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Informist, Thursday, Jul. 23, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 July ends at premium of 16.40 points to spot index

MUMBAI--1550 IST--The July futures contract of the Nifty 50 closed at a premium of 16.40 points to the spot index Thursday. Open interest in the contract was up nearly 4% from Wednesday to around 15.02 million, according to provisional data.

--Nifty 50 closed at 23869.60 points, down 126.65 points or 0.5% vs Wednesday

--Nifty 50 July closed at 23886.00 points, down 102.40 points or 0.4% vs Wednesday

Nifty 50 options, expiring Tuesday, with maximum change in open interest:

Call: 23900, Put: 23850

Nifty 50 options, expiring Tuesday, with maximum open interest:

Call: 25000, Put: 23000

(Eshitva Prakash)

Equity Alert: Mkts in Europe open lower; financial, utilities sectors drag

MUMBAI--1515 IST--Stock indices in Europe opened lower, with the pan-European Stoxx 600 down 0.4%. Financial, utilities, consumer cyclicals, consumer non-cyclicals, healthcare, and technology sectors underperformed on the index. Meanwhile, real estate and energy sectors performed well. A surge in crude oil prices helped the energy sector rise 0.6% at open. 

UniCredit will acquire 48% stake in Commerzbank, CNBC quoted UniCredit's chief executive officer, Andrea Orcel, as saying. UniCredit has raised its full-year guidance after posting its best-ever second-quarter and first-half results Thursday, according to the report.

Spanish energy company Repsol reported an adjusted net profit Thursday, which was more than triple from the same period last year. The net profit was supported by stronger refining margins and ‌higher oil prices. The fastest-growing nicotine pouch company ALP has announced its launch in the UK and Europe markets. 

Ford Motor Co. and Geely Automobile Holdings have announced an agreement to form a Europe-focused joint venture at a manufacturing hub in Valencia, Spain. The new joint venture will manufacture Ford and Geely multi-energy passenger vehicles for the European market, providing greater choice and value for European drivers.

Following are the levels of key indices in the region at 1425 IST:

(Deesha Jadhav)

Equity Alert: CIE Automotive down 13% at 3-month low on Q1 underperformance

MUMBAI--1512 IST--Shares of CIE Automotive India fell nearly 13% to a three-month low of INR 411.30 after the company's consolidated net profit and revenue for the June quarter missed the Street's expectations. For the June quarter, the company reported a net profit of INR 2.36 billion, up 16% on year but below analysts' consensus estimate of INR 2.45 billion. Its top line was at INR 26.21 billion, up 11% on year but again below the consensus estimate of INR 26.26 billion.

In the post-earnings conference call, the management said it is focused on profitability as well as return on investment. "We prioritise the return on investment and the reliability in the deliveries and in the quality rather than fast growth with difficulties," global Chief Executive Officer Ander Arenaza Alvarez said. However, analysts showed their disappointment on the underperformance and sought clarity on how the company plans to mitigate the weak quarter.

An analyst said, "Even last quarter we called out some long-pending orders, delayed orders that started ramping up too. So, I mean, our expectations were much different than what is being delivered." Analysts sought further clarity from the company, saying, "If you don't want to get into the details and we need the details, then we have no choice but to exit the stock."

The company said its growth rate was similar to the industry's weighted average market growth since the government rang in changes in the goods and services tax structure in September. The management said the company was in the range of plus or minus 2% growth compared to the market, falling in this band for the first time. The management reiterated that the company was doing well and said, "Sometimes, excessive growth is painful for the company."

At 1507 IST, shares of CIE Automotive India were down over 11% at INR 418.30. Nearly 6 million shares of the company changed hands, which is almost 31 times higher than the number of shares traded till the same time Wednesday.  (Adhithya Aji)

Equity Alert: Ujjivan Small Fin Bk up 11% at record high after Q1 results

MUMBAI--1455 IST--Shares of Ujjivan Small Finance Bank surged over 11% to a record high of INR 72.24 after trading in the red for most of the session. The stock turned green soon after the lender reported a sharp rise in its net profit for the June quarter. The small finance bank also revised upwards its guidance for return on assets for the financial year 2026-27 (Apr-Mar) to 1.8-2% from 1.6% earlier.

Ujjivan Small Finance Bank reported a net profit of INR 3.17 billion for the June quarter, up over three times from the year-ago quarter. Its total income rose 22% on year to INR 22.81 billion. The bank has retained its FY27 guidance for growth in advances at 25%. It now expects credit costs for the year to be 0.9-1.0% of the average total assets.

The bank's net interest income for the June quarter rose to INR 11.87 billion, up 39% on year. Its provisions fell over 43% to INR 1.27 billion. Its net interest margin for the June quarter was 8.5%, down 1 basis point from the March quarter.

At 1437 IST, shares of Ujjivan Small Finance Bank had given up some of the gains and were up 6% at INR 68.95 apiece. Nearly 129 million shares have changed hands so far in the day, against just over seven million shares Wednesday. The small finance bank's shares have risen over 23% in the past 30 days and over 9% in the past six months. The stock is up around 47% in the last one year.

All eight brokerage reports on the bank available with Informist have a "buy" recommendation on the stock with an average target price of INR 74.25 per share.  (Ashutosh Pati)

Equity Alert: Indices stay down; metal, banking cos log biggest fall

MUMBAI--1450 IST--Domestic equity indices remained down with the Nifty 50 index staying below the 23900 points level. Select banking and financial services stocks and metal counters were the major drags on the benchmark index.

At 1434 IST, the Nifty 50 was down more than 100 points, or 0.5%, at 23885.20 points. Only 17 constituents of the 50-stock index were up. The BSE Sensex was down 337 points, or about 0.4%, at 76418.08 points.

The India Volatility Index rose 1% to 13.4325 points. All the mid-cap indices in the broader market were down around 1% each. Among sectoral indices, the Nifty Media rose the most, up over 1%. The Nifty IT and Nifty Auto indices were the other gainers among sectoral indices.

Adani Enterprises fell the most among Nifty 50 constituents, down over 4%. JSW Steel and Tata Steel were down 1.4–2.2%. Shriram Finance, Bajaj Finance, Axis Bank, and State Bank of India were also down 1.3–3.0%. Indices tracking metal, bank, and financial services stocks were down around 1% each.

On the other hand, select automobile and information technology stocks continued to be the top gainers in the Nifty 50. Bajaj Auto, Mahindra & Mahindra, and Eicher Motors rose 0.9–2.2%. Tata Consultancy Services and HCL Technologies rose 0.4–1.5%.  (Arundathi A R)

Equity Alert: Tech stocks lifts Asian mkts despite higher crude oil prices

MUMBAI--1334 IST--Indices in Asia closed higher despite higher crude oil prices as positive sentiment around technology stocks kept the markets in positive territory. Google's parent company, Alphabet, raised its capital expenditure guidance to $205 billion, reflecting increased demand for artificial intelligence. This sparked positive sentiment in the tech-heavy KOSPI and Nikkei 225 Day indices. South Korea's KOSPI ended over 4% higher.

Both KOSPI heavyweights Samsung Electronics and SK Hynix closed more than 4% higher. The gains in Japan's Nikkei 225 Day were also supported by the rise in tech stocks with Advantest and SoftBank up around 4% each. Financial stocks such as Mitsubishi UFJ, Mizuho Financial, and Nomura also gained between 1% and 3%.

Hong Kong's Hang Seng Index closed almost 1% higher, led by gains in the basic materials and industrials sectors, which were up 2.9% and 2.3%, respectively. China's CSI 300 Index closed slightly higher despite a decline in the real estate sector.

The Malaysian and Hong Kong securities regulators signed a memorandum of understanding to facilitate dual initial public offering listings in ‌both markets and collaborating on the mutual recognition and cross listing of covered funds. The deal covers exchange-traded funds and real estate investment trusts. This will establish a practical framework to encourage greater cross-border investment, broaden access to both countries' capital markets, and enhance investment opportunities, Reuters quoted the Malaysian Securities Commission as saying.

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

(Deesha Jadhav)

Equity Alert: Indices shed more as stocks of banks drag; Cipla down 2%

MUMBAI--1253 IST-—A further fall in stocks of select banks dragged domestic benchmark equity indices lower. Shares of Cipla also declined after the company announced its June quarter results. Crude oil prices rose further to $97 a barrel, which limited the improvement of market sentiment.

At 1252 IST, the Nifty 50 was at 23848.85, down 147.40 points, or 0.6%, after it testing 23800 level. The BSE Sensex was down 465.59 points, or 0.6%. India VIX, after remaining largely volatile, rose over 1% to 13.4875 points. All broader market indices fell further and were around 1% lower each.

While indices tracking banks and public sector undertaking banks were the worst hit, the Nifty Auto turned out to be the sole gainer among them. The sectoral index was up over 1%, with most of its constituents in the green.

Shares of Axis Bank and State Bank of India fell nearly 2% each, while those of Shriram Finance declined over 2%. The Nifty Bank and Nifty PSU Bank were down over 1% each.

Shares of Cipla fell after the pharmaceutical company's June quarter net profit fell short of analysts' expectations. The company reported a 39% on-year fall in its consolidated net profit for the June quarter at INR 7.86 billion, against the Street's view of INR 8.36 billion.  (Arundathi A R)

Equity Alert: Cipla shrs dn 3%, hit fresh 1-mo low; co's Q1 PAT misses view

MUMBAI--1230 IST—Cipla's shares fell more after the pharmaceutical company's June quarter net profit fell short of analysts' expectations. Shares of the company fell nearly 3% to a fresh one-month low of INR 1,376.50. The stock was among the worst hit constituents of the Nifty 50 index. At 1219 IST, the stock was at INR 1,379, down 2.6% on the NSE. Over 1.8 million shares of the company have changed hands on the exchange so far, nearly three times the number of shares traded till the same time Wednesday.

The company reported a 39% on-year fall in its consolidated net profit for the June quarter at INR 7.86 billion, against the Street's view of INR 8.36 billion. The pharmaceutical major's revenue for the period was INR 71.19 billion, up 2.3% on year, broadly in line with the Street's view.  (Shruti Nair)

Equity Alert: Route Mobile shares up 14% ahead of June quarter earnings

MUMBAI--1135 IST--Shares of Route Mobile rose 14% to hit an intraday high of INR 646 apiece ahead of the company's June quarter earnings, due later in the day.

HDFC Securities expects the company's consolidated net profit for the June quarter to fall 16% sequentially to INR 916 million while Emkay Global Financial Services projects the profit will fall nearly 19% on quarter to INR 888 million. The company had reported a net profit of INR 1.09 billion for the March quarter.

Route Mobile's net sales are expected to remain flat in the June quarter. H­­­DFC Securities expects the company to report net sales of INR 11.42 billion for the June quarter while Emkay Global expects net sales of INR 11.35 billion. The company's net sales were INR 11.31 billion for the March quarter.

The company's earnings before interest, tax, depreciation, and amortisation are expected to be flat on quarter at INR 1.36 billion, according to both the brokerages. The EBITDA margin is expected to rise 13 bps sequentially to 11.9%, HDFC Securities said.

Investors will watch for progress on scaling up revenue from non-SMS and new-generation products, the demand for international long distance messaging segment, and overall progress on capital allocation.

Of the four brokerage reports on the company available with Informist, three have a "buy" recommendation on the stock with an average target price of INR 748 per share. This is over 16% higher than the current market price. One brokerage has a "hold" call with a target price of INR 630.  (Diksha Singh)

Equity Alert: Indices off lows as auto cos gain more; Nifty 50 below 24000

MUMBAI--1120 IST--Domestic benchmark indices were slightly off lows as more stocks in the Nifty 50 index recovered. Around 25 stocks in the index were trading higher, against the earlier count of 12.

At 1039 IST, both the benchmark indices were 0.1% lower each. The Nifty 50 was at 23972.80, down 23.45 points from its previous close. The BSE Sensex was at 76672.91, down 82.14 points. India VIX indicated easing of nervousness among investors, with the volatility index down over 2% at 13.0025 points.

Broader market indices continued to be marginally lower, whereas more sectoral indices turned positive. The Nifty Bank, Nifty Private Bank, and Nifty PSU Bank were the major losers among sectoral indices, down marginally.

Dr.Reddy's Laboratories remained the worst hit in the 50-stock index, down 2.5%. Nestle India and Adani Enterprises were the other major losers, down over 1% each. IndusInd Bank was the top drag on the Nifty 200 index, down over 5% after its total income for the June quarter fell on year. CIE Automotive India was the top loser in the Nifty 500 index, down almost 10%.

Shares of Eternal gained the most in the Nifty 50 index, up over 3%. Brokerages were broadly positive on the company's earnings growth in the June quarter. The company said it would pass on the benefits of scale to its customers rather than offer discounts on its platforms to grow the business.

Select automobile stocks Bajaj Auto, Mahindra & Mahindra, and Eicher Motors also gained in the 50-stock index, up around 2% each. The Nifty Auto index was up over 1%.  (Arundathi A R)

Equity Alert: Cipla, InterGlobe Aviation, Infosys down ahead of Q1 earnings

MUMBAI--1115 IST--Shares of InterGlobe Aviation and Infosys were down 0.2-0.9% ahead of their Apr-Jun results later in the day. While InterGlobe Aviation and Infosys shed nearly 2% to hit their intraday lows at INR 5,035.50 and INR 1,032, respectively, pharmaceutical major Cipla shed nearly 2% to touch its lowest level in a month at INR 1,389.30.

For Apr-Jun, information technology giant Infosys is expected to report a 7% sequential fall in its consolidated bottom line at INR 78.67 billion due to investment and acquisition costs, according to the average of estimates. However, the large-cap IT company's revenues are seen rising 4% on quarter to INR 484.45 billion. In constant currency terms, revenues are expected to rise between 1.4% and 2.4% for the June quarter. At 1110 IST, shares of the company were at INR 1,046.20, down 0.6% from Wednesday on the National Stock Exchange. Around 3.4 million shares of the company have changed hands on the exchange so far. Of the 20 brokerage reports on the company available with Informist, 17 have a "buy" or equivalent recommendation with an average target price of INR 1,626.

InterGlobe Aviation is expected to report a 43% on-year fall in its June quarter net profit at INR 12.30 billion, according to the average of estimates from nine brokerages. Weak domestic aviation traffic and elevated jet fuel prices amid the US-Iran conflict are expected to drag down the company's bottom line. The company's top line, however, is seen rising 18% on year to INR 242.64 billion. At 1110 IST, shares of the company were at INR 5,107.50, down 0.2% from Wednesday on NSE. Around 275,000 shares of the company have changed hands on the exchange so far. Of the 10 brokerage reports on the company available with Informist, eight have a "buy" or equivalent recommendation with an average target price of INR 5,598.

Cipla is expected to report a 34% fall in its consolidated net profit at INR 8.52 billion, according to the average of 10 brokerages. Lower contribution from the pharmaceutical major's US business is expected to hurt profitability. The company's revenues for the reporting quarter are expected to rise marginally to INR 71.04 billion. At 1110 IST, shares of the company were at INR 1,411, down 0.3% from Wednesday. Over 360,000 shares of the company have changed hands on the exchange so far. Of the 12 brokerage reports on the company available with Informist, eight have a "buy" or equivalent recommendation with an average target price of INR 1,545. (Shruti Nair)

Equity Alert: Coromandel International rises 1% ahead of Apr-Jun earnings

HYDERABAD--1031 IST--Shares of Coromandel International are trading nearly 1% higher ahead of the June quarter earnings of the company, due later in the day. At 1020 IST, shares of the company were nearly 1% higher at INR 2,055.30 on the NSE.

Analysts' estimates for the fertilisers and farm nutrients manufacturer's June quarter consolidated net profit were in the range of INR 3.7 billion and INR 5.0 billion. The lowest estimate was by 360 ONE Capital Market Pvt. Ltd. while the highest was by Motilal Oswal Financial Services Ltd. In the year ago June quarter, Coromandel International reported a net profit of INR 5 billion on a revenue of INR 70.4 billion.

Nuvama Wealth Management Ltd. estimated the Murugappa group company's net profit at INR 4.1 billion. It projected the top line around INR 81.6 billion, while 360 ONE estimated it at INR 90.1 billion. Motilal Oswal expects the company's revenue at INR 83.7 billion.

Coromandel's total fertiliser volume remains flattish while crop protection segment is expected to witness high double-digit growth, Motilal Oswal said in its pre-earnings note.

The company's earnings before interest, tax, depreciation, and amortisation for the June quarter are seen in the range of INR 7.3 billion to INR 8.4 billion.  (Narayana Krishna)

Equity Alert: Go Digit General shares down 2% ahead of Apr-Jun earnings

MUMBAI--1030 IST--Shares of Go Digit General Insurance Ltd. fell nearly 2% ahead of the company's June quarter earnings later in the day. The general insurance company is expected to report moderate on-year growth in its net profit for the June quarter, driven by tepid growth in net premium income.

Emkay Global Financial Services Ltd. estimates the company's net profit at INR 1.49 billion, up nearly 8% on year, but marginally down on a sequential basis. The brokerage estimates the insurer's net premium income at INR 19.13 billion, up nearly 3% on year, but down nearly 17% on quarter.

Go Digit is likely to report flat growth in gross written premium due to a slowdown in commercial lines amid aggressive pricing, Emkay Global said. "Go Digit is likely to witness an increase in claims ratios due to likely elevation (in) the claims ratios across the Motor and Commercial Lines segments," the brokerage said in its report. The insurer's combined ratio is expected to rise to 110% in the June quarter as a result of the increase in the claims ratio to around 74%.

At 1026 IST, the stock was down 0.1% at INR 282.75 apiece on the National Stock Exchange. Of the three brokerage reports on the company available with Informist, two have a "buy" recommendation on the stock with target prices of INR 350 and INR 353 per share, up 23-25% from the current market price. One has a "sell" rating at a target price of INR 290 per share.  (Nandini Sinha)

Equity Alert: Indices decline for fourth day as crude oil at 6-week high

MUMBAI--0945 IST--Investors turned bearish for a fourth straight session and headline stock indices opened lower Thursday as crude oil prices rose more to its highest level of $96 a barrel in six weeks. The US military's strikes on Iran for a 12th consecutive night, with both sides largely targeting civilian infrastructure, and the subsequent rise in oil prices dampened investor sentiment. The Nifty 50 opened below the psychologically crucial level of 24000 after nine straight sessions, with only 12 stocks trading higher.

At 0921 IST, the Nifty 50 was at 23940.15, down over 56 points or 0.2% from Wednesday's close. The BSE Sensex was at 76536.80, down over 210 points or 0.3%. However, India VIX, the measure of investor nervousness, has risen only marginally. Broader market indices were largely in line with benchmark indices, also down marginally during the early hours of trade.

Indices tracking metal, automobile, and media were the only gainers among the pack of sectoral indices. The Nifty Realty was the worst hit sectoral index, down nearly 1%. The Nifty IT, Nifty Pharma, and Nifty Bank were also down nearly 1% each.

Dr.Reddy's Laboratories was the key drag in the 50-stock index, down nearly 3%. Brokerages turned cautious on the stock due to the delayed manufacturing of semaglutide. The company Wednesday reported a nearly 69% on-year fall in its consolidated net profit and a 5.5% fall in its revenue.

Nestle India was the second highest drag in the index, down over 2%, despite the company reporting strong sets of numbers for the June quarter. It reported nearly 48% on-year growth in its net profit and an over 25% on year rise in its revenue. Higher sales volume across all of its four business segments in the country led the company to report strong growth in its revenue and profit for the June quarter.

On the other hand, major non-ferrous companies gained during early trade. Hindalco Industries was the top gainer in the Nifty 50, up over 1%. Vedanta, National Aluminium Co., Hindustan Copper, and Hindustan Zinc were up 0.5-1.7%.  (Arundathi A R)

Equity Alert: Brokerages retain stance on Eternal, positive on Blinkit ops 

MUMBAI--0913 IST--Eternal's consolidated net profit for the June quarter missed the Street's estimates but sales beat the consensus view. Higher tax for the quarter dragged down the company's profit. Brokerages retained their ratings on the stock and did not make any sharp changes to their earnings estimates. The management's commentary on competition stabilising is a key positive and analysts are more postive on growth in the company's quick-commerce business compared to its food delivery business.  

The company's management had revised its guidance for earnings before interest, tax, depreciation, and amortisation margin for its quick-commerce vertical, Blinkit, by 5-6% citing higher order value and better store efficiency. The estimate for capital expenditure per store has been raised to INR 25 million for 2026-27 (Apr-Mar) from INR 10 million earlier.

The Zomato business has been price-competitive in certain markets to defend against new platforms and avoid losing market share, Nomura said. The brokerage sees the food delivery business posting an 18-21% on-year growth in its net order value over FY27-28 and the segment's contribution margin as a percentage of net order value is pegged at 10.6-11.2%. Zomato's earnings before interest, tax, depreciation, and amortisation margin during this period is seen at 5.8-6.7%. Nomura retained its 'buy' stance on the stock with a slightly higher target price of INR 350 as against INR 340 earlier.

Eternal's food delivery business remains stable and Blinkit has a long runway for growth, Motilal Oswal Financial Services said. However, due to the higher-than-expected tax outgo in the June quarter, the broking firm trimmed its earnings per share estimates by 7% for FY27 while retaining it for FY28. It expects Eternal to post a profit margin of 2.2% in FY27 and of 3% in FY28. "While competitive intensity remains elevated, competition is becoming more predictable, and the business model appears established," Motilal Oswal said. The brokerage retained its 'buy' call on the stock and has a target price of INR 400.

As for Eternal's quick-commerce business, the revised guidance needs higher capital expenditure to unlock opportunities and better infrastructure, Nuvama Institutional Equities said. The brokerage maintained its 'buy' stance on the stock and lowered its target price to INR 360 from INR 380.

On Wednesday, shares of Eternal closed 0.8% lower at INR 284.40 on the National Stock Exchange.  (Ruchira Kagita)

Equity Alert: Brokerages raise Nestle India price aim after Q1 earnings beat

MUMBAI--0855 IST--Multiple brokerages raised their target prices on the stock of Nestle India after the company detailed its June quarter on Wednesday. For Apr-Jun, the fast-moving consumer goods major outperformed the Street's view and reported a 48% on-year jump in its net profit at INR 9.75 billion, led by sales volume growth across all four of its business segments. The company's revenues for the June quarter rose 25% to INR 63.78 billion.

Systematix Shares and Stocks raised its price aim on the stock by 11% to INR 1,620. The brokerage also raised its financial year 2026-27 (Apr-Jun) revenue and earnings per share estimates by 3% and 7%, respectively, factoring in the company's outperformance in the June quarter. The brokerage sees gross profit margin benefiting from high pricing potential in key categories, the company's leadership position, and an improvement in product mix led by premiumisation. It also expects distribution expansion, penetration gains, and product launches to support growth, with launches in the noodles segment. However, the company's growth could decelerate progressively over the nine months ending December as goods and services tax-related benefits phase out from the December quarter and growth in Maggi normalises off a high base from the September quarter, the brokerage highlighted. Further, rich valuations further limit a more positive outlook, the brokerage said, highlighting that the stock trades at a price-to-earnings multiple which is 71 times the estimates for FY27.

Prabhudas Lilladher also raised its target price on the stock to INR 1,606, up 7% and retained its "accumulate" recommendation. The brokerage expects growth to moderate in the second half of FY27 on a normalisation in the base. However, the brokerage does not factor in any demand impact or input cost inflation due to the potential fallout from El Nio. It anticipates that margins have very limited room for an upside as coffee, cocoa, and palm oil might become volatile due to super El Nio globally. The brokerage estimates earnings per share to grow at a compounded annual rate of 17.8% over FY26–FY28. It expects steady but moderate returns given high valuations. Brokerage Nuvama Institutional Equities also raised its FY27 and FY28 earnings per share estimates for Nestle India by 7% and 8%, respectively, and increased its target price by 11% to INR 1815.

Nirmal Bang Institutional Equities remained constructive on the company's long-term prospects. The brokerage increased its price aim on the stock to INR 1540 from INR 1492 and maintained its "hold" recommendation, appreciating the growth recovery seen in the June quarter with double-digit sales growth across all categories.

Emkay Global Financial Services retained its target price on the stock with a "reduce" recommendation. The brokerage believes the stock has already priced in its superior operating performance in the June quarter during which the company's EBITDA grew 40%. The brokerage expects the FMCG player's margin to be under pressure in the September quarter due to higher input costs and sees growth slowing in the second half of FY27 due to a high base.  (Shruti Nair)

Equity Alert: Dr Reddy's Q1 earnings miss view, brokerages trim estimates

MUMBAI--0845 IST--Dr. Reddy's Laboratories reported a weak set of earnings for the June quarter, primarily due to lower Lenalidomide and generic Revlimid sales, price erosion in the US and Europe, and issues related to the supply of Semaglutide. Analysts were cautious about the company's trajectory for 2026–27 (Apr-Mar). That growth is dependent on Semaglutide supply resuming and approval for Abatacept is the consensus view. Nearly all brokerages trimmed their earnings estimates for the stock. 

Dr. Reddy's expects its earnings before interest, tax, depreciation, and amortisation margin for the September quarter to be around 20%, excluding contribution from Semaglutide, the management said in a post-earnings analyst conference call. The company earlier saw its EBITDA margin near 22–25%. 

The launch of cancer drug Bosutinib in the US provides medium-term support, but is unlikely to completely offset near-term earnings challenges from delays in commercial supply of Semaglutide and lower manufacturing utilisation, Nirmal Bang Institutional Equities said in a report. The brokerage downgraded the stock to 'sell' and cut its target price by 18% to INR 1,098 from INR 1,335. Nirmal Bang expects the company's revenue to rise about 13% in FY27 and resumption of Semaglutide supply is expected to lead to a sequential improvement. Its EBITDA margin is seen at around 19% over FY27-28. "...the company is well positioned to pursue value-accretive inorganic opportunities across generics, biosimilars and innovation," Nirmal Bang said.

Meanwhile, Canada is expected to remain a three-player market comprising Dr. Reddy's, Apotex, and Novo Nordisk over the next several months, with Sandoz still awaiting approval, Nuvama Institutional Equities said. The brokerage revised its earnings per share estimates for the company downwards by 5% for FY27 and for earnings before interest, tax, depreciation, and amortisation by 11%. Nuvama reduced its target price on the stock by 7% to INR 1,365 while retaining its 'buy' stance. Margin recovery depends on new drug launches, restarting Semaglutide supply, and clearance for Abatacept, Nuvama said.

The Hyderabad-headquartered company's EBITDA margin missed Emkay Global Financial Services' estimate for the second quarter in a row. For the June quarter, the brokerage had expected EBITDA margin, ex-Semaglutide, to be 13.3% and this was 350 basis points lower than its expectation. The company's selling, general, and administrative spend led to the miss on EBTIDA margin, Emkay Global said, while adding that consensus earnings downgrades are likely to follow. "...we do not see the current downgrade cycle ebbing in the near term, in the absence of a meaningful positive catalyst," the brokerage said. Emkay Global trimmed its earnings estimates for FY27 and FY28 by about 8% and 6% each. It revised its target price on the stock to INR 1,200 from INR 1,300 while maintaining its 'reduce' rating. 

The pharmaceutical major reported a near 69% on-year fall in consolidated net profit for the June quarter at INR 4.44 billion. This is the third consecutive quarterly decline in its bottom line. Revenue, meanwhile, fell 5.5% year-on-year to INR 81.00 billion. Dr. Reddy's reported its earnings after the market closed for trading. On Wednesday, shares of the company closed 2% lower at INR 1,182.80 on the NSE.  (Ruchira Kagita)

Equity Alert: Seen opening lower Thu; crude oil prices at $96/bbl

MUMBAI--0840 IST--Domestic equity indices are expected to open lower for a fourth straight session Thursday due to further escalation in the US-Iran war and a rise in crude oil prices to $96 a barrel, their highest level in over a month. The US military Wednesday announced it was conducting strikes for a 12th consecutive night against Iran as both sides largely targeted civilian infrastructure. Shares of Infosys, Cipla, and InterGlobe Aviation will be in focus as they will announce their June quarter results later in the day.

At 0837 IST, the September futures contract of Brent Crude oil was over 2% higher at $96.09 a barrel. It touched $96.43 a barrel, the highest level in over one month. This was over 32% higher than its pre-war levels. "Rising crude prices have again become a pain point for Indian equities," Rupak De, senior technical analyst at LKP Securities, said. "As crude sustains above the 50EMA (exponential moving average), the Indian Nifty is set to break below the 50EMA. It looks like the Nifty and crude oil are again moving inversely to each other."

The July contract of the GIFT Nifty suggested a lower opening for the market Thursday. At 0838 IST, the GIFT Nifty was largely flat from Wednesday's close at 23877. It was down nearly 120 points from the Nifty 50's previous close. "On the lower end, the fall might extend towards 23600-23700 if the Nifty falls below 23900. On the higher end, near-term resistance is seen at 24100,' Rupak said. He expects volatility to remain in the market after a lower opening due to the expiry of the Sensex's weekly derivatives contract.

On the earnings front, Cipla is likely to post an over 34% on-year fall in its bottom line at INR 8.52 billion for the June quarter, while its revenues are expected to rise marginally on year to INR 71.04 billion. IndiGo airline operator InterGlobe Aviation's bottom line is likely to see a sharp fall in the reporting quarter as the US-Iran war led to higher costs. The company is expected to report a net profit of INR 12.30 billion for the June quarter, down 43% on year. Its top line is likely to rise 18% on year to INR 242.64 billion.

Information technology major Infosys will also detail its June quarter earnings later in the day. Despite a rise in revenue, Infosys is expected to post a sequential decline in its consolidated net profit for the reporting quarter due to investment and acquisition costs. Its consolidated net profit for the June quarter is expected to decline over 7% sequentially to INR 78.67 billion and revenue is likely to rise over 4% sequentially and nearly 15% on year to INR 484.45 billion.

Shares of Dr.Reddy's Laboratories will also be in the spotlight as the company announced its June quarter results Wednesday post market hours. It reported a nearly 69% on-year fall in its consolidated net profit at INR 4.44 billion. Revenues were reported at INR 81 billion, down 5.5% on year. Both the financial metrics of the company failed to meet the Street's view. Brokerages cut their target price on the stock and downgraded their recommendations.

Brokerage Emkay Global Financial Services trimmed Dr Reddy's target price by 8% to INR 1,200 and retained a 'reduce' recommendation on the stock. Meanwhile, Nirmal Bang Institutional Equities downgraded its recommendation on the stock to 'sell' from 'hold', and cut its target price by 18%. The brokerage turned cautious on the stock after a disruption in the manufacturing of semaglutide. Nuvama also trimmed its target price on Dr. Reddy's by 7% to INR 1,365 and retained its 'buy' recommendation. The company's near-term growth depends on the resumption of semaglutide supply and the approval for Abatacept in the December quarter.  (Arundathi A R)

Equity Alert: Asian mkts open up; US tech cos' capex plans to boost chipmakers

MUMBAI--0750 IST--Asian indices opened higher Thursday after US technology companies announced capital expenditure plans, which will likely benefit chipmakers in the region. Rising crude oil prices due to the West Asia war have raised concerns about inflation. This has pushed short-term US Treasury yields to 17-week highs as investors suspect the US Federal Reserve is likely to raise interest rates sooner rather than later.

South Korea's KOSPI rose 3.1% and was the best performer among its peers. SK Hynix and Samsung Electronics were both around 3% higher. Shares of Samsung Electro-Mechanics rose more than 8% after the company said that it had signed a $200 million contract to supply multilayer ceramic capacitors. The other party to the contract was not disclosed.

South Korea's GDP grew 0.6% in Apr-Jun sequentially on a seasonally adjusted basis, faster than a median estimate of 0.4% in a Reuters poll. South Korea's economic ‌growth was driven by a semiconductor export boom which offset a decline in construction investment, advance estimates from the Bank of Korea said Thursday. 

The Bank of Korea is expected to raise its key rate to 3.25% in the first quarter of 2027 and keep it there until at least the end of next year, according to median forecasts in a Reuters poll. "As long as we see quarterly (growth) rate that is higher than minus 0.1% in the second half, on an average, it would be possible to see annual growth of 3%" this year, Reuters quoted a Korean central bank official in a news conference, as saying.

Australia's S&P/ASX 200 rose marginally. Shares of Macquarie traded around a percent higher Thursday. The company announced on Thursday that Greg Ward, currently head of banking and financial services, will succeed Shemara Wikramanayake as CEO in November.

Following were the levels of key indices in the region at 0750 IST:

(Deesha Jadhav)

Equity Alert: US markets close lower ahead of Alphabet earnings

MUMBAI--0701 IST--Indices in the US closed lower Wednesday as investors anticipated earnings of the first of the "Magnificent Seven" mega-cap companies and grappled with concerns over spending on artificial intelligence and rising oil prices. The Dow Jones Industrial Average and S&P 500 both closed slightly lower and the Nasdaq Composite fell the most. Google parent Alphabet's shares fell after the company said it will spend $205 billion on capital expenditure in 2026. This announcement comes amidst growing investor unease about AI spending. 

Texas Instruments fell in extended trading despite reporting higher than expected earnings for the June quarter. Tesla fell 3% after it reported negative cash flow for the June quarter, a first in more than two years. The Philadelphia SE Semiconductor index closed slightly higher. 

Pest control company Rollins fell 10% after its June quarter results fell short of the Street's expectations. The image, footage, and music platform company Shutterstock fell 10% after it suspended its dividend and its Chief Executive Officer resigned as a consequence of the failed deal with Getty Images. The clinical research organisation Medspace Holdings closed 19% higher after the company reported June quarter results above the Street's estimates.

Uber has cut 10% jobs in its customer service segment in order to streamline operations, according to Bloomberg. Investors await the earnings for Intel, Dow Chemicals, American Airlines, T-Mobile, Union Pacific and Norfolk Southern, which are due later in the day. Weekly jobless claims will be released later in the day.

Following were the levels of major US indices Wednesday:

(Deesha Jadhav)

US$1 = INR 96.57

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

Edited by Rajeev Pai

All prices from National Stock Exchange, unless otherwise specified.

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