More Stories

Informist, Monday, Aug. 31, 2026                                      Tel +91 (22) 6985-4000

---

Equity Alert: Brokerages retain "buy" on HDFC Bk but see near-term weakness

 

MUMBAI--1020 IST--Shares of HDFC Bank rose 2.7% to hit an intraday high of INR 739.75, making it the top gainer in the Nifty 50 index. This comes after the lender on Saturday announced that its incumbent Chief Executive Officer and Managing Director, Sasidhar Jagdishan, has decided not to seek reappointment despite the board's attempts to persuade him to continue. Jagdishan will retire when his current term ends Oct. 26, according to the bank's exchange filing. Further, the bank's board has decided to expedite the selection and appointment process for Jagdishan's successor. Most brokerages retained their "buy" recommendation on the stock despite foreseeing some near-term weakness in the stock. Jagdishan's exit addresses a key overhang related to the future of the lender's top leadership.

 

Tracking the development, brokerage JM Financial trimmed its target price on the lender's stock by nearly 9% to INR 950 but retained its "buy" recommendation. Deputy MD Kaizad Bharucha could be appointed to bring stability, and he is eligible to be in office until April 2029 per regulations, according to the brokerage. It believes near-term pressure may continue till there is clarity on succession. However, the brokerage believes the stock is attractive at 1.4 times the core adjusted book value based on Mar. 28 estimates and underscored that the stock was at a 30% discount to that of its peer, ICICI Bank.

 

Brokerage Nuvama Institutional Equities echoed a similar view and anticipates near-term weakness in the stock till clarity regarding succession emerges. The brokerage cut its target price on the stock by 15% to INR 875. However, Jagdishan's exit is a cleaner outcome as term extension from the RBI would have been difficult amid the lender's recent operational and governance lapses, the brokerage highlighted and retained its "buy" recommendation on the stock. The brokerage also sees the possibility of Bharucha emerging as a "pragmatic short-term" transition candidate while an internal or external successor is groomed. Alternatively, the bank could appoint an external candidate for a full three-year term, though this may take five–six months and prolong the uncertainty, according to the brokerage.

 

Brokerage Nomura also expects the stock to be range bound until there is clarity on the CEO candidate. The brokerage highlighted that Jagdishan's decision to not seek reappointment comes less than two months before the end of his term. "The absence of clarity until now suggests the succession process has remained unresolved for some time, in our view," the brokerage said in its report. Further, the slew of governance or regulatory issues that have cloaked the lender recently, such as the erstwhile chairman Atanu Chakraborty's resignation, has weighed on investor sentiment, according to Nomura. However, the brokerage clarified that these issues did not necessarily signal a deterioration in the core franchise. 

 

Jagdishan's exit addresses one overhang, but the successor would need to accelerate growth, improve deposit mobilisation, and, importantly, rebuild confidence around governance and senior-management stability, Nomura said in its report. The brokerage retained its "buy" recommendation on the stock with an unchanged target price of INR 950. (Shruti Nair)

---

 

Equity Alert: Transformers and Rectifiers rises to 1-mo high on order win

 

MUMBAI--1004 IST--Shares of Transformers and Rectifiers (India) gained nearly 8% to an over-one-month-high of INR 326.95 per share after the company Saturday received a "large" order from Megha Engineering and Infrastructures. The order is to supply transformers for the Nuclear Power Corp., according to an exchange filing. The company classifies a large order as one valued between INR 1 billion and INR 5 billion.

 

This marks the first time the company has received an order for a nuclear project, the company said in a press release. The company will provide infrastructure for two separate 700 megawatt electrical pressurised heavy-water reactors at the Kaiga site which will add 1,400 MW of nuclear capacity at this site. "The generator transformers will form a critical part of the electrical infrastructure of the project, supporting the evacuation of power generated by the nuclear power units," the company said. At 1000 IST, shares of Transformers and Rectifiers traded 3% higher at 313.10 apiece on the National Stock Exchange.  (Deesha Jadhav)

---

 

Equity Alert: Mkt opens down on military action in W Asia, rise in crude oil

 

MUMBAI--0936 IST—-Indices opened lower Monday as new military action escalated in West Asia, with the US and Iran exchanging strikes. This pushed crude oil prices above $90 per barrel. Metal and information technology stocks were the major laggards. Broader market indices opened lower. At 0935 IST, the Nifty 50 fell 0.5% to 24052.45, while the BSE Sensex fell 0.4% to 76979.53.

 

HDFC Bank was the top gainer among the Nifty 50 constituents, up over 2%. The stock rose nearly 2?ter its Managing Director and Chief Executive Officer Sasidhar Jagdishan decided not to seek reappointment when his tenure ends on Oct. 26. Oil explorer Oil and Natural Gas Corp. gained nearly 1% on higher crude oil prices. Peer Oil India was up over 2%. Coal India and Bajaj Auto rose around 1?ch.

 

Metal companies Hindalco Industries, Tata Steel, and JSW Steel fell 2-3%. Information technology companies Infosys, Wipro, Tech Mahindra, and HCL Technologies fell 1-3%. Financial services stocks Shriram Finance, Bajaj Finance, Bajaj Finserv, SBI Life Insurance Co., and Jio Financial Services fell 1-2%. Adani Enterprises, UltraTech Cement, Asian Paints, Adani Ports and Special Economic Zone, InterGlobe Aviation, Larsen and Toubro, and Tata Motors Passenger Vehicles fell 1-2%. 

 

Among the sectoral indices, Nifty Metal fell nearly 3%, with all the constituents trading lower. Nifty Private Bank gained 0.2% to be the best performer on the back of gains in HDFC Bank. All the broader market indices opened lower. Midcap indices fell 0.9?ch and smallcap indices fell 1?ch. 

 

In the Nifty 200 space, metal players Hindustan Zinc, Vedanta, and National Aluminium Co. fell 3-4%. Gold loan financiers Manappuram Finance and Muthoot Finance fell around 3?ch. Zee Entertainment fell over 6% amid controversy over the personal insolvency case of the company's Chairperson Emeritus Subhash Chandra.

Friday, Union Bank of India's UK arm said it will challenge the National Company Law Tribunal's approval for the resolution plan in the personal insolvency case. Earlier, HDFC Bank also said it will challenge the tribunal's resolution. 

 

Shares of Transformers and Rectifiers (India) rose nearly 5?ter the company received a large order to supply generator transformers for a nuclear power project. The New India Assurance rose nearly 5% as well. (Adhithya Aji) 

---

Equity Alert: Asian mkts fall on higher crude oil prices, Fed Warsh comments

 

MUMBAI--0830 IST--Major Asian indices opened lower Monday after fresh attacks broke out between the US and Iran, leading to a rise in crude oil prices. Meanwhile, US Treasury bond yields rose after concerns over the US Federal Reserve hiking rates spiked, following Chair Kevin Warsh's statement that the central bank had "work to do" to control inflation. The South Korean Kospi was the worst hit in the region and was down more than 2%.     

 

Brent Crude Oil prices were up over 2% and breached the $90 per barrel level again after US forces attacked two Iranian rocket launchers on Larak Island, Iran. The Iranian Revolutionary Guards responded by attacking US bases in Jordan, according to a Reuters report. 

 

US Treasury bond yields were high and chances of a rate hike in September rose to around 57%, according to the CME FedWatch. "We continue to expect that a hike won't come until December, though agree that the September meeting is live. Moreover, regardless of the exact timing of hikes, Warsh's speech suggested a chair more willing to translate his concern about inflation into a policy tightening," Michael Feroli, chief US economist at JPMorgan, told Reuters. 

 

Asian Treasury bond yields were also up. Japan's 10-year government bond yield was up over 3 basis points at 2.92%, while Australia's 10-year sovereign debt gained 1 bp to 5.080%.

 

As for stocks in South Korea, shares of Samsung Electronics and SK Hynix were down around 2?ch, pulling down the Kospi. In Japan, the Nikkei 225 slipped 1.5% and the broader market, Topix, was down around 1%. Shares of major technology stocks in Japan such as Advantest Corp. fell over 6%, Murata Manufacturing Co. around 4%, Tokyo Electron more than 3%, and SoftBank Group Corp. over 2%. Singapore's FTSE Straits Times index was the only major index in the region in the green. 

 

Following are the levels of key indices in the region at 0829 IST:

 

Index	Level	Change in %
Nikkei 225 Day	65361.60	(-)1.60
TOPIX FIRST SECTION	4128.76	(-)0.40
S&P/ASX 200 Index	9091.00	(-)0.01
KOSPI Index	6646.30	(-)2.10
Hang Seng Index	25364.75	(-)0.86
CSI 300 Index	4564.98	(-)0.96
FTSE Singapore Strait Times	5727.80	0.49

 

(Vidhi Thacker)

---

Equity Alert: Mkt may start week lower on W Asia war escalation, high crude 

 

MUMBAI--0829 IST--Indices are expected to start the week in the red as military action escalated in West Asia. The US launched two missile strikes against Iran on Larak Island in southern Iran Sunday. In retaliation, Iran launched strikes targeting two US bases in Jordan. Crude oil rose over $90 per barrel. Global peers were also lower, with all Asian indices opening lower Monday and US indices ending lower Friday.

 

Crude oil prices rose amid renewed tensions in West Asia, on concerns about global oil supply. At 0738 IST, November Brent crude futures were up over 2% to $90.31 per barrel. Even though crude oil fell for a few sessions last week, the decline was not enough to ease pressure on Indian equity markets, analysts said. They peg comfortable crude levels at around $75 to $80 per barrel. The current rise in energy prices is likely to weigh on investor sentiment.

 

The Nifty 50 was consolidating around 24025-24380 for the past 10 trading sessions, according to Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market. "A break on either side of this range is essential for the next short-term directional move in that direction," Kumar said. If the 50-stock-index moves above the 24440 mark, it could touch 24700-24800 spot levels, he added. 

 

On the stocks front, two heavyweights are set to be in focus, Reliance Industries and HDFC Bank. Reliance's Jio Platforms received the Securities and Exchange Board of India's approval Friday for its initial public offering. Meanwhile, HDFC Bank's Managing Director and Chief Executive Officer Sasidhar Jagdishan has decided not to seek reappointment. He is set to retire on Oct. 26. Nuvama Institutional Equities trimmed its target price of HDFC Bank's stock by nearly 15% to INR 875, and maintained its 'buy' call. "We expect near-term stock weakness until succession clarity emerges," the brokerage said in a report.  (Adhithya Aji)

---

Equity Alert: US indices end lower post Fed Warsh comments at Jackson Hole

 

MUMBAI--0730 IST--Major US indices ended lower Friday as concern about a potential rate hike in September climbed after Federal Reserve Chair Kevin Warsh sounded slightly hawkish and conveyed concern about higher inflation at the annual symposium in Jackson Hole. Indices were, however, up on a weekly basis.  

 

"...While this summer's PCE and CPI readings were better than expected, they do not tell me that underlying trends have meaningfully improved," Warsh said in his speech. "A good majority of my colleagues and I thought the wiser course was to await new information in the intermeeting period—especially given possible developments in supply chains, investment flows, and geopolitics, before deciding whether a change in interest rate policy was advisable. And we expressed our joint readiness to act as circumstances might require," he also said. Odds of a rate hike in September stood at 56.8%, according to the CME FedWatch. 

 

Yields rose after Warsh's speech. The 2-year Treasury yield rose 12 basis points to 4.356%, according to a report on CNBC. Long-term bond yields were also up, with the 30-year bond yield gaining 2 bps to 5.211% and the 10-year note yield rising more than 5 bps to 4.726%.  

 

Friday, the Nasdaq Composite was worst hit among its peers and it closed 0.5% lower. The S&P 500 ended nearly 0.3% lower, while the Dow Jones Industrial Average ended flat. Chip stocks in the region ended lower after a rally on Thursday on the back of Nvidia's strong earnings for the July quarter. Nvidia's shares closed nearly 5% lower.

 

Meanwhile, shares of Marvell Technology plunged 10% over doubts regarding the timing of revenue from its artificial intelligence chip agreement with Alphabet's Google. Alphabet, however, closed 2% higher. Gains in Salesforce shares helped cap losses for the Dow Jones. Shares of the software major closed nearly 2% higher. 

 

Following are the closing levels of key indices in the region: 

 

Index	Level	Change in %
Dow Jones Industrial Average	53559.99	(-)0.02
NASDAQ Composite	26402.42	(-)0.52
S&P 500	7711.76	(-)0.25

 

(Vidhi Thacker)

 

US$1 = INR 95.45

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

 

Edited by Deepshikha Bhardwaj

 

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.

 

NSE: National Stock Exchange
NYSE: New York Stock Exchange
NYMEX: New York Mercantile Exchange
SEBI: Securities and Exchange Board of India
RBI: Reserve Bank of India

Internet links:
Securities and Exchange Board of India - https://www.sebi.gov.in
Bombay Stock Exchange - https://www.bseindia.com
National Stock Exchange of India - https://www.nseindia.com
Directory of Indian government websites - https://igod.gov.in/
Indian Ministry of Finance - https://igod.gov.in/organization/Ic4zv3QBGZk0jujBKgGW
Reserve Bank of India - https://rbi.org.in
Controller General of Accounts, Government of India - https://cga.gov.in/
Government's Press Information Bureau - https://www.pib.gov.in

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.