Wipro and Tech Mahindra. Stocks of passenger vehicle-makers also traded higher, with Mahindra & Mahindra, Tata Motors Passenger Vehicles, and Maruti Suzuki India up 1?ch.   

 

Among other stocks, Dixon Technologies (India) was up over 7% and was the top gainer. The gains in the stock market followed the government's approval of an INR 625-billion scheme for mobile manufacturing. ICICI Lombard General Insurance Co. fell 10?ter the insurer's bottom line plunged 46%. Several brokerages either downgraded the stock or cut their target prices. (Gopika Balasubramanium)

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Equity Alert: Brokerages mixed on HDFC Life Q1 results, cut growth estimates

 

MUMBAI--0859 IST--HDFC Life Insurance Co.'s June quarter results drew mixed reactions from brokerages. The company's new business value and annualised premium equivalent beat some analysts' expectations but were in line with others'. The loss of input tax credit under the revised goods and services tax norms impacted the company's margin in the new business. Brokerages were confident that the margin would stabilise in 2026-27 (Apr-Mar) and maintained their recommendations on the stock even as they cut growth estimates slightly.

 

The life insurance company's growth in annualised premium equivalent for the June quarter was subdued, while its margin in value of new business was flat on-year, according to Emkay Global Financial Services. The growth in value of new business is likely to track that of annualised premium equivalent as management focuses on maintaining a balanced product mix, the brokerage noted. Emkay Global tweaked its estimates for the company's annualised premium equivalent and value of new business, lower by 1-2%. "Growth revival and clarity on commission regulations will be key to a re-rating of the stock," the brokerage said. Emkay Global has a 'buy' recommendation on the stock with the target price unchanged at INR 750.

 

HDFC Life's annualised premium equivalent was weak due to a decline in contributions from its Bancassurance division, Nuvama Institutional Equities said. Retail protection, which was up 42% on year, and demand for unit-linked insurance plans were resilient, the brokerage said. Nuvama trimmed its estimates for the company's value of new business by 3.1% for FY27 and by 1.8% for FY28. It revised its target price lower to INR 790 from INR 850 earlier while retaining its 'buy' recommendation. Regulatory clarity and bancassurance recovery are key re-rating triggers, though current valuations offer a reasonable margin of safety at abount 5% value of new business growth, Nuvama said.

 

The insurer's annualised premium equivalent was in line with Motilal Oswal Financial Services' estimates. Going forward, protection as a percentage of annualised premium equivalent is expected to remain broadly range-bound at current levels while annuity contributions are likely to increase, the brokerage said. Its unit-linked plans are not expected to change meaningfully, the brokerage said in a report. The company's value of new business of INR 8.79 billion beat the brokerage's expectations.

 

The company's margin in new business is expected to remain stable, the sum assured is expected to increase, and policy riders are expected to improve, Motilal Oswal said. The loss of input tax credit is likely to be fully absorbed by the first half of FY27. The company's margin in the value of new business is expected to normalise by then, the brokerage said. Motilal Oswal expects the company's value of new business to increase to INR 47.7 billion in FY27, up from INR 46.7 billion. The margin in value of new business is estimated to be 50 basis points higher at 25% for the same period. The brokerage reaffirmed its 'buy' call on the stock and revised its target price to INR 690.

 

The life insurance company reported a net profit of INR 6.11 billion for the quarter ended Jun. 30, up nearly 12% on year. Its net premium income rose over 14% on year to INR 165.48 billion. Wednesday, shares of the company closed 2.4% higher at INR 568.75.  (Ruchira Kagita)

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Equity Alert: Indices seen opening flat; Wipro, Tech Mahindra results eyed

 

MUMBAI--0835 IST--Benchmark equity indices are expected to open flat and remain within a narrow range Thursday, with a focus on June-quarter earnings and developments in West Asia. The US launched a fresh round of strikes in the southern part of Iran, attacking the country for the fifth straight day. The crude oil prices have remained around $85 per barrel since Tuesday.

 

The US military completed a second wave of strikes on Iran on Wednesday that were aimed at degrading its ability to target vessels in the Strait of Hormuz, CNN reported. President Donald Trump is weighing options to expand the US military operation, sources told CNN.

 

In Asia, most indices fell amid a sell-off in semiconductor and artificial intelligence-related stocks. South Korea's Kospi fell 7%. The Bank of Korea raised the interest rate by 25 basis points to 2.75% in the first hike in over three years. US indices ended higher as a better-than-expected US Producer Price Index lifted sentiment and eased concerns about a Federal Reserve rate hike. 

 

The Nifty 50 is expected to open flat on Thursday, likely between 24050 and 24085 points, Ashish Sherigar, senior technical and derivatives analyst at NVS Brokerage, said. The intraday support is at 24000-23800 points and the resistance at 24200-24250 points, he added. 

 

At 0722 IST, the July contract of GIFT NIFTY was at 24092, down 11 points or 0.1%. This was 14 points higher than the Nifty 50's close level on Wednesday. The 50-stock index settled at 24078.50 points, up 0.1%. Over the last several sessions, the index has been consolidating between 23800 and 24200 points broadly. The BSE Sensex closed at 77185.43 points, up by 130.49 points or 0.2%.  (Gopika Balasubramanium)

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Equity Alert: Asian markets fall, Kospi down 7% amid Bank of Korea rate hike

 

MUMBAI--0732 IST-—Asian markets opened lower as a sell-off in US chipmakers affected regional stocks. South Korea's Kospi fell sharply due to SK Hynix's volatility after its US listing last week. South Korea's Central Bank raised its benchmark interest rate for the first ‌time in three and a half years to 2.75% from 2.50%. Bank of Korea has raised its seven-day repurchase rate by 25 basis points, as estimated by all but one of 37 economists surveyed in a Reuters poll.

 

South Korea's Kospi fell 6.7% as shares of index heavyweights SK Hynix and Samsung Electronics fell 11% and 7%, respectively. Shares of Seoul Semiconductor, LG Innotek, and Samsung SDI fell between 1% and 5%. Japan's Nikkei opened 3% lower. Japan's Advantest fell more than 6% while SoftBank Group fell nearly 7%. Among other stocks, Tokyo Electron fell over 5% and Renesas Electronics fell 4%. Overnight, Micron Technology, Intel, Lam Research, and Advanced Micro Devices fell between 3% and 8% in the US.  

 

Hong Kong's Hang Seng opened 1.6% higher and was the best performer. Australia's S&P/ASX 200 was slightly down. 

 

Following are the levels of key indices in the region at 0732 IST:

 

Index	Level	Change in %
Nikkei 225 Day	66562.18	(-)3.2
TOPIX FIRST SECTION	4048.2	(-)0.98
S&P/ASX 200 Index	8821.5	(-)0.2
KOSPI Index	6799.84	(-)6.7
Hang Seng Index	25064.61	1.6
CSI 300 Index	4740.56	(-)0.97
FTSE Singapore Strait Times	5543.23	(-)0.3

 

(Deesha Jadhav)

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Equity Alert: US mkts up due to better-than-expected PPI, higher earnings 

 

MUMBAI--0658 IST--US indices closed higher Wednesday as a better-than-expected US Producer Price Index lifted sentiment and gave relief that the Federal Reserve will not raise key interest rates. Major financial firms reported strong earnings for the June quarter, which gave investors comfort that growth sustained despite easing inflation. Lower Treasury yields boosted demand for mega-cap technology companies. 

 

In order for the market to broaden, rates need to either move sideways or decline, CNBC quoted Michael Kantrowitz, chief investment strategist and head of portfolio strategy at Piper Sandler, as saying. "The best backdrop for the equity market in today's regime would be employment that stays more or less sluggish because I think that can help keep a lid on interest rates and prevent any rate hikes."

 

The Dow Jones Industrial Average and the S&P 500 closed slightly higher Wednesday. The Nasdaq Composite closed marginally higher. The PHLX semiconductor sector index fell 3% and was pulled lower by falls in Micron Technology, Marvell Technology, Intel Corporation, and Advanced Micro Devices. Mega-cap companies Apple Inc., Alphabet Inc., Microsoft Corp., and Amazon.com all traded 3% or more higher.

 

Investors await retail sales and jobless claims data on Thursday. UnitedHealth Group and Netflix are both scheduled to report their results.

 

Following were the closing levels of major US indices on Wednesday:

 

Index	Level	Change in %
Dow Jones Industrial Average	52658.64	0.3
NASDAQ Composite	26269.23	0.6
S&P 500	7572.4	0.4

 

(Deesha Jadhav)

 

US$1 = INR 96.34

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.

All times are Indian Standard Time.

 

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