Equity Alert
Systematix initiates coverage on Chambal Fertilisers, suggests 'hold'
This story was originally published at 11:45 IST on 4 August 2026
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Equity Alert: Systematix initiates coverage on Chambal Fert, suggests 'hold'
MUMBAI--1105 IST--Systematix Shares and Stocks (India) initiated coverage on Chambal Fertilisers and Chemicals and recommended holding the stock with a target price of INR 500. The target price implies an upside of 11% from Monday's closing price. The brokerage expects the stability of the company's regulated urea franchise and the commissioning of its technical ammonium nitrate facility to support growth. "The risk-reward remains balanced rather than compelling," Systematix said.
The chemical maker's earnings from core urea are expected to remain stable, but will be limited due to the nutrient-based subsidy regime, the report said. Its operations tied to crop protection, speciality nutrients, and biologicals remain too small to materially alter the earnings growth.
The company's margin is expected to remain under pressure due to expansion in the traded fertiliser mix and the initial cost for starting up a technical ammonium nitrate facility. However, the brokerage expects the company's earnings before interest, tax, depreciation, and amortisation margin to expand to 14.3% in the financial year 2026-27 (Apr-Mar) from 12.9% in FY26. The company's revenue is expected to grow 8% on year for the FY27, the broking firm said.
Chambal Fertilisers is India's largest-private sector urea manufacturer with around 3.46 million tonnes of urea capacity, which accounts for around 10-11% of domestic output. Its portfolio includes traded fertilisers, crop-protection chemicals, speciality nutrients, biologicals, and seeds.
For the June quarter, Chambal Fertilisers' posted a net profit of INR 7.03 billion on revenues of INR 50.27 billion. At 1131 IST, its shares were trading at INR 451.50 apiece on the National Stock Exchange, down almost 1% from Monday. (Ayush Jaiswal)
Equity Alert: ONGC up 1%, Bharti Airtel down over 1% ahead of Q1 earnings
MUMBAI--1117 IST--Shares of Oil and Natural Gas Corp. rose nearly 1% to an intraday high at INR 243.20 per share, while Bharti Airtel shed over 1% and hit its intraday low at INR 1,948.60 per share. Both the Nifty 50 companies are set to release their June quarter earnings later in the day.
Bharti Airtel's consolidated net profit for the June quarter is expected to rise 17% sequentially to INR 85.51 billion, according to the average of estimates from nine brokerages. However, discounting exceptional items in the March quarter, the bottom line is seen falling 18%. On year, the bottom line is seen growing 44%. The bottom line growth is likely to be driven by a marginal growth in average revenue per user from subscriber migration to higher-generation network and one extra day in the quarter. The company's consolidated revenues for the June quarter are expected at INR 572.89 billion, up a modest 3.4% sequentially but 16% higher on year, according to estimates. The growth in revenue is likely to be on the back of new subscriber additions.
At 1109 IST, shares of Bharti Airtel were at INR 1,952.80, down nearly 1% on the NSE. Over 1.8 million shares of the company have changed hands so far on the exchange slightly higher than the near 1.2 million shares traded until the same time Monday.
ONGC is expected to post its June quarter results after market hours. In the March quarter, the upstream oil player reported a net profit of INR 66.50 billion on revenues of INR 359.28 billion. At 1109 IST, shares of the oil explorer were at INR 242.53, up marginally on the NSE. Over 3.3 million shares of the company have changed hands so far on the exchange, higher than the 2.8 million shares traded until the same time Monday. (Shruti Nair)
Equity Alert: MCX up over 1% ahead of June quarter earnings
MUMBAI--1100 IST--Shares of Multi Commodity Exchange of India traded at INR 2,674.60 at 1052 IST, up over 1%, ahead of the June quarter earnings. HDFC Securities expects the company's consolidated net profit at INR 4.2 billion, up 90% on year, while Motilal Oswal Financial Services projects the profit at INR 4.3 billion, up 95% on year. The company had reported a net profit of INR 2.2 billion in the year-ago quarter.
HDFC Securities expects the commodity derivatives exchange to report net sales of INR 7 billion and Motilal Oswal expects the net sales at INR 7.1 billion against INR 3.3 billion in the year-ago quarter.
The company's earnings will be affected by a drop in options and futures volume, drop in gold and silver volume, and higher crude oil volume, HDFC Securities said. Despite sequentially lower revenue, the company's earnings before interest, tax, depreciation, and amortisation margin is expected to be largely stable, Motilal Oswal said.
Of the six brokerage reports on the company available with Informist, three have a "buy" recommendation on the stock, while the other three brokerages have a "hold" recommendation. (Vidhi Thacker)
Equity Alert: Kalyan Jewellers shares down 2% ahead of June quarter earnings
MUMBAI--1050 IST--Shares of Kalyan Jewellers India were trading around 2% lower at INR 598 apiece ahead of the company's June quarter earnings, due later in the day. JM Financial Institutional Securities Pvt. Ltd. expects the company to report a consolidated net profit of INR 3.80 billion, while Motilal Oswal Financial Services Ltd. expects a net profit of INR 3.99 billion for the June quarter.
The company's consolidated net sales are expected to rise sharply on year but remain flat sequentially. JM Financial expects net sales to rise 37% on year to INR 99.82 billion and Motilal Oswal estimates a 45% on-year rise in net sales to INR 105.66 billion. Kalyan Jewellers had reported a net profit of INR 2.64 billion on revenues of INR 72.68 billion in the year-ago quarter.
The company is expected to report a 50% on-year growth in revenue from the Indian business, driven by 35% same-store sales growth, Motilal Oswal said. The company's revenue from West Asia is expected to grow 15% on year. West Asia contributes around 11% to Kalyan Jeweller's consolidated revenue, the brokerage said.
For the Jewellery industry, sales were temporarily impacted in April due to the war in West Asia, elevated gold prices, and customs duty increased to 15%. However, demand witnessed a healthy recovery in May and June as gold prices moderated, Motilal Oswal said. In the June quarter, average gold prices rose 59% on year and remained broadly flat on quarter.
JM Financial expects the company to report earnings before interest, tax, depreciation, and amortisation of INR 6.57 billion and Motilal Oswal estimates an EBITDA of INR 7.08 billion. The company's EBITDA was INR 5.08 billion in the year-ago quarter.
Motilal Oswal expects the company's EBITDA margin to contract 40 basis points on year to 6.7% for the June quarter. Kalyan is expected to add 27 stores in the reporting quarter, bringing the total count to 534, the brokerage said.
All the three brokerage reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 637 per share. The target price implies an upside of 5% from the closing price Monday. The stock had closed at INR 608. (Devanshu Singla)
Equity Alert: Zydus Wellness shares tad up ahead of June quarter earnings
MUMBAI--1045 IST--Shares of Zydus Wellness traded slightly higher at INR 560.65 apiece, at 1048 IST, ahead of its June quarter earnings due later in the day. The company is expected to report a decline in its net profit for the June quarter on a yearly as well as sequential basis.
Phillip Capital (India) Pvt. Ltd. expects the company to report a consolidated net profit of INR 1.10 billion, while Anand Rathi Share and Stock Brokers Ltd. expects a net profit of INR 1.14 billion for the June quarter.
The company's consolidated net sales are expected to rise sharply on year but fall sequentially. PhillipCapital expects net sales to increase 60% on year to INR 13.75 billion and Anand Rathi estimates a 66% on year rise in net sales to INR 14.26 billion. Zydus Wellness had reported a net profit of INR 1.28 billion on revenues of INR 8.61 billion for the year-ago quarter.
The company's revenue growth will be driven by the food and nutrition business on account of double-digit growth in Nutralite, PhillipCapital said. A healthy recovery in the Complan brand, and personal care segment, led by skin care and the addition of the hair business, is also expected to support the growth, the brokerage added.
The company's subsidiaries Comfort Click Ltd. and Naturell (India) Pvt. Ltd. are also expected to continue their growth momentum, PhillipCapital said. The unusual rainfall in April is likely to hurt the sales growth of the company despite an extended summer, the brokerage said.
PhillipCapital expects the company to report earnings before interest, tax, depreciation, and amortisation of INR 2.14 billion. The brokerage expects the company's gross margin to expand sharply by 950 basis points on year to 64.5% due to the addition of high gross margin business of Comfort Click. The EBITDA margin is likely to expand by 250 basis points on year to 15.6% due to higher advertising and promotional expenses in the seasonal portfolio, the brokerage said.
All the four brokerage reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 549 per share. (Devanshu Singla)
Equity Alert: Ather Energy hits record high after Q1 sales double YoY
MUMBAI--1011 IST--Shares of Ather Energy rose 17% to hit their record high at INR 1,500 after the company detailed its June quarter earnings on Monday. For Apr-Jun, the automobile player sharply narrowed its net loss to INR 508.7 million against INR 1.78 billion reported in the year-ago figure. The electric vehicle maker's revenues for the June quarter nearly doubled on year to INR 12.17 billion. The company also reported an earnings before interest, taxes, depreciation, and amortisation margin of 1% against a negative 16% margin in the year-ago period.
Nirmabl Bang Institutional Equities is optimistic on the stock encouraged by the company's increase in market share to 16.8%, positive June quarter EBITDA beating expectations, strong demand support for its EL platform, and capacity ramp-up at Aurangabad Industrial City. The brokerage sees the company's revenues growing at a compounded annual growth rate of 50% over 2025-26 (Apr-Jun) to FY28, driven by rising electric vehicle penetration, electric scooter Rizta's continued ramp-up, and EL platform commercialisation which would address around 40–50% of the scooter market. The brokerage maintains a "buy" recommendation on the stock with an unchanged target price of INR 1,538 per share.
Nomura Research cites the stock as its top pick in the two-wheeler EV segment and believes the company's domestic EV penetration is at an inflection point. The brokerage estimates the current demand is much higher than the supply and expects the company's upcoming EL platform to double the total addressable market and also lower costs meaningfully. The brokerage does not foresee margin risks going forward and expects the EBITDA to break even in FY28 driven by improving scale and operating leverage. "A potential entry into motorcycles offers further long-term optionality," Nomura said in its brokerage report. The brokerage raised its target price on the stock to INR 1,714 and maintained its "buy" recommendation.
Emkay Global also maintained its "buy" recommendation on the stock. The brokerage raised its target price by 19% to INR 1,600, factoring in Ather's established brand and product, robust gross margins, and share-gain potential on EL platform scale-up. At 1011 IST, shares of the company traded at INR 1,441.60 on the National Stock Exchange. The stock was the top gainer in the Nifty 500 index. Over 12 million shares of the company changed hands on the exchange so far. This is 19 times the number of shares traded until the same time Monday. (Shruti Nair)
Equity Alert: Nifty 50 opens tad dn post 4-day gain; IT, FMCG cos major drag
MUMBAI--0945 IST--The Nifty 50 index opened a tad lower Tuesday, snapping the four-day gains. The index gave up its gains from the previous sessions following a slight rise in crude oil prices to $85 a barrel amid ongoing negotiations between the US and Iran. The BSE Sensex, however, managed to open higher for the session with marginal gains.
At 0918 IST, the Nifty 50 was at 24610.40, down 163.90 points or 0.7%. The BSE Sensex was at 78781.17, up 142.14 points or 0.2%. The volatility index, India VIX, rose marginally to 11.9400 points. Barring the Nifty Smallcap 100 and Nifty Smallcap 250, all broader market indices were down 0.1–0.5%.
"From a technical perspective, the market structure continues to remain positive as long as the Nifty holds above the 24500 support zone," said Rajesh Palviya, head of research at Axis Direct, said in a note. "Immediate resistance is placed near 24900, and a decisive close above this level could pave the way towards 25150."
Monday, the August futures of Nifty 50 closed at a discount of 109.40 points to that of the spot index, following the new closing auction mechanism for the equity cash segment. When the continuous trading ended the previous day, the 50-stock index had ended at 24573.35 points, up 0.8% from Friday. Post the closing auction session, the index ended at 24774.30 points, up 390.70 points or 1.6%.
Under the new rules, the continuous trading session ends at 1515 IST for these selected stocks, and the closing auction session runs between 1528 IST and 1530 IST. The price band during the closing auction session is capped at 3?ove or below the stock's reference price.
Most sectoral indices were down in early trade, with only Nifty Metal and Nifty Energy gaining among them. The Nifty Realty was the worst hit sectoral index, down 1.5%. Indices tracking information technology and fast-moving consumer goods stocks were down almost 1% each.
Only nine Nifty 50 constituents were higher in early trade. Grasim Industries was the top drag on the index, down over 3%. Bajaj Auto and Titan Co. shed over 2?ch in the index.
FMCG stocks Tata Consumer Products and Hindustan Unilever were down 1.5?ch. IT stocks Infosys, Tata Consultancy Services, and HCL Technologies were down 0.7–1.5%. Banking and financial services stocks were also down with Axis Bank, SBI Life Insurance Corp., and HDFC Life Insurance losing over 1?ch.
On other hand, metal stocks gained the most, with Hindalco Industries being the top performer. The stock was up over 1% and extended its gains for a fifth straight session. Tata Steel was up 0.5%, while Adani Enterprises gained 0.4%. (Arundathi A R)
Equity Alert: Asian indices open mixed, yen slips against dollar
MUMBAI--0805 IST--Asian indices opened mixed amid signs of de-escalation in the US-Iran war. Mainland China's CSI 300 and Singapore's FTSE rose marginally, while South Korea's Kospi and Japan's Nikkei 225 fell marginally. The broader Japanese index Topix was also slightly down.
Meanwhile, Japan's yen slipped 0.2% to 157.39 per dollar early Tuesday after appreciating in the previous sessions. This comes after the Japan intervened in the currency market, with finance ministry conducting a co-ordinated yen-buying session with the US treasury on Friday.
Major movers in South Korea such as Samsung Electronics and SK Hynix fell around 2% each. Japan's Advantest fell more than 3% and Disco Corp. fell slightly. Others such as SoftBank Group and Toyota Motors fell more than 3% and 1%, respectively.
On the macroeconomic front, South Korea's July Consumer Price Index stood at 119.77, according to the Ministry of Data and Statistics of South Korea. The CPI rose 2.8% in July against 3.2% in June. South Korea's consumer inflation has softened to a three-month low.
Meanwhile, Goldman Sachs' chief China equity strategist Kinger Lau is increasingly constructive on Hong Kong-listed internet and software companies, arguing that their earnings outlook was improving, CNBC reported.
"We still like the AI trade fundamentally, particularly hardware proxies. But at the same time, we think that the risk reward for some of the soft tech or application-oriented names, particularly those listed in Hong Kong, the investment case is just getting a little bit better," Lau told CNBC's China Connection.
Following are the levels of key indices in the region at 0802 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
63407.16 | (-)0.6 |
|
TOPIX FIRST SECTION |
3936.25 | (-)0.6 |
|
S&P/ASX 200 Index |
9121.20 | 1.1 |
|
KOSPI Index |
6249.86 | (-)0.1 |
|
Hang Seng Index |
25885.89 | (-)0.5 |
|
CSI 300 Index |
4564.26 | 0.5 |
|
FTSE Singapore Strait Times |
5621.89 | 0.2 |
(Deesha Jadhav)
Equity Alert: To open dn on rise in oil; closing auction mechanism in focus
MUMBAI--0825 IST--Domestic equity indices are expected to open lower Tuesday, as suggested by movement in the August futures contract of GIFT Nifty following a slight rise in the crude oil prices from Monday's levels. Indices are likely to open lower, after rising 1–2% Monday, amid ongoing negotiations between the US and Iran. Market participants will Tuesday shift their focus on how the new closing auction mechanism functions for the equity cash segment.
Stock exchanges Monday implemented the new closing auction mechanism for the equity cash segment, applicable to stocks in which futures and options trading is permitted. However, a divergence occurred between the closing levels of the Nifty 50 and the Sensex on Monday after the prices were determined under the new closing auction mechanism. Monday, when the continuous trading ended, the 50-stock index had ended at 24573.35 points, up 0.8% from Friday. Post the closing auction session, the index ended at 24774.30 points, up 390.70 points or 1.6%.
According to a press release by the National Stock Exchange released Monday, on the first day of CAS implementation itself, 515 trading members participated, and they placed orders for 56,773 unique Permanent Account Numbers. "It was more than today's pre-open call auction session where 403 trading members participated who placed orders for 42,822 unique PANs," according to the release. The exchange said the participation levels were very good, given the first day, and it is expected to mature and increase with time.
The NSE also mentioned the index graph on the exchange during the CAS session needs to be properly interpreted, as there is no sudden change in the index at 1530 IST but the order collection, cancellation, and matching follows a process. As there is no continuous order matching between 1515 IST and 1530 IST, the index value is constant as it is based on traded values. "However, the indicative values are displayed just besides that get quote on the Exchange website, based on the indicative values derived from the equilibrium prices calculated continuously during 1515 IST and 1530 IST," according to the release.
At 0825 IST, the August futures contract of GIFT Nifty was marginally higher from its previous close at 24649.50. This was over 120 points lower than the Nifty 50's previous close of 24774.30. "Gift Nifty is indicating towards a flat opening for the domestic markets," Vipin Kumar, assistant vice president of research at Globe Capital Market, said. "Going ahead, sustenance above 24600 hold the key for a sustainable move to 24800 and higher levels in the near term. Conversely, fall below 24400 spot will confirm the further consolidation in the benchmark index."
On the earnings perspective, Bharti Airtel and Oil and Natural Gas Corp. will be tracked as the companies will detail their June quarter earnings later in the day. Bharti Airtel is expected to post consolidated net profit at INR 85.51 billion, up 44% on year. Its revenues are expected to grow nearly 16% on year to INR 572.89 billion.
All three major US indices settled higher Monday with significant gains. The NASDAQ Composite closed over 2% higher, while the Dow Jones Industrial Average and S&P 500 closed above 1% higher each. Asian equity indices were mixed in early trade, with the S&P/ ASX 200 Index up 1%. (Arundathi A R)
Equity Alert: US mkts cheer W Asia war de-escalation, Dow Jones hits new high
MUMBAI--0701 IST--Major US indices closed higher Monday as signs of de-escalation in the West Asia war lifted sentiment. Positive expectations for corporate earnings due this week also supported market sentiment. Barring the shares of Apple, all the other magnificent seven stocks posted gains. Amazon breached the $3 trillion level in market capitalisation and shares of the company closed around 5% higher. The Dow Jones Industrial Average hit a fresh high Monday, and it closed above the 53000 mark for the first time in 19 trading sessions. The Nasdaq Composite and the S&P 500 closed 2% and 1% higher, respectively.
Among the 11 major sectoral indices, the S&P 500 Communication Services was the best performer, which closed over 4% higher. Gains in major movers such as Meta Platforms and Alphabet boosted the index; both closed more than 6% and 4% higher, respectively. Of the S&P 500 companies, 304 companies reported their earnings and showed a 29.3% growth, according to a Reuters report.
Ahead of earnings for the quarter ended June, SpaceX ended 5% up and those of Caterpillar around 2%, while those of McDonald's closed 2% lower. Shares of Bristol Myers Squibb closed slightly higher after a report suggested that the company is in talks for a merger with UK drugmaker AstraZeneca. The deal could value the companies together at around $400 billion.
Following were the closing levels of major US indices Monday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
53178.41 | 1.3 |
|
NASDAQ Composite |
25913.90 | 2.1 |
|
S&P 500 |
7600.5 | 1.5 |
(Deesha Jadhav)
US$1 = INR 95.34
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Himanshi Gupta
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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