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Informist, Thursday, Sept. 10, 2026                                      Tel +91 (22) 6985-4000

Equity Alert: Indices seen weak in near term, high crude oil prices key risk

MUMBAI--1705 IST--Weakness in benchmark indices is likely to persist in the near term. The Nifty 50 has ended below the crucial 23500 points mark for the second consecutive session Thursday. While it is possible for the 50-stock index to hit 23700 over the next two to three sessions, most technical analysts see stiff resistance near 23800.

For the Nifty 50, key support is seen at around 23400 and 23300, analysts said. Without crude oil prices cooling off, any meaningful recovery for the key index is unlikely, Osho Krishan, chief manager of technical and derivative research at Angel One, said. Over the past seven days, the November futures contract of Brent crude oil has risen 8% and is currently near $103 per barrel. Thursday, the Nifty and Sensex both ended 0.2% higher from Wednesday at 23477.80 and 74902.59, respectively. 

The recent correction in the Indian stock market should not be used for averaging out, Krishan said. Investors have to be cautious and be selective with their picks. Stocks in the pharmaceutical and defence sectors do seem better placed, he said. 

"The near-term outlook remains cautious, with the broader trend still weak and a technical bounce possible," Sachin Gupta, vice-president of technical research at Choice Equity Broking, said in a note. Investors will continue to watch out for key inflation data from the US due Friday and the odds of the US Federal Reserve hiking interest rates this month. Thursday, the European Central Bank raised its key interest rate by 25 basis points to 2.50%.

The Nifty Bank index is expected to remain weak as long as heavyweight HDFC Bank does not break out of its phase of consolidation, according to technical analysts. Investors should adopt a cautious view regarding the key banking index over the short term as it is hovering near its crucial support zone. High crude oil prices also remain the key deterrent for upward movement in banking stocks. 
 

HDFC Bank has corrected close to 20% from its three-month high and over 30% since the start of 2026. Currently, ICICI Bank and Axis Bank are among the key stocks lending support to the sectoral index, Krishan said. Crucial support for the Nifty Bank is seen at 56500 points, Krishan said. If the index slips below this level, it could touch 55000 or 54700 also, he added.

The Nifty Bank will likely remain tepid unless HDFC Bank crosses the INR-720-mark, Rupak De, senior technical analyst at LKP Securities, said. The stock has not ended close to this level since the end of August. Thursday, the Nifty Bank and the Nifty PSU Bank snapped their four-day losing run. The Nifty Bank closed 0.3% higher at 56471.95 points. Over the past four sessions, the key banking index and the one tracking public sector banks have shed around 2% each.  (Ruchira Kagita)

Equity Alert: Indices end up snapping 3-day losing run, broader mkts weak

MUMBAI--1550 IST--Benchmark indices snapped their three-session losing run and ended the day in the green after oscillating between gains and losses throughout the session. Regardless, the Nifty 50 still closed below 23500 points. Sentiment in the broader market remained subdued.

At the end of the continuous trading session at 1515 IST, the Nifty 50 was down 0.2% at 23389.25 and the BSE Sensex was at 74629.59 points, down 0.2%. After the closing auction session, the Nifty and Sensex both ended 0.2% higher than Wednesday at 23477.80 and 74902.59, respectively. Small-cap indices closed largely flat while mid-cap indices fell 0.4% each.

In some key developments, data by the Association of Mutual Funds in India signalled positive sentiment among retail investors. The mutual fund industry recorded net inflows in August for the second consecutive month. The total assets under management of equity funds rose over 2% on month and contributions from systematic investment plans touched a fresh high of INR 322.97 billion in August, up 1% on month. "Although the strong August equity fund flow data and the moderation in the SIP stoppage ratio lent support to the markets, sentiment was tempered by the depreciating rupee and firming domestic bond yields," Vinod Nair, head of research at Geojit Investments, said in a note.

The Nifty Bank index closed higher and snapped its four-session losing streak as a majority of constituents ended in green. ICICI Bank was the only large-cap lender to close in the red. Another heavyweight, HDFC Bank, broke its three-day losing run to end with a 1% gain.

Some major information technology stocks recovered. While Persistent Systems ended 2% higher, Tech Mahindra and Oracle Financial Services rose around 1%. However, the Nifty IT index ended lower for the seventh straight day, having shed more than 8%. Thursday, HCL Technologies was the top drag in this space. The stock closed nearly 2% down and was the top loser in the Nifty 50. The Nifty IT is expected to continue moving in a range, with major corrections from current levels unlikely, Rupak De, senior technical analyst at LKP Securities, said. 

Among some individual moves were electric two-wheeler majors Ather Energy and Ola Electric Mobility. Ather was in focus after Nuvama Institutional Equities hiked its target price on the stock by 22%. The brokerage expects the rapid growth of the electric two-wheeler market to play out positively for the stock and its recently launched 'Konarc' also provides good legroom for growth. Ather closed 5% higher. Ola Electric also ended nearly 5% higher after posting losses for three consecutive sessions.

GE Vernova T&D India declined for the second straight session after surging 9% Tuesday. Over the past two sessions, the stock has corrected over 4%. Indian iPhone retailer, Redington, gained almost 7% intraday to hit a record high after Apple unveiled its first foldable phone, the iPhone 18 series, and hiked prices of its iPhone 17 models. Redington ended the day nearly 4% higher. In some other news, Indoco Remedies said the UK Medicines and Healthcare Products Regulatory Agency concluded its solid dosages inspection at the company's manufacturing facility in Goa with no critical or major observations. Market participants reacted positively to the news and the stock closed 10% higher.

In the Nifty 500, 61% or 306 stocks fell and 191 gained. Meanwhile, in the Nifty 200, 63% or 126 stocks posted losses while 71 advanced. Both indices closed flat Thursday.  (Ruchira Kagita)

Equity Alert: Nifty 50 Sept ends at premium of 22.30 points to spot index

MUMBAI--1545 IST--The September futures contract of the Nifty 50 closed at a premium of 22.30 points to the spot index Thursday. Open interest in the contract rose 0.5% from Wednesday to nearly 18 million, according to provisional data.

--Nifty 50 closed at 23477.80 points, up 46.30 points or 0.2% vs Wednesday

--Nifty 50 September closed at 23500.10 points, down 52.10 points or 0.2% vs Wednesday

Nifty 50 options, expiring Sept. 15, with maximum change in open interest:

Call: 24000, Put: 23000

Nifty 50 options, expiring Sept. 15, with maximum open interest:

Call: 23400, Put: 22500

(Eshitva Prakash)

Equity Alert: Tata Investment slightly off highs post 10% surge intraday

MUMBAI--1510 IST--Shares of Tata Investment Corp. came off highs after rising as much as 10% to an intraday peak of INR 679.40 apiece. The stock rose after shedding around 3% over the last four sessions. At 1456 IST, shares traded nearly 4% higher at INR 643 apiece. The stock was the top gainer in the Nifty 200 index.

So far in the day, 7.6 million shares have changed hands on the NSE, way higher than 104,986 shares traded till the same time Wednesday and the stock's six-month average trading volume of 599,485 shares.

The initial surge in the stock "seems like some big players added long positions around the price supports of the past four months-long congestion zone," Vipin Kumar, assistant vice-president of research at Globe Capital Market, said. So far this year, the stock is down 8% and is currently trading 46% lower from its all-time high of INR 1,184.7 hit high in October 2025.  (Arya S. Biju)

Equity Alert: Nifty 50 in tight range as metals weigh, select PSUs outperform

MUMBAI--1501 IST--The benchmark indices remained in a tight range as a fall in stocks of metal companies and select information technology companies prevented a meaningful rebound. Sharply higher crude oil prices weighed on the broader market as well, with the advance-decline ratio firmly tilted to the downside. At 1432 IST, the Nifty 50 was at 23414.90 points, down 0.1%. The BSE Sensex was at 74715.11 points, also down 0.1%.

Public-sector energy companies such as Power Grid Corp. of India, Oil and Natural Gas Corp., and Coal India, which were up 1–2%, limited the decline in the Nifty 50. JSW Steel, Hindalco Industries, and Tata Steel were down 1.5–2.0% and weighed on the 50-stock index. The Nifty Metal index turned red after rising for two sessions.

Shares of HCL Technologies were down 2% and remained the major drag on the Nifty 50. The stock has fallen over 11% in seven straight sessions. Concern of an interest rate hike by the US Federal Reserve at its upcoming meeting next week has weakened IT stocks, causing a near 9% decline in the Nifty IT index over seven sessions. At the same time, shares of Tech Mahindra and Tata Consultancy Services defied the broader sectoral trend and were up.

HDFC Bank, Axis Bank, and State Bank of India were up 0.4–1.0%. Index heavyweight Reliance Industries was down nearly 1% and also weighed on the index. Among other laggards, Bharat Electronics, Sun Pharmaceutical Industries, and Adani Enterprises were down nearly 1% each.

Shares of Man Industries (India) surged nearly 12% after the company got an order worth INR 6 billion to deliver pipes to domestic and international customers. Shares of Parag Milk Foods were up 5.5% after the company announced its foray into the fast-growing snacking category with the launch of Avvatar Popped Chips.  (Deesha Jadhav)

Equity Alert: European indices mixed ahead of ECB interest rate decision

MUMBAI--1500 IST--Major European indices were mixed ahead of the European Central Bank's decision on the eurozone interest rate later in the day. Investors expect a 25-basis-point rate hike by the bank. Shares of banks and utilities were up in the region while technology ones fell. The pan-European Stoxx Europe 600 was down marginally. The Stoxx Europe 600 Technology fell nearly 1%.

"We expect the central bank to stick with a hawkish short-term message, aligning with the currently discounted third rate hike come December," KBC Bank told the Dow Jones Newswire. "From a market point of view, the key question is whether hawkish expectations for 2027 will be confirmed as well." Yields on regional government bonds fell, tracking the dip in US treasury yields, with the German 10-year paper down 1 bps to 3.447%. Yield on the UK 10-year gilt was down 1 bps at 5.189%.

London's FTSE 100 was down marginally as shares of Associated British Foods fell more than 11% after its earnings. Germany's DAX Performance Index fell marginally as heavyweight SAP was down more than 2%.

Following are the levels of key indices in the region at 1445 IST: 

(Vidhi Thacker)

Equity Alert: Asian indices end lower as crude oil price touches $102/bbl

MUMBAI--1415 IST--Major Asian indices ended lower as the November futures contract of Brent crude oil crossed $102 per barrel intraday after the US attacked Iranian oil tankers in the Strait of Hormuz. Investors await US inflation data Friday which will give cues for interest rates in the US. Hong Kong's Hang Seng Index and Australia's S&P/ASX 200 were the worst hit in the region, ending 1% lower each.

Commenting on crude oil crossing $100 per barrel, Nick Twidale, chief market strategist at ATFX Global, told Reuters that "traders who had been holding off in hopes of a Middle East peace deal may now hit the trigger as the realities of a longer conflict kick in". Yields on 10-year US Treasury notes settled 3 basis points higher at 4.83% Wednesday. The 30-year US Treasury bond yield also rose 3 bps despite the Treasury Department announcing a $6 billion buyback of long-term debt. 

Hang Seng heavyweights were down with shares of Alibaba Group Holding and Tencent Holdings ending nearly 3% and 2% lower, respectively. Beijing DeepZero Technology was the worst hit in the index, ending 11% down, while Z.AI and MiniMax Group closed 10% and 9% down, respectively. The Hang Seng Index ended lower for the fourth session, declining nearly 3% over this period. S&P/ASX 200 heavyweights BHP Group, National Australia Bank, and Commonwealth Bank of Australia fell around 1% each. China's CSI 300 Index and South Korea's Kospi closed 0.3–0.5% lower.

Following were the levels of key indices in the region at 1340 IST: 

(Vidhi Thacker)

Equity Alert: Acutaas Chem up 7% at 1-month high; JM Fincl ups call to 'buy'

MUMBAI--1410 IST--Shares of Acutaas Chemicals rose nearly 7% to reach an over one-month high of INR 3,458.70. The stock has been rising for four trading sessions after the company inaugurated a new plant in Gujarat. The stock is up over 9% in this period. At 1356 IST, Acutaas Chemicals shares were at INR 3,453.70, up over 6%. So far, over 776,000 shares of the company have changed hands, which is more than double the three-month daily average trading volume of 355,426 shares.

JM Financial Institutional Securities raised its target price on Acutaas Chemicals by 79% to INR 3,800. The brokerage also upgraded its recommendation on the stock to "buy" from "add". The revised target price implies a 10% upside to the current market price.

The brokerage expects the company's contract development and manufacturing organisation business to grow at a compounded annual growth rate of 28% between the financial year 2025-26 (Apr-Mar) and FY30. This, along with an increase in contribution from newer businesses such as electrolyte additives, semiconductors, and electronic chemicals will drive the company's earnings.

The company's revenue and profit are also expected to grow at a compounded annual growth rate of 28% each over FY26 and FY30, the brokerage said. The company's earnings before interest, tax, depreciation, and amortisation are likely to grow at a compounded annual growth rate of 29% for the same period.

The company's Daro-V volume may grow nearly three times to 160 tonnes by FY30 from nearly 47 tonnes in FY26 on the back of expansion in the patient base of Nubeqa after successful outcomes of ARASTEP and DASL-HiCaP trials. Daro-V is an active pharmaceutical ingredient compound. "We expect Acutaas to remain a key supplier for the incremental Daro volumes given its longstanding relationship with (Finnish drug manufacturer) Orion since 2011 and the significant time and effort required to qualify additional suppliers through multiple DMF (drug master file)/ANDA (abbreviated new drug application) filings," the brokerage added. The successful outcome of these two trials will also give the company a market opportunity of at least INR 17 billion for sales of Nubeqa intermediates.

Acutaas Chemicals is transforming its speciality chemicals business towards higher-growth, high-value applications such as electrolyte additives, semiconductor chemicals, and electronic chemicals. This will drive its revenue from the speciality chemicals business to INR 7.3 billion by FY30 from INR 1.7 billion in FY26, JM Financial said in a report.  (Ayush Jaiswal)

Equity Alert: Redington hits record high after Apple launches iPhone Duo

MUMBAI--1355 IST--Shares of Redington rose nearly 7% to a record high of INR 403.25 apiece. The move came after Apple unveiled its first-ever foldable phone, the iPhone Duo, and its iPhone 18 series Wednesday. Apple also increased prices of its iPhone 17 series. Redington is the authorised distribution partner for Apple in India, West Asia, Turkey, Africa, and South Asia.

At 1307 IST, shares of Redington traded nearly 4% higher at INR 392.20 apiece on the National Stock Exchange. So far, 19.37 million shares of the company have been traded on the NSE, which is more than double the three-month average trading volume of over seven million shares. 

iPhone Duo, Apple's most expensive iPhone ever, starts at $1,999 or INR 190,344. The product features a 7.6 inch folding inner display and a 5.4 inch outer display. It also features an iPhone-first dual battery system. The company also introduced the iPhone 18 Pro and iPhone 18 Pro Max, starting at $1,199 or INR 114,168 and $1,299 or INR 123,690, respectively. The company also launched its new Airpod 5s priced $50 or INR 4,761, less than the previous comparable product. Apple held off on introducing a base model iPhone to its 18 series.

Apple increased the prices of iPhone models 17, 16, 17e, and Air. The price of the iPhone Air is hiked by INR 30,000, iPhone 17 by INR 17,000, iPhone 17e by INR 15,000, and iPhone 16 by INR 10,000.

All two research reports on the company available with Informist have a "buy" recommendation on the stock with target price of INR 340-INR 500 apiece.  (Utthara E. S.)

Equity Alert: Mkt turns flat as metal, select cos extend losses, RIL tad down

MUMBAI--1347 IST--Benchmark indices turned flat as metal companies and other select stocks extended losses. Index heavyweight Reliance Industries was marginally lower, which weighed on the Nifty 50 and offset gains in shares of financial services companies. At 1344 IST, the Nifty 50 was at 23440.75, up 9.25 points, and the BSE Sensex was at 74798.46, up 34.23 points or 0.1%.     

HCL Technologies, the biggest laggard in the Nifty 50, extended losses and was down over 2%. The stock has been falling for seven straight session. Shares of metal companies such as JSW Steel, Hindalco Industries, and Tata Steel extended losses and were down 1–2%. Shares of Eicher Motors, Nestle India, and Trent shed more and were down around 1% each.

On the other hand, HDFC Life Insurance gained more and was up 2%. It was the top gainer in the Nifty 50 along with Power Grid, which rose 2% as well. Shares of Index heavyweights HDFC Bank and Bharti Airtel were up over 1% each. 

Broader indices remained mixed, small-cap indices were flat, and mid-cap indices fell 0.4% each. Mid-cap indices were down due to a fall of nearly 2% in Dixon Technologies and Aurobindo Pharma. Among sectoral indices, Nifty Metal was down around 1%. The index fell after rising around 2% in the previous session. Nifty Media was up 1%, driven by PVR Inox, which was up 3.5%, and Tips Music, which rose 3%.  

HEG hit the 5% lower circuit and was the top loser in the Nifty 500. Acutaas Chemicals rose over 6% and JM Financial upgraded the target price for the stock. Swan Corp rose nearly 9% and was the top gainer in the Nifty 500. Shares of Redington rose over 4% after Apple Inc. unveiled the new iPhone 18 series. The company is the authorised supplier and distributor of Apple products in India.  (Ayush Jaiswal)

Equity Alert: Indices rise as financial services stocks extend gains 

MUMBAI--1230 IST--Benchmark indices rose after remaining flat, owing to support from financial services stocks. Select information technology stocks were down after gaining in early trade. Automobile and healthcare stocks were down as well. At 1224 IST, the Nifty 50 was at 23451.55, up 20.05 points or 0.1%, and the BSE Sensex was at 74828.86, up 64.63 points or 0.1%.    

Power Grid Corp. of India and HDFC Life Insurance Co. rose nearly 2% and were the top gainers in the Nifty 50 index. Select financial services stocks were up after falling in early trade. Shares of Axis Bank, Bajaj Finance, State Bank of India, and Shriram Finance were up around 1% each. Shares of index heavyweight HDFC Bank gained more and were up nearly 1% as well. 

Shares of HCL Technologies extended losses and were down nearly 2%, the worst hit in the Nifty 50. Information technology stocks Wipro, Tata Consultancy, and Infosys were down marginally after gaining in early trade. Healthcare stocks fell further, with shares of Sun Pharmaceuticals falling nearly 1%. Max Healthcare Institute, Dr. Reddy's Laboratory, and Apollo Hospitals Enterprise fell 0.3–0.6%. Automobile stocks remained lower, with Eicher Motors falling 1%. Its peers Mahindra & Mahindra, Tata Motors Passenger Vehicles, and Bajaj Auto were down 0.4-0.6%. 

Tata Investment Corp. was the top gainer in the Nifty 200, up over 3%, while shares of Vodafone Idea fell more than 3%. In the Nifty 500, Swan Corp. was the top gainer, up over 8%, while shares of HEG and HFCL were the worst hit and fell about 5% and 4%, respectively. Broader market indices remained mixed with mid-cap indices falling around 0.4% each, while small-cap indices gained 0.1% each. Among sectoral indices, the Nifty IT fell 0.2%. The sectoral index slipped into the red after opening higher. The Nifty Pharma was the worst hit sectoral index, down 0.6%.  (Vidhi Thacker)

Equity Alert: Novartis up 58% in 3 days on Pfizer trademark acquisition

MUMBAI--1225 IST--Shares of Novartis India gained over 18% to hit an all-time high of INR 2,588.80. The stock was up for the third straight session, gaining almost 58% during the period, after the board approved the acquisition of trademarks ‘Minipress' and ‘Minipres' registered in India and certain related intellectual property rights from Pfizer Inc and Pfizer Products.

Novartis India will acquire the Minipress brand trademarks and property rights from Pfizer for an aggregate amount of INR 12.50 billion, according to an exchange filing. The company has executed an asset purchase agreement with Pfizer under which the signing and closing of the transaction will occur simultaneously.

At 1151 IST, shares of Novartis India were almost 17% higher at INR 2,553.30 on the NSE. Nearly 2 million shares of the company changed hands on the exchange, much higher than nearly 763,000 shares traded till the same time Wednesday.  (Arundathi A R)

Equity Alert: Nomura ups Ather Energy target price 22%, retains 'buy' call

MUMBAI--1054 IST--Consumer preference for scooters is supporting adoption of electric two-wheelers in India, Nomura says. It expects Ather Energy's electric vehicle penetration in the overall two-wheeler industry to reach 22% by financial year 2029-30 (Apr-Mar) from 19.6% earlier. This reflects a potential 45% electric vehicle penetration for scooters, according to the brokerage. Amid the rise in penetration of electric vehicles, Nomura raised its target price on Ather Energy by 22% to INR 1,926 and retained its "buy" call. With the launch of Konarc, the company strengthened its technology leadership in the electic two-wheeler space and this is expected to support further growth. 

At 1052 IST, shares of the company traded nearly 4% higher at INR 1,640 apiece on the National Stock Exchange. Nomura's revised target price reflects a 17% upside for the stock from its current market price. 

Nomura believes Ather's EL platform could potentially double its total addressable market, while allowing the company to introduce products at more competitive prices without losing technology differentiation. "The success of the new motorcycle platform in the future can provide further upside to our estimates," Nomura said. 

Nomura expects the company's volume to increase 104% on year to 794,343 units for FY28 and 28% on year to 1.02 million units in FY29. It now forecasts revenue to grow 54% on year for FY27 to 56.48 billion and by 100% for FY28 to INR 113.22 billion. The brokerage has also revised its estimates for earnings before interest, tax, depreciation, and amortisation margin. Nomura sees the company's EBITDA margin improving to 7.6% by FY29 from (-)6.2% in FY27. The company is likely to break even in its net profit by FY28. There is scope for the company's margin improvement to be particularly strong in FY29 as competitors' production-linked incentives expire in March 2028, the brokerage said. 

"Ather's premium positioning keeps long-term margin potential in the range of 15-20%," Nomura said. The company's valuation, at 5–7 times enterprise value-to-sales, is at a premium, but it expects this should sustain, it said.  (Deesha Jadhav)

Equity Alert: Motilal Oswal ups Lenskart target price by 13%, retains 'buy'

MUMBAI--1050 IST--Motilal Oswal Financial Services has upgraded its target price on Lenskart Solutions by over 13% to INR 800. The brokerage has retained its "buy" recommendation on the stock. At 1035 IST, the stock was trading 0.4% higher at INR 696.95 on the National Stock Exchange. Intraday, the stock rose over 1% to reach its all-time high of INR 703.50. The stock is also up over 19% since it announced its June quarter results on Aug. 12. So far, 1.6 million shares of the company have been traded on the NSE, which is significantly lower than the one-month average trading volume of 13.6 million shares. 

"Our analysis of stock price decomposition suggests that earnings surprises, leading to consensus estimate upgrades, along with roll-forward, have been the key drivers of stock outperformance, rather than multiple re-rating," the brokerage said in its report.    

Lenskart is likely to ramp-up store additions and reach nearly 4,500 stores in India, up from the earlier estimate count of 4,300 stores, by the financial year 2028-29 (Apr-Mar) driven by best-in-class store economics, limited organised competition, under-penetrated category, and robust free cash flow generation, Motilal Oswal said. "We believe the store economics has room for further improvement as newer stores hit maturity and benefits of backward integration are reflected in higher product margins," the brokerage added. Over the medium term, Lenskart can add over 10,000 stores, it said.

The brokerage has also increased the company's earnings before interest, tax, depreciation, and amortisation estimates by 4% for FY27 and by 8% for FY28. This will be driven by higher store additions in India and better operating leverage both in India and internationally. The company's revenue is likely to grow at a compounded annual growth rate of 27% while its net profit is likely to grow at a 59% compounded annual growth rate over FY26 and FY29. Its EBITDA is expected to post compounded annual growth of 46% during the same period. The company's EBITDA margin is likely to expand to 19.4% for the India business and 13.5% for international business by FY29. The brokerage expects Lenskart to generate INR 53 billion in operating cash flow over FY26 and FY29.  (Ayush Jaiswal)

Equity Alert: Finolex Cables sees high competition from UltraTech's Ultravolt

MUMBAI--1048 IST--Aditya Birla Group's UltraTech Cement is set to intensify competition in India's wires and cables market with the launch of its Ultravolt business, Finolex Cables told Nuvama Institutional Equities. Ultravolt will likely benefit from Ultratech's access to cement and paint companies, according to Finolex Cables' management. 

While UltraTech will need time to build its presence in the retail wires and cables segment, its existing distribution network provides a good platform to handle competition, according to Finolex Cables. UltraTech said earlier this month that it had started commercial operations at its wires and cables plant in Bharuch, Gujarat.  

At 1030 IST, shares of Finolex Cables were trading 0.7% lower at INR 1,344 on the National Stock Exchange. Over the past month, the stock has run up over 28% and since the start of 2026, the stock has gained around 80%. 

Meanwhile, Finolex Cables' demand for low, high, and extra-high voltage is healthy even as insulation capacity at Finolex J-Power Systems is limiting throughput, the company told Nuvama. The brokerage visited the company's plant in Pune. Finolex is planning to invest more in its joint venture with Japan's Sumitomo Electric for a new line. This expansion is anticipated by the end of 2027-28 (Apr-Mar), Nuvama noted in its report. 

Leveraging opportunities from the rise in demand for data centres, Finolex Cables plans to expand its production of optical fibre cables to eight million fiber-kilometers from four million fiber-kilometers currently, Nuvama said. The company aims for 15 million fiber-kilometers of capacity by March and, at this quantum, it could earn INR 18 billion–INR 20 billion in revenues. Margins from its optical fibre cables business are expected to moderate to 15–18% from 25–28% going forward, the brokerage noted. "The eventual margin profile will depend on the mix between domestic/export business and the complexity of the fibre-cable configuration," Nuvama said.

As for capital expenditure, Finolex Cables plans to spend INR 300 million-INR 500 million next year, according to Nuvama's report. Most of this spend will be allocated towards its optical fibre cable business. "The fibre-draw expansion is already progressing with mechanical installation completed and production trials underway," Nuvama said.  (Ruchira Kagita)

Equity Alert: Indices reverse losses as select cos rise; M&M down 1%

MUMBAI--1046 IST--Benchmark indices reversed losses as select stocks rose and some extended gains. Reliance Industries was margially down but still weighed down on the Nifty 50. Automobile companies remained major laggards in the Nifty 50 index. At 1045 IST, the Nifty 50 was at 23445.65, up 14.15 points and the BSE Sensex was at 74809.88, up 45.65 points.

Shares of Shriram Finance opened lower but later turned green and was up 0.2%. Coal India, Bharti Airtel, Titan Co., and Bajaj Finance rose further. These stocks were marginally higher. Oil and Natural Gas Corp. was the top gainer in the Nifty 50 index. Shares of oil exploration companies, Oil India and Oil and Natural Gas Corp. were around 2% higher due to a rise in global crude oil prices. State Bank of India and Axis Bank were nearly 1% higher each.

Interglobe Aviation fell nearly 2% due to higher crude oil prices. HCL Technologies gave up gains and fell over 1%. Adani Enterprises was down nearly 2%, snapping a 7-session rising streak. Sun Pharmaceutical Industries came off highs and was down 0.5%. Shares of index heavyweight Reliance Industries were down 0.2%. Automobile company Mahindra & Mahindra was down 1% and weighed the most on the Nifty 50 index. Its peers, Eicher Motors, Tata Motors Passenger Vehicles, and Bajaj Auto traded nearly 1% lower. 

Broader markets were mixed, with the midcaps down around 2% and smallcaps flat to 1% higher. On the sectoral front, Nifty Auto and Nifty India Defence were each down nearly 1%. Nifty PSU Bank and Nifty IT were in the green and were around 2% higher. 

Shares of Shakti Pumps traded 8% higher after the company received a supply order of INR 2.36 billion for solar water pumps. Dilip Buildcon was up 6% after the company got an INR 18 billion deal for liquefied petroleum gas pipeline from Paradip in Odisha to Raipur in Chhattisgarh. Shares of the company touched a high of INR 439.70 before coming off highs. IRB Infrastructure Developers was up 3%. The company had reported a 25% on-year rise in its August gross toll collection.  (Utthara E. S.)

Equity Alert: Prabhudas Lilladher cuts HDFC AMC target price 6%, retains buy

MUMBAI--1020 IST--Prabhudas Lilladher has reduced its target price on HDFC Asset Management Co. by over 6% to INR 2,850. The brokerage has retained its 'buy' recommendation on the stock. At 0942 IST, shares of HDFC Asset Management Co. traded 0.6% lower at INR 2,424 on the National Stock Exchange. Over the past 12 sessions, the stock has risen just twice and has net lost 11% during the period. Nearly 46,000 shares of the company have been traded so far, which is significantly lower than the three-month average daily volume of 864,534. The brokerage's revised target price implies a nearly 18% upside from the stock's current market price. 

The brokerage has reduced its estimate for the company's profit by around 4% each for the financial years 2026–27 (Apr-Mar) and FY28 due to lower growth in the industry's average assets under management for equity. "Industry monthly SIP (systematic investment plans) flows for Aug'26 likely to be strong (all-time-high), even as broader equity returns turned negative recently," the brokerage said.

The equity market performance has weakened in the last one year, but the three-year returns remain strong, which is driving the highest net inflow market share for the company of nearly 12%, the brokerage said. The company's management was also positive about large-cap alpha, given the Nifty price-to-earnings is below its 10-year average.

The company's management was buoyant about the industry's growth due to "formalisation" of the economy. Formalisation of the economy means moving away of jobs to the formal sector from the informal sector. This, along with the low international allocation of India's assets under management, provides a huge opportunity for the industry. The company's unique investor count is also likely to grow on the back of a mutual fund investor base of 62 million and over 130 million NSE-registered capital-market investors, Prabhudas Lilladher said. The industry's ticket size for systematic investment plans can increase materially from the average of INR 3,000 per month, the brokerage added.   

Of 13 brokerage reports available on the company with Informist, 12 have a 'buy' recommendation with a target price of INR 3,123. This is nearly 29% higher than the stock's current market price.  (Ayush Jaiswal)

Equity Alert: Indices flat after opening tad higher; IT cos rise 

MUMBAI--0947 IST--Benchmark indices opened a tad higher Thursday and later turned flat amid crude oil prices rising to $102 per barrel. The heavyweight Reliance Industries and Mahindra & Mahindra fell and weighed on the indices. They were down 1% and nearly 2%, respectively. Information technology stocks rose after falling for six sessions. At 0940 IST, the Nifty 50 was at 23418.70, down 12.80 points or 0.1%, and the BSE Sensex was at 74732.41, down 31.82 points.

Oil and Natural Gas Corp. was the top gainer among the Nifty 50 constituents, up over 2%. The shares of the oil explorer rose after the Brent Crude prices touched a high of nearly $102 per barrel. Shares of State Bank of India and Axis Bank gained nearly 2% each. Cipla was up nearly 1%. Information technology companies Tata Consultancy Services and Infosys rose around 1% each.

On other hand, Adani Enterprises was the worst hit stock in the Nifty 50 index, down nearly 2%. Mahindra & Mahindra, Bajaj Auto, Maruti Suzuki India, and Eicher Motors fell around 1% each. InterGlobe Aviation fell nearly 1% due to a sharp rise in crude oil prices. Higher crude oil prices translate to higher jet fuel costs for the airline. Shriram Finance, Adani Ports and Special Economic Zone, and Asian Paints fell around 1% each.

The broader market indices were mixed. Midcap indices fell 0.2-0.3%. Nifty Smallcap 250 and Nifty Smallcap 100 were up around 0.1% each, while Nifty Smallcap 50 was down 0.1%. Among sectoral indices, Nifty Auto was the worst performer, down 0.7%. On other hand, Nifty PSU Bank was the top gainer, up nearly 1%. Nifty IT rose 0.6%, snapping its six-day fall. 

Tata Investment Corp. was the top gainer in both the Nifty 200 and Nifty 500 indices, up nearly 9%. Shares of oil explorer Oil India was up nearly 3%. Aurobindo Pharma fell 2% to be the major laggard in the Nifty 200. Adani Enterprises and Adani Energy Solutions fell nearly 2% and over 1%, respectively. In the Nifty 500, shares of HEG were the worst hit, down nearly 3%.  (Adhithya Aji)

Equity Alert: Asian indices fall as oil prices remain above $100 a barrel

MUMBAI--0825 IST--Major Asian indices were down Thursday as crude oil prices remained above $100 per barrel after Iran said that it had attacked 10 ships near the Strait of Hormuz in reply to the US attack on five Iranian oil tankers. The Australian S&P/ASX 200 index was the worst hit in the region and was down nearly 2%.    

"I think that Brent pushing through the $100 level will be seen by many in the market as a significant event in the current scheme of things," Nick Twidale, chief market strategist at ATFX Global, told Reuters. Global bond yields are expected to push higher as the market adjusts to higher inflation in the coming months, he added.

Government bond yields were up in the region, with Japan's 10-year government bond yield gaining nearly 4 basis points to 2.915%. Yields on Australia's 10-year sovereign debt were up 6 bps to 5.2740% and New Zealand's 10-year government securities rose 8 bps to 4.8730%, according to a Dow Jones Newswire report.

The Japanese yen has risen 4% against the US dollar in September as investors expect an interest rate hike by the Bank of Japan next week and another hike in December, a Reuters report said. "Failure to deliver a hike, alongside clearer signals of a faster pace of tightening next week, will likely trigger a sharp renewed weakening of the yen," Carol Kong, a currency strategist at Commonwealth Bank of Australia, told Reuters.

Shares of heavyweights Rio Tinto and BHP Group were down nearly 4% and over 3%, respectively, dragging down the S&P/ASK 200 index. Hong Kong's Hang Seng Index was down over 1%, while China's CSI 300 fell marginally. South Korea's Kospi fell around 1.5%. Construction and retail stocks led losses in Japan, with shares of Ryohin Keikaku and Taisei Corp. falling over 3% and over 5%, respectively. Japan's Nikkei 225 was down nearly 1%. 

Following are the levels of key indices in the region at 0750 IST:    

(Vidhi Thacker)

Equity Alert: OP Bhatt exit as Coforge chairman not concerning, says Nuvama

MUMBAI--0822 IST--Broking firm Nuvama Institutional Equities sees the resignation of Coforge Chairman O.P. Bhatt as not concerning. According to the brokerage, concerns around the company's board post Bhatt's resignation were overdone. The brokerage also retained its 'buy' recommendation on the stock with an unchanged target price of INR 2,350.

"We see no impact of this even on the business or financials of the company," Nuvama said in its report. "We also do not see any concern related to the functioning of the board, as the matter relates to disclosure and process concerns, which are not from the Board's side," it said.

Bhatt Tuesday resigned with immediate effect after the company's internal auditor found issues with a board evaluation report, which was prepared under the guidance of Bhatt. In its audit for the June quarter, the company's internal auditor highlighted concerns while reviewing the process followed to prepare the board evaluation report. Based on this review, the board sought an explanation from Bhatt, who responded that he acted in "good faith." Following Bhatt's resignation, the company named Vivek Sharma as interim chairperson until Jan. 31, 2027, the company said. 

According to Nuvama, the non-renewal of Bhatt's role as board member and chairman were not big surprises, given his age. "While the lack of disclosures, leading to his resignation, was a surprise, it is not a reflection of the company, the board and its practices," the brokerage said in the report. Nuvama expects management's focus on margins and cashflows to lead to strong earnings growth.  (Arundathi A R)

Equity Alert: Market likely to fall as crude oil nears $102/bbl

MUMBAI--0821 IST--Benchmark equity indices are likely to fall as crude oil prices rose to their highest level since July amid an escalation in the West Asia conflict. Brent crude prices rose to nearly $102 per barrel after attacks by the US and Iran on shipping in the region heightened concerns over energy supplies. Asian markets opened lower Thursday, while US indices ended lower Wednesday. 

"Brent Crude prices touched the $100 mark again, leading to negative sentiment among equity investors," Vipin Kumar, senior technical and derivatives analyst at Globe Capital Market, said. The Nifty 50 is expected to fall toward the 23000–23200 levels, where buying pressure may emerge and potentially trigger a recovery. However, around 23600–23650 levels, the index is likely to see selling pressure, according to Kumar. 

Iran and the US launched attacks on each other. The US targeted Iranian oil carriers after Tehran fired missiles at US warships. Following a series of missile attacks, Iran said it stood ready for an intensified conflict, Reuters reported. At 0724 IST, November Brent crude futures were at $101.64 per barrel, up 0.4%. Brent crude prices hit a high of $101.94, the highest level since July.

Crude oil prices above $100 per barrel are negative for the market in the short to medium term, an equity analyst with a domestic brokerage said. On the earnings front, the impact in the September quarter might not be significant, and the momentum seen in the June quarter is expected to continue, the analyst said. This is because companies successfully passed on higher costs in the previous quarter and are expected to do the same this quarter.  (Adhithya Aji)

Equity Alert: US indices end lower for third day as oil prices rise

MUMBAI--0740 IST--Major US equity indices closed lower as crude oil prices continued to climb amid tensions between the US and Iran. The November Brent crude futures contract settled above $101 per barrel on Wednesday. US Treasury yields also rose after the Treasury Department said it would triple the size of its buyback operation. The Dow Jones Industrial Average was the worst hit among the major US indices, closing nearly 1% lower.     

The yield on the US 10-year treasury note was up 4 basis points at 4.845%, and hit its highest level since Nov. 1, 2023 during the day, CNBC reported. The 30-year treasury bond yield also gained 3 bps and was at 5.295%, according to the report. Treasury Secretary Scott Bessent said the department will buy back up to $6 billion in long-term debt. Yields on long-term bonds were also up as investors expected the buyback to be $7 billion or $8 billion, Peter Boockvar of the Boock Report told CNBC.     

"Fears of rising interest rates coupled with escalating crude oil prices is never a great combination for the stock market," JJ Kinahan, senior vice president at Cboe Global Markets, told CNBC. "We're seeing that in today's early trading as investors move into defensive mode." 

Wednesday, all three major indices closed lower for the third consecutive day. The Nasdaq Composite closed 0.6% lower, while the broader S&P 500 index ended 0.5% down. Shares of Caterpillar and Nvidia Corp. ended nearly 1% lower each. Shares of Apple fell nearly 2% after its latest product launch, but recovered and closed marginally lower. 

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

(Vidhi Thacker)

US$1 = INR 95.44

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

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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