More Stories

Informist, Thursday, Dec. 18, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: ICICI Sec ups Bajaj Finance target price by 13% to INR 1,180 

MUMBAI--1600 IST--ICICI Direct, the retail equity research wing of ICICI Securities, has raised its target price for Bajaj Finance by over 13% to INR 1,180 and upgraded its recommendation on the stock to 'buy' from 'hold'. According to the brokerage, the company's scalable assets under management and profit after tax are likely to expand along with disciplined risk management. These are expected to be driven by the company's continued delivery of robust growth and profitability, AI-enabled (artificial intelligence-enabled) operations, and customer-centric transformation.

The company plans to strengthen its engagement and increase the number of products per customer to 6.5–7.5 in 2029–30 (Apr-Mar), with an existing customer base of over 100 million and a target of 200 million–220 million by the same period, the brokerage said in its report. The company is expected to scale disbursements 10 times to INR 80 billion per month, driven by expanded digital reach, AI-driven personalisation, and multichannel distribution. The brokerage also expects the cut in goods and services tax reforms to boost the company's next phase of growth, it said in the report.

AI-led automation of data preparation, customer segmentation, and impact simulations is expected to reduce risk analysis timelines from 10–15 days to around 1 day, cut operations and service costs by 50% by FY30 and lower credit costs by 15–20 basis points, the report said. The brokerage expects this to increase the company's scalability and resilience, with gross non-performing assets expected to be below 1.2% and net non-performing assets expected to be below 0.4%, compared with FY26 targets of 1.2-1.4% and 0.4-0.5%, respectively.

Shares of Bajaj Finance ended 0.1% higher at INR 1,000.30 on the National Stock Exchange. Over 3 million shares of the company changed hands on the NSE, lower than the over 4 million shares traded Wednesday. Of the 18 brokerage recommendations available with Informist on the company, 13 have a 'buy' recommendation with an average target price of INR 1,004, while four have a 'hold' recommendation. One brokerage has a 'sell' recommendation on the stock.  (Arundathi A R)

Equity Alert: Nifty 50 ends flat after declining for 3 days in row; Sensex dn

MUMBAI--1551 IST--The Nifty 50 closed flat and the BSE Sensex ended marginally lower. Information technology companies and select private banks such as ICICI Bank and Axis Bank prevented a slide in the Nifty 50. Shares of asset management and capital market companies rose after Wednesday's regulatory changes from the Securities and Exchange Board of India. The rupee, which had hit a record low Tuesday, also appreciated slightly against the dollar to settle at INR 90.24.

The Nifty 50 settled at 25815.55 points, down 3 points. The Sensex fell more and closed at 84481.81 points, down 77.84 points or 0.1%. Sun Pharmaceutical Industries was the weakest constituent of the 50-stock index, declining almost 3% after the US Food and Drug Administration classified its facility at Baska, Gujarat, as "official action indicated". A 0.4% fall in HDFC Bank and a 0.8% fall in Bharti Airtel also affected the index negatively. The cumulative weightage of the two stocks in the Nifty 50 is over 17%. ICICI Bank rose 0.3% while Reliance Industries closed flat.

Shares of most major automobile companies closed lower. Shares of Maruti Suzuki India, Bajaj Auto, Eicher Motors, and Mahindra & Mahindra declined 0.4–0.7%. Meanwhile, IT stocks closed higher. Shares of Tata Consultancy Services, Tech Mahindra, Infosys, and Wipro rose 1–2% ahead of a key earnings report from Accenture. The Nifty IT index rose the most among sectoral indices and was up 1.2%.

InterGlobe Aviation was the strongest Nifty 50 constituent, gaining nearly 3% after Chief Executive Officer Pieter Elbers told employees that "the worst is behind us". Elbers said that on Thursday, the airline restored its network to 2,200 flights. Shares of Max Healthcare Institute rose 1.7% after the company said its board approved a proposal to enter into a share purchase agreement to acquire 100% stake in Yerawada Properties for INR 2 billion.

Shares of asset management companies such as Nippon Life India Asset Management, HDFC Asset Management Co., and UTI Asset Management Co. rose 5–7% after the final reduction in mutual funds' expense ratio was lower than what had been proposed by SEBI in its consultation paper in October. The regulator excluded statutory levies from the total expense ratio and cut the limit by 10 basis points across most slabs based on assets under management. In the October consultation paper, the cut proposed was 15 bps. Shares of several capital market companies, such as Anand Rathi Share and Stock Brokers, Motilal Oswal Financial Services, and Nuvama Wealth Management rose 2–4% as the final reduction in the limit of transaction charges paid by mutual fund houses was lower than what had been proposed in the consultation paper.

Among other stocks, Ola Electric Mobility fell almost 5%, declining for the third day running. The company's promoter, Bhavish Aggarwal, sold 1% stake in the company for INR 1.42 billion through a bulk deal Tuesday on the NSE.

Most sectoral indices were weak, with the Nifty Media declining 1.3% and its constituents, PVR INOX, Zee Entertainment Enterprises, and Tips Music, ending 2-4% lower. The Nifty Energy index was down 0.8% with shares of Power Grid Corp. of India down over 1%. Hitachi Energy India, Siemens Energy India, GE Vernova T&D India, and Indian Oil Corp. ended 3-5% lower and were also the worst-hit Nifty 200 stocks.

Most broader market indices outperformed their benchmark peers except the Nifty Smallcap 250 index, which was down 0.1%. The midcap indices were higher than their smallcap counterparts. The Nifty Midcap 50 index rose 0.5%.  (Eshitva Prakash)

Equity Alert: Antony Waste Handling soars 19%, co arm bags INR-13.3-bln order 

MUMBAI--1540 IST--Shares of Antony Waste Handling Cell jumped nearly 19% to touch an over one-month-high of INR 522.45 after the company's subsidiary AG Enviro Infra Projects on Wednesday bagged two contracts for collection and transportation of municipal solid waste by the Brihanmumbai Municipal Corp. Both orders are worth a total of INR 13.30 billion.  

The contracts were awarded to the joint venture of AG Enviro Infra Projects, Jigar Transport Co., and MK Enterprises. The contracts are for the collection and transportation of approximately 1,250 million tonnes of municipal solid waste per day to the landfill site by providing owned new vehicles  for a period of seven years. Under the contracts, the joint venture will be responsible for the collection and transportation of municipal solid waste from A, B, C, D, N, S and T wards in Mumbai. "These projects will strengthen Mumbai's municipal waste infrastructure, improve service reliability, and ensure timely transportation of waste to designated landfill sites," the company said in an exchange filing. 

As of 1525 IST, the stock traded over 17% higher at INR 509.90. It closed 18% higher at INR 513.95. Nearly 14 million shares of the company changed hands as compared to over 466,000 shares traded Wednesday.  (P. Madhu Kumar)

Equity Alert: European indices open flat as investors focus on upcoming data

MUMBAI--1454 IST--European indices opened muted as investors adopted a cautious stance ahead of a series of central bank announcements across the region and crucial US inflation data. The Bank of England is expected to lower interest rates after inflation in the UK unexpectedly fell to 3.2% in November from 3.6% in October. The monetary policy decision will be released later on Thursday. 

Investors bet that the central bank will reduce interest rates to 3.75% from the current 4%, which will be welcome news for finance minister Rachel Reeves and Prime Minister Keir Starmer, who are struggling to meet promises of faster economic growth, Reuters reported. "Such a move (interest rate cut) would lower borrowing costs to their weakest level since 2022, amid easing inflation and mounting signs of economic strain," said Jigar Trivedi, senior research analyst, Reliance Securities, in a note.

Healthcare stocks fell 0.6% as heavyweight stocks such as Novo Nordisk fell 1.4% and AstraZeneca was down 0.5%. However, energy stocks rose 0.5% as oil prices continued to rise. Shares of oil and gas major BP rose after the company appointed Meg O'Neill, the head of Australia's Woodside Energy, as its next chief executive officer, Reuters reported.     

The US inflation report for November, which could provide clarity on the US Federal Reserve's monetary policy trajectory, will be in focus. The European Central Bank, Norway's Norges Bank, and Sweden's Riksbank are scheduled to announce their policy decisions later in the day, with all three widely expected to hold rates steady, as per Reuters report.   

Following were the levels of major European indices at 1443 IST: 

(Adhithya Aji)

Equity Alert: Nuvama downgrades SAIL to 'reduce', cuts target price 25%

MUMBAI--1418 IST--Nuvama Institutional Equities has downgraded Steel Authority of India's stock to "reduce" from "hold" and cut its target price by nearly 25% to INR 106, implying a downside of nearly 17%. The brokerage expects the company's earnings to be hurt by weak steel margins due to expectations of excess supply of flat steel in India over 2025-26 (Apr-Mar) to FY28 and the company's low earnings base, it said in a report. The brokerage has cut the company's earnings before interest, tax, depreciation and amortisation by 17% in FY26 and 13% each in FY27 and FY28 after factoring lower steel prices. The company's return ratios are seen poor; the brokerage estimates a return on equity of 3.2% for FY26, 6.4% in FY27 and 6.5% in FY28. The company's earnings are likely to lag its peers unless steel margins report a major surge, the brokerage said. 

The company is going to start its capital expenditure on the 4.5 million tonnes per annum at Indian Iron and Steel Company, also called IISC, plant which is likely to further increase its debt. The estimated capital expenditure is around INR 330 billion, which could increase due to rupee depreciation, the brokerage said. The brokerage expects the company's net debt to rise around INR 374 billion by the end of FY28 after factoring in a capital expenditure of INR 75 billion in FY26 along with a capital expenditure of INR 110 billion and INR 130 billion in FY27 and FY28. The ability for the company to service its debt is not an issue but higher debt restricts the equity value for the company, the brokerage said.

At 1418 IST, Steel Authority of India was down nearly 2% at INR 127.64 on the National Stock Exchange. Over 7 million shares of the company have traded on the bourse so far, higher than the nearly 6 million shares traded at the same time on Wednesday. 

Out of 14 brokerage report on the company, eight have a 'hold' recommendation with an average target price INR 132. Four brokerages have a 'buy' recommendation while two have a 'sell'.  (Akshat Saksena)

Equity Alert: Asian indices end lower weighed down by tech stocks

MUMBAI--1407 IST--Most of the Asian indices ended lower Thursday as shares of artificial intelligence-related companies remained weak. Japan's Nikkei 225 ended lower by more than 1%, weighed down by weakness in technology stocks. Investors are waiting for US inflation data for November and the outcome of Bank of Japan's two-day policy meeting that commenced Thursday. The Japanese central bank is expected to raise interest rates to 0.75%, the highest level in 30 years, a report by news agency Reuters said.

Technology major Softbank Group Corp. was among the worst hit in the Nikkei index, according to a report by The Associated Press. The stock ended down over 7%. Computer chipmaker Tokyo Electron fell 3.2% and chip testing equipment maker Advantest declined 3.3%. Honda Motor Corp. fell 2.2% on reports the company is suspending plants in Japan and China due to shortage of computer chips. South Korea's KOSPI fell 1.5% as shares of electronics companies and carmakers fell. Samsung Electronics lost 0.3%, according to the report by The Associated Press.

Traders are waiting for US inflation data for November that will be released later in the day. Economists estimate a 12-month inflation rate of 3.1%, according to a survey by Dow Jones. The Bureau of Labor Statistics has said the data will not include one-month percentage change because the agency cancelled the October inflation report. The data has been delayed due to the 43-day shutdown of the US government, Reuters reported.  

Following were the levels of key Asian indices at 1348 IST:

(Adhithya Aji)

Equity Alert: ICICI Securities maintains 'buy' on LG Electronics

MUMBAI--1400 IST--Broking firm ICICI Securities has maintained its 'buy' recommendation on LG Electronics with an unchanged target price of INR 1,875. The brokerage is bullish on the company's medium-term outlook due to sustained market share, premium positioning, and backward integration. However, it expects the December quarter to be soft for the company due to weak primary and secondary sales of air conditioners, televisions, and appliances. The target price is over 22% higher from the current market price.

The brokerage expects the company's plan of chest freezers launch by the first half of 2026-27 (Apr-Mar) to leverage its existing distribution network. It projected a price hike of 8-10% for five-star rated room air conditioners due to new bureau of energy efficiency norms. The brokerage expects the industry-wide pricing action to be inevitable to sustain margins and also sees LG's premium mix providing relative resilience.

Though the goods and services tax rate cuts on air conditioners, television, and dishwashers supported the company's volume growth, demand has slowed down after festivals, the brokerage said in its report. The company has rationalised its promotional incentives after the festival season to protect margins, ICICI Securities said. "This reflects a shift towards margin protection, rather than chasing volumes in a soft demand environment in our view," according to the report.

At 1340 IST, shares of the company traded 1% lower at INR 1,535 on the National Stock Exchange. They fell over 1% to hit an all-time low of INR 1,531.20. The stock was down for the third straight session and shed nearly 3% during this period. Over 165,000 shares of the company changed hands on the NSE, lower than over 381,000 shares traded till the same time Wednesday. All the six brokerage recommendations available with Informist on the company have a 'buy' recommendation with an average target price of INR 1,915.  (Arundathi A R)

Equity Alert: TCS hits over 5-mo high, co clocks $1.5 bln in AI svcs revenue

MUMBAI--1359 IST--Shares of Tata Consultancy Services rose 2% to touch an over five-month high of INR 3,278.80 after the company disclosed its earnings from artificial intelligence services. The company earns $1.5 billion in annualised revenue from AI-related services, Chief Executive Officer K. Krithivasan said at the company's Analyst Day 2025 meet on Wednesday.

The company said it is committed to its long-term operating margin target of 26-28%. "We believe that the investments which we have been making early has been the source of how we are able to maintain a sustained industry-leading margin band and we are taking the challenge by taking into account all the investments...," a top company executive said. "Growth with profitability will remain our mantra and we'll not be shy of investments but we will be driving towards the 26-28% (band)." 

Brokerages were bullish on the company's plans to make the most out of the AI opportunity as the information technology bellwether is backed by scale, talent depth and strong financial discipline, which positions it well for AI-led growth with industry leading margins and returns. "We expect dollar revenue to grow at a CAGR (compounded annual growth rate) of ~4% over FY25-FY28E and have baked in EBIT margins of 24.8%/25.3%/25.5% in FY26E/FY27E/FY28E vs. 24.3% in FY25," ICICI Direct research said in its report. 

As of 1354 IST, the stock traded nearly 2% higher at INR 3,276.20 on the NSE. Of the 23 brokerage reports on the company available with Informist, 20 brokerages have a 'buy' recommendation on the stock with an average target price of INR 3,808.  Three brokerages have a 'hold' recommendation with an average target price of INR 3,994.  (P. Madhu Kumar)

Equity Alert: JM Fincl sees limited impact of SEBI's new norms on AMCs' sales

MUMBAI--1347 IST--JM Financial Services expects only a marginal impact of the market regulator's latest regulations on asset management companies, brokerages, and distributors, effective Apr. 1. "The separation of levies while changing the TER structure should counter the impact from removal of exit load, while the cut in brokerages is much lower than initially proposed," the broking firm said in its report. 

The regulator removed the 5-bps expense allowance that is charged on schemes with exit loads. This will directly impact asset management companies' revenues, with a gross hit of 7% estimated for HDFC Asset Management Co.'s core top line in 2026-27 (Apr-Mar) and 4% on UTI Asset Management Co, the broking firm said. For context, revenue of HDFC AMC in FY25 was almost INR 35 billion and the consolidated top line of UTI AMC was more than INR 18 billion during the same period. JM Financial expects AMCs to pass on a part of the cuts to distributors, as they had done when the current total expense ratio slabs were introduced in FY19. 

The broking firm said the revision in total expense ratio, which is now called base expense ratio that excludes statutory levies, is likely to offset the adverse impact of removal of the exit load. The GST on commissions to agents and other statutory levies were earlier paid out of the total expense ratio. "...we estimate that the removal of GST would give a benefit of 12-13bps to the larger AMCs," JM Financial said. 

The impact of change in slabs and removal of exit load will be 2-3 bps, which would result in a 2-4% hit to revenues of AMCs in FY27 and a 3-4% hit on their net profits, it said. This is significantly lower than the 6-8% impact the broking firm had estimated after SEBI's consultation paper issued in October.

On Wednesday, SEBI cut the brokerage limit for cash market transactions to 6 bps from the existing 12 bps and that for derivatives to 2 bps from 5 bps. This was a positive news as the regulator had proposed a deeper cut in the limit in its consultation paper in October to 2 bps for cash transactions and to 1 bps for derivatives. JM Financial said these cuts are expected to have negligible impact on mutual funds and equities broking businesses. 

Following SEBI's announcement of new regulations Wednesday, shares of AMCs rose sharply Thursday. At 1350 IST, UTI AMC, Nippon Life India AMC, Canara Robeco AMC, and HDFC AMC were up 2-7%. In October, these stocks had fallen sharply after SEBI proposed sharp reduction in mutual fund expense charges.  (Anjana Therese Antony)

Equity Alert: Indices edge higher; IT cos gain more, energy stocks fall

MUMBAI--1328 IST--Benchmark indices edged higher, primarily aided by rise in shares of information technology companies and private banks. Shares of major automobile companies remained weak but were off their intraday lows. Shares of energy companies were lower across indices.

At 1315 IST, the Nifty 50 was at 25872 points, up 53.45 points or 0.2%. The BSE Sensex was at 84656.34 points, up 96.69 points or 0.1%. Shares of InterGlobe Aviation rose 2.5%. The stock was up for the sixth straight session. IndiGo has restored a network of 2,200 flights, Pieter Elbers, the company's chief executive officer, said in a post on social media platform X. The airline had faced operational disruptions early in December due to shortage of crew following the enforcement of new flight duty time limitation rules. Shares of Sun Pharmaceutical Industries fell further to almost 3% and Mahindra & Mahindra traded 1% lower. These two stocks were the biggest drag on the 50-stock index.

Information technology companies such as Tata Consultancy Services, Infosys, and Tech Mahindra extended their gains and were 1-2% higher.

Shares of several capital market companies, such as Anand Rathi Share and Stock Brokers, Motilal Oswal Financial Services, and Nuvama Wealth Management rose 2–4%. The final reduction in the limit of transaction charges paid by mutual fund houses is lower than what was proposed by the Securities and Exchange Board of India in its consultation paper in October.

Shares of most energy companies were lower, with Indian Oil Corp., Hitachi Energy India, and Siemens Energy India falling 3–4%. Power Grid Corp. of India , down nearly 2%, was the second-worst hit stock on the Nifty 50. The Nifty Energy index was down 0.6%. 

Among other stocks, Ola Electric Mobility declined as much as 5% and was down for the third consecutive session after its promoter Bhavish Aggarwal sold a 1% stake in the company for INR 1.42 billion through a bulk deal Tuesday.

Midcap indices were up 0.3–0.5%, outperforming their benchmark peers and smallcap indices. The Nifty Smallcap 250 index was off its low but still down 0.1%.  (Eshitva Prakash)

Equity Alert: Sun Pharma dn; unit gets US FDA 'official action indicated' tag

MUMBAI--1320 IST--Shares of Sun Pharmaceutical Industries fell over 3% to INR 1,736.80, their lowest price in over a month, after the US Food and Drug Administration classified its facility in Baska, Gujarat, as 'official action indicated'. This followed an inspection conducted at the facility by the regulatory body between Sept. 8 and Sept. 19, the company said in an exchange filing. 

At 1317 IST, shares of the company were down around 3% at 1,741.20 and were the worst hit in the Nifty 50 index. Nearly 2 million shares of the company changed hands on the NSE so far in the day, compared to 767,086 shares traded till the same time Wednesday. The stock fell after rising for six straight sessions, in which it had gained over 4%. So far this year, the stock has fallen nearly 8% compared to the near 4% fall in the Nifty Pharma index and the 8-9% growth in the benchmark Nifty 50 and Sensex. 

Of the 21 research reports on the company available with Informist, 18 have a 'buy' or equivalent recommendation on the stock, with an average target price of INR 1,967. Of the remaining three, two have a 'hold' or equivalent recommendation and one has a 'sell' call on the stock.  (Arya S. Biju)

Equity Alert: Max Health up 2% after board OKs buying Yerawada Properties

MUMBAI--1240 IST--Shares of Max Healthcare rose over 2% to an intraday high of INR 1,053.80 after the company said its board approved the proposal to enter into a share purchase agreement to acquire a 100% equity stake in Yerawada Properties for INR 2 billion. The company also said it would spend INR 10.20 billion to set up a 450-bed super speciality hospital on the land of the latter in Pune. 

The shares of the company rose after falling 5% for two consecutive sessions. At 1230 IST, shares of the company traded nearly 2% higher at INR 1,051.40. Over 3.5 million shares of the company changed hands, which was higher than over 1 million shares traded till the same time Wednesday. 

As of Sept. 30, Max Healthcare Network has an existing capacity of around 5,200 beds, and it is operating at a very high-capacity utilisation, the company said in an exchange filing. For the first half of 2025–26 (Apr-Mar), capacity utilisation of the hospital network was more than 76%, the company said. 

Of the 10 brokerage reports available on the company with Informist, eight have a 'buy' recommendation on the stock with an average target price of INR 1,328 and the remaining two have a 'sell' recommendation.  (Adhithya Aji)

Equity Alert: Ola Electric hits all-time low; down for third session

MUMBAI--1230 IST--Shares of Ola Electric Mobility fell over 5% to hit an all-time low of INR 31.13 Thursday. The stock was down for the third straight session and shed nearly 17% during this period. Ola Electric's promoter Bhavish Aggarwal sold a 1% stake in the company for INR 1.42 billion through a bulk deal Tuesday on the National Stock Exchange. 

The promoter of the company sold 41.9 million shares for INR 33.96 each, at an over 0.5% discount to the stock's closing price Tuesday. As of Sept. 30, Aggarwal held more than 30% stake, or 1.32 billion shares, of the company and had sold 0.6% stake Tuesday for almost INR 919 million through a bulk deal at INR 34.99 a piece. 

At 1225 IST, shares of the company traded over 4% lower at INR 31.45 on the NSE. Over 135 million shares of the company changed hands on the bourse, higher than nearly 84 million shares traded till the same time Wednesday. There is only one brokerage recommendation on the company available with Informist, with a 'buy' recommendation and an average target price of INR 65.  (Arundathi A R)

Equity Alert: InterGlobe Aviation up around 3%; CEO says worst is over

MUMBAI--1225 IST--Shares of InterGlobe Aviation rose nearly 3% to a high of INR 5,115 after media reports said the company's Chief Executive Officer Pieter Elbers told employees that "the worst is behind us" and urged staff to avoid speculation. Earlier this month, the company's airline IndiGo faced operational disruptions due to crew shortages following the enforcement ofnew flight duty time limitation rules, leading to cancellation of hundreds of flights. On Thursday, the airline restored its network to 2,200 flights, Elbers said in a video message to employees. 

At 1225 IST, shares of the company were up 2.5% at INR 5,105 on the National Stock Exchange. The stock came off its early lows after the CEO's comments, extending gains for the sixth straight session. The stock has gained over 6% during this period, but is still more than 1,100 points away from its all-time high of INR 6,232.5 hit on Aug. 18. The recent rise in the stock was after it lost nearly 19% in the first eight sessions of this month. 

Referring to steps taken since Dec. 9, Elbers said the airline had moved swiftly to stabilise operations and rebuild capacity. Going forward, the airline's focus would be on strengthening resilience, conducting a root-cause analysis of the breakdown, and rebuilding systems to prevent a repeat, he said.  (Arya S. Biju)

Equity Alert: Brokerage cos up as cut in broking charges lower than proposed

MUMBAI--1220 IST--Shares of several capital market companies rose as the final reduction in the limit of transaction charges paid by mutual fund houses was lower than what was proposed by the Securities and Exchange Board of India in its consultation paper in October.

Shares of Anand Rathi Share and Stock Brokers, Motilal Oswal Financial Services, Nuvama Wealth Management, and Angel One rose as much as 2-5% post the regulator's final announcement Wednesday. However, at 1207 IST, these stocks came off highs with Motilal Oswal, Anand Rathi, and Nuvama Wealth up 2-3%, while Angel One erased all gains and traded flat.

SEBI's board decided to reduce the limit of charges paid to brokerages to 6 basis points, excluding statutory levies, of order value for cash market transactions. Earlier, the same limit was 8.69 bps, excluding statutory levies, and 12 bps, including levies. This was positive for capital market companies as the consultation paper had proposed to cut the limit to 2 bps.

Further, SEBI reduced a similar limit on charges paid to brokers on order value of derivative transactions to 2 bps, excluding statutory levies. Earlier, the same limit was 3.89 bps, excluding levies, and 5 bps including levies. This was also positive for capital market companies as it was proposed to be lowered to 1 basis point.

"With levies out, impact of cut in brokerage caps looks palatable," JM Financial said in a report. "...we expect negligible impact from these changes on the mutual funds and the equities broking businesses."

While the final limits were better than what was proposed, it is still expected to affect earnings of brokers. "...cash revenue might be affected by 15-20% while derivative revenue would be hit by 3-5% (for brokers)," Prabhudas Lilladher Pvt. Ltd. said in a report.

Before rising Thursday, several capital market stocks had fallen when the consultation paper was first announced. Till Wednesday, Motilal Oswal had lost nearly 24% since the announcement of the SEBI paper and shares of Angel One and Nuvama Wealth had fallen 1-4%. Anand Rathi was the only major brokerage that rose 9% during this period.  (Anshul Choudhary)

Equity Alert: Motilal Oswal starts Crompton Greaves coverage with 'buy' 

MUMBAI--1218 IST--Brokerage Motilal Oswal initiated coverage on the shares of Crompton Greaves Consumer Electricals with a 'buy' recommendation at a target price of INR 350, according to a report by the brokerage. The target price implies an upside of 33.5% from the current market price. Shares of Crompton Greaves rose 6% to a high of INR 264.30 after ending lower for three consecutive sessions, during which it fell nearly 2%. The brokerage expects the 'Crompton 2.0' strategy, which was launched by the company in 2023 and which emphasised a renewed focus on revenue growth and an improvement in profitability, to unlock potential for the company.

The four key pillars for 'Crompton 2.0' are the growth and protection of the company's core portfolio, wins in the kitchen segment, transformation of its lighting business, and foray into new segments. The strategy entails that the company make substantial investments in growth initiatives such as people and process capabilities, brand reinforcement, consumer-driven innovation, and advanced go-to-market strategies, the report said. 

The brokerage expects the earnings and return ratios of the company to improve after a dip seen in 2025-26 (Apr-Mar). It expects the company's earnings before interest, tax, depreciation and amortisation to rise at a compounded annual growth of 17% over FY26 to FY28 and its net profit to rise at a compounded annual rate of 21% over the same period. A possible dip in demand and higher competitive intensity are expected to be the key downside risks for the compnay, according to brokerage Motilal Oswal. 

Crompton Greaves' acquisition of majority stake in Butterfly Gandhimathi Appliances has allowed it to expand its appliance portfolio, the brokerage said. The company expects to realise various revenue and cost synergies in the short to medium term and plans to leverage the mutual strengths of both companies to expand its industry share and market reach, the report said. The company acquired 55% stake in Butterfly Gandhimathi Appliances in March 2022 and currently holds 75% stake in the latter.

The company has established a strong presence in the electrical consumer durables segment by offering diverse products across various categories and maintaining a pan-India footprint, the brokerage said. Higher advertising investments and allocation towards digital platforms have led to an increase in the brand's salience and resulted in higher engagement on social media, the brokerage said. 

According to the brokerage, the company is a significant player in the country's consumer electricals sector, with a strong presence across fans, lighting, pumps, and household appliances. The company is a leader in the fan market with around 25% market share and manufacturing capacity of 1.60 million units per month. The brand is preferred by customers for its durability, efficiency, performance, and better after-sales services, according to channel checks by the brokerage. The company is among the leading players in the lighting segment, with a manufacturing capacity of 5.6 million units per month. The company leads in both the business-to-business and business-to-consumer segments due to its excellent response to changing consumer demand. It is a leader in the residential pumps segment as well, with around 30% market share. 

At 1156 IST, shares of Crompton Greaves Consumer Electricals were up over 5% at INR 262.10 on the NSE. Over 11 million shares of the company changed hands on the NSE, nearly 20 times the shares traded till the same time Wednesday. All 19 brokerage recommendations available with Informist on the company have a 'buy' recommendation with an average target price of INR 391.  (Akshat Saksena)

Equity Alert: Markets remain slightly higher; broader mkt indices recover

MUMBAI--1216 IST--Indices remained slightly higher in mid-day trade on the back of gains in index heavyweights and private banks. Automobile stocks were off their intraday lows. Broader market indices were higher after falling for most of the session so far in the day.

At 1211 IST, the Nifty 50 was at 25874 points, up 55.45 points or 0.2%. The BSE Sensex was at 84687.38 points, up 127.73 points or 0.2%. Shares of InterGlobe Aviation rose over 2%, recovering from a fall at the start of the session. The company's IndiGo airline chief executive officer said that the worst was behind for the company and the disruptions of Dec. 3–5 should not define the company's 19-year journey, according to a post by CNBC TV-18 on social media platform X. MAX Healthcare rose 1.6% and was the second-highest gainer in the 50-stock index behind InterGlobe. The company Thursday said it will buy 100% stake in Yerawada Properties for INR 2 billion. Shares of Sun Pharmaceutical Industries and Mahindra & Mahindra continued to fall, limiting gains.

Shares of ICICI Bank traded 1% higher, Reliance Industries 0.4% higher, and Infosys advanced 1.5%. Shares of HDFC Bank were flat.

Among sectoral indices, the Nifty Energy index fell almost 1%, weighed down by a 1.5% fall in Power Grid Corp., which was among the hardest hit Nifty 50 constituent. Shares of GE Vernova T&D India, Siemens Energy India, and Hitachi Energy India declined 3-5%.

Broader market indices recovered after falling for most of the session. Barring the Nifty Smallcap 250 index, which was off its intraday lows, all other broader indices gained. The Nifty Midcap 50 rose 0.4%, with HDFC Asset Management Co. rising nearly 6% and the Nifty Smallcap 50 was 0.1% higher with Crompton Greaves Consumer Electricals rising almost 5%.  (Eshitva Prakash)

Equity Alert: Indices up a tad; fall in M&M, Sun Pharma shrs limits rise 

MUMBAI--1134 IST--Benchmark indices were up a tad after a slight recovery in the first hour of trading. Shares of private banks and select index heavyweights rose, supporting the Nifty 50. Information technology companies continued to gain and several fast-moving consumer goods companies and financial services traded with gains. A fall in Mahindra & Mahindra and Sun Pharmaceutical Industries limited the market's gains.

At 1130 IST, the Nifty 50 was at 25857.90 points, up 39.35 points or 0.1%. The BSE Sensex was at 84652.03 points, up 92.38 points, up 0.1%. InterGlobe Aviation topped the 50-stock index and was trading almost 2% higher. IT companies such as Infosys, Wipro, HCL Technologies, and Tech Mahindra traded 0.4-1% higher. Among other index movers, ICICI Bank was up 0.8% and Axis Bank was 0.5% higher. Reliance Industries was trading flat. Meanwhile, Mahindra & Mahindra, Tata Motors Passenger Vehicles, Sun Pharmaceutical Industries, and Larsen & Toubro declined 0.5-2%, limiting the gains.

In the Nifty 200 index, HDFC Asset Management Co. and Motilal Oswal gained 3% and 5%, respectively, while Siemens Energy India, Hitachi Energy, and Cummins India fell 3–4%. In the Nifty 500 index, shares of Crompton Greaves Consumer rose 6% to an intraday high of INR 264.30 after Motilal Oswal Financial Services initiated coverage on the stock with a 'buy' recommendation and a target price of INR 350. PTC Industries was down more than 5% and was the worst hit in the 500-stock index.

Among other stocks, shares of Voltas rose 1.5% after brokerage BofA Securities double upgraded the stock to 'buy' from 'underperform'. The brokerage also raised its target price for the stock by 24% to INR 1,555, indicating a potential upside of around 13% from Wednesday's close, CNBC-TV18 reported citing the brokerage. 

Small-cap indices fared worse than other market indices. The Nifty Midcap 150 was able to recover some losses and was 0.1% lower while the Nifty Smallcap 250 index declined 0.4%. Among its constituents, Affle 3i, Aditya Birla Lifestyle Brands, and Asahi India Glass were the hardest hit and declined 1-2%.  (Eshitva Prakash)

Equity Alert: Automobile cos fall Thu; Nifty Auto down for fourth session

MUMBAI--1130 IST--Shares of automobile companies fell on Thursday. The Nifty Auto index was down nearly 2%, hitting a one-month low of 27,013.75 points. The sectoral index was down for the fourth straight session and shed almost 3% during this period.

Bajaj Auto fell almost 2% to a one-month low of INR 8,735. The stock was down for the second straight session. At 1104 IST, shares of the company traded over 1% lower at INR 8,798 on the National Stock Exchange. Nearly 120,000 shares of the company changed hands on the NSE, higher than over 42,000 shares traded till the same time Wednesday. Of the 26 brokerage recommendations available with Informist on the company, 16 have a 'buy' recommendation with an average target price of INR 9,763. Eight have a 'hold' recommendation and the remaining two have a 'sell' recommendation on the stock.  

Eicher Motors fell nearly 2% to a low of INR 7,013.5. At 1102 IST, shares of the company traded nearly 1% lower at INR 7,071 on the NSE. Over 120,000 shares of the company changed hands on the NSE, lower than over 167,000 shares traded till the same time Wednesday. Of the 22 brokerage recommendations available with Informist on the company, 12 have a 'buy' recommendation with an average target price of INR 6,677. Six have a 'hold' recommendation and the remaining four have a 'sell' recommendation.

Mahindra & Mahindra was down 2% at a one-month low of INR 3,540.1. The stock was down for the second straight session, and shed over 2% during this period. At 1059 IST, shares of the company traded over 1% lower at INR 3,565.90 on the NSE. Over 800,000 shares of the company changed hands on the NSE, higher than nearly 287,000 shares traded till the same time Wednesday. All the 21 brokerage recommendations available with Informist on the company have a 'buy' recommendation with an average target price of INR 3,816.

Tata Motors Passenger Vehicles fell to a six-month low of INR 337.70. At 1057 IST, shares of the company traded nearly 2% lower at INR 340.70 on the NSE. Over 7 million shares of the company changed hands on the NSE, higher than over 2 million shares traded till the same time Wednesday. Of the 17 brokerage recommendations available with Informist on the company, seven have a 'buy' recommendation with an average target price of INR 788. Six have a 'sell' recommendation with an average target price of INR 490 and the remaining four have a 'hold' recommendation on the stock.  (Arundathi A R)

Equity Alert: Voltas rises 2% after BofA double upgrades stock to buy

MUMBAI--1055 IST--Shares of Voltas rose around 2% to an intrday high of INR 1,404.50 after brokerage firm BofA Securities double upgraded the stock to 'buy' from 'underperform'. The brokerage also raised its target price for the stock by 24% to INR 1,555, indicating a potential upside of around 13% from Wednesday's close, CNBC TV18 reported citing the brokerage. 

BofA Securities expects Voltas to benefit the most among consumer durable stocks in the near term from a likely normal summer in 2026, as around 70% of its revenue comes from summer-linked products. It also expects the company to benefit from pent-up demand, low base, and cost tailwinds. It forecasts a sharp earnings rebound of 44% compound annual growth rate over 2025-26 (Apr-Mar) and FY28, on a low base. 

However, the brokerage expects the December quarter to be subdued for the company due to seasonality, with weakness largely priced in. Voltas shares have corrected 23% over the past year, primarily due to weak demand following an unusually mild summer, heightened competitive intensity and elevated channel inventory levels, the report said citing the brokerage. These factors weighed on the company's volumes and margins, resulting in earnings downgrades of 44% and 25% for FY26 and FY27, respectively, the report said. 

At 1049 IST, the stock was up 1.4% at INR 1,400.20 on the National Stock Exchange. So far in the day, 228,385 shares of the company changed hands on the NSE, compared with 142,873 shares traded till the same time Wednesday. Of the 16 research reports on the company available with Informist, eight have a 'buy' or equivalent recommendation on the stock with an average target price of INR 1,464. Of the remaining eight, six have a 'hold' or equivalent call on the stock with an average target price of INR 1,424 and two have a 'sell' or equivalent recommendation.  (Arya S. Biju)

Equity Alert: JP Morgan, BofA initiate coverage on Tata Motors 

MUMBAI--1033 IST--Two global brokerages, JP Morgan and Bank of America, have initiated coverage on Tata Motors with a bullish view. JP Morgan has an 'overweight' recommendation and Bank of America has a 'buy' recommendation with the same target price of INR 475 on shares of the commercial vehicle entity of Tata Motors.

Shares of the company rose over 4% to a one-month high of INR 403.50. At 1019 IST, shares of Tata Motors were over 2% higher on NSE at INR 395.75. Nearly 4.8 million shares of the company changed hands, slightly lower than 4.9 million shares traded till the same time Wednesday.     

The company is well positioned, given its disciplined local business and expectations of a modest recovery in the Indian commercial vehicle industry after three years of muted growth, JP Morgan was cited as saying by NDTV Profit. The brokerage estimated Tata Motors' earnings before interest, tax, depreciation, and amortisation to grow at a compounded annual rate of 13% over 2025-26 (Apr-Mar) to FY28. The EBIT is pegged to grow at a compounded annual rate of 16% during the same period. In particular, the acquisition of Italy-based Iveco could be value accretive for the company, JP Morgan said. 

Bank of America expects the company to see a recovery in its domestic and European businesses and estimated a compounded annual growth of 15% in its EBITDA for FY26-FY28. The brokerage also forecast steady market gains for Tata Motors supported by margin discipline, lower regulatory risk and a return on capital employed rate of 35%.  (Adhithya Aji)

Equity Alert: Mkts flat as some heavyweights, pvt bks gain; auto cos stay dn

MUMBAI--1032 IST--Indices were flat and off their intraday lows, owing to a rise in shares of private banks and some heavyweights. Information technology companies traded in the green but were off their intraday highs, while traders continued to sell automobile stocks.

At 1014 IST, the Nifty 50 was close to its immediate support level of 25750 points and was at 25791.15 points, down 27.40 points or 0.1%. The BSE Sensex was at 84461.27 points, down 98.38 points or 0.1%. Shares of Sun Pharmaceutical and Mahindra & Mahindra declined around 2% each and were a major drag on the 50-stock index. Shares of healthcare companies were mostly lower, with Dr. Reddy's and Apollo Hospitals in the red and Cipla giving up earlier gains to trade flat. A rise in Infosys and Axis Bank's shares limited losses.

The Nifty Auto index lost 1.6% and was the worst performing sectoral index. Among its constituents, UNO Minda, Samvardhana Motherson International, Hero Motocorp lost 2–3%. The Nifty IT index was off its intraday highs and rose 0.4%. Infosys, Wipro, and Tata Consultancy Services were up 0.4-1.0%. Shares of Tech Mahindra traded flat after rising earlier. 
 

Among index heavyweights, shares of Reliance Industries fell 0.4% while those of HDFC Bank recovered from an earlier fall. ICICI Bank traded 0.5% higher and Bharti Airtel traded in the green after falling earlier. These four stocks cumulatively hold almost 35% weightage in the Nifty 50 index. 

Asset management companies led gains in the Nifty 200 and the Nifty 500 index. Shares of NIPPON Life India Asset Management, HDFC Asset Management Co., UTI Asset Management Co., and Motilal Oswal Financial Services rose 2–5% after the board of the Securities and Exchange Board of India approved limiting brokerage paid by asset management companies to brokers and distributors.  (Eshitva Prakash)

Equity Alert: AMCs surge as expense ratio cut by SEBI lower than expected

MUMBAI--1030 IST--Shares of asset management companies rose sharply as the final reduction in mutual funds' expense ratio was lower than what was proposed by the Securities and Exchange Board of India in its consultation paper in October. The regulator excluded statutory levies from the total expense ratio and cut the limit by 10 basis points across most slabs based on assets under management, while the cut was proposed to be 15 bps in the October consultation paper.

"...this may be neutral for larger AMCs while it could be slightly positive for smaller AMCs considering lower scheme sizes," brokerage Prabhudas Lilladher said in a report. Post the expense ratio changes, shares of Canara Robeco AMC rose as much as 10% intraday and those of Nippon Life India AMC, HDFC AMC, and UTI AMC rose 5-7%. At 1018 IST, shares of the these companies were slightly off highs but still up 3-8%, with Canara Robeco as the top gainer.

Shares of these companies had fallen after the SEBI's consulation paper on expense ratios. The surge in Canara Robeco AMC's shares comes after the stock lost over 15% since the announcement of the October consulation paper. UTI AMC had also lost 15% during this period till Wednesday, while HDFC AMC had fallen 10% and Nippon Life had fallen over 4%.  (Anshul Choudhary)

Equity Alert: Indices open down on fall in auto, healthcare cos; AMCs gain

MUMBAI--0940 IST--Indices opened slightly lower Thursday due to selling pressure in automobile and select healthcare stocks in the early minutes of trade. Information technology companies rose and Wednesday's Nifty 50 leader Shriram Finance was able to make small gains. Asset management companies were the biggest gainers in the Nifty 200 and the Nifty 500 after the Securities and Exchange Board of India approved revising the limit on brokerage paid by asset management companies to brokers and distributors, which will now exclude statutory levies.

At 0938 IST, the Nifty 50 was at 25780.10 points, down 38.45 points or 0.2%. The BSE Sensex was at 84440.52 points, down 119.13 points or 0.1%. A fresh selloff was possible if the Nifty 50 breached the 25775 mark, leading to the index retesting 25700–25650 levels, Shrikant Chouhan, head equity research at Kotak Securities, said in a note Wednesday. Shares of automobile companies such as Mahindra & Mahindra, Bajaj Auto, Tata Motors Passenger Vehicles, and Hero Motocorp declined 1–2%. A marginal decline in index heavyweights HDFC Bank and ICICI Bank also weighed on the 50-stock index.

Sun Pharmaceutical Industries fell over 2% and was the worst hit stock in the Nifty 50. The company said that the US Food and Drug Administration gave a classification of 'official action indicated' after an inspection at the company's facility in Baska, Gujarat. Shares of healthcare companies Apollo Hospital and Dr. Reddy's Laboratories also traded in the red.

Information technology companies such as Infosys, Wipro, HCL Technologies, and Tata Consultancy Services rose around 1% each and were the top four stocks of the 50-stock index. The month of December has been generally good for IT stocks, according to Rupak De, senior technical analyst at LKP Securities. 

Shares of asset management companies such as NIPPON Life India Asset Management, HDFC Asset Management Co., UTI Asset Management Co., and Nuvama Wealth Management rose 4–6%. SEBI approved revising the limits on brokerage paid by asset management companies to brokers and distributors to prevent investors from being charged twice for research-related costs. The brokerage limit for cash market transactions has been reduced to 6 basis points from the existing 12 bps, which also used to include statutory levies. 

Barring the Nifty IT, which gained almost 1%, all other sectoral indices fell. The Nifty Auto and the Nifty Pharma fell 0.7–1.0%. Broader market indices were hit harder than their benchmark peers yet again, with the Nifty Smallcap 250 and the Nifty Midcap 150 indices declining 0.3–0.5%.  (Eshitva Prakash)

Equity Alert: Indices may open flat amid negative global cues, weak rupee

MUMBAI--0810 IST--Domestic headline indices are expected to open largely flat Thursday amid weak global cues and expectations that the domestic currency will remain under pressure despite the rebound it saw on Wednesday. The benchmark indices had been on a losing run for the past three sessions and lost 0.8-0.9% during this period. 

Overnight, all three major indices in the US fell, dragged down by artificial intelligence-related stocks. The tech-heavy Nasdaq Composite closed 1.8% lower, while the S&P 500 was down 1.2%, and the Dow Jones Industrial Average was down 0.5% ahead of the country's delayed inflation report set to be released later in the day. Economists surveyed by Dow Jones estimate the Consumer Price Index to rise 3.1% in the 12 months through November, after the October report was skipped due to the federal government shutdown.

Most Asian indices opened lower, tracking overnight losses on Wall Street. South Korea's Kospi and Japan's Nikkei 225 were down over 1% each in early trade. The two-day meeting of the Bank of Japan will start Thursday, with the central bank widely expected to increase its key interest rates by 25 basis points to 0.75% Friday. Now, investors will focus on Governor Kazuo Ueda's press conference for guidance on the pace and limits of further policy normalisation by the apex bank. Market participants also await an address by US President Donald Trump.

The GIFT Nifty contracts suggest the Nifty 50 may open largely flat or with minor gains. At 0803 IST, the December contract of the GIFT Nifty was trading at 25889 points, over 70 points above the Nifty 50's close on Wednesday. The Nifty 50 ended at 25818.55 points on Wednesday, down 0.2%.

On Wednesday, the rupee appreciated against the dollar, after four straight sessions of record closing lows, as banks aggressively sold dollars on behalf of the Reserve Bank of India. However, the Indian unit is widely expected to remain under pressure until any progress in the India-US trade deal.  (Arya S. Biju)

Equity Alert: Asian indices open down on sell-off in AI stocks on Wall Street

MUMBAI--0805 IST--Asian indices opened lower, taking cues from the sell-off in technology stocks on the Wall Street. Market participants looked forward to the speech by US President Donald Trump, in which he is expected to speak about his accomplishments in his 11 months in office. The two-day monetary policy meeting of the Bank of Japan will commence Thursday where the central bank expected to raise interest rates to 0.75%, its highest level in 30 years. 

Japan's Nikkei 225 was down 1.14% and South Korea's KOSPI fell 1.15%. Hong Kong's Hang Seng Index fell 0.14% and the mainland CSI 300 was down 0.28%. Shares of Chinese chipmaker MetaX Integrated Circuits fell 7% after gaining nearly 700% in their market debut in the Shanghai Stock Exchange. The company raised nearly $600 million in its initial public offering, CNBC reported.    

Australia's SP/ASX 200 Index declined 0.25%. Shares of Australian energy giant Woodside fell 1.84% after the company announced that its Chief Executive Officer and Managing Director Meg O'Neill had resigned and accepted the role of CEO at British oil and gas major BP, CNBC reported. 

Following were the levels of key Asian indices at 0738 IST:

(Adhithya Aji)

Equity Alert: US indices end lower as AI stocks weigh, S&P 500 falls over 1%

MUMBAI--0735 IST--US indices ended lower Wednesday with the S&P 500 continuing its losing streak for the fourth session. The artificial intelligence stocks were the major drag on the indices after media reports said that the tech major Oracle lost its primary investor out of one of its data centre projects. The tech-heavy indices such as the S&P 500 and the Nasdaq Composite ended 1.16% and 1.18% lower, respectively.

Oracle's shares fell 5.4% after its largest data centre partner Blue Owl Capital backed out of the $10 billion deal for its next facility because the former faces increased concern about its rising debt and artificial intelligence spending, Financial Times reported, citing sources. However, Orcale has denied the report and said it is moving forward with the project. Other technology stocks, such as chipmaker Broadcom and the heavyweight stock Nvidia lost 4% each, CNBC reported.

Shares of Oracle and Broadcom incurred sizeable losses in December, a month that has seen investors move into value-oriented areas of the market such as financials. The stock of Oracle has declined more than 11% and Broadcom declined around 19% over the month, CNBC reported. 

Shares of the semiconductor company Advanced Micro Devices lost more than 5% and Google's parent company Alphabet lost over 3%. The Dow Jones Industrial Average posted its losing streak for the fourth consecutive session, down 0.5%. The S&P 500 and the Dow Jones Industrial Average ended lower Tuesday after the Bureau of Labor Statistics released its November jobs report, which showed that the unemployment rate rose to a four-year high 4.6%, raising concern about the US economy, as per the CNBC report.  

Following are the closing levels of US indices Wednesday:

(Adhithya Aji)

US$1 = INR 90.24

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

Edited by Saji George Titus

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 - http://www.sebi.gov.in
Bombay Stock Exchange - http://www.bseindia.com
National Stock Exchange of India - http://www.nseindia.com
Directory of Indian government websites - http://goidirectory.nic.in
Indian Ministry of Finance - http://www.finmin.nic.in
Reserve Bank of India - http://rbi.org.in
Controller General of Accounts, Government of India - http://www.cga.nic.in
Government's Press Information Bureau - http://www.pib.nic.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. 2025. All rights reserved.