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Informist, Friday, Jul. 24, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Nifty 50 July ends at premium of 62.55 points to spot index

MUMBAI--1535 IST--The July futures contract of the Nifty 50 closed at a premium of 62.55 points to the spot index Friday. Open interest in the contract was down over 1% from Thursday to around 14.53 million, according to provisional data.

--Nifty 50 closed at 23767.45 points, down 102.15 points or 0.4% vs Thursday

--Nifty 50 July closed at 23830.00 points, down 43.60 points or 0.2% vs Thursday

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

Call: 23800, Put: 23700

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

Call: 25000, Put: 23000

(Eshitva Prakash)

Equity Alert: European indices open higher, tech stocks gain

MUMBAI--1448 IST--European indices opened higher Friday as investor sentiment improved. The Stoxx 600 rose slightly, with regional bourses and sectors painting a mixed picture. Telecom stocks fell 1.2% and led the declines, while technology stocks outperformed the broader market and rose 1.2%.

German auto giant Volkswagen reported a lower-than-expected profit for the June quarter Friday, CNBC reported. The carmaker posted an operating profit of 3.5 billion euros for the June quarter, down nearly 10% from a year ago and missing the estimate of 4.3 billion euros.

The European Central Bank plans to make its new euro liquidity ‌facility available to non-euro area central banks from the fourth quarter, Reuters reported. The bank has started onboarding institutions interested in the facility, Reuters reported.

Shares of software company SAP gained 3% in pre-market trading after the company reported a 27% jump in its cloud order backlog on year, surging to 22.9 billion euros in the second quarter, CNBC reported.

Following are the levels of key indices in the region at 1443 IST: 

(Deesha Jadhav)

Equity Alert: Tech stocks drag Asian indices down, KOSPI down almost 6%

MUMBAI--1331 IST--Indices in Asia ended lower, with South Korea's KOSPI falling almost 6%, on mounting concern about heavy spending by artificial intelligence companies. This comes after Alphabet guided higher-than-expected capital expenditure. This led to a sell-off across technology stocks in Asia. Crude oil prices surged to $100 a barrel amid tit-for-tat attacks between the US and Iran, which also weighed on investor sentiment. 

Trading on the KOSPI index was halted to prevent panic selling by traders. Japan's Nikkei 225 fell almost 3%. The index heavyweight Advantest fell 6%, Tokyo Electron fell nearly 5%, and SoftBank Group fell more than 7%. Kioxia Holdings fell more than 9%. 

Investors are clocking in lesser-known companies in the Japanese shipbuilding industry in anticipation of a government-backed revitalisation of the sector. Furuno Electric shares gained 24% in July. Suppliers of power and control systems, Terasaki Electric, rose 17% so far.

Taiwan's Taiex declined 2.7%, and China's CSI 300 declined 1.7%. Shares of China Resources Power Holdings Co. Ltd. closed 13% below its 52-week high, which the company achieved Jun. 1. Hong Kong's Hang Seng closed 1.2% lower. 

Following are the levels of key indices in the region at 1331 IST:

(Deesha Jadhav)

Equity Alert: New India Assurance falls ahead of Apr-Jun earnings

MUMBAI--1400 IST--Shares of The New India Assurance Co. Ltd. fell ahead of the company's earnings for the June quarter later Friday. The company is expected to post a significant fall in its net profit and net premium income.

Motilal Oswal Financial Services, the only brokerage with estimates on New India Assurance, expects the company's net profit and net premium income to fall on both a yearly and quarterly basis. The brokerage firm expects the company's net profit to fall nearly 75% on year and over 82% on quarter to INR 985 million in the June quarter. The net premium income is expected to fall 76% on year and 78% on quarter to INR 22.05 billion. 

At 1400 IST, shares on the company were at INR 172.76 apiece, down 0.2% on NSE. Shares of the company have risen nearly 3% since May 12, when it detailed its March quarter earnings. The only brokerage report on the company available with Informist has a "buy" recommendation on the stock with a target price of INR 175, over 1% higher than the current market price. For the March quarter, the bank had reported a net profit of INR 5.58 billion and total income of INR 117.86 billion.  (J. Navya Sruthi)

Equity Alert: REC marginally up ahead of Apr-Jun earnings

NEW DELHI--1346 IST--Shares of REC Ltd. edged up ahead of the company's June quarter earnings, scheduled later in the day. The company is expected to report a sequential rise in net profit, but a decline on a year-on-year basis. The net interest income is likely to fall both sequentially and on year.

As per the average of estimates by brokerages, the company's net profit is seen at INR 40.57 billion, up nearly 21% on quarter but down around 9% on year. The net interest income is expected to decline nearly 3% sequentially to INR 50.46 billion, and fall over 9% on a year-on-year basis. 

For the March quarter, the power sector financier had reported a fall of 21% on year in its net profit at INR 33.62 billion. Sequentially, the net profit was down 17%. REC's revenue from operations during the quarter declined 5% year-on-year to INR 143.86 billion, the first fall in 13 quarters and the sharpest in 34 quarters. Sequentially, the revenue from operations was down 4%.

According to ICICI Securities Ltd, the power sector financier is expected to report a net profit of INR 37.90 billion. On the other hand, Motilal Oswal Financial Services expects the company to report a net profit of INR 43.24 billion. Net interest income is expected to be around INR 48.76 billion for the June quarter, according to ICICI Securities, while Motilal Oswal expects it to be around INR 52.17 billion.

Both brokerages expect subdued growth in assets under management for REC in the June quarter. ICICI Securities estimates a 4% year-on-year increase, while Motilal Oswal Financial Services projects growth of just 2%. "Disbursements and AUM growth among power financiers were muted during the quarter," Motilal Oswal said. "REC's disbursements are expected to decline 9% on year, leading to muted AUM growth of 2% on year. Asset quality is expected to improve, driven by the resolution of stressed assets during the quarter."

At 1346 IST, shares of the company were 1% higher at INR 362.10 on the National Stock Exchange. Shares of the company have fallen nearly 4% since Apr. 28, when it detailed its March quarter earnings. All the four brokerage recommendations on the company available with Informist have a "buy" recommendation with an average target price of INR 458 per share, over 26% higher than the current market price. (Vaishali Tyagi)

Equity Alert: Indices off lows as banking stocks recover

MUMBAI--1330 IST--Domestic benchmark indices came off lows after more constituents of the Nifty 50 recovered. After falling close to the support level of 23600 points, the 50-stock index is now nearing 23800 points. Banking stocks, which recovered substantially from their earlier fall, helped the index come off lows.

At 1301 IST, the Nifty 50 was at 23797.15, down 72.45 points or 0.3%. The BSE Sensex was at 76135.60, down 255.79 points or 0.3%. Around 20 Nifty 50 constituents were trading higher, up from the count of nine earlier. From a rise of over 7% earlier, India VIX came off highs to 14.0175 points, up 4%. 

Along with benchmark indices, broader market peers also came off lows. All broader market indices were down 0.2–0.5%. Four indices tracking sectors were higher, with the Nifty Media gaining the most. On the other hand, the Nifty Auto was down nearly 1% among the pack of sectoral indices.

Banking stocks ICICI Bank, State Bank of India, and Axis Bank recovered from their early fall, and were trading marginally higher. Kotak Mahindra Bank was up 0.5%. Financial services companies such as Jio Financial Services and HDFC Life Insurance Co. were up 0.7–0.8%.

Bajaj Finance was the worst drag on the Nifty 50 index, down nearly 3%. Automobile companies Mahindra & Mahindra, Bajaj Auto, and Eicher Motors were down 1.1–2.3%. Motilal Oswal Financial Services, down nearly 9%, remained the worst hit stock in both the Nifty 200 and Nifty 500 indices.

Cipla, HCL Technologies, and Wipro were the major gainers in the 50-stock index, up 1.2-1.9%. United Spirits, up over 4%, remained the major gainer in the Nifty 200 index, and the second-major gainer in the Nifty 500 index.  (Arundathi A R)

Equity Alert: Food delivery cos fall sharply as Flipkart set to make debut

MUMBAI--1313 IST--Traders sold shares of online food delivery companies such as Eternal and Swiggy after reports that Walmart-led Flipkart was preparing to enter the online food delivery market between August and September. At present, both the listed players dominate the space. So far Friday, stocks of Swiggy and Eternal fell 4-7%. At 1313 IST, Swiggy and Eternal traded around 5% and 2% lower, respectively. 

"Like everything else we do, we will launch food delivery first, test the value proposition with customers, take feedback and continue improving the product until it really appeals to the customer," said Kalyan Krishnamurthy, chief executive officer of Flipkart Group. "After that, we'll start scaling it." 

The e-commerce major plans to begin operations in Bengaluru before gradually expanding to other cities, Business Standard reported citing people in the know. The company plans to initially launch its services on the government-backed Open Network for Digital Commerce before rolling out its own application, the report said.
 

This also comes amid quick-commerce giant Zepto filing its draft papers earlier this month, for an initial public offering of a fresh issue of up to INR 80.10 billion and an offer for sale of up to 113.47 million. The quick commerce space is currently dominated by Eternal-run Blinkit and Swiggy-owned Instamart, and others such as Amazon and JioMart also operate, trying to grow users.

That said, Swiggy capped its aggregate foreign ownership at 49.5% on a fully diluted basis, making it an Indian-owned-and-controlled firm. This status would allow Swiggy to directly own and sell inventory through its quick commerce brand Instamart and consequently improve margins and enhance supply chain. (Gopika Balasubramanium)

Equity Alert: Shriram Finance at 1-mo low, NTPC tad up ahead of Q1 earnings

MUMBAI--1235 IST--Shares of Shriram Finance fell over 3% to a one-month low of INR 992.90 ahead of the company's June quarter results later in the day. On the other hand, NTPC, which is also scheduled to announce its results Friday, rose marginally to the day's high of INR 349.45.

At 1244 IST, shares of Shriram Finance were over 1% lower at INR 1,012.70 on the NSE. So far in the day, nearly 4 million shares of the company have changed hands on the exchange, higher than over 3.5 million shares traded till the same time Thursday.

Sustained loan growth, improving net interest margins, lower funding costs, and stable asset quality are expected to help Shriram Finance report a healthy set of numbers for Apr-Jun. The company is expected to post a net interest income of INR 72.42 billion for the June quarter, up 25.5% on year. Its net profit is estimated at INR 30.52 billion, up 41.6% from the corresponding quarter a year ago.

At 1244 IST, shares of NTPC were marginally higher at INR 349.60 on the NSE. So far in the day, almost 3 million shares of the company have changed hands on the exchange, slightly higher than the number of shares traded till the same time Thursday. 

NTPC is likely to report an on-year rise in both its bottom line and top line for the June quarter, led by high power demand due to a delay in the onset of the monsoon. The company is expected to report a net profit of over INR 51 billion for the reporting quarter, up nearly 7% on year.  (Arundathi A R)

Equity Alert: Infosys falls; Q1 results miss view, analysts uneasy on growth

MUMBAI--1208 IST--Shares of Infosys fell over 3% to an intraday low of INR 1,013.90 after a subdued set of earnings for the June quarter. Brokerages raised alarm on the growth trajectory for Infosys after the company's consolidated net profit and sales missed the Steet's view. The company trimming its revenue guidance for 2026-27 (Apr-Mar) to 1.5-3.0% from 1.5-3.5% in constant currency terms also led to concerns. 

Infosys revising its guidance lower reflects weaker volumes for the June quarter, client programme termination in Europe, lower-than-expected pricing improvement, and higher productivity related to artificial intelligence, JM Financial Institutional Securities said. Visibility for the company has mellowed, according to the brokerage. It cut its earnings per share estimates by 2-3% over FY27-29 and downgraded the stock to 'add' from 'buy', while lowering the target price to INR 1,115 from INR 1,230. 

Productivity deflation was not quantified by the top executives at Infosys but it remains substantial, Motilal Oswal Financial Services said. Peer companies in the sector have pointed to deflation of 10-15%, the brokerage said, while adding that the pass-through of productivity is likely to offset growth. "TCV (total contract value) will become a less reliable indicator of revenue growth going forward," Motilal Oswal said. How Infosys manages to execute its deals will be key to monitor. The brokerage trimmed its earnings per share estimates for the company by around 2% for FY27 and FY28. It maintained its 'buy' stance on the stock and has a target price of INR 1,170.

In what is a typically strong quarter, a disconnect between the company's total contract value to revenue conversion suggests continued pressure from AI-led deflation, ICICI Securities said. The brokerage downgraded the stock to 'reduce' from 'hold' and set a target price of INR 940. Going forward, the company may face challenges related to acquisitions, wage hikes, productivity, and investments in artificial intelligence.

Infosys' consolidated net profit fell 8.6% sequentially to INR 77.69 billion in the June quarter and its revenue increased 3.9% on quarter to INR 482.11 billion. The company's revenue in constant currency terms rose 1%  sequentially. At 1208 IST, shares of the company were 2.5% lower at INR 1,020.80 on the NSE. Nearly 18 million shares of the company changed hands on the bourse, almost three times compared to the same time Thursday.  (Ruchira Kagita)

Equity Alert: Cipla up 4%; brokerages positive on co, say launches in US key

MUMBAI--1201 IST--Shares of Cipla rose nearly 4% to an intraday high of INR 1,444.80 Friday. Brokerages took a positive call on the company after its June quarter earnings. Product launches in the US will be key for the company going ahead. The management of the company has retained its guidance of $1-billion revenue from the US.

"We expect Cipla to deliver a 10% revenue CAGR (compounded annual growth rate) over FY26-FY28E, supported by continued strength in the India business, a recovery in North America driven by complex respiratory launches and peptide opportunities, and steady execution across international markets," Nirmal Bang said. It has estimated the company's earnings before interest, tax, depreciation, and amortisation margin at 21.4% for 2027-28 (Apr-Mar) as the current investment cycle normalises and contribution from high-margin launches increase. Nirmal Bang maintained its 'buy' call on the stock and cut the target price over 14% to INR 1,615. 

Nuvama Institutional Equities is of the view that asthma inhalers – gAdvair and Symbicort, which remain a part of launch commentary, have turned unattractive now. "On the other hand, we are excited of the peptide asset," the brokerage said. Nuvama has cut the company's FY27 earnings-per-share estimate by 6% but raised the FY28 estimate by 4% on operating leverage. Nuvama maintained a 'buy' call on the stock and raised the target price over 14% to INR 1,610. 

Sales of the pharmaceutical major from the US are estimated at $775 million for FY27 and $925 million for FY28, according to Prabhudas Lilladher. "Timely approval of key respiratory products, ramp up of gVentolin and normalization of gLanreotide by H2FY27 will be key," the brokerage said. Cipla's strong net cash position of over $1 billion is expected to provide flexibility to pursue strategic mergers and acquisitions, Prabhudas Lilladher said.

At 1151 IST, shares of Cipla traded over 2% higher at INR 1,423.70. Nearly 2 million shares of the company changed hands on NSE, which is higher than over 513,000 shares traded till the same time Thursday. The stock was the top gainer among the Nifty 50 constituents. (Adhithya Aji)

Equity Alert: Indices decline further; Nifty 50 nears 23600 pts support level

MUMBAI--1107 IST--Headline indices fell more with the Nifty 50 nearing its immediate support level of 26000 points. Crude oil price at $100-a-barrel level is adding to investor nervousness. The Nifty 50 index, with only eight of its constituents trading higher on Friday, has shed 3% in the past five sessions.

At 1056 IST, the Nifty 50 was at 23629.80, down 239.80 points, or 1%. The BSE Sensex was at 75556.09, down 835.30 points, or 1.1%. Investor nervousness elevated further as India VIX, fear gauge of the equity market, rose over 7% to 14.5375 points.

Broader market indices started underperforming benchmark indices as all of them fell over 1% each. All sectoral indices also slipped into the red with the Nifty Auto being the worst hit among them, down nearly 2%. The Nifty Realty and Nifty Metal were the other sectoral indices that fell over 1% each.

Eternal turned out to be the worst hit Nifty 50 constituent, down over 3%. Thursday, the Competition Commission of India rejected a complaint seeking probe against the company for high platform fee, exploitative layered pricing structure, drip pricing mechanism, excessive commission recovery, indirect price inflation upon consumers, and abuse of dominant position in its online food delivery platform Zomato application.

Motilal Oswal Financial Services was the key drag in the Nifty 200 as well as Nifty 500 indices, down 8%. Shares of the company fell despite it posting a sharp rise in its June quarter net profit.

Cipla was the top gainer in the Nifty 50, up over 2%. Index heavyweight Reliance Industries rose nearly 1%. United Spirits was the top gainer in the Nifty 200, up over 3%. Shares of the company rose as it is expecting double-digit growth in the coming quarters.

Graphite India and PVR Inox were the best performers in the Nifty 500 index, up nearly 4% each. A strong rise in revenue and low costs helped PVR Inox to post a profit in the June quarter against the loss reported in the corresponding quarter a year ago.  (Arundathi A R)

Equity Alert: Bank of India shares down 1% ahead of Apr-Jun earnings

MUMBAI--1103 IST--Shares of Bank of India fell over 1% Friday ahead of the company's June quarter earnings, which are slated to be announced later in the day. The public sector bank is expected to report a sharp decline in its net profit on year and on quarter despite a strong growth in the net interest income due to a rise in slippages.

Systematix Shares and Stocks (India) Ltd. estimates the lender's net profit to be INR 6.31 billion, down nearly 72% on year and over 79% on quarter. The brokerage estimates the lender's net interest income at INR 69.14 billion, up nearly 14% on year and nearly 3% on quarter.

"Sequentially, fee income is expected to be lower due to seasonality and other income to be lower due to lower recoveries," Systematix said in its report. While slippages are expected to increase sequentially, provisions are expected to decrease on quarter as the bank utilised its higher recoveries to build buffer provisions during the March quarter, the brokerage said.

At 1043 IST, the stock was down 0.8% at INR 141.13 apiece on the National Stock Exchange. All the three brokerage reports on the company available with Informist have a "buy" recommendation on the stock at an average target price of INR 175 per share, up 24% from the current market price. (Nandini Sinha)

Equity Alert: SBI Life Insurance falls ahead of Apr-Jun earnings

MUMBAI--1102 IST--Shares of SBI Life Insurance Co. Ltd. fell ahead of the company's earnings for the June quarter later in the day. The company is expected to post a significant increase in its net profit and gross premium.

The insurer is expected to report a net profit of INR 7.84 billion, according to SMIFS Ltd. On the other hand, Motilal Oswal Financial Services expects the company to report a net profit of INR 6.70 billion. Gross premium income, the topline for insurers, is expected to be around INR 198.16 billion for the June quarter, according to SMIFS, while Motilal Oswal expects it to be around INR 202.10 billion.

Both the brokerage firms expect the company's net profit and gross premium to grow on a yearly basis. However, both firms expect the net profit and the gross premium to fall sequentially. The life insurer reported a net profit of INR 5.94 billion on a gross premium income of INR 178.14 billion in the March quarter. 

SMIFS expects the company's total annual premium equivalent growth to grow 10.6% on year to INR 43.9 billion in the June quarter. "Premium growth is expected to be healthy aided by industry-wide demand for unit-linked insurance plans," the brokerage said. The value of new business is estimated to grow 13.2% on year, amounting to INR 12.3 billion in the June quarter.

At 1102 IST, shares of the company were 0.8% lower at INR 1,838.90 on the NSE. Shares of the company have risen 0.6% since Apr. 22, when it detailed its March quarter earnings. All the 13 research reports on the company available with Informist have a "buy" recommendation with an average target price of INR 2,353 per share, nearly 28% higher than the current market price.  (J. Navya Sruthi)

Equity Alert: Zen Tech down over 2% ahead of Apr-Jun earnings on Saturday

MUMBAI--1039 IST--Shares of Zen Technologies fell over 2% ahead of the company's June quarter earnings announcement on Saturday. Weak margins are likely to weigh on Zen Technologies' net profit for the quarter.

ICICI Securities Ltd. expects the company's consolidated net profit for the June quarter to rise more than 14% to INR 546 million, while Elara Securities Pvt. Ltd. projects the profit to rise nearly 10% on quarter to INR 524 million. The company had reported a net profit of INR 478 million in the year-ago quarter.

The defence equipment maker's net sales are expected to grow 4% in the June quarter. Elara Securities expects the company to report net sales of INR 1.66 billion for the June quarter, while ICICI Securities expects net sales at 1.63 billion. The company's net sales were INR 1.58 billion in the year-ago quarter.

The company's earnings before interest, tax, depreciation, and amortisation are expected to fall 27% to INR 629 million in the June quarter. ICICI expects the EBITDA to fall 25% to INR 648 million, while Elara Securities expects the EBITDA to fall over 29% to INR 610 million. The company had reported an EBITDA of INR 865 million in the year-ago quarter. 

Investors will watch out for large-ticket orders from the government after the Defence Acquisition Council cleared proposals worth INR 6.8 trillion in 2025-26 (Apr-Mar). Specifically, orders for Zen Tech's micro missile launcher and anti-drone surveillance systems will be the key drivers for the company's performance in this quarter, ICICI Securities said.

Of the five brokerage reports on the company available with Informist, three have a "buy" recommendation on the stock with an average target price of INR 1,883 per share. This is 7% higher than the stock's market price at 1038 IST. Two brokerages have a "hold" call with a target price of INR 1,400.  (Upasika Singhal)

Equity Alert: Indices down for fifth session as oil prices jump to $101/bbl

MUMBAI--0935 IST--The domestic equity market started the week's last trading day on a negative note as benchmark indices opened significantly lower Friday. The indices extended their losses for a fifth straight session as Brent crude oil prices jumped to $101 a barrel, the highest level in nine weeks with the conflict in West Asia escalating. Oil prices surged significantly after Yemen's Houthis targeted two Saudi oil tankers in the Red Sea and US President Donald Trump threatened more military attacks on Iran.

At 0927 IST, the Nifty 50 was at 23700.80, down 168.80 points or 0.7%. The BSE Sensex was at 75797.02, down 594.37 points or 0.8%. The 50-stock index shed nearly 3% in a week. The escalation of the West Asia war and the consequent jump in oil prices led to greater nervousness among investors – India VIX, the volatility index, rose nearly 6% to 14.2450 points.

Broader market indices were also hit in the same measure as their benchmark peers. All indices in the broader market were down around 1% each. Barring the Nifty IT, all sectoral indices slipped into the red in early trade. Only eight Nifty 50 constituents were higher, half of them being information technology stocks.

Shriram Finance was the top drag in the 50-stock index, down nearly 3%. The company will announce its June quarter results later in the day. InterGlobe Aviation and Eternal traded over 2% lower each. Swiggy was the biggest drag in the Nifty 200 index, down over 7%.

On the other hand, Cipla was the biggest gainer in the Nifty 50 index, up 2.5%. IT stocks HCL Technologies, Tech Mahindra, and Tata Consultancy Services gained 0.1–1.0%.  (Arundathi A R)

Equity Alert: To open lower for 5th session; crude oil at nine-week high

MUMBAI--0900 IST--Domestic equity indices are likely to open lower for a fifth straight session as Brent Crude oil prices rose significantly to $101 a barrel, the highest level touched in nine weeks as the conflict in West Asia escalated. Oil prices surged significantly after Yemen's Houthis targeted two Saudi oil tankers in the Red Sea and US President Donald Trump threatened more military attacks on Iran.The September futures contract of Brent crude oil early Friday was $100.03 a barrel, over 37% higher than its pre-war levels.

The July contract of the GIFT Nifty suggested a lower opening for the market Friday. At 0902 IST, the GIFT Nifty was 0.1% lower at 23660.50 from Wednesday. This was down nearly 200 points from the Nifty 50's Thursday close. "Going ahead, a decisive breakdown below the 23800–23780 spot zone could trigger a further slide toward 23600–23500 levels," Vipin said. "Conversely, sustained trading above 24000 could push it back to 24,260 spot levels."

Index heavyweight HDFC Bank will be tracked Friday as the bank's American Depository Receipts fell 5% after US law firm Glancy Prongay & Rotter LLP launched an investigation into the bank to determine whether the lender violated US federal securities laws following allegations regarding internal payments. The law firm is examining whether HDFC Bank made materially misleading disclosures to investors or otherwise breached US securities laws, Mint reported. Shares of the bank ended down nearly 1% Thursday. 

Shares of information technology giant Infosys will be in the spotlight Friday as the company announced its corporate results for the June quarter Thursday post market hours. The company missed market expectations for its June quarter revenue in constant currency terms. The sequential decline of nearly 9% in its bottom line, was the second-worst sequential performance in eight quarters.

Infosys' consolidated net profit fell 8.6% sequentially to INR 77.69 billion in the June quarter, missing analysts' estimate of INR 78.67 billion. The company's consolidated revenue increased 3.9% on quarter to INR 482.11 billion, which was also slightly below the Street view of INR 484.45 billion.

InterGlobe Aviation posted a net loss for the second consecutive quarter at INR 3.82 billion as rising aviation turbine fuel prices, the sharp depreciation of the rupee against the dollar, and the war in West Asia weighed on its profitability in the June quarter. The Street estimated the company to report a profit of INR 12.30 billion.

Tata Consumer Products, Shriram Finance, SBI Life Insurance, and NTPC will detail their June quarter results later in the day. Tata Consumer's consolidated bottom line is expected to rise nearly 23% on year but decline 1.56% sequentially to INR 4.10 billion. Shriram Finance is expected to post a net interest income of INR 72.42 billion in the June quarter, up 25.5% on year. Its net profit is estimated at INR 30.52 billion, up 41.6% from the corresponding quarter year ago. Analysts expect NTPC to report a net profit of over INR 51 billion for the reporting quarter, up nearly 7% on year.

All Asian equity indices were lower in early trade, with South Korea's KOSPI, down over 4%, shedding the most. All three major US indices closed lower Thursday after earnings of major technology companies raised concerns about heavy spending on artificial intelligence.  (Arundathi A R)

Equity Alert: Technology stocks, high crude oil drag Asian indices lower

MUMBAI--0742 IST--Indices in Asia opened lower Friday after US indices closed lower on fears of inflation as crude oil prices crossed $100 a barrel. New US tariffs and concerns over spending on artificial intelligence also affected market sentiment after technology companies' earnings failed to enthuse the market. Japan's Nikkei 225 and South Korea's KOSPI both fell more than 3% each, led by losses in chip-makers. The Trump administration will impose new tariffs on 60 countries over alleged forced-labor violations. 

South Korea's SK Hynix and Samsung electronics both fell more than 5%. The Korea Securities Depository said that SK Hynix's 2.5% cap on converting Seoul-listed shares into American Depositary Receipts was fully used up during its $26.5 billion US offering on July 10, according to Bloomberg. The limit halts arbitrage trading, leaving investors unable to narrow a massive price gap that saw SK Hynix's US-listed ADRs trade at a premium of up to 51% over its shares in Seoul.

Japan's Advantest and Tokyo Electron both fell 6.3% and 5.4%, respectively. Technology investor SoftBank Group fell 7.42% and memory chipmaker Kioxia lost 4.4%. Maker of Pocari Sweat Otsuka Holdings rose 1.6% to become the top gainer on the Nikkei.

Japan's core Consumer Price Index rose 1.6% in June from a year earlier, data showed Friday, in line with market expectations but higher from the 1.4% increase in May, Reuters reported. The headline inflation increased to 1.7% from 1.5% in May. The Producer Price Index rose 7.1% on year, the highest level since March 2023.

Following are the closing levels of key indices in the region at 0742 IST:

(Deesha Jadhav)

Equity Alert: US indices end down on AI spending worries, oil price surge

MUMBAI--0702 IST--Major US indices closed lower Thursday with the Nasdaq Composite falling more than 2% after earnings of major technology companies raised concerns about heavy spending on artificial intelligence. Crude oil prices surged as the US and Iran continued air strikes and raised concerns over inflation. The Trump administration will impose new tariffs on 60 countries over alleged forced-labor violations.

The duties will be between 10.0% and 12.5% and will effectively replace the temporary 10% global tariffs, CNBC reported. These tariffs will apply to 60 trade partners and will cover over 99% of US trade. An estimate of the revenue which will be generated through these tariffs was not provided by the US Trade Representative, CNBC reported. 

The Dow Jones Industrial Average and the S&P 500 both fell around 1%. Sentiment was affected by the quarterly earnings of Tesla and Alphabet. Tesla fell nearly 15%, marking its worst day since March 2025. This was after it reported lower-than-expected earnings. Alphabet raised its full-year guidance for capital expenditure and the stock fell 7%. 

The chipmaker Intel rose 9% after the company reported the largest quarterly revenue in nearly 15 years, CNBC reported. The company reported a top line of $16.1 billion for the second quarter, up 25% on year. American brewery Boston Beer rose 2% after the company reported slightly higher earnings for the second quarter which narrowly beat the Street's estimates. The company also reaffirmed its full-year earnings guidance of $8.50 to $10.50 per share, versus the consensus estimate of $9.38, as per the report.

On the positive side, Lockheed rallied almost 11% after it raised its full year sales and profit forecast. RTX rose more than 7% after it also raised its sales and profit forecasts for the full year.

Following were the closing levels of major US indices Thursday:

(Deesha Jadhav)

US$1 = INR 96.56

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.

All times are Indian Standard Time.

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