Equity Alert
Indices in Europe open higher; dollar falls as oil prices ease
This story was originally published at 15:29 IST on 27 July 2026
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Equity Alert: Indices in Europe open higher; dollar falls as oil prices ease
MUMBAI--1520 IST--Indices in Europe opened higher as the pause in hostilities between the US and Iran lifted sentiment in the region. The Stoxx 600 rose marginally. Investors await the earnings of major US technology companies this week. The US dollar fell against the euro Monday as crude oil prices dropped sharply. The September futures contract of Brent crude oil fell nearly 9% to $88 a barrel. This led to a 2% fall in energy stocks in the region.
Travel and leisure stocks rose 2.4%, Reuters reported. Shares of airline companies including Lufthansa, International Airline Group, and Ryanair rose above 3?ch. Shares of Vodafone rose 3.7% after the telecom company said it expects to deliver results at the upper end of its revised range, as per the Reuters report. The company also raised its outlook following the Safaricom deal, as per the Reuters report.
Shares of AstraZeneca, the second-largest company in the FTSE 100, rose 1.5?ter the company reported better-than-expected profit. The drugmaker's blockbuster oral cancer drug Tagrisso brought in $1.9 billion in the quarter, CNBC reported.
AT&T Inc. has announced a five-part euro and pound sterling bond offering, reports said. The maturity period for these bonds will be of four, eight, 12, and 19 years, along with a 26-year pound sterling bond.
Following are the levels of key indices in the region at 1426 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10784.02 | 0.5 |
|
CAC 40 |
8427.49 | 0.7 |
|
MIB INDEX |
52116.89 | 0.6 |
|
DAX PERFORMANCE-INDEX |
25489.99 | 1.6 |
|
SLI |
2289.13 | 0.5 |
(Deesha Jadhav)
Equity Alert: Indices up 1%; Nifty 50 slightly below 24000 points
MUMBAI--1500 IST--With fewer stocks trading lower, the Nifty 50 index rose further, gaining almost 1%. The 50-stock index is now just marginally below the 24000-point level. A nearly 1% rise in index heavyweight ICICI Bank supported the benchmark index.
At 1449 IST, the Nifty 50 was at 23993.70, up 226.25 or 1%. The BSE Sensex was at 76849.13, up 789.36 points or 1%. Only seven constituents of the Nifty 50 were down. India VIX, the volatility index, dropped sharply by over 8% to 12.8350 points.
Barring the Nifty Energy and Nifty Oil & Gas, all sectoral indices moved higher, up 0.3–2.5%. The Nifty Media was the top performer among sectoral indices, up 2.4%. The Nifty IT, Nifty Realty, and Nifty Auto were up around 2?ch. In the broader market, small-cap indices were up 1.3?ch while mid-cap indices were up around 1%.
In the Nifty 50, Eternal and InterGlobe Aviation rose further, up almost 6% and 4.5%, respectively. Information technology majors Infosys, HCL Technologies, Wipro, and Tata Consultancy Services were up 1.9–3.6%. Automobile stocks Mahindra & Mahindra, Eicher Motors, Maruti Suzuki India, and Tata Motors Passenger Vehicles gained 1.1-2.5%.
While Oil and Natural Gas Corp. fell almost 4%, the six other laggards in the 50-stock index were down only marginally. Bank of India and Supreme Industries in the Nifty 200 index were down 3–4% while Zen Technologies was among the biggest losers in the Nifty 500, down over 4%. (Arundathi A R)
Equity Alert: Asian markets end higher, boosted by chip stocks
MUMBAI--1413 IST--Asian markets closed higher Monday amid gains in stocks of chip makers in the region. Japan's broader market index TOPIX FIRST SECTION and Australia's S&P/ASX 200 Index both closed 1.4% higher and were the best performers in the region. Japan's Nikkei 225 Day closed slightly higher. South Korea's KOSPI closed nearly 1% higher. China's CSI 300 and Hong Kong's Hang Seng both closed more than 1% higher.
South Korea's Samsung Electronics and SK Hynix closed 1.8% and 3.2% higher, respectively. Japan's Advantest, SoftBank Group, and Kioxia Holdings fell between 2% and 3%. Shares of Chinese chipmaker Changxin Technology Group rose more than sixfold following its Shanghai trading debut Monday. The share price reached 54.65 yuan per share mid-session, compared to its sale price of 8.66 yuan per share, according to a report by Reuters. The rally in the chipmaker's stocks expanded the company's market capitalisation to $539.21 billion, sharply up from $85.5 billion during the initial public offering.
The Bank of Japan is set to keep interest rates steady at its upcoming meeting between Jul. 30-31, according to Reuters. The BoJ had raised interest rates to 1% in June, a 31-year-high. The possibility of further rate hikes remains amid the West Asia war.
Following are the levels of key indices in the region at 1333 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
64931.19 | 0.5 |
|
TOPIX FIRST SECTION |
4066.07 | 1.4 |
|
S&P/ASX 200 Index |
8894 | 1.4 |
|
KOSPI Index |
6755.75 | 1.0 |
|
Hang Seng Index |
25220.47 | 1.0 |
|
CSI 300 Index |
4702.42 | 1.2 |
|
FTSE Singapore Strait Times |
5616.32 | 0.5 |
(Deesha Jadhav)
Equity Alert: AU Small Fin Bank up 6?ter Apr-Jun PAT meets Steet's view
MUMBAI--1404 IST--Shares of AU Small Finance Bank rose nearly 6% to an intraday high of INR 1,062 after the lender broadly met the Street's view for its June quarter net profit. For Apr-Jun, the bank reported an over 37% jump in its bottom line at INR 7.96 billion, led by a sharp drop in provisions. The bank's provisions for the June quarter fell over 30% on year to INR 3.7 billion due to "normalisation" of the unsecured loan book. The bank's total income rose 15% on year to INR 59.92 billion.
Motilal Oswal Financial Services largely retained its earnings view and sees the net profit growing at a compounded annual growth rate of 35% over financial year 2025-26 (Apr-Mar) and FY28. The brokerage views the bank as the top pick among mid-sized private banks and reiterated its "buy" call with a target price of INR 1,275 per share, representing an upside of nearly 21% from the current market price.
At 1359 IST, shares of the company were 5% higher at INR 1,054.30 on the National Stock Exchange. The stock was among the top gainers in the Nifty 200 index. Over 4.4 million shares of the bank have changed hands so far on the NSE, nearly four times the number of shares traded until the same time Friday. Of the 12 brokerage reports available on the company with Informist, six have a "buy" or equivalent recommendation on the stock with an average target price of INR 1,162, up nearly 10% from the current market price. (Shruti Nair)
Equity Alert: HUDCO marginally up ahead of Apr-Jun earnings
MUMBAI--1331 IST--Shares of Housing and Urban Development Corp. Ltd. edged up ahead of the company's June quarter earnings, scheduled later in the day. The company is expected to report a sequential fall in net profit but rise year-on-year. The net interest income is likely to grow both sequentially and on year.
According to Nirmal Bang, the only brokerage to give estimates for HUDCO's June quarter earnings, net profit is seen at INR 8.21 billion, down nearly 59% sequentially but up over 30% on year. Net interest income is likely to grow about 9% on quarter to INR 12.41 billion and around 31% from a year ago quarter.
For the March quarter, the housing financier's net profit rose sharply on year, driven by strong growth in revenue from operations. The state-owned company had reported a net profit of INR 19.81 billion, up 172% on year and nearly 178% sequentially. The company's revenue grew over 25% year-on-year and about 4% quarter-on-quarter to INR 35.63 billion in the March quarter.
Nirmal Bang expects HUDCO's loan book to grow nearly 29% year-on-year to INR 1.73 trillion in the June quarter. The brokerage also expects deposits to rise nearly 31% year-on-year to INR 1.5 trillion in the June quarter, with a sequential growth of around 8%. In an exchange filing on Jun. 30, HUDCO had said its loan disbursements for the June quarter rose nearly 28% on year to INR 163.77 billion, from INR 128.12 billion a year ago. Loan sanctions for the same period jumped over 93% to INR 654.85 billion, from INR 339.04 billion last year, HUDCO said in the filing.
According to Nirmal Bang, net interest margin is expected to expand by 5 basis points on year to 2.97% in the quarter under review, and by 9 basis points sequentially. For 2025-26 (Apr-Mar), the company's NIM was at 2.91%. The cost-to-income ratio is likely to rise to 9% in the June quarter, down 128 basis points from year ago period and 35 basis points quarter-on-quarter. Credit cost is expected at 0.1% for the quarter ended June, up 9 basis points from the corresponding quarter last year and down 107 basis points from the trailing quarter.
At 1310 IST, shares of the company were up nearly 2% at INR 199.44 on the National Stock Exchange. Shares of the company have fallen over 3% since May 14, when it detailed its March quarter earnings. Of the brokerage recommendations on the company available with Informist, one have a "buy" recommendation with an average target price of INR 257 per share, nearly 29% higher than the current market price and one brokerage has a "hold" recommendation with an average target price of INR 219 per share. (Vaishali Tyagi)
Equity Alert: Nifty 50 stays 0.8% higher; oil price at $90/bbl supports
MUMBAI--1325 IST--Domestic indices were largely unchanged from their earlier gains of 0.8?ch despite more Nifty 50 stocks slipping into the negative territory. Brent crude oil prices, hovering around $90 a barrel, largely supported the market. A further fall in index heavyweight HDFC Bank capped the rise in the index.
At 1305 IST, the Nifty 50 was at 23966.65, up almost 200 points or 0.8% from its previous close. The BSE Sensex was at 76740.47, up 680.70 points or 0.9%. The volatility index fell further, down nearly 7% at 13.1050 points. Both broader market and sectoral indices continued higher, with broader market ones outperforming their benchmark peers.
Index heavyweight HDFC Bank, down nearly 1%, extended its losses for a sixth successive session. On the other hand, financial services stock Bajaj Finance rose over 3% in the Nifty 50 index.
While Container Corp. of India stayed as the top gainer in the Nifty 200 after it reported a sharp rise in its net profit for the June quarter, KFIN Technologies and Ramkrishna Forgings rose more and became major gainers in the Nifty 500 index, up around 9?ch.
Apart from over 3% loss of Oil and Natural Gas Corp., Cipla and HDFC Life Insurance Co. were down nearly 1% each in the index. The New India Assurance Co., Zen Technologies, and Aegis Logistics were down nearly 4?ch among the Nifty 500 stocks. (Arundathi A R)
Equity Alert: Laurus Labs hits new high, analysts bullish on co's capex plan
MUMBAI--1256 IST--Shares of Laurus Labs surged over 6% intraday to touch a fresh high of INR 1,702.30 after the company's June quarter earnings beat the Street's expectations. The management's confidence in expanding its contract development and manufacturing business fuelled buying momentum in the stock. The company expects its capital expenditure for 2026-27 (Apr-Mar) to be INR 20 billion, driving its small molecules contract development and manufacturing, and active pharmaceutical ingredients operations.
Brokerage Citigroup upgraded Laurus Labs to 'neutral' from 'sell' and hiked its target price by almost 97% to INR 1,720 from INR 875. The company's contract, development, and manufacturing business scaled up faster than anticipated, according to the brokerage, and the company is capable of addressing large-tonnage opportunities. The pharmaceutical company has a healthy development pipeline and is now venturing into making peptides and antibody-drug conjugates, Citi noted.
Citi hiked its earnings estimates for the company by 7-10% over FY27-28. The company's generics vertical is likely to see modest growth in FY27 owing to a high base. The brokerage values the stock at an enterprise multiple of 30 based on FY28 growth estimates, as against 20 earlier. The stock's valuation is at a premium compared to Divi's Laboratories but "broadly in line on EV/EBITDA, which appears difficult to justify given Laurus' exposure to ARVs (antiretroviral), generic CMO, which in our view are low growth segments," Citi said.
Given the company's robust outlook for its contract development and manufacturing segment, new drug launches in finished dosage form, and better operating leverage, Motilal Oswal Financial Services raised its earnings per share estimates by 21% for FY27 and by 16% for FY28. It expects the company's earnings to grow at a 24% compounded annual rate over FY26-28. Motilal Oswal reiterated its 'buy' rating on the stock with a target price of INR 1,980.
The drug maker's net profit for the June quarter more than doubled on year to INR 3.68 billion, surpassing the expectation of INR 2.35 billion. The company's revenue increased 29% to INR 20.26 billion. At 1310 IST, its shares were at INR 1,701 on the National Stock Exchange, up over 6% from Friday. The stock was among the top gainers in the Nifty 200 index. (Ruchira Kagita)
Equity Alert: Traders buy Canara Bank's shares on surprise Q1 PAT growth
MUMBAI--1220 IST--Traders bought shares of Canara Bank after the state-owned lender's net profit for the quarter ended June came in sharply higher than expected. The Street had expected a 13% on-year fall in the net profit, but the lender posted a 2% rise in the metric, largely due to sharp rise in total income and a substantial fall in provisions. However, the lender's net interest margin shrunk by 2 basis points.
At 1233 IST, the bank's shares were at INR 129, up INR 3.35 or 2.7%. The stock traded 0.4% higher before the results were announced.
For the quarter ended June, the bank's net profit rose 2% on year to INR 48.56 billion. This was sharply higher than the INR 41.34 billion expected by the Street. The over 4% on-year rise in total income and near 12?ll in provisions supported the earnings. The bank's net interest income rose over 13% on year to INR 102.15 billion.
Meanwhile, the net interest margin was 2.52%, against 2.54% a year ago. But the June quarter NIM crossed the band of 2.50%-2.60%, which is annualised, guided by the bank for 2026-27 (Apr-Mar). (Gopika Balasubramanium)
Equity Alert: Indices gain more; Nifty 50 down 45 points from 24000 level
MUMBAI--1210 IST--Headline stock indices rose more, with shares of Eternal and InterGlobe Aviation clocking gains around 5?ch. Significant gains in information technology majors also supported the Nifty 50. Automobile stocks also gained considerably in the index.
At 1151 IST, the Nifty 50 was at 23954.75, up 187.30 points or 0.8%. The BSE Sensex was at 76710.06, up 650.29 points or 0.9%. India VIX, the volatility index, was down over 6% at 13.1625 points. Broader market indices remained over 1% higher each, while select sectoral indices moved upward. The Nifty IT rose more and was up nearly 3%, with all its constituents trading higher. The Nifty Realty was up almost 2% and the index tracking the automobile sector was 1.5% higher.
Eternal continued as the top gainer among the Nifty 50 stocks, up over 5%. Automobile stocks Eicher Motors, Mahindra & Mahindra, Maruti Suzuki India, and Bajaj Auto were up 1.0–2.6%.
Container Corp. of India and Laurus Labs emerged as the major gainers in the Nifty 200 index, up almost 6?ch. Shares of CarTrade Tech rose the most in the Nifty 500 index, up over 11%.
While ONGC remained the major loser in the Nifty 50 from early trade, down nearly 3%, select banking and financial services stocks also traded lower. SBI Life Insurance Co., HDFC Bank, HDFC Life Insurance Co., and Axis Bank were down 0.2–1.0%. In the Nifty 200 index, Bank of India became the top loser, down nearly 3%. Tata Communications was also nearly 3% lower in the index, along with the stock of ONGC. (Arundathi A R)
Equity Alert: CONCOR gains 6%; Apr-Jun PAT rises 8?spite unch revenue
MUMBAI--1157 IST--Container Corp. of India's shares rose over 6% to a one-month high of INR 506.90 after the company released its June quarter earnings. The Navaratna company's net profit for the reporting quarter rose nearly 8?spite largely unchanged revenue. The company's net profit for the quarter was slightly higher than the Street's view, while revenue was below estimates.
For the June quarter, the state-owned company reported a net profit of INR 2.78 billion, up nearly 8% on year and sequentially. Analysts had estimated the company's bottom line at INR 2.85 billion. CONCOR reported revenue of INR 21.54 billion, against INR 21.50 billion in the corresponding quarter a year ago, while the Street expected the top line at INR 22.14 billion.
In a post-earnings conference call, the company's management said it expects CONCOR's overall volume growth for 2026-27 (Apr-Jun) at 18% on year, and export import operations volume growth at 15% on year. Volume growth from the domestic operations is seen at 25% on year, the management said.
At 1153 IST, shares of Container Corp. of India traded nearly 6% higher at INR 505.60. Over 7 million shares of the company changed hands on NSE, over 30 times the number of shares traded till the same time Friday. The stock was the second top gainer in the Nifty 200 index. (Adhithya Aji)
Equity Alert: IDFC FIRST Bank up 10% at over 2-year high; Q1 PAT triples QoQ
MUMBAI--1114 IST--Shares of IDFC FIRST Bank rose nearly 10% to an over two-year high of INR 88.76 after the bank detailed its June quarter earnings Saturday. The bank's net profit for the June quarter more than tripled on quarter and more than doubled on year. The bank surpassed analysts' estimate on the bottom line by a wide margin.
For the June quarter, IDFC FIRST Bank reported a net profit of INR 10.75 billion, up over 132% on year and 237% sequentially. The Street had estimated the bank's net profit at INR 6.93 billion. The total income of the bank rose nearly 13% on year and 10% on quarter to INR 133.61 billion. The management of the bank hopes to mobilise 2.5% of the entire foreign currency non-resident (bank) deposits, Managing Director and Chief Executive Officer V. Vaidyanathan said in a post-earnings conference call Saturday. The bank also decided to raise INR 200 billion – INR 125 billion through debt securities and INR 75 billion through equity.
"IDFC First has emerged as a formidable retail franchise delivering strong growth at scale," said Nuvama Institutional Equities. The bank's growth trajectory is expected to be healthy with steady improvement in operational expenditure and credit costs, which should take the return on assets to 1% in 2026-27 (Apr-Jun), higher than 0.4% in FY26, the brokerage added. The metric is then expected to reach 1.2-1.4% levels over FY28-FY29. Factoring this, Nuvama has upgraded the stock to 'buy' and raised the target price 27% to INR 95.
At 1102 IST, shares of IDFC FIRST Bank traded nearly 6% higher at INR 85.62. Nearly 135 million shares of the bank traded on NSE, over 31 times the number of shares traded till the same time Friday. The stock was the top gainer among the Nifty 200 constituents. (Adhithya Aji)
Equity Alert: Coal India, Bharat Electronics up 1?ch ahead of Q1 earnings
MUMBAI--1057 IST--Shares of Coal India and Bharat Electronics rose nearly 1?ch to hit their intradays high at INR 429.05 and INR 408.45, respectively, on the National Stock Exchange ahead of their Apr-Jun results, due later in the day.
For Apr-Jun, Coal India is expected to report a 20% on-year jump in its consolidated top line to INR 431 billion, according to average of estimates from brokerages. An increase in demand and sales of coal domestically as well as a rise in realisations on the back of higher e-auction prices are likely to push up its top line. However, the state-owned energy player's net profit for the June quarter is expected to fall 3% to INR 85 billion on lower volumes due to closure of its key mining block.
At 1041 IST, shares of Coal India were trading at 429.05, up 0.4%. Of the 13 brokerage reports available on the company's with Informist, 10 have a "buy" or equivalent recommendation on the stock with an average target price of INR 509, representing an upside of nearly 19% from the current market price. Two brokerages have a "sell" or equivalent recommendation on the stock, while one has a "hold".
Bharat Electronics is expected to report a soft 7% on-year growth in its net profit to INR 10.36 billion, based on the average of brokerage estimates. Moderate revenue growth, higher tax outgo, and higher depreciation expenses are expected to limit the defence player's bottom line growth for the June quarter. The state-owned company's top line for Apr-Jun is seen rising a moderate 14% on year at INR 50.36 billion on account of slow order execution.
At 1041 IST, shares of Bharat Electronics were trading at INR 405.50, up 0.2%. Over 2.2 million shares of the company have changed hands on the exchange so far. Of the 13 brokerage reports available on the company's with Informist, 12 have a "buy" or equivalent recommendation on the stock with an average target price of INR 490, representing an upside of nearly 21% from the current market price. One has a "hold" recommendation. (Shruti Nair)
Equity Alert: Dr Lal PathLabs hits over 4-yr-high, analysts bullish on growth
MUMBAI--1055 IST--Shares of Dr Lal PathLabs surged almost 8% intraday to an over four-year high of INR 1,894.90 after the company posted a strong set of earnings for the June quarter, with both net profit and sales exceeding the consensus view. The company's expansion plans, high realisations, and upwardly revised guidance buoyed analysts' sentiment, as brokerages raised their earnings estimates for the company.
Nomura revised its growth estimates for the company higher by around 6% over 2026–27 (Apr-Mar) and FY29. The management's guidance for the company's earnings before interest, tax, depreciation, and amortisation margin to be 27–28% for FY27 is conservative, according to the brokerage. Nomura sees the EBITDA margin for the ongoing financial year at 28.9% as the company continues to invest in high-end tests, radiology, and international-market opportunities. The management revised its revenue outlook for the year and now sees revenue growth in the mid-teens, as against early-teens earlier. This implies stronger realisations for the company, Nomura said.
"...an improving revenue-growth trajectory should drive the multiple higher," Nomura said. The stock is expected to trade near the upper band of its pre-COVID range, close to a 12-month forward price-to-earnings multiple of 40–45. Its valuation is underpinned by strong volume growth and a robust balance sheet that supports its acquisition ambitions, as per the brokerage. Nomura hikeed its target price on Dr Lal PathLabs by 12% to INR 2,085 while maintaining its 'buy' stance.
The diagnostics player's expanding network, growth due to price hikes across ex-servicemen contributory health and central government health schemes, and continued traction in Delhi and the National Capital Region instil confidence, Nuvama Institutional Equities said. The company's balance sheet is robust and this could unlock inorganic growth, the brokerage said. Nuvama raised its target price by almost 13% to INR 2,140 and retained its 'buy' recommendation. Any price hike or acquisition provides more legroom for an upgrade in earnings expectations for the company, Nuvama noted.
Dr Lal PathLabs is a "steady compounding diagnostics play," Elara Securities (India) said it sees FY27 being a "super-normal" year for the company. The brokerage upped its target price to INR 1,873 from INR 1,625 while maintaining its 'accumulate' stance on the stock. The company could still revise its guidance upwards by the end of the September quarter, Elara Securities said.
Improving awareness and higher disposable income, along with the company's enhanced speciality test menu, focus on customer experience, and an improving network are expected to support in FY27, Emkay Global Financial Services said. It hiked its earnings estimates by 2% for FY27 and by 3% for FY28. The company's investments in radiology and international expansion are growth creators over the medium term, Emkay Global said. Meanwhile, a strong balance sheet, strong margin profile, and stable return ratios support its valuation. The broking firm revised its target price to INR 2,000 from INR 1,900, which implies a price-to-earnings multiple of 46 based on FY28 growth estimates.
Dr Lal PathLabs reported a consolidated bottom line of INR 1.70 billion for the June quarter, up 28% on year. Its revenue, meanwhile, rose over 19% on year to 7.98 billion. At 1052 IST, the stock came slightly off highs to trade 5.4% higher on the NSE at INR 1,853.90. More than a million shares of the company changed hands on the bourse, several times higher than at the same time Friday. (Ruchira Kagita)
Equity Alert: Indices tad off highs; ONGC dn nearly 3% on drop in oil prices
MUMBAI--1040 IST--Benchmark stock indices were a tad off highs with the Nifty 50 index staying below 24000 points. Around 10 stocks were trading lower in the 50-stock index, against the earlier count of five. A marginal fall in index heavyweights HDFC Bank and Bharti Airtel limited the rise in the index.
At 1021 IST, the Nifty 50 was at 23915.70, up nearly 150 points or 0.6%. The BSE Sensex was at 76592.55, up over 530 points or 0.7%. Volatility index, India VIX, fell further to 13.3025 points, down over 5%. Broader market indices remained over 1% higher each. The Nifty Energy was down marginally. Oil and Natural Gas Corp. was the top laggard in the sectoral index, down nearly 3% amid easing of oil prices. The stock remained the biggest loser in the 50-stock index as well.
Eternal was the top gainer in the Nifty 50 index, up over 3%. Infosys and Asian Paints were up over 3?ch. InterGlobe Aviation shed some gains and was up 2.5%, against over 3% higher earlier.
IDFC First Bank was the top performer in the Nifty 200 index, up over 6%. The lender said it plans to raise up to INR 200 billion via equity shares and debt instruments. Container Corp. of India and Lodha Developers were up 5–6% in the index. Among the Nifty 500 members, Cartrade Tech was up over 8%.
While ONGC remained the top drag in both the Nifty 50 and Nifty 200 indices, Zen Technologies shed the most in the Nifty 500, down over 5%. Shares of Cemindia Projects hit the 5% lower circuit at INR 1,369 in the Nifty 500 index. (Arundathi A R)
Equity Alert: Indices snap five-day fall as oil prices ease to $89/bbl
MUMBAI--0935 IST--After logging losses for the past five days, the domestic equity market saw a positive opening for the week as Brent crude oil prices eased to a low of $89 a barrel following reports of the US pausing attacks on Iran. Benchmark indices opened higher Monday with only five members of the Nifty 50 trading lower. However, the 50-stock index was down a tad from the psychologically crucial 24000-point level.
At 0923 IST, the Nifty 50 was at 23936.50, up nearly 170 points or 0.7% from Friday's close. The BSE Sensex was at 76639.12, up almost 580 points or 0.8%. Nervousness among investors dropped significantly, with India VIX, the fear gauge of the equity market, down almost 4% at 135100 points.
Broader market and sectoral indices were almost in line with their benchmark peers, gaining in early trade. All broader market indices were up around 1?ch. Among sectoral indices, the Nifty IT was the top gainer, up almost 2%. The Nifty Media, Nifty FMCG, Nifty Realty, and Nifty Pharma were up over 1?ch in the pack of sectoral indices.
Shares of InterGlobe Aviation rose over 3% to be the top gainer in the 50-stock index as crude oil prices slipped. The stock was up after falling for the past three successive sessions. Asian Paints was the second highest gainer, up almost 3%. Information technology stocks Infosys, Tata Consultancy Services, Tech Mahindra, and HCL Technologies were up 1.0–2.8%.
Oil and Natural Gas Corp. was the biggest drag on the benchmark index, down over 2%, amid the fall in oil prices. The stock was down since Friday, when it snapped a five-day rally. Oil India, another upstream oil company, fell around 2% in the Nifty 200 index. SBI Life Insurance Co., Bajaj Auto, and ICICI Bank were the other losers in the Nifty 50 index, down 0.1-0.4%. (Arundathi A R)
Equity Alert: Brokerages retain 'buy' on Shriram Fin, see lower credit costs
MUMBAI--0905 IST--Most brokerages maintained their 'buy' recommendation on Shriram Finance after the lender detailed its June quarter on Friday. For Apr-Jun, the non-banking financial services player reported a 60% on-year jump in its net profit at INR 34.45 billion, driven by robust growth in its assets under management.
Motilal Oswal Financial Services raised its earnings per share estimate for financial year 2026-27 (Apr-Mar) by 7%, factoring in a higher net interest margin following equity infusion from MUFG as well as a marginal fall in credit costs. The brokerage expects the lender to deliver compounded annual growth of around 18% in its assets under management and around 29% in its bottom line over FY26-FY28, along with a 4% return on assets and a 13.5% return on equity by FY28. The brokerage reiterated its "buy" recommendation with a target price of INR 1,235.
Nuvama Institutional Equities retained its "buy" recommendation on the stock with a target price of INR 1,250. The brokerage also expects MUFG's capital infusion in Shriram Finance to provide long-term growth capital and reduce the funding cost. This would allow the lender to structurally diversify its portfolio from cyclical and asset quality-prone commercial vehicles towards other segments such as new private vehicles, gold loans, and micro, small, and medium enterprises, among others, and, thus, deliver better risk-adjusted returns, the brokerage said in its research report. The brokerage also expects sector-best growth of more than 4% in Shriram's return on assets and sees the lender delivering return on equity of around 13–15% as leverage improves over FY27 and FY29.
Prabhudas Lilladher bakes in credit cost of 2.0% for FY27 and 1.9% for FY28. Going forward, the brokerage expects better margin, positive growth outlook, and controlled credit cost. The brokerage reiterated its "buy" recommendation on the stock with a target price of INR 1,250. The brokerage will continue to assess the impact of a delayed monsoon and El-Nino in the September quarter.
Nirmal Bang also kept its "buy" recommendation on Shriram Finance, citing strong advantages from the MUFG deal and rating upgrades which would lower cost of funds going forward. The brokerage underscored three engines of value creation identified by the management in their post-earnings call: a structural compression of around 100 basis points in cost of funds over the next 2–2.5 years, a scaling up in the gold loans business through 200–300 existing branches along with dedicated kiosks in residential catchments, and a new push to commercial vehicle financing aimed at recapturing customers from competitors as the franchise pivots from a pure used-asset financier to a full-spectrum vehicle lender. Further, the management's medium-term goal of reducing cost of funds, growth-driver strengthening and employee productivity gains over three-four years implies operating leverage compounding alongside leverage rebuild.
Emkay also retained its "buy" recommendation on the stock with an unchanged target price of INR 1,200, implying a price-to-book multiple of 2.1 times the estimates for FY28. The brokerage factors in the lender's June quarter performance and the management's positive outlook. (Shruti Nair)
Equity Alert: Tata Consumer's growth intact, tea prices key, say analysts
MUMBAI--0821 IST--Tata Consumer Products reported a healthy set of earnings for the June quarter. The company's management expects its growth businesses to see 30% sales growth in the near to medium term. The company's overall earnings before interest, tax, depreciation, and amortisation margin will expand by 50-70 basis points. The company's growth trajectory is largely intact though shifting tea costs may pose some challenges, according to brokerages.
The company's tea business grew 2% year-on-year in volume and declined 4% in value. Tea procurement costs have gone up 7–10% and the pricing will be reassessed over the next 15–30 days, the management said. Considering higher advertisement and promotional spends, Elara Securities (India) trimmed its EBITDA margin estimates for the company by 45 bps to 14.4% for 2026-27 (Apr-Mar) and by 43 bps to 14.7% for FY28. Elara Securities maintained its 'accumulate' stance on the stock and revised its target price slightly to INR 1,290 from INR 1,345.
Given the lower growth expected in the company's tea business, Nomura tweaked its earnings per share estimates for the company for FY27 lower to 17.5% from 20.5% while increasing it slightly for FY28 and FY29. The brokerage expects the company's earnings per share to grow 16.5% at a compounded annual rate between FY26 and FY29. The brokerage raised its target price to INR 1,475 from INR 1,450 while maintaining its 'buy' stance.
The Tata-group owned consumer player's long-term growth opportunity is intact, Nirmal Bang Institutional Securities said. Growth will be driven by the company scaling up its growth businesses such as Tata Sampann, ready-to-drink beverage portfolio, premiumisation, and better distribution, the brokerage said. Nirmal Bang values the stock a price-to-earnings multiple of 51 based on earnings per share estimates for FY28. Nirmal Bang has a 'buy' rating on the stock and a target price of INR 1,310.
The fast-moving consumer goods company's net profit for the June quarter went up nearly 28% on year to INR 4.27 billion. Its revenue from operations increased nearly 12% to around INR 54 billion. The company declared its June quarter results after trading hours. On Friday, shares of Tata Consumer closed almost 2% lower at INR 1,088.00 on the NSE. (Ruchira Kagita)
Equity Alert: Indices seen higher after 5-day fall; oil prices dn at $89/bbl
MUMBAI--0820 IST--Domestic equity indices are expected to open higher Monday, snapping a five-day losing run, as Brent crude oil prices eased to a low of $89 a barrel on reports that the US paused attacks on Iran. Shares of Bharat Electronics and Coal India will be in focus as they will detail their June quarter earnings later in the day.
The September futures contract of Brent crude oil prices slipped to a low of $89.58 a barrel from $101 per barrel Friday, their highest levels in nine weeks. The levels are over 22% higher than the pre-war levels. "The fall in crude oil prices might give strength to Indian markets," Rupak De, senior technical analyst at LKP Securities, said.
At 0818 IST, the July futures contract of GIFT Nifty was nearly 1% higher from Friday's close at 23967.50. This was 200 points higher than the Nifty 50's previous close of 23767.45, indicating a higher opening for the market Monday. "Technically, the benchmark Nifty index breached its one-month consolidation range with a gap-down opening, filling the gap left during the Jun. 15 rally before retesting the 23800 spot level—the lower band of its recent range," Vipin Kumar, assistant vice president of research at Globe Capital Market, said. "The current chart texture remains negative as long as the index stays below 23900 on a closing basis."
Shares of Bharat Electronics and Coal India will be in ficus during the session, as they will detail their June quarter earnings later in the day. Bharat Electronics is likely to report a net profit of INR 10.36 billion, up 7% on year, according to analysts. Its top line for the quarter is expected to be INR 50.36 billion, up 14% on year and down 51% on quarter. Coal India is expected to report its consolidated net profit at INR 85 billion, down 3% on year and over 21% from the trailing quarter. Its revenue from operations is expected at INR 431 billion, up over 20% on year, but a fall of over 7% from the March quarter.
Major US indices closed mixed Friday as investors weighed the massive spending by artificial intelligence companies. The Nasdaq Composite ended 0.6% down, while the Dow Jones Industrial Average and S&P 500 indices closed marginally higher each. Asian equity indices were also mixed in early trade, with South Korea's KOSPI and Singapore's FTSE Straits Times Index being the only losers in the pack. (Arundathi A R)
Equity Alert: Asian markets open mixed, KOSPI dragged by chipmakers
MUMBAI--0745 IST--Markets in Asia opened mixed Monday, taking cues from the US market. South Korea's KOSPI fell almost 1% and was the biggest loser amongst its peers. The index was dragged by a fall in heavyweights Samsung Electronics and SK Hynix. Japan's Nikkei 225 was trading almost flat. Hong Kong's Hang Seng was slightly up.
China's CSI 300 rose marginally as the shares of chipmaker Changxin Technology Group rose almost five-fold Monday on listing on Shanghai's tech-heavy STAR Market. The company has raised 57.92 billion yuan through its offer, making it the most valued China-listed company.
Shares of Naver jumped over 12?ter the company announced a $1 billion new share issuance to Nvidia. Nvidia Friday announced a partnership with Naver and Canada's Brookfield to expand South Korea's national artificial intelligence factory infrastructure, alongside its investment in Naver.
The FTSE Singapore Strait Times traded almost flat. This comes after the Monetary Authority of Singapore on Monday tightened its policy for a second consecutive month in order to ease inflationary pressures. The Monetary Authority of Singapore said it will increase the rate of appreciation of the Singapore dollar's nominal effective exchange rate policy band "very slightly," with an adjustment smaller than the one in April. The width of the band and the level at which it is centred were left unchanged.
"In an environment of continued heightened uncertainty, this calibrated adjustment to the policy stance builds on the tightening in April," the Monetary Authority of Singapore said in its statement.
Following are the levels of key indices in the region at 0745 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
64646.84 | 0.1 |
|
TOPIX FIRST SECTION |
4044.08 | 0.8 |
|
S&P/ASX 200 Index |
8857.1 | 1.0 |
|
KOSPI Index |
6628.44 | (-)1.0 |
|
Hang Seng Index |
25067.85 | 0.4 |
|
CSI 300 Index |
4677.07 | 0.6 |
|
FTSE Singapore Strait Times |
5582.64 | (-)0.1 |
(Deesha Jadhav)
Equity Alert: US indices close mixed ahead of US Fed meet
MUMBAI--0700 IST--Major US indices closed mixed Friday as investors weighed the massive spending by artificial intelligence companies. The ongoing West Asia war, sent crude oil prices briefly above $100 a barrel before easing to $92.6 a barrel. The tech-heavy Nasdaq Composite and the Dow Jones Industrial Average both closed marginally lower Friday. The S&P 500 traded almost flat. Investors await the meeting of the US Federal Reserve which will provide clarity on the whether the Fed is likely to raise rates later in the year.
Shares of Intel fell nearly 8% Friday and reversed earlier gains after the company reported better-than-expected earnings for the June quarter. Broadcom fell 2.7% and Advanced Micro Devices slid 3.3%. Shares of Micron technology declined 7% and the VanEck Semiconductor ETF lost 3% Friday.
Speciality glass and fibre company Corning fell 3%. Tesla fell more than 3% Friday after the company signalled higher AI spending.
Shares of defence contractor Booz Allen Hamilton popped 12?ter the company posted fiscal first-quarter earnings that surpassed estimates.
Among the S&P 500 companies that have so far reported earnings, 86% have topped earnings-per-share estimates and 80% have exceeded revenue expectations, according to FactSet, CNBC reported. The earnings growth rate is up 37.9% on the year, and sharply up from the expected 23.2%, according to FactSet. Investors await the earnings of one-third of S&P companies this week, such as Apple, Visa, Chevron and Coca-Cola.
Following were the closing levels of major US indices Friday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
51947.25 | 0.5 |
|
NASDAQ Composite |
24975.82 | (-)0.6 |
|
S&P 500 |
7411.98 | 0.1 |
(Deesha Jadhav)
US$1 = INR 95.87
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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