Equity Alert
Most indices in Europe open higher; airline, travel stocks up
This story was originally published at 15:59 IST on 3 August 2026
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Equity Alert: Most indices in Europe open higher; airline, travel stocks up
MUMBAI--1450 IST--Barring the UK's FTSE 100, indices in Europe opened higher. The pan-European Stoxx Europe 600 also opened slightly higher. This came after US President Donald Trump said talks with Iran for a peace deal are due later in the day, lifting sentiment in the region. The Stoxx Europe 600 Energy fell 2% while the Stoxx Europe 600 Travel & Leisure rose more than 2%. Shares of airline majors easyJet, International Consolidated Airlines, and Deutsche Lufthansa rose 1-3%.
Among some key movers, shares of AstraZeneca fell more than 6% on reports of the drugmaker being in talks with Bristol Myers Squibb for a deal that could value the companies together at around $400 billion.
UK-based energy major Shell signed a deal with France's TotalEnergies for the sale of its European onshore renewables portfolio, which includes development-stage and operational assets across the UK, Italy, Spain, and Netherlands. Shares of Shell were down over 1%.
BP completed the sale of its Gelsenkirchen refinery and related businesses to investment firm Klesch Group. Through this deal, the British energy company is expected to focus on its core business and divest non-core assets to reduce debt. Shares of BP were about 1% down.
On the macroeconomic front, factory operating conditions posted the strongest improvement since April, the eurozone Purchasing Managers' Index showed. The index for the region rose to 52.9 from 51.7. Business conditions in Germany improved as pricing pressures in the manufacturing space eased and rates of input cost and output charge inflation retreated from highs, the S&P Global Germany Manufacturing Purchasing Managers' Index reflected. Germany's Manufacturing Purchasing Managers' Index rose to 52.2 in July from 50.3 in June.
Meanwhile, the S&P Global UK Purchasing Managers' Index fell to a four-month low of 51.9 in July from 52.5 in June. A steep reduction in purchases, slower jobs growth, and easing in the rate of increase in vendor lead times led to the decline.
Following were the levels of key indices in the region at 1425 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10861.55 | (-)0.1 |
|
CAC 40 |
8601.77 | 1.1 |
|
MIB INDEX |
52540.04 | 0.7 |
|
DAX PERFORMANCE-INDEX |
25974.18 | 1.4 |
|
SLI |
2298.76 | 0.4 |
(Deesha Jadhav)
Equity Alert: Indices stay up on stable oil prices; select IT cos rise more
MUMBAI--1445 IST--The headline indices remained higher heading into the final hour of trade. The fall in Brent crude oil price was the main driver of the stable gains during the session, according to analysts. At 1433 IST, the October futures contract of Brent crude oil hovered around $84 per barrel. The broader market also continued to benefit from the positive sentiment prevailing in Monday's session and held on to its gains. The Nifty small-cap indices were up 1.3–1.5% while the mid-cap indices were up around 1?ch.
At 1445 IST, the Nifty 50 was at 24596.60 points, up 0.9%, and the BSE Sensex was at 78762.84 points, also up 0.9%. InterGlobe Aviation, up over 4%, continued to be the top gainer in the Nifty 50 index. Select technology stocks such as Infosys and Tata Consultancy Services also extended their gains, up over 3?ch, and moved higher, while Shriram Finance, up 3%, came off its earlier highs.
Among the laggards in the Nifty 50, Sun Pharmaceutical Industries fell further and was down over 2%, remaining the worst-hit constituent of the benchmark index. Its peer Cipla fell 1% and was also among the poor performers.
Most sectoral indices continued to be in the positive zone. The Nifty IT index rose further and was up over 2%, outperforming other sectoral indices. On the other hand, the Nifty Media, down nearly 3%, continued to be the worst performer. The Nifty Pharma and Nifty Healthcare indices also slipped into the red, down 0.3% and 0.5%, respectively. (Shruti Nair)
Equity Alert: Asian indices close lower, Kospi down over 5%
MUMBAI--1335 IST--Barring Hong Kong's Hang Seng Index, most Asian indices closed lower, dragged down by a fall in technology stocks. South Korea's Kospi closed over 5% lower. Index heavyweights Samsung Electronics and SK Hynix fell around 9%. Japan's Nikkei 225 Day and the broader market TOPIX closed around 1% lower. The Hang Seng was slightly up, led by gains in heavyweights Alibaba and Baidu, which were up around 7% and 4%, respectively.
In South Korea, SK Inc., holding company of SK Hynix, plunged over 6%. This came after Doosan Corp. said it would acquire 70.61% stake in semiconductor wafer maker SK Siltron from SK Inc. for 2.3 trillion won (INR 138 billion). Doosan's shares closed around 5% higher.
In Japan, major index constituents Advantest Corp. and Tokyo Electron closed over 3% lower and around 1% down, respectively. Meanwhile, the Disco Group closed more than 3% higher. The country's finance ministry said it had conducted a coordinated yen-buying operation with the US Treasury on Friday to push the yen away from its 40-year-low against the dollar. The yen appreciated nearly 1.5% from Friday's closing level against the dollar to 155.21 Monday.
Following are the levels of key indices in the region at 1334 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
63754.90 | (-)0.9 |
|
TOPIX FIRST SECTION |
3960.03 | (-)1.1 |
|
S&P/ASX 200 Index |
9091.30 | 0.5 |
|
KOSPI Index |
6257.45 | (-)5.1 |
|
Hang Seng Index |
25970.96 | 0.3 |
|
CSI 300 Index |
4543.18 | (-)1.0 |
|
FTSE Singapore Strait Times |
5600.01 | (-)0.5 |
(Deesha Jadhav)
Equity Alert: IEX dn 5% as SC rejects plea against implementing mkt coupling
MUMBAI--1330 IST--Shares of Indian Energy Exchange fell almost 5% to an intraday low of INR 126.01 apiece on the NSE Monday after the Supreme Court rejected the company's plea against implementing market coupling in the power exchange market. This challenges the company's dominance in the power exchange space and poses risk to trading volumes on the platform. At 1330 IST, over 12 million shares of the company changed hands on the NSE, around six times the number of shares traded till the same time Friday.
Indian Energy Exchange dominates the electricity trading market with an overall share of about 85% and a near-total presence in key segments such as the day-ahead market and real-time market. As orders are placed independently on separate energy exchanges, price discovery across the platforms differs. With market coupling, a single market-clearing price will be used on all exchanges, limiting benefits for traders who trade on the largest energy exchange platform. The apex court allowed the Central Electricity Regulatory Commission to go ahead with framing market coupling regulations and said it has not expressed any opinion on the merits of the case.
Adding to pessimism among investors, the Central Electricity Regulatory Commission told the apex court that the power market norms, which include a framework for market coupling, will come in four to six weeks. Earlier, the regulation proposed a round-robin model where Indian Energy Exchange, Power Exchange India and Hindustan Power Exchange would take turns acting as the market coupling operator. Grid-India will act as a standby body and oversee audits, ensuring transparency.
In April, the Central Electricity Regulatory Commission released a draft notification on power market norms for public comments, which included a framework for market coupling. The regulator had said it had come out with draft rules on market coupling and dropped the round-robin method, after an objection raised by IEX.
Of the five brokerage reports available with Informist on IEX, one has a "buy" recommendation, while two each have a "sell" and "hold" recommendation. (Eshitva Prakash)
Equity Alert: Indices hold on to gains; InterGlobe Aviation up over 4%
MUMBAI--1250 IST--Benchmark indices held on to their intraday gains early in the second half of the trading session with oil prices hovering around $83 per barrel. With less than 10 of its constituents in the negative territory, the Nifty 50 remained around 24600 level. In the broader markets, the Nifty small-cap indices were up 1.3–1.5% and continued to outperform the Nifty 50, while the Nifty small-cap indices broadly mirrored the gains in the benchmark and were up around 1?ch.
At 1244 IST, both the Nifty 50 and the BSE Sensex were up around 0.8?ch at 24594.05 points and 78750.40 points, respectively, broadly unchanged from earlier. InterGlobe Aviation, up over 4%, was the top gainer amid lower crude oil prices. Shriram Finance came slightly off earlier highs but remained among the top gainers, up 4%. Amid recent automobile data releases, both Eicher Motors and Tata Motors Passenger Vehicles were up over 2?ch. However, their peers, Bajaj Auto and Maruti Suzuki India were marginally lower. Upstream oil player ONGC, down 0.7%, was also among notable laggards. Its peer Oil India shed nearly 2% and was among the worst-hit stocks in the Nifty 200 index.
Mid-cap information technology player LTM, extended its gains in the second half of the session and rose nearly 8% to become the top gainer in Nifty 200. APL Apollo Tubes also rose further in the second half of trade amid management commentary that they were confident of achieving 20?rnings before interest, taxes, depreciation, and amortisation growth in financial year 2026-27 (Apr-Mar). Muthoot Finance, down 8%, remained the worst-hit stock in Nifty 200 index.
In the Nifty 500 index, Urban Company remained the top gainer, up 13%. For Apr-Jun, the company reported a 44% on-year growth in its revenues to INR 5.28 billion. However, it posted a net loss for the fourth straight quarter amounting to INR 921.20 million. Zee Entertainment Enterprises remained the worst hit stock in the Nifty 500, down 11%. (Shruti Nair)
Equity Alert: Indices stay higher amid lower oil prices; small caps gain
MUMBAI--1140 IST--Benchmark indices remained higher in the first half of trade, with crude oil futures remaining lower around $83 per barrel. Monday, the October futures contract of Brent Crude oil shed 9.2% and hit its lowest level in around two weeks at $81.55 per barrel. With only eight of its constituents in the red, the Nifty 50 index remained higher and even touched its highest level since early March during the session so far.
At 1122 IST, the Nifty 50 was at 24594.75, up 0.9%, and the BSE Sensex was at 78740.66, up 0.8%. In the broader markets, the Nifty midcap indices were up around 0.7-0.9?ch, while the Nifty small-cap indices slightly outperformed their benchmark peers and rose 1.3-1.4%.
The majority of the sectoral indices were also up, led by the Nifty PSU Bank and Nifty FMCG indices, which gained 1.5?ch being the top gainers. Nifty Media Index, down 1.8%, was the only sectoral index in the negative zone. While most stocks in the index were in the green, heavyweight constituent Zee Entertainment Enterprises shed nearly 10% and dragged down the sectoral index. This comes after the Securities and Exchange Board of India barred the company and top officials from the securities market due to an unauthorised pledge of the company's land to secure loans taken by promoter-linked Essel group entities. The stock was also the worst-hit stock in the Nifty 500 index.
Shriram Finance, up 4%, was the top-gaining constituent in the 50-stock index. On other hand, Sun Pharmaceutical Industries, down over 1%, was the worst-hit constituent after the pharmaceutical giant missed the Street's view for its June quarter earnings.
In the Nifty 200, Aditya Birla Capital was up over 6% and was the top gainer. This comes after the lender reported a 40% jump in its June quarter bottom line to INR 11.75 billion, beating the Street's view of INR 8.74 billion. The surge in the bottom line was driven by strong growth in the lender's AUM, which grew 36% on year to INR 7.53 trillion. On the other hand, gold loan lender Muthoot Finance, down nearly 9%, was the worst performer in the 200-stock index. Early in the session, the stock shed over 14% to hit a near 11-month low at INR 2,671 per share. While the lender's net profit rose 25% on year to INR 25.50 billion, it still missed the consensus view of INR 31.29 billion. (Shruti Nair)
Equity Alert: Sundaram Finance slightly up ahead of Apr-Jun results
MUMBAI--1135 IST--Shares of Sundaram Finance rose ahead of the company's June quarter earnings, due later in the day. The company is expected to report a year-on-year rise in net profit and net interest income for the June quarter, according to brokerage firms tracking the company.
The company is expected to post over 52% on-year rise in its net profit to INR 6.53 billion for the June quarter, according to Nirmal Bang Equities Pvt. Ltd. Its net interest income is expected to grow over 22% on year to INR 8.31 billion, according to Nirmal Bang.
IDBI Capital Market Services Ltd. expects the net profit to rise over 20% on year to INR 5.15 billion for the reporting quarter due to better credit costs. Its net interest income is expected to grow over 16% on year to INR 7.90 billion on the back of diversified vehicle finance-led assets under management growth, the brokerage firm said.
Nirmal Bang expects the non-banking finance company's assets under management to grow by 14% on year to INR 609 billion as of Jun. 30. The brokerage expects the asset quality to stay broadly stable at 0.6% for the reporting quarter.
For the March quarter, Sundaram Finance's net profit was INR 6.17 billion and the net interest income was INR 7.85 billion. At 1135 IST, shares of the company were trading 1% higher at INR 4,714.70 on the NSE.
Out of four brokerage recommendations that Informist has on the company, three have a "buy" recommendation with an average target price INR 4,940 per share. One brokerage has a "hold" recommendation at an average target price of INR 4,900 apiece. (J. Navya Sruthi)
Equity Alert: Nazara Technologies shares slightly dn ahead of Q1 results
MUMBAI--1053 IST--Shares of Nazara Technologies traded down 0.7% at INR 336.75 apiece ahead of the company's June quarter earnings, due later in the day. Investors will watch for the company's key performing indicators of the gaming business, growth and cost optimisation strategy for gaming, electronic sports, and advertising technology segments, and update on the newly acquired Spain-based firms, BestPlay Systems and Bluetile Games.
Dolat Capital Market expects the company to post a consolidated net profit of INR 76 million for the June quarter, down 80% on year and 84% lower sequentially. The company is expected to post consolidated net revenues of INR 4.21 billion, down 15% on year but up 6% sequentially, according to the brokerage.
Nazara Technology's net profit is expected to see a dip, mainly because of seasonal weakness and weak operational performance, Dolat Capital said. 360 ONE Capital Market Pvt. Ltd. expects the gaming company to report a consolidated net profit of INR 217 million, down 44% on year and 54% lower on a sequential basis. The company's net revenue is expected at INR 7.48 billion, up 50% on year and 88% higher on quarter. The company is expected to have significant growth potential if its developer strategy succeeds, 360 ONE Capital said.
All four brokerage reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 319.75 per share. The target price is down more than 6% from Friday.
The company had reported a consolidated net profit of INR 469.60 million for the March quarter, on net sales of INR 3.98 billion. In the same quarter previous year, the company had reported a net profit of INR 385 million on revenues of INR 4.99 billion. (Diksha Singh)
Equity Alert: Zee Ent falls 12% on SEBI ban on co, key managerial personnel
MUMBAI--1049 IST--Shares of Zee Entertainment Enterprises fell over 12% to an intraday low of INR 100.37 after the Securities and Exchange Board of India in an order Saturday barred the company and its Managing Director and Chief Executive Officer Punit Goenka and Chairman Emeritus Subhash Chandra from participating in the securities market over an unauthorised pledge of the company's land in Hyderabad to secure loans sought by promoter-linked Essel group entities. The mortgage lacked prior approval from the Audit Committee, the board or shareholders.
While the company has been restrained from the securities market for two months, Goenka and Chandra have been barred for a year. SEBI imposed a penalty of INR 3 million on Zee Entertainment, INR 5.8 million on Goenka, and of INR 6 million on Chandra. Meanwhile, Zee Entertainment said it was evaluating the contents and impact of the SEBI order.
The SEBI order creates uncertainity for the company, JM Financial Institutional Securities said. "There is a need for further clarity to emerge on the matter and the developments will need to be monitored," the brokerage said. JM Financial maintained its 'reduce' stance on the stock with an unchanged target price of INR 107.
At 1045 IST, shares of the broadcasting company were over 10% lower at INR 102.79 on the NSE with trading volumes at nearly 48 million. This is over 22 times higher than the volumes witnessed until the same time Friday. (Ruchira Kagita)
Equity Alert: Ather Energy shares up 1% ahead of June quarter earnings
MUMBAI--1048 IST--Shares of Ather Energy Ltd. were trading around a percent higher at INR 1,267.90 apiece ahead of its June quarter earnings, due later in the day. Investors will monitor the company's demand sustainability, prices of commodities, and ramp-up in production, Nirmal Bang Equities said.
Nirmal Bang expects the company to report a net loss of INR 1.31 billion for the June quarter, while HDFC Securities estimates a net loss of INR 1.32 billion. The company's net sales are expected to rise for the June quarter. HDFC Securities expects the net sales to be up 90% on year at INR 12.24 billion and Nirmal Bang estimates an 85% rise to INR 11.94 billion. The company's revenues will be supported by improved capacity utilisation and operating leverage, leading to a sharp surge in domestic volumes, Nirmal Bang said. Ather Energy had reported a net loss of INR 1.78 billion on revenues of INR 6.45 billion in the year-ago quarter.
The company is expected to report a loss in earnings before interest, tax, depreciation, and amortisation of INR 860 million, according to Nirmal Bang. The company's EBITDA was INR 2.66 billion in the year-ago quarter. The company's wholesale volume for the June quarter is expected to grow, aided by expansion in dealership network, HDFC Securities said. The company's realisations are expected to remain stable sequentially, but higher raw material costs and impact of adverse forex on imported battery cells are expected to hit the financials, the brokerage said.
All four brokerage reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 1,222 per share. The target price is 3% lower than the closing price Friday. (Pratyush Kumar)
Equity Alert: Muthoot Fin shares hit near 11-mo low after Q1 PAT misses view
MUMBAI--1020 IST--Shares of Muthoot Finance fell over 14% to hit their lowest level in nearly 11 months at INR 2,671 early Monday after the lender detailed its June quarter earnings on Saturday. For Apr-Jun, the gold loan non-banking finance company's net profit grew 25% on year to INR 25.50 billion but missed the Street's view of INR 31.29 billion. The lender's revenues for the June quarter were INR 75.89 billion, up over 33% on year. At 1020 IST, shares of Muthoot Finance were over 9% lower at INR 2,830. The stock was the worst-hit constituent in the Nifty 200 index.
Nuvama Institutional Equities noted that while there was a sequential improvement in the lender's asset quality, aggressive growth practices by competition, change in regulations, and falling gold prices call for caution. The brokerage also foresees return on assets moderating to 4.8–5.3% from 6.7% due to lower growth and margins. The brokerage retained its "hold" recommendation on the stock but cut its target price slightly to INR 3,300, representing an upside of nearly 17% from the current market price.
Nirmal Bang Institutional Equities expects loan growth to normalise from the exceptionally strong levels witnessed over the past year when rising gold prices significantly boosted demand. The brokerage expects margins to stabilise broadly around 11%, supported by the 18.0–18.5% portfolio yield seen by management. However, with gold prices softening, increasing competition in the gold loan segment, and valuations already pricing in much of the earnings strength, the brokerage has a "hold" recommendation on the stock with a target price of INR 3,000, which is up 6% from the current market price.
Motilal Oswal Financial Services also noted a meaningful rise in competition within the gold loan industry. The brokerage expects downside risks to persist as several large and well-capitalised NBFC continue to scale up their gold loan franchises. "...the industry could witness a brief period of aggressive customer acquisition, leading to persistent pressure on pricing, spreads and margins," the brokerage said in its research report. While the brokerage sees robust demand for gold loans continuing, it believes the lender may increasingly face the trade-off between protecting market share and preserving profitability. The brokerage remains cautious on margin sustainability and maintained its "neutral" recommendation on the stock. (Shruti Nair)
Equity Alert: Mkt open up post Trump's decision to call off strikes on Iran
MUMBAI--0943 IST--Benchmark indices opened higher Monday after US President Donald Trump decided to call off strikes on Iran and indicated signs of a new peace deal. Following this, the October Futures of Brent Crude oil fell nearly 5% to around $83 per barrel. At 0941 IST, the Nifty 50 was at 24558.05, up 174.45 points or 0.7%, and the Sensex was at 78642.73, up 548.09 points or 0.7%.
The stock exchanges will implement the new closing auction session for the equity cash segment from Monday. This is seen changing how cash market orders are handled and executed, and how trading prices are determined, for shares of companies in the permitted stock derivatives list, from 1515 IST to 1535 IST on trading days. The stocks will be traded as usual in the continuous trading session of the equity cash segment from 0915 IST to 1515 IST.
Shares of fast-moving consumer goods major ITC gained nearly 4% to be the top gainer in the Nifty 50. The company's net profit for the June quarter fell over 27% on year to INR 35.79 billion, and sharply missed the analysts' view of INR 44.64 billion. Revenue of the company rose 28% on year to INR 267.94 billion. The shares gained after Prabhudas Lilladher upgraded the stock to 'hold' from 'reduce'. The brokerage said that it expects limited downside for the sharp 30% correction since December.
InterGlobe Aviation was the top gainer among the Nifty 50 constituents, up over 3%. The easing war signals from West Asia is expected to provide relief for the airline's operations. Tata Motors Passenger Vehicles, Adani Enterprises, Dr. Reddy's Laboratories, Tata Consultancy Services, and Larsen and Toubro rose around 1–2%.
Financial services companies Bajaj Finance, Shriram Finance, Bajaj Finserv, and Kotak Mahindra rose 1-3%. The heavyweight banking stock ICICI Bank rose nearly 2%. On other hand, Sun Pharmaceutical Industries was the worst hit in the Nifty 50, down over 3%. Maruti Suzuki India's shares fell nearly 3%. The carmaker's net profit for the quarter fell 11% on year due to a rise in costs, an impact due to the West Asia war.
In the Nifty 200, Aditya Birla Capital is the top gainer, up 5%. The company's consolidated net profit for the June quarter rose 40% on year to INR 11.75 billion, sharply higher than analysts' estimate of INR 8.74 billion. Strong growth in the company's assets under management aided its bottom line for the reporting quarter. Meanwhile, Muthoot Finance was the worst hit stock in both the Nifty 200 and Nifty 500 indices, down over 11%. The gold loan financier's net profit for the June quarter was below the Street's expectations.
In the Nifty 500, Urban Co. rose over 15% to be the top gainer. The services company's shares rose despite reporting a net loss for the reporting quarter.
Zee Entertainment Enterprises fell nearly 11% to be the second-worst hit stock in the Nifty 500. The shares slumped after the Securities and Exchange Board of India banned the company and its Managing Director and Chief Executive Officer Punit Goenka and Chairman Emeritus Subhash Chandra from the market. The market regulator banned the company from the securities market for two months and its top executives for a period of over a year due to an unauthorised pledge of the company's land in Hyderabad to secure loans taken by promoter-linked Essel group entities. (Adhithya Aji)
Equity Alert: Brokerages cut ITC target price on weak cigarette performance
MUMBAI--0913 IST--Multiple brokerages cut their target price on ITC after the company detailed its June quarter results on Friday. The fast-moving consumer goods major reported a 13% on-year fall in its net profit to around INR 36 billion in the June quarter due to a fall in cigarette profitability and higher raw material costs.
Nuvama Institutional Equities cut its earnings per share view on ITC by 9% for 2026-27 (Apr-Mar) and 8% for FY28, factoring in weaker cigarette profitability and slower agricultural revival. The brokerage cut its target price on the stock by 11% to INR 310. However, the brokerage foresees improvement in monthly trends, rendering the stock attractive from a 1-2 year perspective.
Prabhudas Lilladher also cut its price target on the stock by over 3% to INR 291, but upgraded its recommendation to "hold" from "reduce." The brokerage estimates a 13?cline in the FMCG player's net profit in FY27 but sees 15.2% growth in FY28.
The brokerage expects the cigarette business to show a slow recovery, as ITC is still absorbing the excise increase, and sees little scope for positive volumes in the next 2–3 quarters given the big market disruption. While the FMCG business is showing decent growth, the brokerage anticipates some margin pressure in the September quarter due to the impact of the war in West Asia. Given the 30% correction in the stock since December 2025, the brokerage sees limited downside.
Sytematix Shares and Stocks (India) cut its revenue estimates by 6% and earnings per share view by 14–15% over FY27-FY28, factoring in the company's earnings in the June quarter. The brokerage remains cautious on the stock and expects significant upheaval in the core cigarette business to persist in the near-term. The brokerage cut its target price on the stock by over 6% to INR 290. (Shruti Nair)
Equity Alert: Growth in US market for Sun Pharma key to watch, analysts say
MUMBAI--0856 IST--Sun Pharmaceutical Industries' growth in the US market through 2026-27 (Apr-Mar) in the absence of generic Revlimid sales continues to be a cause for concern for analysts, though the company's domestic business remains robust. However, its launch of semaglutide in Brazil and South Africa going forward acts as a positive lever. For the June quarter, the company's June quarter net profit and revenue missed the Street's consensus view, though its bottom line rose at its fastest pace in seven quarters.
The pharmaceutical major's formulation sales in the US fell 9.7% on year to $427 million mainly due to the absence of generic Revlimid sales. However, the drug's earnings before interest, taxes, depreciation, and amortisation for the June quarter likely grew by about 14% and its margin by 20 basis points, Nuvama Institutional Equities said. Going forward, the approval for psoriatic arthritis therapy Ilumya, growth in Unloxcyt and Leqselvi, and the launch of Semaglutide in key markets are important catalysts for the company. Nuvama revised its estimates for the company's EBITDA for FY27 and FY28 upwards by around 1% and those for earnings per share by around 2%. The brokerage retained its 'buy' rating and tweaked its target price higher to INR 2,360 from INR 2,115.
Although the revenue growth for the June quarter was stronger than the company's guidance for FY27, the management reiterated its forecast for the company's consolidated sales for the full year to be in high single digits. Speciality products Leqselvi and Unloxcyt are expected to witness a gradual commercial ramp-up and demand for semaglutide is also likely to play out well for the company, Systematix Institutional Equities noted. The approval for Nidelgy, which is expected by the end of FY27 or early FY28, is expected to strengthen growth opportunities, the brokerage said. Systematix maintained its 'buy' recommendation on the stock with an unchanged target price of INR 2,366. "Strategically, the quarter remained encouraging with branded pie sustaining the growth momentum," the brokerage said.
Emkay Global Financial Services was relatively cautious about the company's growth ahead. Expectations of a sequential uptick in US sales have not materialised yet, the brokerage said, even as Sun Pharmaceuticals' EBITDA for the June quarter was in line with its expectations. AbbVie's accelerated entry into Alopecia Areata treatment remains a key risk to Leqselvi's ramp-up, Emkay Global said. US-based AbbVie received approval from the European health regulator for the drug last week, and could potentially get it from the US Food and Drug Administration by February, the brokerage noted. Emkay Global cut its earnings estimates for the company by around 5% owing to lower US sales, margin pressure, and a higher tax rate. It trimmed its target price on the stock by 5% to INR 2,100 while retaining its 'add' recommendation. "We expect upside to be capped in the near term, with the quarter's performance indicating that there is only so much heavy lifting that Sun's stellar domestic franchise can do," the brokerage said.
For the June quarter, Sun Pharma reported a consolidated net profit of INR 28.95 billion, up 27% year-on-year. Its revenue from operations rose 10% year-on-year to INR 153.00 billion. Friday, the company's shares ended at INR 1,990.50 on the National Stock Exchange, down 0.5% from Thursday. The company detailed its earnings during market hours. (Ruchira Kagita)
Equity Alert: Nifty 50 seen up 150-200 pts at open Mon as crude oil eases
MUMBAI--0849 IST--Benchmark equity indices are expected to open higher on Monday, defying the trend in Asian markets, amid easing of crude oil prices following US President Donald Trump's comments that peace talks with Iran would happen on Monday afternoon. This comes weeks after Washington struck off the interim peace deal with Tehran, which was signed in early June. Further, the sentiment was also aided by better earnings for the June quarter and a relatively stable rupee. Analysts see a stable rupee as a critical factor for foreign investors to see India in a better light as compared to other emerging markets.
"The Nifty 50 index is expected to see a gap-up opening around 200 points, Ashish Sherigar, senior technical analyst with NVS Brokerage, said. "The Nifty 50 index is expected to find support at 24400 points and face resistance at 24530 points," Nandish Shah, senior technical and derivatives analyst, said. He expects a gap-up opening of 150 points.
The July futures contract of the Gift Nifty indicates that the domestic market will open higher. At 0804 IST, the futures contract was at 24615.50, up 228.50 points or 0.9%. This was around 230 points above Nifty 50's previous close. Friday, the Nifty 50 settled at 24383.60 points, up 66.45 points or 0.3%.
The stock exchanges will implement the new closing auction session for the equity cash segment from Monday. This is seen changing how cash market orders are handled and executed, and how trading prices are determined, for shares of companies in the permitted stock derivatives list, from 1515 IST to 1535 IST on trading days. The stocks will be traded as usual in the continuous trading session of the equity cash segment from 0915 IST to 1515 IST.
Traders will react to the July wholesale sales data from different automobile makers declared on Saturday. This week's focus will also be on the Reserve Bank of India's three-day monetary policy committee meeting, at the end of which it is widely expected to hold the repo rate at 5.25% on the back of uncertainty over the impact of the war in West Asia and El Nio weather conditions on the economy and inflation.
In the US, the major indices ended higher Friday on upbeat sentiment post Amazon's strong quarterly results. In Asia, indices opened lower Monday, with South Korea's Kospi falling more than 4%, dragged down by the index heavyweights Samsung Electronics and SK Hynix. The negative sentiment in Asian markets persisted despite easing crude oil prices after the US President's comments on possible peace talks between the warring countries later in the day. (Gopika Balasubramanium)
Equity Alert: Asian markets open lower, dragged down by tech stocks
MUMBAI--0750 IST--Asian indices opened lower Monday with South Korea's Kospi plunging more than 4%. The index heavyweights Samsung Electronics and SK Hynix fell more than 7% and 6%, respectively. Mainland China's CSI 300 fell around 1% while Hong Kong's Hang Seng rose around 1%, led by gains in technology stocks. Key constituents Alibaba and Baidu rose around 6% and 4%, respectively. Australia's S&P/ASX 200 Index fell slightly.
Japan's automobile maker Toyota Motors is expected to report a decline in its operating profit for the fifth consecutive quarter, Reuters reported. The carmaker is likely to report profit of $7.04 billion, down 5% on year, for the June quarter. The decline will be due to weaker vehicle sales and rising costs during the quarter. Investors will closely watch out for the management's commentary on the impact of a Southern Japan earthquake on its production facilities. Shares of Toyota Motors fell more than 4%.
On the macroeconomic front, South Korea's factory activity expanded at a stronger pace in July. South Korea's Purchasing Managers' Index stood at 53.1 in July, slightly up from 52.1 in June, according to reports published by S&P Global. "Positive signals extended to hiring and purchasing activity, as firms responded to increasing capacity and production requirements," Usamah Bhatti, an economist at S&P Global Market Intelligence, said in the report. "...cost pressures remained historically elevated, though the rate of input price inflation slowed to a pace not seen since February," Bhatti said.
Japan's Purchasing Managers' Index stood at 54.5 in July, down slightly from 54.8 in June. Business conditions in the country became stronger for the seventh month in a row and manufacturing production witnessed its sharpest rise in nearly 12-and-a-half years, the S&P Global report noted. Meanwhile, Japan's headline benchmark index, the Nikkei 225, and the broader market, Topix, were down over 2?ch.
Following are the levels of key indices in the region at 0732 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
62955.47 | (-)2.2 |
|
TOPIX FIRST SECTION |
3906.25 | (-)2.4 |
|
S&P/ASX 200 Index |
8959.40 | (-)0.2 |
|
KOSPI Index |
6312.32 | (-)4.3 |
|
Hang Seng Index |
26102.64 | 0.8 |
|
CSI 300 Index |
4548.78 | (-)0.9 |
|
FTSE Singapore Strait Times |
5624.77 | (-)0.1 |
(Deesha Jadhav)
Equity Alert: US mkts end higher, Amazon ends 15% up after higher earnings
MUMBAI--0703 IST--Major US indices ended higher Friday led by gains in shares of Amazon. The technology heavyweight closed 15% higher after the company reported a favourable revenue growth. The Nasdaq Composite closed 1% higher. The S&P 500 closed around 1% higher and the Dow Jones Industrial Average closed modestly higher. Monday, the October futures contract of Brent Crude oil fell nearly 5% to around $84 a barrel after US President Donald Trump cancelled a new wave of strikes on Iran on Sunday.
Even though most tech companies are posting higher earnings, investors are less willing to overlook the spending on artificial intelligence, CNBC quoted Megan Horneman, chief investment officer at Verdence Capital Advisors, as saying. Microsoft closed more than 3% higher, but Apple closed 7% lower over demand concerns. The PHLX Semiconductor Index ended marginally higher.
Investors await earnings from tech companies such as Palantir and semiconductor giants like Advanced Micro Devices due this week. Earnings from McDonald's, Kraft Heinz, Costco Wholesale, and Walt Disney are also due this week. The investors will have full labour market data Friday. The US economy is likely to add 87,500 non-farm payrolls in July, up from 57,000 jobs the previous month, according to FactSet consensus estimates. The unemployment rate is also likely to rise to 4.3% from 4.2%.
Following were the closing levels of major US indices Friday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
52485.03 | 0.5 |
|
NASDAQ Composite |
25373.85 | 1.0 |
|
S&P 500 |
7489.72 | 0.7 |
(Deesha Jadhav)
US$1 = INR 95.33
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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