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Informist, Monday, Aug. 24, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Anand Rathi sees muted sales growth for mid-cap IT cos in FY27

MUMBAI--1320 IST--Mid-cap information technology companies are expected to post a muted revenue growth in the current financial year due to artificial intelligence-led deflation and the impact of "geopolitical tensions", according to Anand Rathi Share and Stock Brokers. However, scaled execution-focused mid-cap IT players are likely to benefit on the back of an increase in vendor consolidation and cost takeout deals. Conversely, tech-focused mid-cap IT companies may come under pressure, as hyperscalers prioritise cost savings amid significant capital expenditure related to AI and data centres.

Moreover, broader structural drivers remain intact with AI unlocking incremental deployment work, the brokerage said in its report. The integration of AI, legacy modernisation, and data optimisation will work to make enterprises AI ready.

The brokerage remains structurally positive on IT and expects enterprise software to monetise first through FY27, followed by monetisation of services in FY28 as deployment scales. "Overall, we remain cautiously positive, with H2FY27 (Oct-Mar) expected to see better deal conversion and operating leverage, as execution remains the key monitorable," the brokerage said.

Mid-cap IT services firm had posted average revenue growth of around 2% on year in constant currency terms for the June quarter. The margins of these companies weakened despite a 3.3% sequential depreciation of the rupee. The weakness was on the back of delayed deal ramp-ups and losses from foreign currency hedging, according to the brokerage. Further, margins were pulled down due to proactive hiring ahead of demand, which led to lower utilisation, and company-specific investments. (Ayush Jaiswal)

Equity Alert: Lalithaa Jewellery lists at 32% premium to issue price on NSE

MUMBAI--1315 IST--Shares of Lalithaa Jewellery Mart listed at INR 265 on the National Stock Exchange, a premium of nearly 32% to its issue price. Nearly 80 million shares have traded so far.

Since listing, the stock has seen only slight profit booking and at 1311 IST, it traded over 30% higher at INR 261.30. Earlier, the stock had hit an intraday high of 274.40 as soon as normal trading began.

Lalithaa Jewellery's public offer was subscribed 63 times, with the company receiving bids for 3.95 billion shares against 62.76 million shares on offer. The subscription for its initial public offering closed Wednesday.

Lalithaa Jewellery is a retailer selling gold, silver, and diamond jewellery, catering to South Indian market. The company had reported a consolidated net profit of INR 10.10 billion for the financial year 2025-26 (Apr-Mar) on revenues of INR 250.24 billion. (Durgesh Nandan) 

Equity Alert: BLS Intl dn 9% on report Spain probes co's links to visa fraud

MUMBAI--1300 IST--Shares of BLS International fell over 9% to hit their intraday low of INR 245.65 after media reports of a probe by the Spanish National Court into the company's alleged links to a visa fraud network at the Spanish consulate in Algiers. Before the news, the stock was up over 1%.

The probe was expanded to study the role of companies handling visa appointments and document processing which are contracted by Spain's Foreign Ministry, The Economic Times cited a report by Spanish news outlet The Objective. The investigation came after "official communications" from the Spanish Embassy in Algeria alerted authorities to a network allegedly "profiting through the fraudulent issuance of Schengen visas".

The Spanish court specified that "processing platforms like BLS" fell into the purview of its investigation into collaborating companies, according to The Economic Times report. In 2016, BLS International was awarded a contract by the Spanish Foreign Ministry to manage visa appointments and process documents at certain consulates. The company took over work previously handled by VFS Global.

At 1225 IST, shares of the company were down nearly 9% at INR 247.91 apiece. Over 8 million shares have changed hands on the NSE so far, which is around five times the average of the daily trade volumes over the past three months. (Shruti Nair)

Equity Alert: Hexaware Tech shares off highs post rising over 8% on AI goals

MUMBAI--1244 IST--Shares of Hexaware Technologies surged nearly 8% to intraday high of INR 574.85 after the company outlined its plans to use artificial intelligence to create new revenue sources while increasing profits. Later, the stock came off highs and at 1212 ISTwas up 4% at INR 555.60.

Hexaware's Chief Executive Officer R. Srikrishna said the company expects its revenues to double to $3 billion by 2029, driven by AI-led transformation, West Asia expansion, growth in the technology vertical and private equity partnerships, according to a report by Business Standard.

On Friday, the company organised an AI day, outlining its plans for AI. The company plans to enter new markets, which will help offset the revenue hit expected as productivity gains from AI is passed on to clients. "Hexaware's strategy is to solve complex problems for existing customers while entering markets and client business units not previously served. It has developed 238 AI use cases within healthcare and life sciences alone," JM Financial Institutional Securities, said in a report. "The strategy expands Hexaware's addressable market; however, conversion into material revenue and bookings remains a key aspect to monitor in our view."

The company is targeting a 30% win ratio and aggressively pursuing deals of size above $100 million, the brokerage said. Further, the company's approach to remove vulnerabilities, backlogs, and other issues will eliminate dependence on software as a service product, said Srikrishna, according to a report in Business Standard.

Around 1.2 million shares of the company have changed hands on the exchange so far. This was over 64 times the number of shares traded until the same time Monday. The stock has lost over 2% since it detailed its June quarter earnings on Jul. 29.

Post the company's AI day, brokerages have largely maintained their target price. Of the six brokerage reports on the company available with Informist, five have a buy or equivalent recommendation on the stock with an average target price of INR 707, 27% higher than the current market price, and one has a "hold" recommendation on the stock with a target price of INR 580 apiece. (Utthara E. S.)

Equity Alert: Mkt slips into the red as financial services cos extend losses

MUMBAI--1110 IST--Indices slipped into the red after remaining higher for a brief period. Metal and information technology companies were the major gainers, while public sector banks were the major laggards. The heavyweight HDFC Bank came off highs while financial services companies Bajaj Finserv, SBI Life Insurance Co., Axis Bank, and Bajaj Finance extended losses and were down around 1% each. At 1106 IST, the Nifty 50 was at 24222.55, down 29.45 points, or 0.1%, and the BSE Sensex was at 77446.90, down 93.93, or 0.1%.        

Metal major Hindalco Industries was the top gainer in the Nifty 50, up nearly 2%. Its peers Tata Steel and JSW Steel gained nearly 1% higher each. Information technology companies Infosys and HCL Technologies rose over 1%. Shares of Bajaj Auto, Dr. Reddy's Laboratories, Mahindra & Mahindra, InterGlobe Aviation, and Adani Enterprises gained around 1% each. On the other hand, Bharat Electronics extended its losses and was down over 1% to be the worst hit stock in the index. Adani Ports and Special Economic Zone, Grasim Industries, Power Grid of Corp. of India, and State Bank of India fell around 1% each as well. 

Among the sectoral indices, Nifty PSU Bank was the worst hit, down nearly 1%. Most of the constituents in the index traded lower. Bank of Baroda, Canara Bank, State Bank of India, and Punjab National Bank were the worst hit stocks in the index, down 1–2%.  

Vishal Mega Mart continued to be the best performer in the Nifty 200, up over 10%. The stock rose after the company re-appointed Gunendar Kapur as chief executive officer and managing director for five years. Muthoot Finance rose nearly 5% among the Nifty 200 constituents. Siemens was up 4% and Steel Authority of India gained over 3%. Dixon Technologies (India) continued to be the worst hit stock in the index, down over 2%. Bank of Baroda and Coromandel International were down nearly 2% each.

LT Foods was the best performer in the Nifty 500 index, up nearly 10%, while Aditya Infotech was the worst hit, down nearly 3%. Shares of TVS Supply Chain Solutions rose and were up nearly 8%. The stock gained after the company said Japan-based Sankyu will buy 0.5% stake in the company. As per the agreement, TVS Supply Chain and Sankyu will explore opportunities to deliver better value through a broader portfolio of solutions spanning logistics, warehousing, transportation, engineering services, maintenance, and on-site industrial support.  (Adhithya Aji)

Equity Alert: Horizon Industrial lists at 0.4% premium to issue price on NSE 

MUMBAI--1100 IST--Shares of Horizon Industrial Parks listed at INR 60.25 apiece on the National Stock Exchange, a premium of 0.4% to its issue price. However, on the BSE, it listed at INR 59.65 apiece, a discount of 0.6% to the issue price. The scrip's issue price was INR 60 per share on both exchanges. The stock fell over 2% from its issue price on both the exchanges after listing. 

At 1045 IST, shares were down over 2% at INR 58.55 apiece on the NSE with traded volume of 56.54 million shares. Horizon Industrial Parks had received bids for 363.8 million shares against 251.4 million shares on offer. The subscription for the initial public offering closed Wednesday.

Horizon Industrial is an industrial and logistics infrastructure developer offering A-grade fulfilment centres, industrial facilities, and in-city centres across major industrial and consumption hubs. For the financial year 2025-26 (Apr-Mar), it had reported a restated consolidated net loss of INR 1.98 billion on revenues of INR 6.91 billion. (Durgesh Nandan)

Equity Alert: Mkt opens up, shrugs off worry over Iran war, high oil prices

MUMBAI--1000 IST--Benchmark indices started the week on a positive note, shrugging off the concern over the intensifying war between the US and Iran and elevated crude oil prices. Information technology companies were the major gainers in the indices, while pharmaceutical companies were the major laggards. At 0937 IST, the Nifty 50 was at 24277.10, up 25.10 points or 0.1%, and the BSE Sensex was at 77657.55, up 116.72 points or 0.2%.

Infosys and HCL Technologies were the top gainers among the Nifty 50 constituents, up over 1% each. Wipro, Tech Mahindra, and Tata Consultancy Services were up around 1% each. Metal majors Hindalco Industries, Tata Steel, and JSW Steel gained nearly 1% each. Shares of Coal India and Max Healthcare Institute rose nearly 1% each. The heavyweight banking stock HDFC Bank was up nearly 1% as well.

On other hand, pharmaceutical major Cipla was the worst hit in the Nifty 50, down over 1%. Shares of Grasim Industries, Titan Co., Adani Ports and Special Economic Zone, and Asian Paints fell around 1% each.

Among the sectoral indices, Nifty IT was the best performer, up 1%. Nifty Metal rose 1%. Meanwhile, Nifty Consumer Durables was down nearly 1% and was the major sectoral underperformer. All broader market indices traded higher--Nifty Midcap indices were up 0.1-0.3% and the Smallcap indices gained 0.3-0.4%. 

Vishal Mega Mart was the top gainer in both the Nifty 200 and Nifty 500 indices, with gains of 8%. Muthoot Finance and Steel Authority of India rose nearly 3% each in the Nifty 200. Meanwhile, Dixon Technologies (India) was the worst hit stock in both the indices, down nearly 2%. Divi's Laboratories and Zydus Lifesciences fell over 1% each in the Nifty 200.

Hexaware Technologies was the second top gainer in the Nifty 500, up 6%. The stock rose after Chief Executive Officer R. Srikrishna said he expects the company's revenues to touch $3 billion by 2029. Caplin Point Laboratories fell nearly 2% after the US Food and Drug Administration issued 10 observations against the company's Tamil Nadu unit after an inspection.  (Adhithya Aji)

Equity Alert: Vishal Mega Mart up 10%; co reappoints MD, CEO Gunendar Kapur

MUMBAI--0956 IST--Shares of Vishal Mega Mart rose nearly 10% shortly after the market opened to hit the highlest level in a month at INR 113.70 per share. This comes after the company Friday announced the re-appointment of Gunender Kapur as managing director and chief executive for five years with effect from Sept. 1 to Aug. 31, 2031. The reappointment comes with the additional designation of "founder" of the company.

At 0950 IST, shares of the company were at INR 111.90 on the National Stock Exchange, up 8.2%. The stock was the top gainer in the Nifty 200 index. Over 40.35 million shares of the company have changed hands on the exchange so far. This is around four times the average of the stock's daily trade volumes over the last three months.

All six brokerage recommendations available on the company with Informist have a "buy" or equivalent recommendation with an average target price of INR 155 per share. This represents an upside of nearly 39% from the current market price of the stock. (Shruti Nair)

Equity Alert: Asian mkts open mixed; investors await US sanctions on Iran

MUMBAI--0823 IST--Major Asian indices were mixed at open as details of US sanctions on Iran are expected later in the session and rising bond yields globally are expected to put pressure on markets in the region. South Korea's benchmark Kospi index was the worst performer among its peers and was down nearly 3%, dragged down by a fall of more than 7% in heavyweight constituent Samsung Electronics.

Hong Kong's Hang Seng Index was down nearly 2% and China's CSI 300 Index was down nearly 1%. Hang Seng Index heavyweights Tencent Holdings and Alibaba Group were down nearly 4% and over 8%, respectively, and weighed on the index. Stocks in the region are feeling the heat from rising bond yields globally after the yield on the 30-year US treasury bond topped 5.3% Friday, crossing levels not seen in around 20 years, according to a CNBC report. Yields in France, Japan, and Germany have also risen to multi-year highs. 

Investor sentiment in the region worsened, with participants keenly awaiting details of US sanctions against Iran due to be announced later in the day, CNBC said in its report. Consequently, crude oil prices remained higher, fuelling concerns about a rise in inflation. Efforts to stabilise the long-term bond yield by US Treasury Secretary Scott Bessent were short-lived, according to CNBC. "I argue that the Treasury's surprise decision to upsize tactical long-end buybacks is effectively a Treasury-led 'Operation Twist' designed to counter shifts in shorter term market conditions, rather than a form of QE (quantitative easing)," David Zervos, chief market strategist at Jefferies, told CNBC.

Following are the levels of major Asian indices at 0800 IST:

(Vidhi Thacker)

Equity Alert: Market seen rangebound, West Asia war may dampen sentiment

MUMBAI--0802 IST--Indices are expected to move in a range Monday with US threats of fresh economic sanctions against Iran to weigh down on sentiment. The possibility of a ceasefire agreement between both the parties faded with the economic sanctions. The crude oil prices were around $93 per barrel. 

"We are now entering the endgame," said US Secretary of the Treasury Scott Bessent, in a post on X. Bessent wrote President Donald Trump has dismantled Iran's military capabilities, destroyed nearly 100% of its military factories, and buried its nuclear programme. He said the D-Day has began, terming it as "the single greatest financial offensive ever marshaled against an adversary." Bessent said Trump has created the conditions to leverage every agency, every authority, and action many assumed US would never summon. "Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone," Bessent said in the post.

"The overall chart structure remains sideways as long as the index trades within the 23600–24700 spot zone," Vipin Kumar, assistant vice-president of research at Globe Capital Market, said. Kumar added, a lack of fresh domestic triggers points towards further consolidation in the immediate near term. He said a move above 24300 could lead it towards 24450, and a fall below 24180 could drag it back to 24000. 

Asian indices moved on a mixed note Monday with South Korea's Kospi being the major laggard in the region. The tech-heavy index was down over 2%. China's Hang Seng Index and CSI 300 were down over 2% and nearly 1%, respectively. The Wall Street indices ended higher Friday, with the Nasdaq Composite and S&P 500 up 0.4% higher each. Dow Jones Industrial Average closed up nearly 1%.   (Adhithya Aji)

Equity Alert: US indices close higher Fri but fall weekly as bond ylds gain

MUMBAI--0743 IST--US indices closed higher on Friday but were down on a weekly basis, after fluctuations in government bond yields and lack of clarity on the US-Iran war made investors jittery. The Dow Jones Industrial Average outperformed its peers and ended nearly 1% higher, supported by gains in healthcare stocks. The broader S&P 500 and the Nasdaq Composite closed 0.4% higher each. 

The financial sector boosted the performance in the broader market as the weekly rise in Bitcoin helped drive gains in crypto-related stocks. Shares of Robinhood and Coinbase were up nearly 14% and 8%, respectively. Materials sector also outperformed and was up 2%, according to the report by CNBC. On a weekly basis, the S&P 500 index was down 1.4%, while the tech-heavy Nasdaq shed around 2%. The Dow Jones Industrial Average fell nearly 1% over the week. 

Friday, the major indices partially recovered from their losses on Thursday as bond yields resumed their climb. Long-term bonds have particularly been under pressure as inflation fears rose amid rising oil prices, according to CNBC. The yield on the 10-year US treasury note rose more than 3 basis points to 4.734% and the 30-year treasury bond yield gained more than 3 bps to 5.273%. 

Equities could see even more losses if treasury bond yields continue to rise and the West Asia war persists, Leo Kelly, founder and chief executive officer of Verdence Capital Advisors told CNBC. On the 10-year yield, the market has adjusted to 4–5%, but if it went to 6-7%, the market would respond to that poorly, he added. 

Following are the closing levels of major US indices on Friday:

(Vidhi Thacker)

US$1 = INR 95.73

Edited by Shubhayan Bhattacharya

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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