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Informist, Thursday, Aug. 27, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Lupin falls to 6-mo low, Citi downgrades to 'sell' from 'buy'

 

MUMBAI--1022 IST--Shares of Lupin fell as much as nearly 2% to hit their lowest level in over six months of INR 2,144.70 on the National Stock Exchange after brokerage Citi downgraded the stock to "sell" from "buy". Lupin's US business is losing its momentum, the brokerage said, adding that the pipeline isn't enough to offset the decline the company is seeing in sales of Tolvaptan and Mirabegron. Sales from the US are estimated to fall to $975 million by 2028-29 (Apr-Mar) from $1.3 billion in FY26. Citi has cut the target price on the stock to INR 2,050 from INR 2,540 earlier.

 

Tolvaptan contributed about 35% to the company's US sales for the June quarter and 45% of earnings before interest, taxes, depreciation, and amortisation, Citi noted. This is seen falling going ahead as Apotex launched a similar drug in August. Two more players can launch their variants too soon, the brokerage said. 

 

The pharmaceutical company's EBITDA margin is seen around 23% for FY28 and 20% for FY29. Better operating leverage and a richer product mix should support margin growth but "pipeline delays or execution hiccups could push margins below 20% (for FY29)", Citi said. Underlying margin exlcuding Tolvaptan and Mirabegron is seen only around 15% for FY29. The margin estimate for FY28 mainly depends on the company earning $220 million from its anticoagulant, Apixaban. However, this is expected to only may last only until April 2028. 

 

Citi reduced its FY27 earnings per share estimate for the company by 14% but raised the estimate for the same by 4% for FY28. The increase in expectations for FY28 is primarily due to sales of Apixaban. However, the brokerage now sees the stock's price-to-earnings multiple at 25 based on earnings estimates for FY28, lower than 27 before. At 1021 IST, shares of the company were slightly off lows and down close to 1% at INR 2,165.50 on the NSE. (Ruchira Kagita)

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Equity Alert: Indices turn flat after opening higher; fincl svcs shrs gain

 

MUMBAI--0951 IST--Benchmark indices opened higher Thursday but later pared gains to trade largely flat amid falling crude oil prices. Financial services stocks were the major gainers among index constituents, while automobile stocks were the major laggards. The Nifty 50 was weighed down by HDFC Bank. Broader market indices also opened higher. At 0950 IST, the Nifty 50 was at 24220.10, up 0.1%, and the BSE Sensex was at 77472.39, flat.

 

In the Nifty 50, Tech Mahindra gained over 1%, while financial services stocks Bajaj Finance and Kotak Mahindra Bank rose around 1?ch. Adani Enterprises, Oil and Natural Gas Corp., Bharat Electronics, Eternal, and Tata Steel rose around 1?ch. ICICI Bank was up nearly 1%. On the other hand, HDFC Bank fell nearly 1%. HDFC Bank shares fell after media reports said India's largest private sector lender is facing a lawsuit in the US, with an investor alleging that the bank violated US securities law and caused losses for shareholders. Automobile stocks Mahindra & Mahindra, Bajaj Auto, and Eicher Motors were down 0.5-1.0%. Shriram Finance fell nearly 2%.

 

The broader market indices were in positive territory. The midcap indices were up 0.2?ch, while smallcap indices gained 0.1-0.2%. Nifty Consumer Durables was the best performer among sectoral indices, rising 0.5%. Nifty Auto fell 0.2% to be the underperformer.   

 

Power transmission stocks GE Vernova T&D India, Hitachi Energy India, and Adani Energy Solutions rose 2-4%. CG Power and Industrial Solutions rose over 3%. ICICI Prudential Asset Management Co. fell over 4% after nearly 10 million shares of the company exchanged hands on the BSE at a price of INR 3,065 per share, a nearly 5% discount to the previous close. Tata Power Co. and Tata Motors fell over 3% and 2%, respectively.

 

Bombay Burmah Trading Corp. rose over 11% to be the best performer among the Nifty 500 constituents. Meanwhile, ICICI Prudential Asset Management Co. and Tata Power Co. were the worst-performing stocks in both the Nifty 200 and Nifty 500 indices.  (Adhithya Aji) 

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Equity Alert: Indices to open dn despite fall in oil; Fed chair comments eyed

 

MUMBAI--0854 IST--Indices are expected to open lower despite crude oil prices extending losses for the fourth consecutive session. The investors will now focus on the speech from US Federal Reserve Chairman Kevin Warsh on Friday. Information technology stocks are likely to be the core attraction in the market after tech-giant Nvidia's earnings release.

 

"The Nifty index has slightly expanded its congestion range with a slightly upward slope," Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market, said. The support for the index is seen at 24100-24150, while the resistance is expected at around 24400-24450, according to Kumar. On Wednesday, the Nifty 50 ended 0.5% lower at 24207.75.   

 

Overnight, the American Depository Receipts of Indian IT majors Infosys and Wipro were down nearly 3% post the results' announcement of tech-giant Nvidia. The AI major's revenue for the June quarter more than doubled on year and rose 18% sequentially to $96.2 billion. The company's generally accepted accounting principles gross margin was at 75%, while the generally accepted accounting principles earnings per diluted share were $2.46.

 

On the global front, the Asian markets were mixed, with the tech-heavy Kospi rising the most in the region. The South Korean index rose nearly 2%. The index gained positive sentiment from the robust June quarter earnings of Nvidia. Japan's Nikkei 225 opened higher and later slipped into red, down 0.1%. The US indices ended lower.  (Adhithya Aji)

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Equity Alert: Asian markets mixed; Nvidia earnings lift select tech stocks

 

MUMBAI--0825 IST--Major Asian indices opened mixed after Nvidia's July quarter earnings beat estimates, supporting technology stocks and investor confidence in the region. Nvidia's quarterly revenues more than doubled year on year, and the company's shares were up nearly 5% in after-hours trading. 

 

"The business is in absolutely rude health. It's going to wake people up and think 'what have I missed?' It's a really bullish story, and anyone supplying Nvidia through the supply chain will likely see the benefit today," Chris Weston, head of research at Pepperstone Group in Melbourne, told Reuters.

 

The South Korean Kospi led gains in the region, up around 2?ter the Bank of Korea raised interest rates to 3%, up 25 basis points. Kospi heavyweights Samsung Electronics and SK Hynix were up around 3?ch, pulling up the index. China's CSI 300 index was up 0.2%, while Hong Kong's Hang Seng was down 0.2%.  

 

Brent Crude oil prices slipped for the fourth day to around $87 per barrel ahead of Qatar's prime minister's visit to Tehran later in the day to relaunch efforts for diplomacy between the US and Iran. "Crude oil prices continued to gradually ease despite a still highly uncertain outlook around management of the Strait of Hormuz and the current health of global oil supply, especially in light of renewed threats of escalation from Putin in the Russia-Ukraine war," Westpac analysts told Reuters.

 

Following are the levels of key indices in the region at 0806:

 

Index	Level	Change in %
Nikkei 225 Day	66317.17	0.1
TOPIX FIRST SECTION	4119.23	0.2
S&P/ASX 200 Index	9067.40	(-)0.7
KOSPI Index	6942.11	2.0
Hang Seng Index	25599.05	(-)0.2
CSI 300 Index	4598.51	0.2
FTSE Singapore Strait Times	5685.75	(-)0.6

 

(Vidhi Thacker)

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Equity Alert: US markets close marginally lower ahead of Nvidia earnings

 

MUMBAI--0735 IST--Major US indices closed marginally lower Wednesday ahead of Nvidia's earnings for the quarter ended July. A higher-than-expected inflation print also likely dampened market sentiment. Market participants will focus on the Federal Reserve Chairman Kevin Warsh's Jackson Hole speech Friday. However, US futures were higher after Nvidia reported a strong set of earnings. While shares of the chipmaker rose 5% in pre-market trading, E-Mini Dow futures also rose slightly.  

 

Shares of Nvidia had ended nearly 2% lower ahead of earnings. For the July quarter, the company beat consensus estimates and strong guidance for the full financial year ending in January 2028. The company's revenues for the July quarter were $96.22 billion, up more than 4% from the estimate of $92.17 billion, CNBC reported. Nvidia expects revenue for the year ending 2028 to grow by about 70% on year and that it sees sales of $108 billion in the current quarter, plus or minus 2%. 

 

Wednesday, the Dow Jones Industrial Average fell the most, down 0.2%, while the Nasdaq composite and the S&P 500 closed flat. Shares of Meta ended more than 1% higher after it decided to make major changes to its platforms and pay $18 billion to resolve all US states claims that those platforms addict children. 

 

On the macroeconomic front, the personal consumption expenditures inflation rose 3.7% in the 12 months through July, a touch above expectations. Economists polled by Reuters had forecast a 3.6% increase. The latest inflation data adds pressure on the Federal Reserve's policy outlook. The next meeting of the central bank will be in September. Chances of an interest rate hike stood at 38.1%, according to a report by Reuters. "There is no crisis, it is more about expectations or guidance we are going to get from the Fed and what the Treasury is trying to do. That blends to some uncertainty and basically increases the risk premium," Greg Tuorto, the head of US small and midcap investing at Goldman Sachs Asset Management, told Reuters.

 

Following are the closing levels of all the major US indices:  

 

Index	Level	Change in %
Dow Jones Industrial Average	53463.88	(-)0.21
NASDAQ Composite	26130.19	(-)0.08
S&P 500	7675.70	(-)0.02

 

(Vidhi Thacker)

 

US$1 = INR 95.41

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Akul Nishant Akhoury

 

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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