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Equity Alert: Authum Investment off lows after falling 20% on large deal

MUMBAI--1216 IST--Shares of Authum Investment & Infrastructure fell nearly 20% to a two-month low of INR 2,266 Friday after a large deal of around 6 million shares, representing over 3% stake, took place on the NSE at a sizeable discount to the stock's closing price Thursday. The total size of the deal was INR 13.30 billion. At 1213 IST, the stock recovered some ground and was trading at INR 2,604.40, down 7.3%.

The deal was executed as soon as the market opened, at a price of INR 2,280 per share, a discount of nearly 19% to Thursday's closing price of INR 2,808.10. According to a report by CNBC-TV18, three large foreign institutional investors and one domestic mutual fund were the buyers in the transaction.

The company also said that Enforcement Directorate officials had initiated an enquiry at its premises Thursday. The issue at hand is "strictly" related to Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd., the company said in an exchange filing.

As of 1213 IST, 6.85 million shares of the company were traded on the NSE, sharply higher than the 4,236 shares traded till the same time Thursday. (Akash Mandal)

Equity Alert: Phoenix Mills up 6%; co posts growth in consol PAT after 4 qtrs

MUMBAI--1130 IST--Shares of Phoenix Mills on Friday snapped their three-day losing run and rose over 6% to an intra-day high of INR 1,542 after the company posted an on-year growth in consolidated net profit for the first time after four quarters. The company's board approved acquiring a 49% stake in its subsidiary Island Star Mall Developers for INR 54.59 billion from Canada Pension Plan Investment Board.

Nuvama Institutional Equities said the stake acquisition will be significantly positive for Phoenix Mills, considering the strong growth potential of the subsidiary. Island Star Mall Developers houses the PMC Bengaluru mall, Indore mall, Mall of Millennium in Pune, and the Mall of Asia in Bengaluru along with allied office and hospitality assets, the broking firm said. "We believe the transaction is positive for PML (Phoenix Mills) considering that it would provide flexibility in cash flow management, potentially improve RoEs (return on equities) and result in strong profit growth."

The company's consolidated net profit for the June quarter rose nearly 4% on year to INR 2.41 billion and net sales grew over 5% to INR 9.53 billion. The company's revenue growth also came in positive after sliding in the previous two quarters.

"Aided by ongoing expansions and tenant churn, we believe PML (Phoenix Mills) can deliver double-digit consumption growth in FY26/FY27," Nuvama said in its research report. Nuvama raised the stock target price for the company to INR 1,944 from INR 1,907 and retained its 'buy' rating. For the reporting quarter, the company reported 12% on-year growth in consumption revenue at its malls to INR 35.9 billion. Its collections were up 4% on year at INR 8.5 billion.

Of the seven research reports available on the company with Informist, four broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 2,257, which is nearly 48% higher than the spot level of INR 1,528.50 at 1113 IST. Two brokerages have a 'hold' rating on the stock while the remaining one has a 'sell' view. (Anjana Therese Antony)

Equity Alert: APL Apollo dn 6%; co cuts FY26 volume guidance on weak outlook

MUMBAI--1122 IST--Shares of APL Apollo Tubes fell 6% to INR 1,586.50, the lowest level since May 2, after the company cut its volume guidance for 2025-26 (Apr-Mar). At 1120 IST, the stock traded at INR 1,600, down 5.1%, and was the worst hit in the Nifty 200.

The company revised its sales volume guidance downwards to 10-15% from 15-20%, mainly due to a slowdown in demand in the first half of the year. It expects volume growth in FY27 to be higher than in FY26, seeing a rise of more than 15-20% due to improvement in the macroeconomic environment and a revival of consumption in the country. Its June quarter earnings came in below analysts' expectations.

Systematix Institutional Equities downgraded the stock to 'hold' from 'buy' and cut its target price to INR 1,718 from INR 2,034 as "near term outlook has turned cautious on the back of weak demand outlook." IDBI Capital also cut its rating to 'hold from 'buy' and cut the target price to INR 1,825.

Nuvama Institutional Equities maintained a 'buy' rating but cut the target price by 4% to INR 1,941. "APL Apollo Tubes reported mixed Q1FY26 results with EBITDA/ton of INR 4,683 (estimate: INR 4,900) impacted by operating deleverage and a one-off ESOP cost (INR 300/ton)...given the miss on EBITDA/ton and subdued volumes, we are cutting EPS for FY26E, FY27E and FY28E by 4?ch," the brokerage said in a report.

As of 1120 IST, 1.04 million shares of the company were traded on the NSE, sharply higher than the 201,080 shares traded till the same time Thursday. (Akash Mandal)

Equity Alert: Bajaj Fin falls 6% on high credit costs Q1, muted FY26 outlook

MUMBAI--1100 IST--Shares of Bajaj Finance fell 6% to an intraday low of INR 898 after the company reported higher credit costs in the June quarter and provided a muted guidance for 2025-26 (Apr-Mar). Its parent company, Bajaj Finserv, fell 5% to its intraday low ahead of its earnings due later in the day. Both stocks were the worst hit on the Nifty 50. At 1055 IST, shares of Bajaj Finance were down 4.4% at INR 917.20, and those of Bajaj Finserv were down 4.6% at INR 1,939.60.

"Credit cost continues to be elevated in the quarter (at 2%) on account of higher stress in the auto/MSME (micro, small and medium enterprise) portfolio...expect a moderation in FY26, factoring a healthy trend in early-stage delinquencies," Prabhudas Lilladher said on Bajaj Finance. "While we are positive on the growth outlook and execution capability of the management, valuation continues to be rich."

JM Financial noted the cautious guidance provided by Bajaj Finance's management. "Management highlighted slowdown and emerging stress-related concerns in MSME/auto loans leading to slight cautiousness on FY26 AUM growth guidance of 24-25% (Q2 to give more clarity)," the brokerage said. In its post-earnings analyst conference call, Bajaj Finnace had said growth in loan disbursement is expected to be flat or lower on year in FY26.

Global brokerage UBS maintained its 'sell' rating on the stock with a target price of INR 750. The brokerage pointed to increased stress in the MSME segment, and said that bottom line only beat the Street's expectations due to rise in other income. (Akash Mandal)

Equity Alert: Equity Alert: SBI Life rises 3% on better Q1 results, top gainer on Nifty 50

MUMBAI--1021 IST--Shares of SBI Life Insurance Co. rose 3% to a high of INR 1,847 and the stock was the top gainer among the only seven stocks in the green on the Nifty 50. Brokerages were largely positive on the insurer's June quarter performance and no rating downgrades were done. The insurer's net profit for the June quarter saw an on-year rise in low teens, even as it fell sharply on a quarter-on-quarter basis. The net premium income of the life insurance company in the reporting quarter also saw significant on-year growth.

At 1021 IST, shares of the company traded at INR 1,830, up 2%. More than 824,700 shares were traded so far, higher than 63,800 shares traded during the same time Thursday. The life insurance company posted a net profit of INR 5.94 billion in the June quarter, up 14.4% on year but down 26.9% on quarter. The net premium income of the company rose nearly 14% on year to INR 171.79 billion but fell a whopping 28% on quarter.

Brokerages were bullish on improvement in the group's annual premium equivalent and value of new business. However, the individual annual premium equivalent rose 6.4% on year and Nuvama Institutional Equities sees the growth muted. The brokerage raised the target price of the stock by 7% to INR 2,250 and maintained 'buy' rating. Brokerages like JM Financial and Emkay Global Financial Services also maintained their 'buy' rating. JM Financial raised its target price by 25% to INR 2,222 while Emkay Global kept it unchanged at INR 2,166. (Gopika Balasubramanium)

Equity Alert: Domestic indices open lower on losses in fincl svcs, IT stocks

MUMBAI—1005 IST--Benchmark indices opened lower Friday, dragged down by losses in financial services, information technology, and some automobile stocks. The market likely shrugged off India's much-awaited free trade agreement with the UK. Under the deal, 100% of India's exports to the UK will be duty-free access. Also, India has committed to cut duty on 90% tariff lines while the UK would slash duty on 99% tariff lines. The June quarter earnings seasons also failed to provide enough cues in favour of the bulls.

At 1003 IST, the Nifty 50 index was down 0.5% at 24928.90 points and the BSE Sensex index was down 0.5% at 81814.75 points. Key supports of Nifty 50 at 25000 points and Sensex at 82000 points were breached after three sessions.

Bajaj Finance was down over 5% and was the biggest laggard in the 50-stock index after the company's June quarter results. Bajaj Finserv fell over 4% ahead of its earnings, due later in the day. Shares of Bajaj Auto fell over 2%.

On the other hand, SBI Life Insurance Co. rose over 2?ter the company reported strong earnings for the June quarter. The management said it is confident about achieving a value-of-new-business margin of 26-28% for 2025-26 (Apr-Mar). The Phoenix Mills was the biggest gainer in the Nifty 200 index, rising nearly 5?ter the company posted strong earnings for the June quarter.

Among the stocks making big moves in the Nifty 500 index, Authum Investment & Infrastructure fell over 13?ter the Enforcement directorate started enquiry at the company's premises regarding an issue "strictly" related to Reliance Commercial Finance and Reliance Home Finance. KFin Technologies fell over 7% and was among the major laggards in the Nifty 500 index.

Indian Energy Exchange rose nearly 12?ter declining sharply in the previous session. Anant Raj and Trident rose over 6?ch and both stocks were among the biggest gainers in the Nifty 500 index. (P. Madhu Kumar)

Equity Alert: Asian mkts dn as US-Japan trade deal enthusiasm fades; Kospi up

MUMBAI--0820 IST--Most Asian indices traded lower Friday as enthusiasm over the trade deal between the US and Japan wore off. Japanese indices were among the worst-hit in early trade, after having gained over 5% in the last two sessions. Hong Kong's Hang Seng index also declined, dragged down by technology stocks. Bucking the trend, South Korea's Kospi was a tad higher.

At 0821 IST, Japan's Nikkei 225 was 0.6% lower at 41570.24 points and the Topix was down 0.6% at 2958.77 points. These indices had risen sharply in the last two sessions buoyed by the US-Japan trade deal. Core inflation, which excludes prices of volatile fresh food, in Japan's capital Tokyo came in at 2.9% for July, softening from 3.1% growth in June, CNBC reported. The latest print was lower than the 3% expected by a Reuters poll.

Among other indices, China's CSI 300 index was down 0.3% and Hong Kong's Hang Seng was down 0.6%. Indices in Australia and Singapore were also in the negative territory with S&P ASX 200 and FTSE Singapore Straits Times falling 0.4?ch. South Korea's Kospi was 0.3% higher in early trade.

Following are the levels of key Asian indices at 0821 IST:

(Gopika Balasubramanium)

Equity Alert: Indices seen in range; Nifty 50 near crucial support of 25000

MUMBAI--0809 IST--Benchmark indices are likely to stay in range after a positive start Friday, with stock-specific movements expected to take place. Analysts do not expect a free-trade agreement between India and the UK to have a major impact in the market as it has already been priced in. The Nifty 50 is likely to move in a range of 25000-25250 points. The market will now eye the earnings of Bajaj Finserv, Shriram Finance, and Cipla, due later in the day

Investors would also be eyeing if the 50-stock index could sustain above its crucial support of 25000 points as analysts expect the index to fall further if it falls below the level. Futures data Thursday also highlighted the same as traders bought out-of-the-money put options above the 24300 strike prices with the highest open interest addition at the 24800 strike price.

The July contract of the GIFT Nifty indicated a flat to positive start for the Nifty 50. At 0759 IST, the contract was at 24991.50 points on the NSE, up 23.50 points from its previous close. On Thursday, the Nifty 50 had closed at 25062.10 points, down 157.80 points or 0.6%. The BSE Sensex had ended at 82184.17 points, down 542.47 points or 0.7%.

Overnight, indices in the US ended mixed with the S&P 500 and the Nasdaq Composite closing the session at record highs as robust earnings by Alphabet buoyed other heavyweight technology stocks. Most Asian indices were lower in early trade Friday as uncertainty over interest-rate cuts by the Federal Reserve curbed risk appetite. (Akash Mandal)

Equity Alert: S&P 500, Nasdaq end at record highs Thu; Tesla result a dismay

MUMBAI--0745 IST--The S&P 500 and Nasdaq Composite closed at record highs Thursday on gains in blue-chip technology stocks. However, the Dow Jones Industrial Average closed lower. With the Apr-Jun earnings in full swing, investors continue to gauge the performance of these companies and see whether the US president-induced tariffs seeped into the businesses. Tesla fell sharply as its results failed to enthuse the Wall Street.

"Investors are feeling optimistic about trade negotiations, about the economy, the trend in inflation, as well as the better-than-expected Q2 (Apr-Jun) earnings reports," Sam Stovall, chief investment strategist at CFRA Research, was quoted as saying by Reuters. The recent trade deal between the US and Japan indicates the US is willing to settle with import duties near to 15% or some more with other countries which are currently under negotiation. There were also reports that the US and European Union are close to a trade deal similar to that with Japan.

The S&P 500 closed 0.1% higher at 6363.35 points and the technology-heavy Nasdaq gained 0.2% to close at 21057.96 points, notching their respective historic closing highs. The Dow Jones Industrial Average closed at 44693.91 points, down 0.7%.

On the earnings front, Alphabet rose 1% as its results boosted confidence that heavy investment in a race to dominate artificial intelligence technology is paying off. Shares of Microsoft, Nvidia, and Amazon were each over 1% higher. Meanwhile, Tesla plunged 8.2?ter Chief Executive Officer Elon Musk warned of a "few rough quarters" as the US government cut support for electric vehicle makers, Reuters reported.

Market participants also kept an eye on US President Donald Trump's planned visit to the Federal Reserve's headquarters on Thursday, after months of the president criticising Fed Chair Jerome Powell for interest rates that the president sees as too high. While the Fed is widely expected to keep the rates steady at next week's meeting, traders see a 60% chance of a rate cut in September, CME's FedWatch tool showed.

Following are the closing levels of US indices Thursday:

(Gopika Balasubramanium)

End

US$1 = INR 86.53

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

Edited by Nishant Maher

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.

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