Equity Alert
Market ends higher, climbing off lows as crude oil prices tumble
This story was originally published at 17:18 IST on 25 August 2026
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Equity Alert: Mkt ends higher, climbing off lows as crude oil prices tumble
MUMBAI--1605 IST--The benchmark indices climbed into the green half an hour before the end of Tuesday's continuous trading session and closed marginally higher tracking a sharp fall in crude oil prices. At 1543 IST, the October futures contract of Brent Crude Oil fell 3% to around $89 per barrel after touching close to $93 per barrel earlier in the session. This relief in energy costs brought about a moderately higher close on the day of the monthly expiry of futures and options.
Tuesday, the Nifty 50 was at 24260.05, up 41 points or 0.2% from Monday, at the end of the continuous trading session at 1515 IST while the BSE Sensex was at 77529.94, up 160.83 points or 0.2%. After the closing auction session, the Nifty 50 ended at 24334.55 points, up 0.5%, and the Sensex at 77656.09 points, up 0.4%.
Adani Enterprises closed nearly 4% higher and ended as the top gainer in the 50-stock index. Shares of InterGlobe Aviation, which had remained lower for most of the session, rose sharply towards the final hour of trade and ended 2% higher after crude oil prices fell. Conversely, Cipla closed over 1% lower as one of the worst-hit stocks in the index.
In the broader markets, the Nifty mid-cap indices recovered from their lows and closed 0.4-0.5% higher while the Nifty small-cap indices pared some of their losses but still ended in the red, down slightly from Monday. More than half the sectoral indices ended lower with the Nifty Metal closing 0.6% lower as the worst hit. Hindustan Copper ended over 7% lower and was the worst-hit constituent of the sectoral index as well as the Nifty 500 index. The stock fell sharply after the government announced it would sell up to 6% stake in the company through an offer for sale.
In the Nifty 200, Vodafone Idea extended its rise and closed 8% higher after the Delhi High Court Monday ordered the Income Tax department to refund around INR 531 million to the telecommunications player. The stock hit a two-month high at INR 15.31 earlier in the day. On the other hand, Federal Bank closed 3% lower as the worst-hit constituent in the 200-stock index amid media reports that the lender was in advanced talks to acquire a controlling stake in Jana Small Finance Bank. Federal Bank later informed the exchanges that there is no material event or information to disclose.
Fertiliser stocks surged Tuesday after Russia assured India of uninterrupted fertiliser supplies, allaying concern about supply disruptions because of geopolitical crises. Consequently, Fertilizers and Chemicals Travancore ended nearly 12% higher as the top gainer in the Nifty 500. (Shruti Nair)
Equity Alert: Nifty 50 Sept ends at premium of 150.65 points to spot index
MUMBAI--1600 IST--The September futures contract of the Nifty 50 closed at a premium of 150.65 points to the spot index Tuesday. Open interest in the contract rose nearly 35% from Monday to around 13.70 million, according to provisional data.
--Nifty 50 closed at 24334.55 points, up 115.50 points or 0.5% vs Monday
--Nifty 50 August closed at 24485.20 points, up 161.10 points or flat vs Monday
Nifty 50 options, expiring Sept. 1, with maximum change in open interest:
Call: 24500, Put: 24200
Nifty 50 options, expiring Sept. 1, with maximum open interest:
Call: 24500, Put: 24200
(Eshitva Prakash)
Equity Alert: European markets open higher as Brent crude oil futures fall
MUMBAI--1545 IST--Markets in Europe opened higher amid a fall in crude oil prices. Gains in technology, retail, and travel stocks helped the indices rise.
Brent crude oil futures fell below $90 per barrel as investors see lower risk to oil supply from US economic sanctions against Iran compared with military action. "With no further military escalation and some tankers slipping through after buying heavily discounted oil to compensate for the elevated transit risk, the market remains in limbo," Saxo Bank analysts were quoted as saying in a Dow Jones report.
Major travel stock International Consolidated Airlines was up around 2%. Accor was up more than 1%. Shares of semiconductor company ASML Holding rose more than 1%. Among retail companies, Industria de Diseno Textil rose slightly while Kingfisher rose more than 1%.
The Stoxx Europe 600 Automobile and Parts index was down around 1%. Shares of heavyweight Ferrari fell around 2% while those of Mercedes-Benz Group and BMW fell slightly. The UK's FTSE 100 index was up slightly.
Following are the levels of key indices in the region at 1546 IST:
|
Index |
Level |
Change in % |
|
FTSE 100 Index |
10870.55 | 0.2 |
|
CAC 40 |
8491.66 | 0.5 |
|
MIB INDEX |
52817.43 | 0.5 |
|
DAX PERFORMANCE-INDEX |
26330.66 | 0.9 |
|
SLI |
2319.47 | 0.2 |
(Deesha Jadhav)
Equity Alert: Coforge up 27% in month on strong revenue guidance, deal wins
MUMBAI--1505 IST--Shares of Coforge have risen nearly 27% over the past month, significantly outperforming mid-cap peers in the information technology sector. The company's performance on the revenue front in the June quarter and its guidance are key factors driving traction in the stock, according to analysts.
"Profit is not the guide, you have to look at the top line," according to Sumit Pokharna, vice-president of fundamental research at Kotak Securities. "So you have to focus on top line now. So in fact the reported result was very robust quarter, I mean the results were very robust." For Apr-Jun, the IT player's consolidated net profit fell 15% sequentially to INR 5.19 billion while its revenues rose 24% to over INR 55 billion. Further, the company guided a revenue of $5 billion for the financial year 2029–30 (Apr-Mar). "So that is their aspiration at a time when most of the other IT companies are struggling to report 1%, 2% growth," Pokharna said.
Pokharna further underscored that the company's peer, Persistent Systems, has also enjoyed strong deal wins but the stock has already factored those in and hence valuations are high. For comparison, Persistent Systems has risen over 8% over the past month. Pokharna is bullish on Coforge and cites the stock as Kotak's top pick among mid-tier players.
The outcome of the company's acquisitions of Encore and Cigniti Tech has been better than the Street's expectations, according to Rishabh Vasa, research analyst at Indsec Securities & Finance. The Street had expected the two acquisitions to impair Coforge's growth and distract the company from its key outcomes. "But it has managed to do well in those circumstances and it has delivered results," according to the analyst.
Vasa underscored that for most players in the sector, particularly in the mid-cap space, deal pipeline expansion and subsequent conversions are key growth factors. Coforge's strength lies in efficient execution of deals and growing its addressable market as well as order book revenues, according to the analyst. Given its strong ongoing momentum, Vasa sees the possibility of the stock reaching INR 2,200 in the near term.
At 1457 IST, shares of Coforge were at INR 1,897.90, up over 1%. Around 1.2 million shares of the company have changed hands so far. (Shruti Nair)
Equity Alert: Kotak downgrades Infosys, TCS to 'add', LTM to 'sell'
MUMBAI--1459 IST--After the sharp rally in stock prices from recent lows, Kotak Institutional Equities downgraded large-cap information technology stocks Infosys and Tata Consultancy Services to "add" from "buy" and LTM to "sell" from "reduce". The sector's risk-reward profile has moved from being attractive to balanced, following a 15-35% rise in stock prices from the recent lows, the brokerage said in a report dated Thursday.
Infosys and TCS offer a moderate upside of 6% and 7%, respectively, to the brokerage's fair values, it said. LTM, on the other hand, has become expensive, following the strong rally from recent lows, it added. Kotak Institutional Equities identifies high pricing pressure amid insufficient deals to support growth aspirations and concern related to lower terminal value of IT services, providing a floor to valuations as among the major themes that determine the sector's outlook.
The continued debate between open source and closed models is also believed to impact the sector's outlook. Open weight models raise service intensity, but faster adoption can lead to deflation, Kotak said. The brokerage expects challengers to continue gaining wallet share and said it prefers challengers and hybrids over incumbents. It prefers Tech Mahindra, Coforge, Hexaware Technologies, and Indegene.
While the current valuations are reasonable, they imply limited upside to IT stocks given the moderate growth outlook, the brokerage said. It expects the constant currency revenue growth of these companies to remain below 5% till the financial year 2028–29 (Apr-Mar). The artificial intelligence opportunity has to exceed the revenue deflation phase, which may materialise starting FY29. Until then, Kotak expects stocks to move in a band of 11–12 times price-to-earnings multiple at the lower end and 17–18 times as the higher-end for incumbents. It sees 3.0–3.5% AI-led revenue deflation for these companies over the three years to FY29, it added. (Arya S. Biju)
Equity Alert: Asian markets reverse early fall, end higher as tech cos gain
MUMBAI--1455 IST--Several Asian indices recovered from decline in the early trade and ended largely higher. South Korea's Kospi led the gains after major semiconductor stocks reversed losses. At the same time, gains were capped ahead of Nvidia results on Wednesday.
Kospi ended 0.8% higher compared with a decline of over 4% at its intraday low in the morning. FTSE Singapore Strait Times was around 1% higher. Japan's Nikkei 225 and broader market index Topix both closed 0.5% higher each. Hong Kong's Hang Seng was flat after it erased all the intraday gains. Meanwhile, Australia's S&P/ASX 200 index closed around 1% higher.
In China, shares of transceiver maker Zhongji Innolight and the optical module maker Eoptolink Technology closed nearly 3% lower each. Shares of electric vehicle maker Xpeng, listed in Hong Kong, closed more than 9% lower after the company forecast third-quarter revenue between 21.7 billion yuan and 23.4 billion yuan, as per a Reuters report. This will be below analysts' average estimate of 26.61 billion yuan, according the report which quoted data from LSEG.
Hang Seng heavyweights Alibaba closed over 1% higher and Baidu closed slightly higher. Kospi heavyweight SK Hynix closed slightly up while Samsung Electronics was flat. In Japan, major constituents such as SoftBank Group closed more than 2% higher and Mitsubishi UFJ Financial Group closed over 1% higher.
Following are the levels of key indices in the region at 1443 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
65856.43 | 0.50 |
|
TOPIX FIRST SECTION |
4093.67 | 0.50 |
|
S&P/ASX 200 Index |
9164.60 | 0.68 |
|
KOSPI Index |
6742.74 | 0.68 |
|
Hang Seng Index |
25511.10 | (-)0.02 |
|
CSI 300 Index |
4552.03 | (-)0.24 |
|
FTSE Singapore Strait Times |
5725.18 | 0.79 |
(Deesha Jadhav)
Equity Alert: Afcons Infra up 4% at 1-month high on INR 3.36 bln arbitral award
MUMBAI--1454 IST--Shares of Afcons Infrastructure rose over 4% to an over-one-month high of INR 290.90 after an arbitral tribunal ordered the Uttar Pradesh Expressways Industrial Development Authority to pay the company INR 3.36 billion. This includes the principal amount of INR 1.52 billion and INR 1.83 billion as interest.
At 1442 IST, shares of the company had given up some of the gains and were up 2.6% at INR 285.85 apiece. Nearly 3.7 million shares had changed hands, significantly higher than 670,029 shares at the same time Monday. The stock has fallen marginally in the past 30 days, but is down nearly 6% in the past 90 days. It is down almost 34% in the last 52 weeks. The stock has risen nearly 9% since announcing its June quarter earnings on Aug. 7.
Of the five brokerage reports on Afcons Infrastructure available with Informist, two have a "buy" recommendation with an average target price of INR 348. One brokerage has a "hold" recommendation and two brokerages have a "sell" or equivalent recommendation. (Diksha Singh)
Equity Alert: IIFL Fin shrs drop sharply as arm gets INR-9.63-bln tax demand
MUMBAI--1355 IST--Shares of IIFL Finance fell almost 8% to an intraday low of INR 643.55 on the NSE after the company's subsidiary, IIFL Home Finance, received a tax demand of INR 9.63 billion, including surcharge and cess from the Assistant Commissioner of Income Tax, Mumbai. At 1306 IST, shares of the company were off intraday low and traded almost 4% down at INR 670.40. Over 6 million shares of the company changed hands on the bourse, which is almost thrice the number of shares traded till the same time Monday.
The income tax order issued to IIFL Home Finance pertains to principal additions or disallowances in the assessment order related to overriding commission income of around INR 4.90 billion, deduction claimed under section 36(1)(viii) of the Income tax Act, 1961 of around INR 3.05 billion, interest strip assets of around INR 3.92 billion, and expenses related to employee stock ownership plan of around INR 530 million.
Separately, the income tax department also granted a stay on the recovery of an outstanding tax demand of INR 4.76 billion against IIFL Finance, subject to payment of 5% of the disputed amount, which is around INR 237.8 million in instalments by Dec. 15, according to an exchange filing. IIFL Finance already paid the first instalment of INR 50 million on Aug. 13. The stay will remain in effect until Dec. 31, or until the disposal of the company's appeal before the Commissioner of Income Tax (Appeals).
Over the last 30 days, shares of IIFL Finance have risen around 21% while in the past 90 days, the scrip of company was up almost 40%. Despite the sharp fall Tuesday, shares of the company are still up nearly 8% in the past seven days. (Eshitva Prakash)
Equity Alert: Indices fall further slightly as metal, IT cos extend losses
MUMBAI--1352 IST— Benchmark indices fell further slightly with information technology and metal companies contributing to the losses. The heavyweight banking stock HDFC Bank fell further and weighed down on the Nifty 50. The stock was down nearly 1%. At 1351 IST, the Nifty 50 was at 24139.35, down 79.70 points or 0.3%, and the BSE Sensex was at 77184.28, down 184.83 points or 0.2%.
More than half the Nifty 50 stocks were in the red, with HCL Technologies being the worst hit stock, down nearly 2%. Grasim Industries and Cipla followed right after, down nearly 2% and over 1%, respectively. Adani Enterprises outperformed in the index, up over 1% followed by Adani Ports and Special Economic Zone and Eternal, up nearly 1?ch.
Indices tracking sectors also showcased a lower performance, with the Nifty IT, Nifty Metal and Nifty Energy taking the worst hits, down nearly 1?ch. Broader markets were in the red with the Nifty Smallcaps down 0.4?ch, and the Nifty Midcaps down 0.1-0.2%.
Vodafone Idea was the top gainer in the Nifty 200 index, up over 7%, followed by One 97 Communications and Steel Authority of India, up over 3?ch. Federal Bank and Siemens Energy India were the worst hit in the index, down nearly 3%, followed by Samvardhana Motherson International and National Aluminium Co., down over 2%. Shares of Federal Bank fell after media reports said the bank was looking to acquire controlling stake in Jana Small Finance Bank. Later in the day, Federal Bank clarified there was nothing pending to disclose on the matter. Jana Small Finance Bank's shares were down nearly 2%.
In the Nifty 500, Fertilizers and Chemicals Travancore was the top gainer, up over 15%. Its peers Paradeep Phosphates and AWL Agri Business were up around 5?ch. The gains in these stocks were followed by the positive sentiment of Russia's assurance to India of an uninterrupted supply of fertilisers. These companies were facing headwinds due to the supply chain disruption caused by the West Asia war. On other hand, Hindustan Copper was the underperformer among the Nifty 500 constituents, down over 7%. (Utthara E. S.)
Equity Alert: Fertiliser stocks soar as Moscow offers higher supply to India
MUMBAI--1303 IST--Shares of most fertiliser companies surged Tuesday after Moscow assured of uninterrupted fertiliser supplies to India, allaying concerns about supply disruptions due to geopolitical disruptions. Russian President Vladimir Putin told External Affairs Minister S. Jaishankar that Moscow is prioritising the energy, fertiliser, nuclear energy, and high technology sectors in the bilateral cooperation with India, as per media reports.
"The assurance is significant against the backdrop of continuing geopolitical disruptions and elevated global fertiliser prices. It provides greater visibility on the availability of imported fertilisers for India ahead of key agricultural seasons," Harmish Desai, senior vice-president institutional research at Systematix Shares and Stocks (India) Ltd., said in a note.
At 1246 IST, shares of Fertilizers and Chemicals Travancore soared over 16% and was the top gainer in the Nifty 500. Shares of Paradeep Phosphates, Rashtriya Chemicals and Fertilizers, and National Fertilzers traded 3.9-6.0% higher. "One of these issues is not only energy — it is, of course, fertiliser supplies. We are doing everything to address this issue for Indian farmers, for agriculture; we are increasing these supplies and are ready to do so further," The Indian Express quoted Putin as saying.
Higher Russian exports can reduce concerns over fertiliser availability, particularly urea, Desai said. Companies such as Fertilizers and Chemicals Travancore, Rashtriya Chemicals and Fertilizers, and National Fertilizers have "significant" exposure to the domestic urea and fertiliser ecosystem and Paradeep Phosphates has "substantial" exposure to phosphatic fertilisers. "Improved raw-material/product availability can support production volumes and reduce the risk of supply-related disruptions. For Paradeep Phosphates specifically, the company has a diversified raw-material sourcing strategy covering phosphate rock, phosphoric acid, sulphur, ammonia and MOP, with long-term supplier arrangements designed to mitigate raw-material volatility," Desai said. (Ashutosh Pati)
Equity Alert: IIFL Finance snaps four-session rise; sheds 8%
MUMBAI--1245 IST--Shares of IIFL Finance snapped its four-day gaining streak and shed nearly 8% to an intraday low of INR 643.55 apiece. The stock had gained nearly 12% in the past four sessions, hitting multiple record highs in that period. The rally came amid optimism towards gold financiers from brokerages.
Friday, global brokerage JPMorgan initiated coverage on IIFL Finance with a target price of INR 750 per share. Subsequently, the stock touched a lifetime high at INR 687.10 per share Friday before hitting a new record of INR 705 Monday. Over the past month, the stock has gained over 20%.
At 1205 IST, shares of the company traded at INR 669.6, down 3.9% on the NSE. Nearly 5.9 million shares have changed hands on the exchange so far, which is over twice the number of shares traded until the same time Monday. The two brokerage reports available on the company have a "buy" or equivalent recommendation on the stock. (Shruti Nair)
Equity Alert: Federal Bk down 4% on report of stake buy in Jana Small Fin Bk
MUMBAI--1240 IST--Shares of Federal Bank fell over 4% to an intraday low of INR 342.05 on the NSE after CNBC-TV18 reported the lender was looking to acquire a controlling stake in Jana Small Finance Bank. The Kerala-based lender and Jana Small Finance are reportedly in advance stages of a deal. At 1220 IST, shares of the company traded over 3% lower at INR 346.40 on the NSE. Over 8 million shares of Federal Bank changed hands so far, which is four-fold the number of shares traded till the same time Monday. Shares of Jana Small Finance Bank traded nearly 2% lower at INR 570.15 on the NSE. Over a million shares of the company changed hands on the bourse so far, less half the number of shares traded till the same time Monday.
Federal Bank will likely purchase a part of stake held by promoter Jana Holdings, which held around 17% in Jana Small Finance, as on Jun. 30. After this buyout, Federal Bank is expected to launch an open offer for the remaining shareholders, according to the report. On Jul. 9, Jana Small Finance had said once the promoter stake goes below 9.99%, the company may seek re-classification from the promoter category to the public category, according to an exchange filing.
Jana Holdings owes TPG Asia INR 7 billion for 37,000 non-convertible debentures issued in May 2023. The payment for this debt was due on Jun. 30, but the lender had agreed to roll it over, the report said, suggesting reasons for the stake sale. The board of Federal Bank had Friday approved a proposal to raise up to $500 million by issuing foreign currency-denominated bonds through its International Financial Services Centre branch in Gujarat International Finance Tec-City in one or more tranches. The report suggested that proceeds from this fundraise will be used to finance the acquisition.
Of the 19 brokerage reports available with Informist on Federal Bank, 13 have a 'buy' recommendation with an average target price of INR 372. Four brokerages have a 'hold' or equivalent recommendation with an average target price of INR 336. Two brokerages have a 'sell' recommendation. (Eshitva Prakash)
Equity Alert: Great Eastern Shipping rises 3.5% as co to mull share buyback
MUMBAI--1235 IST--Shares of Great Eastern Shipping Co. rose 3.5% to an intraday high of INR 1,380, highest level in nearly three weeks. The stock rose after the company Monday said it will consider buyback of equity shares at its board meeting on Thursday.
Later, the stock came off highs and at 1139 IST, it was up over 1% at INR 1,349.10. The stock has lost over 6% since announcing its June quarter earnings on Aug. 3. However, it has given strong returns over several months, up more than 40% in 52 weeks.
Around 1.8 million shares of the company have changed hands on the exchange so far Tuesday, more than double the number of shares traded until the same time Monday. Traded volumes were also significantly higher than the three-month daily average volume of 806,000 shares. (Utthara E.S.)
Equity Alert: Sunshine Pictures lists at 9% premium to issue price on NSE
MUMBAI--1152 IST--Shares of Sunshine Pictures listed at INR 395.90 per share on the National Stock Exchange, a premium of 9.4% to the issue price of INR 360. Nealry 13 million shares have traded so far on the NSE.
Since normal trading began for the stock, it has traded between a high of INR 395.90 and a low of INR 367.10. The stock had risen nearly 10% soon after trading began before coming off highs slightly. At 1151 IST, shares of the company traded at INR 375.70, up over 4%.
The initial public offering of Sunshine Pictures Ltd. was subscribed nearly 106 times. The company had received bids for 580.5 million shares against 5.5 million shares on offer. The initial public offering closed for subscription Thursday.
Sunshine Pictures is a production house that creates, develops, produces, and distributes films, television serials, and web-series. It had reported a net profit of INR 400.22 million for the financial year 2025-26 (Apr-Mar) on revenues of INR 744.37 million. (Durgesh Nandan)
Equity Alert: Shankesh Jewellers lists at 11% premium to issue price on NSE
MUMBAI--1125 IST--Shares of Shankesh Jewellers listed at INR 103.30 per share on the National Stock Exchange, a premium of 11% to the issue price of INR 93. Nearly 65 million shares have been traded so far on the NSE.
Since the market opened, the company's stock has traded in the range of INR 98.36 to INR 111. The stock had risen up to 19% soon after trading began before coming off highs slightly. At 1136 IST, shares of the company traded at INR 102.31, up 10%.
The company's initial public offering was subscribed 2.80 times with the company receiving bids for 77.44 million shares against 27.64 million shares on offer. It produces handcrafted gold jewellery and provides customisation services to clients. It had reported a net profit of INR 1.07 billion on revenues of INR 16.31 billion for the financial year 2025-26 (Apr-Mar). (Durgesh Nandan)
Equity Alert: Indices fall further as auto, select cos extend losses
MUMBAI--1110 IST--Indices fell further as automobile and select stocks extended losses. Metal companies continued to be the major contributors to the losses in the indices. Shares of Tata Motors Passenger Vehicles and Eicher Motors fell further and were down around 1%. Cipla, Grasim Industries, and Asian Paints extended losses and were down around 1% as well. At 1107 IST, the Nifty 50 was at 24145.40, down 73.65 points or 0.3%, and the BSE Sensex was at 77216.82, down 152.29 points or 0.2%.
Zudio-operator Trent was the top gainer among the Nifty 50 constituents, up nearly 1%. Adani Enterprises, SBI Life Insurance, Adani Ports and Special Economic Zone, and Eternal were up 0.4-0.3%. On other hand, Cipla was the worst hit stock in the 50-stock-index. Metal constituents Hindalco Industries, Tata Steel, and JSW Steel were up around 1?ch. HCL Technologies was down nearly 2% and Wipro fell nearly 1%. State-owned Coal India, NTPC, and Power Grid Corp. of India fell around 1?ch.
Telecommunications major Vodafone Idea gained intraday and was up nearly 5%. On Monday, the Delhi High Court had ordered the Income Tax Department to give a refund of INR 531 million to the company by Sept. 30. The amount was withheld by the department despite a favourable order win to avail the tax refund in June 2024. Billionbrains Garage Ventures was the second top gainer in the index, up over 4%.
In contrast, metal majors National Aluminium Co. and Hindustan Zinc were the worst hit stocks, down over 2?ch. Power transmission companies GE Vernova T&D India and Hitachi Energy India were down over 2?ch. In the Nifty, fertiliser companies Fertilizers and Chemicals Travancore and Paradeep Phosphates were the top gainers, up nearly 13% and 6%, respectively. These stocks gained on positive sentiment after Russia assured India uninterrupted supply of fertilisers amid supply disruptions caused by the West Asia war, NDTV Profit reported. Hindustan Copper continued to be the worst hit stock among the Nifty 500 constituents, down nearly 7%. (Adhithya Aji)
Equity Alert: Hind Copper dn 7%; govt to sell stake at discount to Mon close
MUMBAI--1100 IST--Shares of Hindustan Copper plunged over 7% to an intraday low of INR 532.50 after the government announced plans to sell up to 6% stake in the company through an offer for sale, with the floor price set at INR 514 per share, an over 10% discount to the stock's Monday close. At 1050 IST, the stock was at INR 535.45 per share on the National Stock Exchange, down 6.7% from Monday and was the worst hit in the Nifty 500 index.
The government plans to sell 3% stake in Hindustan Copper with an option to divest an additional 3% in case of oversubscription, Divestment Secretary Arunish Chawla said in an 'X' post Monday. Currently, the government holds 66.14% in Hindustan Copper. A 6% stake sale will lower its share to 60.14%.
The stake sale signals negative sentiment for the stock, given that the floor price is at a steep discount to the prevailing market price, ICICI Securities said in a report. The stock trades at a valuation of around 30 times the enterprise value to earnings before interest, tax, depreciation, and amortisation on a trailing twelve-month basis, which is fairly valued given robust copper prices, favourable domestic demand prospects and healthy capacity expansion in the pipeline, the brokerage added.
So far in the day, nearly 19 million shares of the company changed hands on the NSE, over four times the 4.3 million shares traded till the same time Monday. The two research reports on the company available with Informist have a "buy" call on the stock with target prices INR 352 and INR 715. (Arya S. Biju)
Equity Alert: Brokerages positive on TCS-Porsche deal; await deal closure
MUMBAI--1045 IST--Brokerages await further details on Tata Consultancy Services' five-year deal worth 1.25 billion euros (around INR 140 billion) with sports carmaker Porsche AG to integrate artificial intelligence services across the latter's mobility value chain. Per the terms of the deal, the Indian information technology major's subsidiary, Tata Consultancy Services Netherlands B.V. will acquire a 100% stake in MHP Management-und IT-Beratung GmbH, a subsidiary of Porsche AG, for 320 million euros.
TCS gained over 1% to hit an intraday high of INR 2,313.50 on the National Stock Exchange during early trade. The deal was announced after market hours on Monday. Subsequently, however, the stock pared its gains and slipped marginally. At 1048 IST, shares of the company were at INR 2,276.50, down 0.4% on the NSE.
The deal is a strategic buyout wherein TCS will help Porsche cut costs and provide upfront payment and, in turn, boost its revenue while gaining access to Porsche and other auto original equipment manufacturers as clients, Nuvama Institutional Equities underscored in its report. The brokerage views the acquisition and the deal as incrementally positive for TCS. "These types of deals, generally done at inexpensive valuations, provide a one-time boost to top line (~3% to FY28 (financial year 2027-28 (Apr-Mar) top line), also opening doors to new clients in the region," the brokerage said in its report. However, Porsche's own financial health is a concern given the overhang of the automobile cycle and competition from Chinese players, the brokerage underscored.
The brokerage awaits the deal closure before making any changes to its estimates for the company. However, it retained its "buy" recommendation on the stock with an average target price of INR 3,000, valuing it at 18 times the price to earnings multiple based on FY28 estimates. The target price by the brokerage is nearly 32% higher than the current market price.
Emkay Global Financial Services believes MHP will strengthen TCS's automotive and industrial consulting capabilities, scaling its AI transformation offerings across Europe's auto sector and industrial customers. Considering the onsite-centric business with MHP's revenue challenges, intangible amortisation impact, talent retention, and integration costs, the transaction is likely to have a dilutive impact of around 50 basis points at the earnings before interest, taxes, and margin level and be slightly dilutive at earnings per share level in the first year.
The brokerage has not yet factored in the transaction pending the deal closure but expects it to add around 2.8% to TCS's revenue. The brokerage maintained its "add" recommendation with a target price of INR 2,600 at an earnings per share multiple of 16 times the estimate for June 2028. The target price by the brokerage is around 14% higher than the current market price of the stock. (Shruti Nair)
Equity Alert: Benchmark indices open lower amid US sanctions on Iran
MUMBAI--0948 IST--Indices opened on a negative note Tuesday amid the escalation in the US-Iran war with Washington's imposition of fresh economic sanctions against Iran. Automobile and metal companies were the major laggards in the indices. At 0937 IST, the Nifty 50 was at 24163.30, down 55.75 points or 0.2%, and the BSE Sensex was at 77269.28, down 99.83 points or 0.1%.
Adani Ports and Special Economic Zone was the top gainer in the Nifty 50, up nearly 1%. Eternal, Trent, Bharti Airtel, ICICI Bank, and Bharat Electronics rose 0.1-0.3%. On other hand, information technology players HCL Technologies and Tech Mahindra were worst hit stocks, down over 1%. Pharmaceutical major Cipla fell nearly 1%. Tata Consumer Products, Hindalco Industries, Adani Enterprises, Asian Paints, and Power Grid Corp. of India were down around 1?ch. Automobile constituents in the index--Tata Motors Passenger Vehicles, Maruti Suzuki India, and Eicher Motors--were down around 1?ch.
Among the sectoral indices, Nifty Metal was the underperformer, down nearly 1%. In contrast, Nifty Media was the top gainer, up over 1%. All the broader market indices were in red--Nifty Midcap indices were down around 0.1?ch and the Nifty Smallcap indices fell 0.1-0.4%.
Steel Authority of India, up nearly 3%, was the top gainer among the Nifty 200 constituents. Motilal Oswal Financial Services, Swiggy, and PB Fintech rose 1-2% in the index. Shares of Max Financial Services gained over 1?ter the Securities and Exchange Board of India dropped proceedings against the company on the breach of disclosure norms. Meanwhile, Hindustan Zinc was the major laggard in the index, down nearly 3%. GE Vernova T&D, Hitachi Energy India, National Aluminium Co., and Vedanta fell 1–2% in the index.
In the Nifty 500, Fertilizers and Chemicals Travancore rose over 11% to be the best performer, while Hindustan Copper was the worst hit, down over 6%. Shares of Hindustan Copper fell after the government decided to sell a 6% stake in the company at a discount price of INR 514. (Adhithya Aji)
Equity Alert: Asian mkts mixed on high crude oil prices; chip stocks fall
MUMBAI--0840 IST--Asian indices were mixed in early trade as crude oil prices remained higher and threats by the US of an "economic D-Day" through sanctions on Iran cast a pall over market sentiment in the region. Some relief came in the form of US bond yields coming off highs amid media reports that the US Treasury would tap into the department's general account to finance its plan to increase the buyback of government bonds. South Korea's benchmark Kospi index was the worst performer in the region, while Australia's S&P/ASX 200 gained the most.
Investors were nervous about technology stocks in the region ahead of Nvidia's quarterly results due Wednesday, Reuters said in a report. Analysts expect the chip-maker's quarterly revenues to almost double to around $92 billion. "Those are really high expectations to be met," Fabien Yip, a market analyst at IG, told Reuters. "Judging from Nvidia's track record, it won't be surprising if they meet the headline numbers, but I think ...people are trying to understand whether there are concerns on the circular deals powering its growth and whether that growth percentage is sustainable..."
With index heavyweights Samsung Electronics and SK Hynix shedding around 2% and 4%, respectively, the Kospi was down around 2% during early trade. Monday, shares of Samsung slipped 8?ter the company's record $79-billion shareholder-return plan disappointed investor expectations that had factored in greater cash windfalls on the back of the company's artificial intelligence engagements, according to a Reuters report.
In Hong Kong, Hang Seng heavyweight Alibaba's launch of a $10.2 billion share sale at a steep discount also hurt market sentiment. The benchmark index was down marginally.
Following are the levels of major Asian indices at 0820 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
65598.68 | 0.1 |
|
TOPIX FIRST SECTION |
4086.73 | 0.3 |
|
S&P/ASX 200 Index |
9154 | 0.6 |
|
KOSPI Index |
6555.77 | (-)2.1 |
|
Hang Seng Index |
25444.45 | (-)0.3 |
|
CSI 300 Index |
4540.40 | (-)0.5 |
|
FTSE Singapore Strait Times |
5686.68 | 0.1 |
(Shruti Nair)
Equity Alert: Indices seen subdued on global cues, F&O monthly expiry
MUMBAI--0838 IST--Indices are expected to start the day on a subdued note amid negative global cues and the monthly expiry of futures and options Tuesday. The fresh US economic sanctions on Iran to isolate the nation indicate a peace deal between the two nations is unlikely in the near term. The monthly expiry of August of futures and options is likely to add intensity to volatility in the market, according to analysts.
"For the past five trading sessions, the Nifty index has been hovering within a tight 300-point range (24026–24313 spot zone)," Vipin Kumar, assistant vice-president of research at Globe Capital Market, said. If the Nifty 50 sustains above 24320 level it could lead the index towards 24450-24480 spot zone, while a fall below 24000 could drag the index towards 23880-23800 level, he added. On Monday, the Nifty ended at 24219.05 points, down 0.1%, and the BSE Sensex ended at 77369.11, down 0.2%.
The US would target Iran's economic relations with other nations and the country's source of revenue, including oil, to isolate the nation. "Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Bessent said in a press conference. He added that the countries must choose between the US and Iran, and said these sanctions would also target Tehran's trade partners with secondary penalties. Bessent also emphasised that "no one is above the reach of US sanctions." This move by Washington has faded any possibility of a peace resolution between the US and Iran.
The August Futures of Brent Crude were at $92.58 per barrel. The crude oil price is above the psychological mark of over $90 per barrel for the seventh consecutive session and stays on an overhang over the equity markets. Asian markets opened lower Tuesday and the US indices closed mixed. Asian peers were weighed down by the sharp selloff in technology shares ahead of the tech giant Nvidia's earnings. (Adhithya Aji)
Equity Alert: US indices end mixed; chip cos fall while bond yields relent
MUMBAI--0750 IST--Major US indices closed on a mixed note on the first day of trade this week as losses in key technology stocks hit the indices hard. Bond yields contracted and offered some relief to investors amid media reports that the US Treasury could use its general account to fund its recently announced plan to buyback government bonds.
The tech-heavy Nasdaq Composite fared worse than its peers and closed nearly 1% lower as losses in prominent chip stocks weighed down the index. Micron Technology, Advanced Micro Devices, and Broadcom were among the top players in the sector to end around 3–6% lower. The S&P 500 index ended marginally lower, while the Dow Jones Industrial Average index closed slightly up.
The yield on the 10-year treasury note slipped 3 basis points and that on the 30-year bond slipped 4 bps lower, according to CNBC. This came after the outlet reported, citing two senior Treasury officials, that the US Treasury Secretary, Scott Bessent, could tap into the treasury's general account, which holds close to $1 trillion to fund the department's expanded bond-buyback plans. Last week, the US Treasury announced it would double its buy-back of long-term government bonds, sending yields sharply lower.
Further, Bessent announced that the US was launching an "economic onslaught" against Iran's financial connections but stopped short of imposing penalties or specifying what countries would be hit, according to a Reuters report. The treasury department did, however, announce new sanctions on 60 individuals, entities, and vessels.
Further, US President Donald Trump's announcement that the country would increase tariffs on imports of "all Cars, Trucks, both large and small, Automotive Parts, and Steel," from Canada to 50% from Jan. 1 did little to soothe investor sentiment, CNBC said in a report.
This week, investors will keep an eye out for the July personal consumption expenditures price index release on Wednesday. Further artificial intelligence stocks will also be in focus, with Nvidia and Marvell Technology due to report earnings Wednesday and Thursday, respectively.
Following are the closing levels of major US indices on Monday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
53417.1 | 0.3 |
|
NASDAQ Composite |
25980.10 | (-)0.8 |
|
S&P 500 |
7652.86 | (-)0.3 |
(Shruti Nair)
US$1 = INR 95.41
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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