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Informist, Tuesday, Jul. 21, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Asian markets close higher, KOSPI settles 3.6% higher 

MUMBAI--1434 IST--Barring Hong Kong's Hang Seng, most indices in Asia closed higher Tuesday. South Korea's KOSPI closed 3.6% higher, reversing the previous day's losses. The tech-heavy index was supported by gains in heavyweights SK Hynix and Samsung Electronics, which rose 5% and 7%, respectively. 

Singapore's FTSE Singapore Strait Times closed 0.5% higher. Households in Singapore have raised expectations for inflation. The one-year-ahead headline inflation expectations climbed to an average of 3.4% in June, according to the latest Singapore Index of Inflation Expectations – The Business Time reported, citing Sindex, a survey conducted by DBS Group Research and the Singapore Management University.

Chinese pptical transceiver manufacturer Zhongji Innolight is expected to raise at least $8 billion through its listing in Hong Kong, Reuters reported. The company will sell the shares at a price up to $128.81 each, Reuters reported. The price represents a 13.2% discount to the company's Shenzhen-listed stock's closing price on Monday. The deal will be Hong Kong's largest share sale in nearly seven years since Alibaba Group's $12.9 billion listing in 2019, as per the report.

China's CSI 300 closed 3% higher as stocks on the index closed higher. This was driven by official market-stabilisation measures and strong institutional backing following recent global market turbulence. Shanghai's Stock Exchange Star 50 closed 11% higher and the ChiNext 50 closed more than 7% higher. 

The sell-off in US space technology giant SpaceX and the pressure on Wall Street's tech heavyweights are unlikely to trigger a major sell-off in Hong Kong equities, according to analysts. "I don't think there will be much impact" in Hong Kong, South China Morning Post quoted Kenny Tang Sing-hing, chair of the Hong Kong Institute of Financial Analysts and Professional Commentators, in saying.

Following are the levels of key indices in the region at 1334 IST:

(Deesha Jadhav)

Equity Alert:Indices remain lower amid Q1 earnings releases, TVS Motor up 5%

MUMBAI--1430 IST--Benchmark indices remained lower amid several June quarter earnings releases. With around half its constituents in the red, the Nifty 50 index stayed in negative territory. The broader markets continued to outperform their headline peers, with the Nifty small-cap indices up 0.4-0.6% and Nifty mid-cap indices up 0.2-0.3%. 

At 1428 IST, the Nifty 50 was at 24173.05, down 0.3%, while the BSE Sensex was at 77440.06, down 0.4%. Index heavyweight HDFC Bank fell further, down over 2%, and remained the worst performer in the 50-stock index. The stock hit its lowest level in over a month at INR 760.10 per share. Shares of Bajaj Auto fell further after the company detailed its June quarter earnings. The automaker reported a net profit of INR 29.83 billion on revenues of INR 172.44 billion.

Shriram Finance, up nearly 3%, continued to be the top gainer in the 50-stock index. Its sector peer Muthoot Finance was up over 3% and was among the top gainers in the Nifty 200 index. UltraTech Cement was up nearly 2% and was among the top gainers in the 50-stock index after the company reported a 17% on-year jump in its consolidated bottom line at INR 25.99 billion.

Shares of TVS Motor Co. rose over 5% after the company beat the Street's view and reported a net profit of INR 11.74 billion on revenues of INR 138.96 billion. The stock became the top gainer in the Nifty 200 index. One97 Communications, down over 3%, was the worst hit stock in the Nifty 200 index after the company reported a consolidated net profit of INR 2.20 billion on revenues of INR 24.48 billion for the June quarter. (Shruti Nair)

Equity Alert: Transformers and Rectifiers down after Q1 PAT falls 9% YoY

MUMBAI--1310 IST--Shares of Transformers and Rectifiers (India) fell almost 7% intraday to their lowest level in over a month after the company's consolidated net profit for the quarter ended June declined 9% on year and about 31% on quarter. Meanwhile, revenue for the period rose 8% on year but contracted sequentially. 

Transformers and Rectifiers' net profit came in at INR 615.2 after total expenses for the June quarter climbed over 9% on year to INR 5.01 billion. Cost of raw materials consumed, which accounted for 91% of the company's total spend, rose 33% on year to INR 4.56 billion. The sharp reduction in value of inventories of finished goods totalling INR 701 million helped limit the rise in expenses for the quarter. The availability of critical raw materials and geopolitical disruptions remain key to monitor going forward, the company said in its earnings presentation. 

At 1256 IST, shares of the company were 5% lower at INR 317.05 on the NSE. The stock's trading volume was above 3 million, over threefold compared to the the same time Monday. The stock was the top laggard in the Nifty 500. (Ruchira Kagita)

Equity Alert: Indices fall more, Nifty 50 slips closer to 24100; IT cos dn

MUMBAI--1300 IST--Benchmark indices extended their losses in the second half of the trading session with the Nifty 50 slipping closer to its technical support of 24100 level. Shares of select banks and information technology companies remained the worst hit in the Nifty 50 index. Broader markets continued to outperform their headline peers, with Nifty small-cap indices gaining 0.3–0.5% while Nifty mid-cap indices rose 0.2-0.3%.

At 1300 IST, the benchmark Nifty index was at 24149.95, down 0.4%, while the BSE Sensex was at 77391.97, down 0.4%. Index heavyweight HDFC Bank, down 1.5%, was the worst performer on the 50-stock index. The stock has been down for two sessions after the lender's June quarter net profit underperformed the Street's view. IT majors Infosys and Tata Consultancy Services, down over 1% each, were also among the worst performers.

Shriram Finance, up nearly 3%, was the top gainer in the Nifty 50, while peers Bajaj Finserv and Bajaj Finance were up around 1% and 0.4%, respectively. InterGlobe Aviation was up over 1% and also among the top gainers. Data from the Directorate General of Civil Aviation showed the company's IndiGo airlines market share rose to 66.3% in June from 64.9% in May. Further, InterGlobe Aviation Monday signed an agreement with CFM International, the world's largest for over 1,000 LEAP-1A engines for 510 Airbus A320neo aircraft. UltraTech Cement was up 1% after the cement maker reported a 17% on-year jump in its consolidated net profit for the June quarter to INR 25.99 billion.

Shares of Bajaj Auto were down nearly 1% after the automaker detailed its June quarter earnings. The company reported a net profit of INR 29.83 billion on revenues of INR 172.44 billion. (Shruti Nair)

Equity Alert: Emkay starts coverage on SBI Funds with 'buy', sees 31% upside

MUMBAI--1157 IST--Emkay Global Financial Services has initiated coverage on SBI Funds Management with a "buy" call and a target price of INR 750, which translates to an upside of nearly 31% from the listing price. The positive view on the newly listed stock is driven by the State Bank of India's brand and distribution, along with significant penetration of SBI Mutual Fund within the bank's channel. 

The brokerage also said that the company is expected to benefit from India's long-term mutual funds growth story. "...the sustained shift in asset mix toward higher-yielding assets such as Equity and Alternate Investments is likely to support revenue yields," Emkay said. Operating leverage led by economies-of-scale is expected to drive around 17% earnings before interest, tax, depreciation, and amortisation compound annual growth rate over three years. 

"As the savings and investment needs of Indians evolve, the middle class is increasingly embracing mutual funds as its core investment vehicle, and SBI AMC has all the ingredients to become the asset manager to every Indian", the brokerage said. The company's market leadership across segments and distinct leadership in B-30 markets, coupled with a strong brand, an extensive parent-led distribution, and improving performance, are likely to drive healthy AUM growth of around 17% over FY26 to FY29, according to Emkay Global Financial Services. 

At 1152 IST, shares of SBI Funds Management traded over 8% higher at INR 622.50. Nearly 58 million shares of the company changed hands on the NSE so far after the debut. The stock listed at INR 613.30 on the National Stock Exchange, which is nearly 7% premium to the issue price.  (Adhithya Aji)

Equity Alert: Indices still in the red; Nifty 50 holds key 24000 level

MUMBAI--1150 IST--The Nifty 50 index remained below 24200 points, dragged down by a sharp fall in index heavyweights HDFC Bank and Reliance Industries. A fall in large-cap pharmaceutical, information technology and automobile companies also weighed the index down. Meanwhile, mid- and small-cap indices continued to move in positive territory. 

Among Nifty 50 stocks, Cipla, which traded around 2% lower, was the worst hit. Dr Reddy's Laboratories and Max Healthcare Institute were down more than 1% each. IT companies such as Tata Consultancy Services and Infosys were also down 1%. Automobile stocks such as Maruti Suzuki India and Tata Motors Passenger Vehicles fell around 1% each. Bajaj Auto was slighly down ahead of June quarter earnings, due later in the day. 

Among Nifty 500 stocks, Karur Vysya Bank gained 10% and continued to be on top and its margin guidance. The lender has said it sees net interest margin near 4% in the September quarter. Canara HSBC Life Insurance rose around 8% after its net profit grew 20% on year, led by healthy premium. On the other hand, Transformers and Rectifiers fell over 4% after subdued earnings for the quarter. The company's net profit fell 8.7%.

At 1139 IST, the Nifty 50 index was at 24171.80 points, down 66.70 points or 0.3%. The BSE Sensex was at 77445.46, down 263.06 points or 0.3%. (Gopika Balasubramanium)

Equity Alert: Alpine Texworld lists at INR 105, unchanged from issue price

MUMBAI--1148 IST--Shares of Alpine Texworld listed at INR 105 on the National Stock Exchange and BSE, unchanged from its issue price. Soon after it listed on the bourses, the stock fell 5% and hit its lower circuit on both exchanges. At 1141 IST, the stock was at INR 99.75. Around 627,000 shares of the company changed hands on the NSE, higher than almost 111,000 on BSE.

The initial public offer of the company was oversubscribed, with bids placed for 16.88 million shares against the 12 million on offer. Earlier, the company had reduced the size of its fresh issue to up to 12.02 million shares from 15 million. There was no offer-for-sale component for the issue.

Alpine Texworld is a textile manufacturer delivering fabrics across various industries. For the financial year 2025–26 (Apr-Mar), it had reported a consolidated net profit of INR 214.57 million on revenues of INR 3.43 billion.  (Ruchira Kagita)

Equity Alert: SBI Funds lists at INR 613.30 on NSE, up 7% from issue price

MUMBAI--1135 IST--Shares of SBI Funds Management listed at INR 613.30 on the National Stock Exchange, a premium of over 7% to its issue price of INR 574 per share. At 1129 IST, shares of the company traded nearly over 8% higher at INR 620.90. Over 55 million shares of the company have changed hands on the exchange so far. The shares listed at INR 610 on the BSE.

The company's initial public offering that ended Thursday was subscribed over 42 times, with bids received for 5.19 billion shares against 124.56 million shares on offer. The public offer was entirely an offer for sale of shares worth up to INR 98.13 billion.

SBI Funds Management is the investment manager of SBI Mutual Fund. It has quarterly average mutual fund assets under management of INR 12.50 trillion. For the financial year 2025-26 (Apr-Mar), it had reported a net profit of INR 30.67 billion on revenues of INR 43.89 billion. (Shruti Nair)

Equity Alert: Karur Vysya Bank up 12% on encouraging NIM guidance for Q2, FY27

MUMBAI--1130 IST--Shares of Karur Vysya Bank rose almost 12% to their highest level in over four months at INR 335.85 on the NSE after it reported healthy asset quality for the June quarter, with the profit beating the Street's view. Market participants were also likely encouraged by the bank's guidance for the September quarter and financial year 2026-27 (Apr-Mar). Brokerages were bullish on the company's growth trajectory, especially on the margin front.

The bank's net interest margin for the June quarter rose by 1 basis point on quarter and by 40 bps on year to 4.6%. Going ahead, the management expects it to remain near 4% in the September quarter. It also expects cost of deposits to rise by 5-10 bps points in the quarter and yield on advances to drop 10 bps. For FY27, the management is aiming at a margin of 3.7-3.8%. During Apr-Jun, the lender's advances and deposits increased 17% and 15% on year to INR 1.05 trillion and INR 1.23 trillion, respectively. Sequentially, both advances and deposits rose 6% for the quarter.

Equirus Securities raised its earnings estimates for the company by 9% for FY27 and revised its target price to INR 370 from INR 360, while maintaining its 'long' recommendation. The bank's business growth is healthy, expansion in net interest margin is sustainable and its credit costs are contained, the brokerage said. It could surpass its guidance on net interest margin for the full financial year, the brokerage said. "...the bank continues to trade at a discount to regional peers and, in our view, is poised for a re-rating," Equirus Securities said.

There is a possibility that the bank may revise its guidance for net interest margin upwards for FY27, ICICI Securities said. The brokerage raised its earnings per share estimate for the bank by around 7% for FY27 and by 4% for FY28. Its target price for the stock now stands at INR 400, as against INR 360 earlier. The impact of the bank's transition to expected credit loss framework is likely to be limited since the special mention accounts book improved "significantly" and provisions are adequate, according to the brokerage. ICICI Securities has a 'buy' stance on the stock.

The private sector bank's net profit beat analysts' estimates for the June quarter, rising nearly 45% on year to INR 7.56 billion in Apr-Jun. Meanwhile, it reported interest income of INR 30.49 billion, up nearly 19% on year. At 1127 IST, shares of the bank were up 10% at INR 331.25 with trading volumes touching almost 45 million. This was over 41 times the volumes witnessed till the same time Monday.  (Ruchira Kagita)

Equity Alert: Canara HSBC Life up 11% at all-time high; Q1 PAT up 20% on yr

MUMBAI--1125 IST--Shares of Canara HSBC Life Insurance Co. rose over 11% to an all-time high of INR 166.69 after the company announced its June quarter results. The insurance company's net profit for the quarter rose over 20% on year. The stock was among the top gainers in the Nifty 500 index. 

For the June quarter, the company reported a net profit of INR 281.4 million, up 20% on year but down nearly 19% sequentially. The net premium income of the company grew nearly 24% on year to INR 20.48 billion. The annual premium equivalent rose 19% on year to INR 5.85 billion for the June quarter. Additionally, the new business value of the company grew 24% on year to INR 1.24 billion. The new business margin for the June quarter was at 21.1%.

The strong earnings of the company were driven by a higher contribution from protection and traditional products, benefits from a valuable yield curve, partly offset by the full-quarter GST impact and investments toward scaling the agency channel, Sytematix said in a report. 

At 1122 IST, shares of Canara HSBC traded nearly 9% higher at INR 162.65. Over 23 million shares of the company changed hands on NSE, fourfold higher than the number of shares traded till the same time Monday.   (Adhithya Aji)

Equity Alert: Indices down after being choppy since open; SBI Funds up 9%

MUMBAI--1114 IST--Benchmark equity indices fell after being choppy for more than 60 minutes into the trading session Tuesday. Non-banking financial companies gained, whereas information technology and automobile stocks fell. Broader market indices pared some gains, but continued to outperform the headline indices.    

SBI Funds Management was listed at INR 610 on BSE, a premium of over 6% to the issue price of INR 574. The company's public offer, which closed Thursday, was entirely an offer for sale of shares worth up to INR 98.13 billion. The stock is up around 9%. 

At 1047 IST, the Nifty 50 index was at 24181.75 points, down 56.75 points or 0.2%. The 50-stock index breached the intraday support of 24200 points. It has fallen as low as 24174.15 points so far. The BSE Sensex was at 77478.96, down 229.56 points or 0.3%. 

Among sectoral indices, the Nifty Media continued to take the top spot and was up 0.4%. Zee Entertainment Enterprise and D.B. Corp. were up over 2% each. Traders continued to sell shares of Network18 Media & Investments, and the stock was down over 1%. 

Dixon Technologies (India), PG Electroplast, and Amber Enterprises India fell 2% and dragged the Nifty Consumer Durables index down around 1%. However, bucking the trend, Havells India was up over 1%. Traders also turned bearish on information technology stocks, and sold shares of Infosys, Wipro and Tata Consultancy Services among large-cap firms. These stocks were down around 1-2%. (Gopika Balasubramanium)

Equity Alert: Bajaj Auto down 1% ahead of Apr-Jun earnings

MUMBAI--1111 IST--Shares of Bajaj Auto fell nearly 1% to an intraday low of INR 10,464 ahead of the company's earnings later in the day, even as the automaker is expected to report sharp growth in its June quarter net profit and top line. For Apr-Jun, the company's revenues are seen growing 35% on year to INT 170.44 billion, the fastest pace in 20 quarters. The company's net profit is expected to jump 35% on year to INR 27.89 billion. If met, this would be the sharpest increase in the bottom line since the June quarter of financial year 2023-24 (Apr-Mar).

Bajaj Auto's earnings growth in the June quarter is expected to be primarily driven by its overseas sales. In the June quarter, the company's wholesale sales rose 29% on year to 1.44 million units. While domestic sales grew 11% on year to 706,078 units, exports surged 54% to 732,173 units. Almost 51% of the automobiles sold by the company in the June quarter were in the overseas market, compared to roughly 43% a year ago.

At 1059 IST, shares of the automaker were at INR 10,482.50, down 0.4% from Monday's close on the National Stock Exchange. So far, over 74,000 shares of the company have changed hands on the exchange, over 5% lower than the over 78,000 shares traded until the same time on Monday,

Of the 18 brokerage reports available on the stock, 13 have a "buy" or equivalent recommendation on the stock with an average target price of INR 11,666, which represents an upside of nearly 11% from the current market price. Three brokerages have a "hold" or equivalent recommendation and the remaining two have a "sell" recommendation. (Shruti Nair)

Equity Alert: Granules India shares up 2% ahead of June quarter earnings

MUMBAI--1048 IST--Shares of Granules India Ltd. were up over 2% ahead of the drugmaker's June quarter earnings. At 1048 IST, shares of Granules India were 2.1% higher at INR 894.15 on the NSE.

Motilal Oswal expects the company to report 19% on-year growth in revenue, driven by sustained momentum in the finished dosage formulations business. Sales from the finished dosage formulations segment are likely to rise 21% on year to about INR 11 billion, supported by the scale-up of the the attention deficit hyperactivity disorder medicines portfolio. The brokerage expects contract development and manufacturing organisation revenue to grow around 10% on year.

Investors will monitor updates from the US Food and Drug Administration's re-inspection of the company's Gagillapur facility in Hyderabad, Motilal Oswal said.

All six brokerage reports on the company available with Informist have a 'buy' recommendation on the stock with an average target price of INR 810. The target price is almost 8% lower than the current market price of the stock.

For the March quarter, the company had reported a net profit of INR 1.86 billion on net sales of INR 14.71 billion.  (Rosalin Lenka)

Equity Alert: Canara Robeco AMC shares up 2% ahead of Apr-Jun earnings

MUMBAI--1046 IST--Shares of Canara Robeco Asset Management Co. Ltd. rose nearly 2% to hit an intraday high of INR 260.40 Tuesday ahead of the company's June quarter earnings, due later in the day. The asset management company is expected to report healthy on-year growth in its net profit for the June quarter on the back of growth in its assets under management.

The company's net profit for the June quarter is estimated to be INR 651 million, according to JM Financial Institutional Securities Pvt. Ltd. Prabhudas Lilladher Pvt. Ltd. expects the bottom line to be INR 677 million. Canara Robeco had posted a net profit of INR 610 million in the year-ago quarter.

Prabhudas Lilladher estimates the company's net sales at INR 1.10 billion while JM Financial expects the company's net sales at INR 1.17 billion.

The asset management company's overall quarterly average assets under management might grow 1% on quarter and nearly 7% on year, Prabhudas Lilladher said in its report. Operating expense as a percentage of quarterly average assets under management might remain broadly flat on quarter, the brokerage said.

At 1032 IST, the stock was up 0.4% at INR 256.92 apiece on the National Stock Exchange. Of the two brokerage reports on the company available with Informist, one has a "buy" recommendation on the stock at a target price of INR 325 per share, up 26.5% from the current market price. One has a "hold" rating at a target price of INR 280 per share. (Nandini Sinha)

Equity Alert: Crisil shares up 1% ahead of Apr-Jun earnings

MUMBAI--1045 IST--Shares of Crisil Ltd. rose over 1% Tuesday ahead of the company's June quarter earnings, scheduled to be out later in the day. The company is expected to report strong on-year growth in its consolidated net profit for the June quarter on the back of health growth in ratings and non-ratings business.

The company's net profit for the June quarter is estimated at INR 1.94 billion, according to YES Securities (India) Ltd. Kotak Securities Ltd. expects the bottom line to be INR 2.08 billion. Crisil had reported a net profit of INR 1.72 billion in the year-ago quarter.

YES Securities estimates the net sales at INR 9.69 billion, while Kotak Securities expects the company's net sales at INR 10.46 billion.

"We build in stable margins for ratings and non-ratings business. Focus to remain on growth and margin outlook for international business and pick-up in debt issuances," Kotak Securities said in its report. Growth in the non-ratings business is supported by the acquisition of PriceMetrix, the brokerage said.

Crisil is likely to see sustenance of sturdy growth in other businesses – Global Analytics Centre, benchmarking, Integral IQ and Crisil Intelligence, YES Securities said.

At 1040 IST, the stock was up 0.3% at INR 4,247.20 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 4,750 per share, up almost 12% from the current market price.  (Nandini Sinha)

Equity Alert: Indices choppy after opening lower; media, energy stocks gain

MUMBAI--0949 IST--Benchmark equity indices turned choppy after opening slightly lower on Tuesday. Traders bought into shares of media and energy companies. However, they sold shares of some consumer durables companies and pharmaceutical firms. Broader market indices were higher and outperformed the headline indices. Indix VIX eased slightly from recent highs, and was down 1%.

At 0939 IST, the Nifty 50 index was at 24229.30 points, down 9.20 points. So far, the 50-stock index has not breached the intraday support of 24200 points. It has fallen as low as 24203.60 points so far. The BSE Sensex was at 77640.53, down 67.99 points or 0.1%. Broader market indices quickly recovered from the slight fall during open and were marginally higher.

The Nifty Media was the top gainer among sectoral indices. Barring Hathway Cable & Datacom, Network18 Media & Investments, PVR Inox, Saregama India, all the other constituents gained. Zee Entertainment Enterprises was up over 1%.

Among Nifty 50 stocks, Tech Mahindra and UltraTech Cement were the top gainers. The cement maker rose over 1% as brokerages were impressed with the company's performance during Apr-Jun, with robust volumes and cost-effective measures. On the other hand, HDFC Bank fell a tad over 1%, falling for the second straight session. The bank failed to cheer the Street with its results for the JUne quarter. Traders were unhappy with the contraction in net interest margin in April–June. 

Exide Industries rose around 3% and was the top gainer in the Nifty 200 index. The stock has risen for the fourth session in a row and has gained 7.4% in this time. Other gainers in this space were IndusInd Bank, NHPC, and KPIT Technologies, which were up around 2% each. Karur Vysya Bank was up over 7%. The bank expects its net interest margin in Jul-Sept to be near 4%. (Gopika Balasubramanium)

Equity Alert: Brokerages retain "hold" on JK Cement after Q1 PAT beats view

MUMBAI--0824 IST--Most brokerages reiterated their "hold" or "buy" recommendations on JK Cement after the company's post-earnings analyst call on Monday. For the June quatter, the cement maker's net profit fell for the third straight quarter to INR 2.91 billion. However, it still beat the Street's view of INR 2.78 billion. The company's revenues for Apr-Jun, however, rose 21% on year to INR 38.66 billion and exceeded analysts' view. The company is planning capital expenditure of INR 35 billion in financial year 2026-27 (Apr-Mar), the management told analysts. Further, the cement maker's greenfield project in Jaisalmer is progressing well and is targeting commissioning by the first half of FY28, according to the management.

JK Cement's expansion pipeline remains on track, with the company targeting grey cement capacity of 50 million tonnes per annum by financial year 2029-30 (Apr-Jun), Systematix Shares and Stocks (India) highlighted in its research report. The brokerage also underscored the cement maker's industry-leading green power share of 53.5%, with a roadmap to raise this to 75% by FY30. The expansion is expected to drive structural cost efficiencies and one of the lowest power and fuel cost structures in the sector, the brokerage said. For Jul-Sept, the company's management expects overall costs to increase by INR 150 per tonne and fuel costs to increase by INR 100 per tonne. "We believe, the current valuation largely captures the benefits of ongoing capacity expansion and cost optimisation initiatives," the brokerage said and retained its "hold" rating with a raised the target price by over 8% to INR 5,826, representing an upside of nearly 7% from the current market price.

Nuvama Institutional Equities cut its FY27 and FY28 earnings before interest, tax, depreciation, and amortisation estimates by 2.5% and 3% respectively, citing volatility in the company's costs stemming from geopolitical issues. For the June quarter, JK Cement's EBITDA fell 5% on year to INR 6.39 billion, while its expenses rose 27% to INR 34.83 billion. However, the brokerage still viewed the cement maker as an attractive bet on the back of consistent volume growth, improved efficiency, and superior return on equity of 15.4 for FY28. The brokerage retained its "buy" recommendation on the stock with a target price of INR 7,034, valuing the stock at 19 times the enterprise multiple based on June quarter estimates for FY29.

Nirmal Bang Institutional Equities said it expected the cement maker to deliver operating resilience over the medium term on the back of strong geographic footprint, healthy capacity utilisation, stable pricing environment, and sustained growth of its white cement and paints businesses. The brokerage valued the stock at 17 times the enterprise multiple based on FY28 estimates and retained its "hold" recommendation with a target price of INR 6,120, representing an upside of over 12% from the current market price. (Shruti Nair)

Equity Alert: Analysts cheer UltraTech's Q1 cost control, bullish on growth

MUMBAI--0822 IST--Brokerages cheered the growth in UltraTech Cement's domestic grey cement volumes and realisations for the June quarter. The company displayed good cost control with power and fuel costs, and freight costs rising only 11% and 12% on year, respectively. Analysts had expected these expenses and packaging costs to go up substantially. Going forward, analysts remain positive on the company's growth.

The company's 13% on-year growth in domestic grey cement volumes is higher than the industry's 8%, and it was led by price hikes undertaken in April and May, Emkay Global Financial Services said. Meanwhile, higher packaging costs impacted fixed costs per tonne, which rose % on year and 14% on quarter, the brokerage said. The company offers a "safe zone" amid the ongoing volatility, and is the brokerage's top pick in the sector. "We continue to back its ability to deliver cost savings and consolidate its pole market-share position," Emkay Global said. The broking firm raised its EBITDA estimate for the company by around 19% on expectations of healthy revenue and cost discipline. Emkay Global maintained its 'buy' call and a target price of INR 13,000 on the stock. This target implies an upside of over 2% from the stock's closing price Monday.  

The company's growth in domestic grey cement volumes and realisations rising 3.7% on quarter display good performance, Nuvama Institutional Equities said. The company showed cost control during Apr-Jun while gaining market share, the brokerage said. It said the trajectory of cement prices and fuel costs will determine how the stock performs going ahead. Nuvama maintained its 'buy' recommendation on the stock and hiked the target price by 5% to INR 15,209.

The management of India's biggest cement company had told analysts in a post-earnings conference call that it expects cement costs to rise to INR 130–INR 140 per tonne sequentially in the September quarter. This increase is lower than expectations, Nuvama said, given the volatile operating environment and operating deleverage in the monsoon quarter. The top brass indicated that pricing was constructive through the June quarter and that exit prices improved across all four regions.

Continued premiumisation in the cement sector is expected to support blended realisations despite limited movement in headline cement prices, Systematix Institutional Equities said in a report. High costs will likely be offset by a resilient pricing environment. In the second half of 2026-27 (Apr-Mar), cost-linked headwinds to moderate. The brokerage kept its EBITDA and net profit estimates for the company unchanged for FY27. Systematix maintained its 'buy' recommendation on the stock with a target price of INR 15,000. 

The cement maker's cost control during Apr-Jun reflects its optimised logistics network, efficient plant-to-market dispatches, and strong regional concentration, Nirmal Bang Institutional Equities said. Many regional peers reported cost inflation of INR 300–INR 400 per tonne during the quarter, the brokerage said. As for its subsidiary, India Cements, volume growth and realisations were healthy, Nirmal Bang noted. The brokerage expects the company's sales and EBITDA to grow 9% and 14% respectively between FY26 and FY28. Nirmal Bang revised its target price slightly higher to INR 13,662 from INR 13,558 and reiterated its 'buy' call. 

UltraTech's consolidated net profit rose 17% on year to INR 25.99 billion for the June quarter and its revenues by 16% on year to INR 246.48 billion. Its sales volume went up 12% to 41.31 million tonnes. The company had reported its earnings during market hours Monday. Shares of the company closed 1.5% higher at INR 11,903 on the NSE. (Ruchira Kagita)

Equity Alert: Indices to open slightly lower Tue, traders to buy on dips

MUMBAI--0821 IST--Domestic equity indices are expected to open slightly lower despite positive cues from Asian markets, which rose in early trade as an artificial intelligence-led sell-off lost steam. Analysts also expect traders to buy Indian stocks on every dip, similar to what was seen on Monday. Technical analysts expect the sentiment to remain bullish as far as the Nifty 50 holds 24000 points. The GIFT NIFTY index is currently about 100 points below the 50-stock index's Monday close and, therefore, analysts expect the market to see a gap-down open. 

At 0746 IST, the July contract of GIFT NIFTY was at 24143, up 28.50 points or 0.1%. Nifty 50 is expected to see a gap-down on Tuesday and later the "gap" would fully covered intraday, Ashish Sherigar, senior technical analyst at NVS Brokerage said. He expects the 50-stock index to seek support at 24000 points and 24050 points. Sherigar expects the index to face resistance between 24250 points and 24350 points.

Technical analysts see 24000-24100-points range as a crucial support area for the Nifty 50. As far as the 50-stock index hold this range, it is unlikely to see a sharp fall. On Monday, the Nifty 50 settled at 24238.50 points, down 95.80 points or 0.4%. The index fell to a low of 24135.85 points, breaking the crucial support level of 24200. However, traders bought into the dip, helping the index to rebound. The BSE Sensex ended at 77708.52 points, down 442.93 points or 0.6%.   

Traders would continue to focus on June-quarter earnings in the coming trading sessions, looking for sectors which could be less vulnerable to West Asia war-induced shocks, analysts said. The Apr-Jun results have not been as underwhelming as expected initially and hence stock-specific jumps in prices are expected intraday, they said.   

Traders will also keep an eye on the evolving situation in West Asia, where there were disruptions to Saudi Arabian exports after Yemen's Houthis threatened to block an export route through the Red Sea. However, the near-month futures contract of Brent Crude Oil, traded on the InterContinental Exchange, eased slightly from Monday and at 0746 IST, it traded at $88.7 a barrel. Some analysts expect the market to fall sharply if crude climbs back above $100 a barrel. (Gopika Balasubramanium)

Equity Alert: Asian markets open mixed, Nikkei up more than 2%

MUMBAI--0727 IST--Asian indices opened mixed Tuesday following the developments in West Asia. While key indices in Japan, Singapore, and China were up, those in Australia and Hong Kong were down as investors grappled with the continued war in West Asia. US President Donald Trump vowed Iran would face consequences for the deaths of three American service members, according to Truth Social.

Japan's Nikkei rose more than 2% as the market reopened after the holiday. The Nikkei recovered from its 6.4% fall last week. The major gainers on the index, Kioxia Holding and cosmetics giant Shiseido, rose almost 6%. IHI Corp., formerly known as Ishikawajima-Harima Heavy Industries Co. gained 4%. The video game maker Nintendo Co. was down almost 4%. Technology industry supplier Sumco Co. and Nikon Corp. were down 3.4% and 2.2%, respectively.  

South Korea's KOSPI was up 3.3% as index heavyweights SK Hynix and Samsung Electronics rose after their recent fall. South Korea's export data Tuesday showed the country's exports for the ‌first 20 days of July jumped 52.3%. Semiconductor exports were up 181%, while car exports declined almost 11%, according to ‌government data. Shipments to China jumped 94% in July from a year ago and exports to the US increased almost 40%.

Australia's S&P/ASX 200 and Hong Kong's Hang Seng were slightly down. China's CSI 300 was slightly up.

Following were the levels of key indices in the region at 0727 IST:
 

(Deesha Jadhav)

Equity Alert: US indices close lower ahead of major tech stock earnings

MUMBAI--0659 IST--Major US indices closed lower Monday as investors tracked the developments in the West Asia war and also await earnings from major technology companies such as Alphabet Inc., Testa Inc., and Intel Corp., which are due later this week. US President Donald Trump has vowed Iran would face consequences for the deaths of three American service members, according to Truth Social. This pushed up crude oil prices a bit more.

The Trump administration also announced it will charge a 50% tariff on Canadian imports after accusing Canada of unfair trade practices against multiple US products and industries. 

The Dow Jones Industrial Average closed marginally lower. The Nasdaq Composite and the S&P 500 both closed slightly lower. Apple Inc. dragged the S&P 500 while Microsoft Corp. boosted the index. Global Payments Inc. rose 5.8% after Morgan Stanley improved its rating and raised its target price to $100 from $65. Shares of online car retailer Carvana Co. fell 4.8%. Alphabet Inc. shares rose 1.5% after the company reported that its Google unit is developing a Gemini-integrated server chip aimed at improving Artificial Intelligence efficiency and easing computing-capacity constraints.

Yemen's Iran-aligned Houthis Monday said they will impose a naval blockade on Saudi Arabia. This will threaten global energy supplies and open a new front in the US-Iran war. Mediators have given Iran a proposal to de-escalate the war with the US, which would provide a 10-day ceasefire, Reuters quoted an Iranian official as saying.  

Following were the closing levels of major US indices Monday:

(Deesha Jadhav)

US$1 = INR 96.23

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

Edited by Avishek Dutta

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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