Equity Alert
Sahajanand Medical lists at 8% premium to issue price on NSE
This story was originally published at 12:52 IST on 23 October 2026
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Equity Alert: Sahajanand Medical lists at 8% premium to issue price on NSE
MUMBAI--1220 IST--Shares of Sahajanand Medical Technologies listed at INR 371.15 apiece on the NSE, a premium of almost 8% to its issue price of INR 344. On the BSE, the stock listed slightly lower at INR 368.05 apiece, with a premium of nearly 7%. At 1148 IST, its shares traded at INR 382.20 on NSE, up over 11%. So far, over 12 million shares have changed hands on the exchange, more than 11 times the number of shares traded on the BSE.
The public issue was subscribed 14.20 times on Monday, with bids placed for 138.47 million shares against 9.75 million shares on offer. The company's initial public offering comprises only an offer for sale of up to 13.82 million shares. Ahead of the offer, the company had raised INR 1.4 billion from anchor investors by allocating 4.07 million shares at INR 344 per share.
Sahajanand Medical Technologies is a Class III and Class C/D medical devices company with a portfolio of advanced medical devices across vascular and structural heart intervention. For the June quarter, it had reported a consolidated net profit of INR 145.67 million on revenue of INR 3.52 billion. (Durgesh Nandan)
Equity Alert: Tonbo Imaging lists at 66% premium to issue price on NSE
MUMBAI--1215 IST--Shares of Tonbo Imaging India listed at INR 1,160 on the National Stock Exchange, a premium of nearly 66% to the issue price of INR 700. On the BSE, the stock listed at INR 1,162. At 1217 IST, its shares traded at INR 1,069.75, up nearly 53%. So far, nearly 15 million shares of the stock have changed hands, nearly 8 times the number of shares traded on the BSE.
The public issue was subscribed 135.90 times on its final day, with bids received for 1.16 billion shares against 8.53 million shares on offer. The company's initial public offering comprised only an offer for sale of up to 12.17 million shares. Ahead of the issue, the company had raised INR 2.6 billion by allocating over 3.65 million shares at INR 700 each.
Tonbo Imaging is a global defence electronics original equipment manufacturer. It designs, develops, and manufactures communication and guidance systems for surveillance and reconnaissance. For the June quarter, it had reported a consolidated net loss of INR 177.37 million on revenues of INR 360.08 million. (Durgesh Nandan)
Equity Alert: J&K Bank down 14?ter Q2 NIM narrows; recovery seen ahead
MUMBAI--1150 IST--Shares of Jammu & Kashmir Bank fell over 14% to hit an over 6-month low at INR 115.80 apiece. The private sector bank's net interest margin contracted on year due to subdued yields and higher cost of funds. The bank plans to raise INR 10 billion in equity and INR 5 billion in debt. The debt issuance is expected in the December quarter.
At 1136 IST, shares of the bank traded over 13% lower at INR 117.27 apiece. Over 9 million shares of the bank have changed hands on the exchange so far, which is over 12 times the volume traded until the same time Thursday and nearly 3 times the three-month average daily volume traded.
Jammu & Kashmir Bank's net interest margin contracted to 3.17% for Jul-Sept from 3.28% a quarter ago. However, the bank expects the net interest margin to recover from the December quarter aided by higher-yielding retail assets, repo rate transmission, and a gradual decline in higher-cost bulk deposits.
The bank reported a net profit of INR 5.46 billion, up 11% on year, and a total income of INR 40.42 billion, up 17% on year, for the September quarter. Its growth in net profit was driven by a 105% on-year rise in its other income to INR 3.15 billion. Its net interest income was up 15% on year to INR 32.53 billion. (Utthara E. S.)
Equity Alert: Shriram Fin, JSW Steel, Dr. Reddy's fall ahead of Q2 earnings
MUMBAI--1146 IST—-Shares of Nifty 50 companies Shriram Finance, JSW Steel and Dr. Reddy's Laboratories declined while those of Infosys saw modest gains ahead of their September quarter earnings, due later in the day. While Shriram Finance shed 2%, JSW Steel over 1%, and Dr. Reddy's around 0.5%, Infosys pared its gains after rising nearly 4% to an over-three-month high of INR 1,197.80 in the first hour of trade.
The information technology major is expected to post a 2% sequential rise in its consolidated net profit and revenues to INR 79.33 billion and INR 491.48 billion, respectively, as per the average of estimates from 20 brokerages.
Meanwhile, Shriram Finance had slid nearly 3% to an over-six-month low of INR 877.20 earlier. The non-banking finance company is expected to post a 59% year-on-year rise in net profit to INR 36.70 billion, supported by a healthy growth in its assets under management, improving margins, and lower funding costs. Its net sales are expected at INR 81.50 billion, up 35%, according to estimates from 12 brokerages.
JSW Steel fell nearly 2% to an intraday low of INR 1,197.90 apiece. The company's domestic sales volumes are expected to support a sharp on-year rise in net profit. The company is expected to report a consolidated net profit of INR 44.06 billion, up 172% on year, according to the average of estimates from 15 brokerages, while net sales are expected to rise 18% to INR 530.5 billion.
Pharmaceutical major Dr. Reddy's fell nearly 1% to an intraday low of INR 1,229 ahead of its September quarter earnings. Its consolidated earnings are expected to be dragged down by weak sales and pricing erosion in North America. Its sales in India and Europe are seen to be healthy. A high base in the year-ago quarter and the absence of sales of the generic cancer drug Revlimid are among the key factors weighing on earnings. Dr. Reddy's is projected to report a nearly 48% on-year fall in consolidated net profit to INR 7.01 billion, according to the average of estimates from 11 brokerages. (Vidhi Thacker)
Equity Alert: Zetwerk Manufacturing lists at 5% premium to issue price on NSE
MUMBAI--1145 IST--Shares of Zetwerk Manufacturing Businesses listed at INR 159.25 on the NSE, a premium of 5.3% to the issue price of INR 151. It was listed marginally lower on the BSE at INR 159. At 1135 IST, its shares traded at INR 137.26, up over 9%. So far, nearly 92 million shares have changed hands on the NSE, 23 times the number of shares that changed hands on the BSE.
The public issue was subscribed 3.06 times on Monday, with bids received for 566.26 million shares against 185.07 million shares on offer. The initial public offering comprised a fresh issue of INR 28.30 billion with an offer for sale of up to 144.53 million shares. The company had raised INR 22.51 billion from anchor investors ahead of the issue.
Zetwerk Manufacturing Businesses is a technology-led contract manufacturing platform and manages a marketplace that connects global industrial and consumer companies with a network of third-party suppliers and its own production facilities. For the June quarter, it had reported a consolidated net loss of INR 7.33 billion on revenues of INR 41.18 billion. (Durgesh Nandan)
Equity Alert: Ola Electric falls 7%; Goldman Sachs assigns 'sell' on co
MUMBAI--1140 IST--Shares of Ola Electric Mobility fell almost 7% to a six-month low at INR 29.86 on the NSE after global investment bank Goldman Sachs downgraded its recommendation on the stock to 'sell' from 'neutral' earlier and slashed its target price on the stock by 41% to INR 23, as per media reports. At 1122 IST, shares of the electric vehicle maker traded 6% lower at INR 29.99 on the NSE. Nearly 34 million shares of the company changed hands so far on the bourse, 31% higher than the number of shares traded till the same time Thursday. Shares of the company have declined almost 17% in the last six sessions.
Goldman Sachs cut its revenue estimates for financial year 2026–27 (Apr-Mar) to FY29 by up to 10%, citing expectations of prolonged operating losses at current market share levels. The brokerage expects Ola Electric's operational losses will make it more challenging for the company to achieve positive free cash flow.
Goldman Sachs also highlighted the scale of revenue growth required to cover capital expenditure and interest payments, CNBC-TV 18 reported, citing the brokerage. Ola Electric will need to generate 3.6–7.1 times its FY26 revenue over FY28–FY30, compared with the 55?cline in revenue between FY24 and FY26, the brokerage said. It also flagged potential operational challenges in the battery-cell business following the recent departure of its business head.
A recovery in the electric two-wheeler business after a shift towards a dealer-led sales and service model could help improve brand sentiment, Goldman Sachs said. Faster customer wins and improved profitability in the battery-cell business will also help the company, the brokerage said. (Eshitva Prakash)
Equity Alert: Colgate hits 3-yr low as brokerages cut target price on stock
MUMBAI--1125 IST--Shares of Colgate-Palmolive (India) fell more than 5% and hit an over three-year low of INR 1,597.70. This came after multiple brokerages cut their target prices on the stock, highlighting worries around the company's core portfolio. The change in stance came after the fast-moving consumer goods player's net profit for the September quarter fell short of the Street's expectations.
The toothpaste seller reported a net profit of INR 3.42 billion for Jul-Sept, up 4% on year but lower than the brokerage's expectation of INR 3.66 billion. The company's revenue, however, was INR 17.06 billion, up nearly 13% on year and broadly in line with the Street's view of INR 17.19 billion. The company's total expenses for the quarter under review were INR 12.7 billion, up 16% on year.
Nirmal Bang Institutional Equities cut its target price by 13% to INR 1,910 and maintained its "hold" call on the stock. The brokerage also trimmed its revenue estimate for 2026-2027 (Apr-Mar) and FY28 by 1.0% and 1.7%, respectively. It cut its earnings before interest, tax, depreciation, and amortisation expectations for the aforesaid periods by 2.4% and 3.2%, respectively, and also lowered its estimate for the company's adjusted net profit by 2.5% and 3.3%, respectively. The revision in estimates was mainly due to lower expectations on the margin front, which will be partly offset by high-single digit volume-led growth on the back of premiumisation and continued innovation.
Nuvama Institutional Equities cut its target price on the stock 17% to INR 2,285 but retained its "buy" call. The brokerage cut the company's earnings per share estimates for FY28 and FY29 by 3?ch. "In our view, the key challenge is to manage growth along with ad spends and promotion," the brokerage said. Further, Prabhudas Liladher cut its target price 13% to INR 1,837, while retaining a "hold" call on the stock. Going forward, the brokerage expects high input costs to impact the company's margins at gross level. It also highlighted sustained competition, high inflation, and the impact of poor monsoons impact on rural and urban demand as points of concern. Systematix also trimmed its price aim for the company's stock by 10% to 1,870, while maintaining its "hold" call.
At 1054 IST, shares of Colgate-Palmolive (India) traded nearly 5% lower at INR 1,606 apiece on the National Stock Exchange. Over 742,000 shares of the company have changed hands on the exchange so far, which is 56% higher than the three-month daily average volume traded. (Deesha Jadhav)
Equity Alert: IT cos up amid fall in global AI stocks; Nifty IT up 17% in mo
MUMBAI--1120 IST--Shares of major information technology companies rose during early trade Friday amid a rout in global artificial intelligence stocks. Shares of Nifty 50 constituents HCL Technologies, Infosys, and Tata Consultancy Services rose 1–2% during early trade, while Wipro, Persistent Systems, and Coforge were up around 1?ch in the Nifty 200. Analysts are divided on whether the sector is directly benefiting from the selloff in AI stocks. Some believe that the growing risk-off sentiment towards AI positions Indian IT in a more favourable light, while others note that the recent rally in the sector was not on account of buying by foreign institutional players.
At 1030 IST, the Nifty IT index was up 1% at 32352.85 points, the only gaining sector in the domestic equity market. So far this month, the index has gained 17%. Growing concerns about unchecked spending have led to losses in global AI stocks over the past couple of weeks. Friday, the South Korean KOSPI and Japan's Nikkei 225 were down around 1?ch following losses in stocks of major AI and adjacent stocks such as Samsung Electronics and Tokyo Electron. This came after overnight losses in the stocks of major technology companies in the US such as Nvidia and Alphabet, which dragged down the Nasdaq Composite index to end nearly 3% lower.
Some analysts highlighted that AI stocks falling out of favour with investors is a sentimental positive for Indian IT stocks. However, others believe that it is too premature to make a direct correlation in this regard. "This is not a rally which is driven by FIIs (foreign institutional investors)," Sumit Pokharna, vice president – IT at Kotak Securities, said. "It is only the DIIs (domestic institutional investor) who are buying it (IT stocks). At most, if we have to be optimistic, then we can say that FIIs might not be selling Indian IT stocks," according to Pokharna.
Extremely cheap valuations and in-line earnings releases by major players in the sector are the key factors driving the rally in the sector, according to analysts. Further, large domestic investors are reducing their exposure to other sectors which they believe will be worse hit in the second half of the ongoing fiscal year due to high raw material costs. Thus, Indian IT is emerging as a preferred pick among the investor class, Pokharna highlighted. The September quarter earnings of TCS, HCL Technologies, and Tech Mahindra broadly met the Street's expectations. Investors now await the results of Infosys, due later in the day. The IT major is expected to report a growth in its net profit and sales despite a weaker demand environment in Jul-Sept. (Shruti Nair)
Equity Alert: Selling pressure prevails amid high volatility, benchmarks fall
MUMBAI--1115 IST--Selling pressure took over on Dalal Street and benchmark indices pared back their gains from earlier. The Nifty 50 fell more compared to the BSE Sensex, though information technology stocks tried to limit the fall. The 50-stock index traded around its support level of 22500 points but was finding it difficult to sustain this level. Until Thursday, this level was seen as the key support for the index. Meanwhile, broader markets extended their declines, with the small-cap gauges down around 3?ch amid significantly high volatility.
At 1031 IST, the Nifty 50 was at 22510.65 points, down 0.8% from Thursday, and the BSE Sensex was down 0.5% at 72879.33 points. Mid-cap indices fell over 2?ch, and in the Nifty 200, only 11 stocks were in the green. Out of these 11, seven belonged to the IT sector. Tata Consultancy Services, up 2%, was the top gainer, while Coforge, HCL Technologies, Wipro, and Infosys rose around 1?ch. Bharti Airtel and Oil and Natural Gas Corp. were up only marginally.
Nifty IT was the only sectoral index in the green. The IT index had risen as much as over 3% within the first hour of trade and had crossed the 33000 level for the first time since Feb. 19 this year, but amid weak market breadth, the index pared some of those gains and was only around 0.6% higher later.
Among some key buzzers was Cyient, which rose as much as 11% to its highest level in over a year after the company posted a 17% sequential rise in its consolidated profit for the quarter ended September. Its dollar revenue stood at $233.9 million, up 15.3% on year in constant currency terms. Cyient was the top gainer in the Nifty 500 universe. Chennai Petroleum Corp. was also in focus in the Nifty 500. The stock was up around 2?ter its consolidated net profit for the quarter tripled on year and revenues rose 10%.
On the flip side was Swiggy, whose shares tumbled nearly 15% to a record low of INR 180.35. In the first hour of trade, the stock had declined 10% to hit a fresh low. The sharp stock movement came after the company's earnings for the September quarter missed the Street's view and analysts revised their estimates to reflect the company's Instamart business's widening earnings before interest, taxes, depreciation, and amortisation losses for the ongoing financial year and cut target prices. Swiggy was the top laggard in the Nifty 200 and Nifty 500 indices. (Ruchira Kagita)
Equity Alert: Crisil falls 5% ahead of September quarter earnings
MUMBAI--1110 IST--Shares of Crisil Ltd. fell over 5% ahead of the company's September quarter earnings, slated to be announced later in the day. The credit rating agency is expected to report a healthy on-year growth in its net profit for the September quarter on the back of growth in net sales, according to brokerages tracking the company.
The company's net profit for the September quarter is estimated to be INR 2.22 billion, according to Kotak Securities Ltd. YES Securities (India) Ltd. expects the bottom line to be INR 2.20 billion. Crisil's net profit in the year-ago quarter was INR 1.93 billion.
Kotak Securities and YES Securities estimate the company's net sales for the September quarter to be INR 10.73 billion and INR 11.06 billion, respectively. The company had posted net sales of INR 9.11 billion in the corresponding period a year ago.
The company's growth in bottom line is driven by 18% on-year growth in revenue from the ratings segment and around 23% growth in revenue from the non-ratings segment. Growth is non-ratings was supported by the acquisition of PriceMetrix in 2025, according to Kotak Securities.
"We build in stable margins for ratings and non-ratings business. Focus to remain on growth and margin outlook for international business and pick-up in debt issuances," Kotak Securities said. CRISIL is likely to see sustenance of sturdy growth in other businesses such as Global Analytical Centre, Benchmarking, and Integral IQ, YES Securities said in a report.
At 1058 IST, the stock was down 4.7% at INR 4,552.90 apiece on the National Stock Exchange. The only brokerage report on the company available with Informist has a "buy" recommendation on the stock at a target price of INR 4,750 per share, which is over 4% higher from the current market price. (Nandini Sinha)
Equity Alert: CSB Bank down 3% ahead of September quarter earnings
MUMBAI--1108 IST--Shares of CSB Bank fell as much as over 3% intraday ahead of its September quarter earnings, due later in the day. The bank is expected to post a marginal growth in net profit supported by a rise in loans and deposits.
SMIFS Ltd. expects the bank to post net profit of INR 1.65 billion for the September quarter, while YES Securities (India) Ltd. expects net profit to be about INR 1.63 billion. The bank reported net profit of INR 1.60 billion in the year-ago quarter.
SMIFS expects the private sector bank to post a net interest income of INR 4.88 billion for the quarter, while YES Securities expects net interest income to be about INR 4.93 billion. The bank posted net interest income of INR 4.53 billion in the year-ago quarter.
As per the September quarter provisional business update, CSB Bank reported a 22% on-year growth in gross advances to INR 423.7 billion while total deposits grew 18% on year to INR 468.9 billion.
Net interest income is expected to be slightly slower than average industry loan growth due to a rise in cost of deposits outpacing yield on advances. Consequently, net interest margin is likely to be low on quarter. Sequential fee income growth is likely to be higher than loan growth. Operational expenses growth would lag business growth. While slippages would be lower on a sequential basis due to seasonality, provisions will be higher on a sequential basis, as per YES Securities.
SMIFS expects the bank's net interest margin to remain broadly unchanged from the June quarter at 3.65% as softer yields on small and medium enterprises and gold lending segments offset the stable cost of funds. On non-interest income, fee income is likely to recover from a seasonally weak June quarter. Credit costs are likely to be higher sequentially, the brokerage said.
At 1104 IST, the stock was almost 3% down at INR 297.70 apiece on the National Stock Exchange. The stock has fallen almost 14% so far since the bank reported its June quarter earnings on Jul. 22.
Of the four brokerage reports on the bank available with Informist, two have a "buy" recommendation on the stock with an average target price of INR 469.5. One has a "hold" recommendation on the bank with a target price of INR 380, and one has a "sell" call with a target price of INR 355. (Mahima)
Equity Alert: Havells down 4%; brokerages see weakness in co's Lloyd business
MUMBAI--1000 IST--Shares of Havells India fell over 4% to INR 1,027.80 apiece after the company Thursday detailed its September quarter earnings. Though the company beat the Street's view on net profit and revenue, brokerages are divided on the company's outlook. Most expect losses in its subsidiary, Lloyd, and rising competition to pose a risk to overall margin recovery.
At 0947 IST, Havells India shares were at INR 1,029.20 apiece, down 4% from Thursday. Over 500,000 shares of the company had changed hands, which is 41% lower than the three-month average daily volume traded.
Havells India reported a net profit of INR 3.53 billion for the September quarter, up 11% on year. Its revenue came in at INR 64.17 billion, up 35% on year. Both numbers beat analysts' estimates. The company's revenue was driven by sales in the cables-and-wires and switchgear segments. Lloyd's consumer sales for the September quarter were INR 6.15 billion, up 28% on year on a low base.
However, Havells India's gross margin and earnings before interest, taxes, depreciation, and amortisation margin for the quarter contracted on an adverse product mix and cost pressures. The company plans to raise prices by 5–7% in the December quarter and reduce its dependence on room air conditioners by diversifying its product portfolio. The company remains positive on consumer demand and margins, supported by normalised channel inventory and price hikes.
Broking firm Nomura reduced its price target for Havells India by over 9% to INR 1,232, factoring in the risks to margin recovery caused by increasing competition and rising cost of capital. It maintained a "neutral" stance on the stock. While the firm raised its revenue estimate for the company for the financial year 2026-27 (Apr-Mar) by 6%, it lowered its EBITDA margin estimate to 9.1%. It also cut its earnings per share estimate for the company by 1–2% for FY27. Nomura flagged concerns about the cables and wires segment due to rising competition from Ultravolt.
Nuvama Institutional Equities also lowered its earnings per share estimate for the company for FY27 by 6%, expecting higher losses in its subsidiary, Lloyd. It also reduced its price target by more than 11% to INR 1,430 while retaining the "buy" recommendation on the stock.
Nirmal Bang Equities maintained its "hold" recommendation on the stock and increased the price target marginally to INR 1,190 from INR 1,157. However, the broking firm lowered its FY27 estimates for the company's revenue to INR 269.4 billion, EBITDA to INR 24.1 billion, and EBITDA margin to 9%. It expects strong volume traction in the cables and wires segment, profitability in the switchgear segment, and expansion of renewables to underpin growth. Aluminium-led volatility in cables and consecutive losses at Lloyd are likely to limit near-term margin expansion. (Utthara E. S.)
Equity Alert: Benchmarks open higher; Nifty 50 struggles to stay in green
MUMBAI--0950 IST--The frontline indices opened slightly higher after closing in the red for three consecutive sessions. In early trade, the BSE Sensex fared better than the Nifty 50. Though the 50-stock index was supported by a sharp rise in shares of information technology services majors, it faced selling pressure above 22700 points. The broader markets underperformed the benchmarks and were in the red.
With the rupee appreciating to 94.78 against the dollar and the benchmark 10-year US Treasury bond yield falling, key positives emerged for Indian equities from a fundamental perspective. However, high crude oil prices continued to act as a sentiment dampener. Brent crude oil futures rose to around $114 per barrel on fears of the US conducting fresh strikes against Iran after the US mid-term elections.
At 0936 IST, the Nifty 50 was at 22670.75 points, down 0.1% from Thursday. The BSE Sensex was up 0.2% at 73580.44 points. The broader market indices posted steep declines. While the Nifty Smallcap 100 fell a touch over 2%, mid-cap trackers lost around 1.4?ch. On the National Stock Exchange, the advance-decline ratio leaned sharply towards the laggards.
Mahindra & Mahindra, Titan Co., and Hindalco Industries added significant downside pressure on the 50-stock index while IT giants Infosys, Tata Consultancy Services, and Reliance Industries lent support. TCS rose 3% and was the top gainer in the key index while Hindalco Industries fell over 2% to be the worst-hit stock. Ahead of reporting its earnings for the September quarter, Infosys rose around 2.5%. Infosys's consolidated net profit for the September quarter is expected to rise about 2% sequentially to INR 79.33 billion and its revenues are seen climbing 2% as well to INR 491.48 billion. Constant currency revenues are expected to rise between 0.9% and 1.8% on a sequential basis.
The Nifty IT was the sole sectoral index in the green, up around 1.5%. All its constituents, except for Oracle Financial Services Software and LTM, were also up. Oracle Financial fell over 1% while LTM was flat. The Nifty Consumer Durables was the top loser on the sectoral front, down more than 2%. It was followed by the Nifty Metal index. (Ruchira Kagita)
Equity Alert: Swiggy tanks 10%; Instamart ops losses upset Street
MUMBAI--0920 IST--Shares of Swiggy tanked nearly 10% and touched a record low of INR 190.50 after the company's earnings for the September quarter missed the Street's view. Though the food delivery business was healthy, analysts are worried about higher losses in the company's quick-commerce segment Instamart. Brokerages revised their estimates to reflect Instamart business' widening earnings before interest, taxes, depreciation, and amortisation losses for the ongoing financial year and trimmed their target prices on the stock.
The company's consolidated EBITDA loss widened to INR 7.60 billion from INR 6.95 billion a year ago and INR 6.51 billion a quarter earlier. For its Instamart business, the adjusted EBITDA loss expanded to INR 8.95 billion from INR 8.49 billion a year ago. From the trailing quarter, this segment's EBITDA loss stood at INR 7.78 billion. The company also highlighted that it needs more time to fully evaluate the Toing business.
Emkay Global Financial Services increased its adjusted EBITDA loss estimates for Swiggy's quick-commerce business by 4.6% for the financial year 2026-27 (Apr-Mar) and by 16.7% for FY28. Scale, sustainable improvement in orders per day per store, and take rates would be necessary to give value to this vertical, the brokerage said. Emkay Global retained its "buy" call on the stock but trimmed its target price to INR 310 from INR 350, mostly on quick-commerce concerns. Further, Swiggy's net order value grew 13.4% sequentially, and it lags rival Eternal's 22.2% growth, the broking firm highlighted.
The company expects its contribution margin in its quick-commerce division to improve 100 basis points for the December quarter. Further, the inventory model transition is likely to commence in the December quarter and finish in the following two to three quarters. This is seen driving an additional 80-bps margin benefit.
Nuvama Institutional Equities tweaked its adjusted EBITDA loss expectations significantly. It sees the company's EBITDA loss at INR 26 billion for FY27. In August, it had projected the company may post an EBITDA loss of INR 20 billion for the year. For FY28, the brokerage expects this loss to be INR 9 billion, higher from a projection of INR 4 billion. Nuvama cut its target price to INR 403 from INR 444 while retaining its "buy" recommendation.
"Swiggy is now firmly in Instamart's pivot-to-growth phase, where quick-commerce contribution margin and consolidated losses move backwards in the near-term by design," Nirmal Bang Institutional Equities said. Due to higher losses in platform innovations and quick-commerce businesses, the brokerage revised its EBITDA loss estimate for the company to INR 17.47 billion for FY27 from INR 14.55 billion before. Nirmal Bang expects the company's EBITDA to be INR 580 million for FY28 from INR 718 million earlier. The brokerage maintained its "buy" stance on the stock but revised its target price downwards to INR 340 from INR 355.
Swiggy reported a consolidated net loss of INR 9.22 billion for the September quarter, against the Street's estimate of INR 8.29 billion loss. The company's loss for the June quarter was INR 7.91 billion. The company's revenue grew 36% on year and 11% on quarter to INR 75.71 billion. (Ruchira Kagita)
Equity Alert: Mkt to open higher, oil prices to cap gains; Q2 earnings eyed
MUMBAI--0830 IST--Benchmark indices are expected to open higher and traders are likely to cover short positions after a three-session decline in the Nifty 50. A fall in yields of US long bonds and the continued correction in artificial intelligence-related names are likely to support sentiment in the domestic equity market. However, surging crude oil prices will likely keep headline indices under pressure and limit foreign fund inflows. Investors await September quarter earnings of four Nifty 50 constituents, slated to be released later in the day.
Thursday, benchmark indices extended their losses for the third straight session. The Nifty 50 index ended 0.5% lower at 22687.65 points, while the BSE Sensex fell 0.6% to 73249.39 points. In the near term, the immediate support for the 50-stock index is placed at 22500-22400, while resistance for the index is pegged at 22860 points, technical analysts said. At 0759 IST, the October futures contract of Gift Nifty was at 22835.50, signalling a gap-up opening of around 150 points.
Market participants will keep an eye out for the earnings releases scheduled for the session ahead. Among Nifty 50 constituents, tech-major Infosys is expected to report sequential growth in its bottom line and revenues despite a weaker demand environment. Pharmaceutical giant Dr. Reddy's Laboratories is expected to report a sharp on-year fall in its bottom line due to weak sales in North America. JSW Steel and Shriram Finance are also set to declare their results.
"Elevated crude oil prices pose a direct threat to a sustainable upward move in domestic equity markets," a senior technical analyst at a top domestic broking firm said. Friday, the December futures notched a new five-month high at $114.02 per barrel. Oil futures rose sharply Thursday, after Yemen's Houthi militants launched fresh attacks on Saudi Arabia's energy infrastructure. The attacks are yet to materially affect Saudi Arabia's oil production or exports, but the targeting of energy facilities is keeping a substantial geopolitical risk premium in crude markets, The Wall Street Journal quoted the views of analysts at MUFG.
While oil prices notched new highs, the yield on the benchmark US 10-year Treasury note fell below 5.00% for the first time in a month as the global bond sell-off paused amid a flight to safety following concern over France's budget deficit. Analysts had earlier noted that so long as the yield on the 10-year note remained over 5.00%, domestic equities would have a tough time garnering inflows from foreign institutional investors.
Most Asian indices slipped in early trade Friday, tracking the overnight losses in AI stocks in the US market. Higher crude oil prices also weighed on sentiment in the region. South Korea's benchmark KOSPI Index fell 2.5% following losses in its heavyweight chip stocks SK Hynix and Samsung Electronics, and Japan's Nikkei 225 lost nearly 2%. Thursday, the tech-heavy US Nasdaq Composite ended nearly 3% lower as worries around AI spending flared. (Shruti Nair)
Equity Alert: Asian indices fall tracking US peers; crude oil up
MUMBAI--0815 IST--Major indices in Asia fell tracking US peers over concern about the high spending on artificial intelligence. Brent crude oil prices rose above $113 per barrel, weighing on investor sentiment. Most indices are headed for losses on a weekly basis. South Korea's Kospi was the worst hit in early trade, down nearly 3%, followed by Japan's Nikkei 225 Day and Topix First Section, which fell 2?ch.
South Korea's technology majors Samsung Electronics and SK Hynix fell 3% and 1%, respectively. Shares of SK Hynix fell after the company paused its plan to list its subsidiary, Solidigm, on the New York Stock Exchange. "While an IPO (initial public offering) was expected to ease investment burdens and expand capacity for shareholder returns, the review has been discontinued in light of market conditions and share price trends," the company said in a press release.
In Japan, the Nikkei 225 majors fell, with Advantest Corp., Tokyo Electron, and Kioxia Holdings down around 4?ch and the SoftBank Group Corp. down 6%. On the macroeconomic front, the country's core inflation for September hit its highest level of the year at 2.1%, following a 1.7% rise in August. Core inflation was higher than the Bank of Japan's 2% target for the first time in nine months. Import costs due to a weak yen and the indirect impact of higher energy costs put pressure. "That acceleration was noteworthy, not least because it occurred despite a sharp slowdown in fresh food inflation and continued energy deflation," Abhijit Surya, senior Asia-Pacific economist at Capital Economics, told CNBC.
Following were the levels of key Asian indices at 0750 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
61630.54 | (-)2.0 |
|
TOPIX FIRST SECTION |
3918.34 | (-)2.0 |
|
S&P/ASX 200 Index |
8755.00 | (-)0.4 |
|
KOSPI Index |
5393.83 | (-)2.5 |
|
Hang Seng Index |
22902.70 | (-)0.1 |
|
CSI 300 Index |
3986.39 | (-)1.2 |
|
FTSE Singapore Strait Times |
5382.79 | (-)0.6 |
(Vidhi Thacker)
Equity Alert: US indices fall Thu as tech cos tank; Nasdaq hits 1-month low
MUMBAI--0735 IST--Most US indices fell Thursday on concern around technology companies' high spending on artificial intelligence infrastructure and the Brent crude oil futures rising to around $113 per barrel. The Nasdaq Composite was the worst hit among peers. It fell nearly 3% and closed at its lowest level in over a month. The S&P 500 also closed lower while the Dow Jones Industrial Average ended flat.
Crude oil prices rose amid concern that US was planning fresh strikes against Iran after the US midterm elections. US President Donald Trump told reporters Wednesday that the US was not negotiating with Iran and something will happen "fairly soon".
Selloff in technology stocks persisted, with Advanced Micro Devices and Micron Technology falling over 8% and 6%, respectively, while NVIDIA Corp. shed 4% and Coreweave 10%. Shares of Meta Platforms fell 7?spite its September quarter earnings beating expectations. The company issued strong revenue guidance for the December quarter, higher than analysts' expectations. "Taking some air out of the AI bubble is a good thing. I don't think it's going to burst and create problems for the economy," Ed Yardeni, president of Yardeni Research, told CNBC, describing technology trade as a "bubble."
Capital within the artificial intelligence buildout was becoming scarce, Nvidia Chief Executive Officer Jensen Huang, told CNBC. "There's a scarcity of capital. The demand (for) the capital is much greater than the availability of the capital," he said.
Following are the closing levels of key US indices Thursday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
52867.98 | 0.02 |
|
NASDAQ Composite |
26008.86 | (-)2.60 |
|
S&P 500 |
7663.43 | (-)1.21 |
(Vidhi Thacker)
US$1 = INR 94.92
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.
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