Informist, Monday, Jul. 28, 2025 Tel +91 (22) 6985-4000

Equity Alert: Poonawalla Fincorp rises; co bullish on pdt portfolio expansion

MUMBAI--1310 IST--Shares of Poonawalla Fincorp rose nearly 8% Monday to an intraday high of INR 444.90 on the company's bullish comments on plans to expand its products portfolio, including gold loans. This expansion is expected to give 4% return on investment, the company said in its post-earnings analyst conference call Friday. The stock rose after declining for four consecutive sessions.

This comes despite the company reporting a 78% on-year decline in its consolidated net profit for the June quarter to INR 626 million as its total expenses doubled. However, the non-banking finance company reported a 32% rise on year in its net interest income to INR 11.85 billion for Apr-Jun. The company's total revenue for the latest quarter rose 34% to INR 13.14 billion. The company also reported a jump of 53% on year in its assets under management to INR 413 billion for the same period.

At 1310 IST, Poonawalla Fincorp traded nearly 4% higher at INR 428.55 and was among the top gainers in the Nifty 500 index. Over 10.70 million shares of the company have changed hands, sharply higher than nearly 3 million shares traded during the same period Friday.

Out of seven brokerage reports available on the company with Informist, three brokerages have a 'buy' or equivalent rating with an average target price of INR 467. Two brokerages have a 'hold' rating at an average target price of INR 403 and the remaining two brokerages have a 'sell' or equivalent rating with an average target price of INR 343. (P. Madhu Kumar)

Equity Alert: ACME Solar up 10% on robust Q1; Motilal Oswal maintains 'buy'

MUMBAI--1256 IST--Shares of ACME Solar Holdings rose 10% to an intraday high of INR 297.48 after the company's consolidated net profit and revenue both soared on year-on-year basis in the June quarter. At 1248 IST, the stock traded 9.2% higher at INR 295.45 and was the top gainer on the Nifty 500.

Motilal Oswal Financial Services maintained a 'buy' rating on the stock with a target price of INR 347. The brokerage said the company has shown strong order execution over the past few quarters and has a robust project pipeline and good cash flow visibility going ahead. The brokerage also said with the commissioning of additional capacity, its operational capacity will reach 6.9 gigawatts from the current 2.9 GW.

The current valuations are comfortable and offer a margin of safety due to aggressive power purchase agreement-led capacity ramp-up and strong execution record providing a margin of safety for the stock. The stock has also outperformed its close competitor NTPC Green Energy by 24% over the past three months.

For the June quarter, the company reported a consolidated net profit of INR 1.31 billion, up from INR 13.89 million a year ago. Its consolidated revenue rose 65% on year to INR 5.11 billion. At 1248 IST, 10.35 million shares of the company were traded on the NSE, sharply higher than 919,478 shares traded till the same time Friday. (Akash Mandal)

Equity Alert: Go Digit shares down ahead of Apr-Jun earnings

MUMBAI--1245 IST--Shares of Go Digit General Insurance were down by 1.1% at INR 345 on the National Stock Exchange Monday ahead of the release of the company's earnings for the quarter ended June, scheduled during the day. The insurer's net profit is seen at INR 1.17 billion, according to brokerage Emkay Global Financial Services Ltd.

As per the brokerage's estimate, net profit of Go Digit General Insurance is seen rising nearly 16% on year and 1% on quarter. Net premium income for the quarter is projected to rise nearly 17% on year to INR 21.33 billion but declining 5% on quarter.

Go Digit's net profit for Jan-Mar rose 120% on year to INR 1.16 billion but was marginally down on a sequential basis. The company doubled its income from investments under this head to INR 636.20 million, while non-operating expenses fell over 20% on year to INR 3.77 billion. (Vidhushi RajPurohit)

Equity Alert: Lodha Developers hits over-3-month low despite strong earnings

MUMBAI--1228 IST--Shares of Lodha Developers fell almost 7% to an over-three-month low of INR 1,190.60 despite the company posting strong earnings growth for the June quarter and raising launch guidance for 2025-26 (Apr-Mar). The stock has been trading lower for the fifth consecutive session and fell nearly 18% during this period.

At 1227 IST, the stock was down 3.5% at INR 1,236.50. Nearly 5 million shares of the company changed hands on the bourse so far Monday, three times the 1.5 million shares traded during the same period Friday.

The company, formerly known as Macrotech Developers, posted almost 42% on-year rise in its consolidated net profit to INR 6.75 billion and a nearly 23% growth in revenue to INR 34.92 billion. The company also raised its FY26 launch guidance to INR 255 billion from INR 188 billion earlier. Its pre-sales for the quarter rose 10% on year to INR 44.5 billion, which boosted the company's earnings growth. However, this was below the company's 20% pre-sales growth guidance for FY26.

Nomura Global Markets Research retained its 'buy' rating on the stock with a target price of INR 1,450, which is 17% higher than the current market price. The management's post-earnings call with analysts is scheduled at 1400 IST Monday.

Of the nine research reports available on the company with Informist, seven broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 1,510. One brokerage house has a 'hold' view and the remaining one has a 'sell' rating on the stock. (Anjana Therese Antony)

Equity Alert: SBI Cards down 7% on high Q1 credit cost; analysts see more pain

MUMBAI--1204 IST--Shares of SBI Cards and Payment Services fell nearly 7% to an intraday low of INR 830, the lowest level since Apr. 9, after the company's net profit for the June quarter fell on year and was below analysts' estimates. The company's credit cost also surged on year and was a major negative. At 1200 IST, the stock was at INR 845, down nearly 5% from the previous close.

"Credit cost spiked again in Q1 after a marginal improvement in the fourth quarter of 2024-25 (Apr-Mar). The rise in credit cost was driven by the quarterly expected credit loss reset," Nuvama Institutional Equities said in its report. "Growth guidance has been revised down to 10–12% from 12–14% while near-term credit cost will be range bound at 9–9.6%...we maintain long-term 'buy', but believe near-term performance will be driven by improvement in credit cost and growth," the brokerage said.

Emkay Global Financial Services expressed cautious optimism regarding the stock. "Like most lenders with higher NPAs/provision, SBI Cards reported a soft June quarter...the management remains a bit guarded on growth (guided for CIF accretion at 0.9-1 million per quarter in the near term; AUM growth at 10-12% in FY26), given uncertain macro and still higher leveraged levels," the brokerage said.

"...the management expects it (margins) to improve in second half of 2025-26 (Apr-Mar) as funding cost eases...though slippages were higher in the June quarter, management indicated that incremental flow rates have eased and hence, (it) expects gradual improvement in asset quality. That said, credit cost could remain elevated in the September quarter (9-9.5%), due to (a) higher charge-off and should ease gradually," it added. The brokerage has cut its target price on the stock by 5% to INR 1,025 and maintained an 'add' rating.

At 1200 IST, 2.25 million shares of the company were traded on the NSE, sharply higher than the 203,670 shares traded till the same time Friday. (Akash Mandal)

Equity Alert: Bharat Electronics down almost 2% ahead of June qtr earnings

MUMBAI--1205 IST--Shares of Bharat Electronics fell almost 2% to an over one-month low of INR 388 ahead of its likely strong June quarter earnings Monday. The stock fell for the fourth consecutive session, falling nearly 4% during this period. Despite the optimism over its order book and potential to bag new orders, analysts stressed on the company's ability to execute orders, which is the key determinant of the top line that the company will report.

In Apr-Jun, the company got orders such as integrated drone detection and interdiction system, software-defined radio and data communication unit for attack guns, artificial intelligence solutions for ships, and communication equipment. The net profit of the Indian defence major is expected to have likely increased by more than 15% on year to INR 9 billion in the June quarter and revenue is also likely to rise 15% to INR 48.1 billion, according to the average of estimates from 10 broking firms. The company's order book has grown by just over 10% sequentially to INR 790 billion as on Jun. 30.

At 1141 IST, shares of the company traded 1.6% lower at INR 388.60. Over 5.3 million shares of the company changed hands as against over 4.4 million shares traded till the same time Friday on the National Stock Exchange. Of the 14 research reports available on the company with Informist, 13 brokerages have a 'buy' or equivalent rating on the stock with an average target price of INR 403 and the remaining one has a 'hold' view. (P. Madhu Kumar)

Equity Alert:Cipla over 8-mo high after analysts' positive comments about co

MUMBAI--1144 IST--Shares of Cipla rose almost 3% to an over-eight-month high of INR 1,577 after broking firms stood optimistic about the company's business. These views came after the company released its June quarter earnings Friday, posting on-year growth in its top line and bottom line.

Nuvama Institutional Equities raised the target price for Cipla to INR 1,651 from INR 1,620 and retained its 'hold' view on the stock. The broking firm said the management's comments were "encouraging". The company said it plans to achieve $1 billion US sales by 2026-27 (Apr-Mar) despite the erosion from Revlimid and that it is on track to launch generics of Advair and Symbicort.

During market hours Friday, the company reported a consolidated net profit INR 12.98 billion for the June quarter on revenue of INR 69.57 billion. Following the results, the stock had hit a near-three-month high of INR 1,469 Friday.

The revenue slightly missed Nirmal Bang Institutional Equities estimate due to lower sales from the US, particularly on fall in revenue from Revlimid and muted domestic growth due to a weak season. The broking expects Revlimid sales to reach $106 million in FY26 and $53 million in FY27. Nirmal Bang maintained its 'buy' rating on the stock with a target price of INR 1,871.

At 1141 IST, the stock was up 1.6% at INR 1,557.50. It has been trading higher for the fourth straight session, gaining nearly 8% during this period. More than 2 million shares of the company changed hands on the bourse so far Monday, five times the 385,000 shares traded during the same period Friday.

Of the 19 research reports available about Cipla with Informist, 13 broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 1,717 which is 10% higher than the current market price. Three brokerages have a 'hold' view on the stock and the remaining three have 'sell' or equivalent rating. (Anjana Therese Antony)

Equity Alert: Shriram Finance up 4% on strong Q1; some analysts still wary

MUMBAI--1133 IST--Shares of Shriram Finance rose nearly 4% to an intraday high of INR 638.85. The company Friday reported a robust set of financial numbers for the June quarter. The stock ended 2.8% lower that day. At 1117 IST, the stock was up 2.6% at INR 631.80 and was the top gainer in the Nifty 50.

While the non-banking finance company's net interest margin for the June quarter was below most estimates, it reported solid numbers on other parameters and maintained its earlier guidance. "The management reiterated its AUM growth guidance of 15%, sub-2% credit cost (as % of assets), and gradual margin recovery to 8.5% by the fourth quarter of 2025-26 (Apr-Mar), 40 basis points higher than the first quarter of FY26," JM Financial said in a report.

Some brokerages are cautious on the stock for the next few quarters but are optimistic about future prospects. "We remain conservative and build a higher credit cost of 2.1% for FY26 (vs. guidance of less than 2%)...we marginally tweak our FY26/FY27 estimates and expect Shriram Finance to deliver return on assets and return on equity of 3.3% and 17% in FY27, led by steady growth in AUM, (a) favourable margin profile and controlled asset quality ratios," broking firm Prabhudas Lilladher said in a report.

Nirmal Bang Equities has flagged a potential slowdown in some segments such as gold loans. "We maintain our hold rating, remaining cautious on asset quality and staying watchful on the performance of the gold loan and MSME portfolios...gold loan growth remains weak despite favourable factors like high gold prices and wider reach with the portfolio continuing to decline over the past two quarters," the brokerage said. "Although the management remains hopeful of a recovery, we prefer to wait for visible improvement," it added.

For the June quarter, the company reported a net profit of INR 21.56 billion, up nearly 9% on year and in line with analysts' estimates of INR 21.57 billion. Its top line grew 19% on year, while slippages reduced. At 1117 IST, 7.02 million shares of the company were traded on NSE, sharply higher than the 4.11 million shares traded till the same time Friday. (Akash Mandal)

Equity Alert: Laurus Labs hits record high; co to set up mfg unit in Andhra

MUMBAI--1056 IST--Shares of Laurus Labs rose nearly 8% to a record high of INR 901.50 after the company said it will invest over INR 56 billion to set up a manufacturing unit in Andhra Pradesh. The state government Sunday allotted 531.77 acres to the company. Laurus Labs said the land allotment in Rambilli industrial park phase-II is an important development for its future expansion.

The stock is up for the third consecutive session, rising almost 10% in this period. At 1054 IST, the stock was almost 6% higher at INR 887.75. The company's market capitalisation has risen by INR 26 billion to over INR 478 billion. Over 9 million shares of the company have changed hands on NSE so far Monday, nearly five times the 2 million shares traded during the same period Friday.

For the quarter ended June, the company posted a consolidated net profit of INR 1.63 billion on revenue of INR 15.70 billion. Of the eight research reports on the company available with Informist, seven broking firms have a 'buy ' or equivalent rating on the stock with an average target price of INR 600, which is 32% lower than the current market price. The remaining one brokerage has a 'sell' view on the stock. (Anjana Therese Antony)

Equity Alert: IndusInd Bank shares choppy ahead of Apr-Jun earnings

MUMBAI--1038 IST--Shares of IndusInd Bank fell 1% to an intraday low INR 815.35 amid choppy trade ahead of its earnings for the June quarter. The private sector bank is expected to report a net profit of INR 7.21 billion, down 66% on year. In the March quarter, it had reported a loss of INR 22.36 billion due to accounting discrepancies. At 1035 IST, the stock was down 0.2% at INR 822.45.

Brokerages expect the bank's net interest income to fall by nearly 21% on year to INR 42.81 billion in the June quarter but is seen up 40% sequentially. IndusInd Bank's net advances fell 3.9% on year and 3.1% on quarter to INR 3.34 trillion as of Jun. 30, according to the provisional figures. The bank's corporate loans portfolio was down 14.4% and the deposits fell marginally on year as of Jun. 30.

At 1035 IST, over 1.8 million shares of the bank changed hands on the NSE against 853,629 shares traded till the same Friday. (P. Madhu Kumar)

Equity Alert: Kotak Bank falls to over 4-mo low on tepid Q1; analysts cautious

MUMBAI--1000 IST--Shares of Kotak Mahindra Bank plunged nearly 7% on Monday, hitting an over four-month low of INR 1,977, after the bank's bottom line for the June quarter fell short of expectations, prompting caution among analysts. At 0954 IST, the stock was trading 6% lower at INR 1,996.60.

"KMB's results in 1QFY26 were soft led by asset quality deterioration and a sharper decline in NIMs (net interest margins)...we increase our credit cost estimates by 7-15 basis points to 0.8-1% and lower our NIMs by 8-16 bps to 4.2-4.3% over FY26-28," Nomura Global Markets Research said in its report. "KMB (core-bank) currently trades at 1.9x FY27 BVPS (book value per share), and we see limited upside potential," the brokerage said. It has kept 'neutral' rating on the stock but cut target price to INR 2,150 from INR 2,200.

Nuvama Institutional Equities was also cautious on the stock. "After a strong business update, KMB reported weak Q1FY26 earnings with a sharp 32bp QoQ decline in NIM, a steep rise in specific credit cost from 64bp to 93bp (50% QoQ in value) and a sharp slowdown in YoY fee growth," the brokerage said. "At 2.3x BV (book value) FY26, the risk-reward is unfavourable given better earnings by peers," it added. The brokerage maintained a 'hold' rating on the bank with a target price of INR 2,020.

At 0954 IST, 5.40 million shares of the bank were traded on the NSE, sharply higher than the 169,485 shares traded till the same time Friday. (Akash Mandal)

Equity Alert: Waaree Energies falls ahead of Q1 results; PAT seen up 65% YoY

MUMBAI--1019 IST--Shares of Waaree Energies were down 0.8% Monday, ahead of the company's June quarter earnings. The company is expected to post a consolidated net profit of INR 6.5 billion, up 65% on year and up 5% over the trailing quarter, according to estimates from two brokerage firms. At 0953 IST, the shares of the company traded at INR 3,176.30 on the NSE, down 0.7%. More than 381,500 shares were traded so far, slightly lower than 472,500 shares traded till the same time Friday.

Kotak Institutional Equities expects a net profit of INR 6.49 billion while Nuvama Wealth Management expects it to be INR 6.52 billion. The company is expected to report net sales of INR 44.8 billion, up 31% on year and up 12% sequentially, according to estimates. Kotak expects net sales of INR 44.9 billion while Nuvama expects it to be INR 44.6 billion.

The company's revenue growth will be driven by production scale-up of its 5.4 GW solar cell facility. "We expect 32% yoy/12% qoq revenue growth and 470 bps yoy margin improvement, driven by contribution from cell facility, improved utilisation and strong growth in EPC business," Kotak Securities said.

Of the two brokerage reports available with Informist, one has a "buy" rating, with a target price of INR 3,622 and one has a "sell" rating. The shares are up 6.3% from Apr. 23 when the company detailed its March quarter earnings. (Durva Shivalkar)

Equity Alert: Mazagon Dock up 1% ahead of June quarter earnings

NEW DELHI--1016 IST--Shares of Mazagon Dock Shipbuilders rose nearly 1% to an intraday high of INR 2,907.70 ahead of the company's June quarter earnings, set to be announced later in the day. At 1006 IST, shares of the company traded at INR 2,888.60 on the NSE, up 0.1%. So far Monday, 426,235 shares of the company have changed hands on the NSE, higher than the 331,540 shares traded during the same period Friday.

Nirmal Bang Equities expects the company to report a consolidated net profit of INR 6.95 billion for the June quarter on a revenues of INR 28.28 billion. Meanwhile, Antique Stock Broking expects a consolidated bottom line of INR 5.67 billion and a top line of INR 27.11 billion from the shipbuilding company for the reporting quarter. Only two pre-earnings review reports on the company are available with Informist.

In the March quarter, the company's bottom line had plunged 51% on year to INR 3.25 billion while its top line had grown 2% to INR 31.74 billion. Sequentially, the Mumbai-based company's net profit had fallen 60% against a marginal growth in revenue during the quarter.

On Mazagon Dock's earnings before interest, taxes, depreciation, and amortisation for the June quarter, Nirmal Bang has a forecast of INR 6.16 billion while Antique Stock Broking estimates it at INR 4.87 billion.

"The company is confident that the contracts for the P75 additional submarines and the P75I submarines will be signed in FY26. This is anticipated to raise the order book from the current INR 320 billion to over INR 1.25 trillion. With the arrival of these projects, a notable rise in margins and profitability is anticipated," Nirmal Bang Institutional Equities wrote in a report. The brokerage further added that the economies of scale associated with these large submarine projects, along with the efficiency initiatives driven by Industry 4.0 principles and digital transformation efforts, are anticipated to improve the overall profitability of the company.

The company's share price has fallen 23% from its closing price on May 29, when it reported its earnings for the March quarter. Of the two research reports on the company available with Informist, one has a 'buy' rating on the stock at a target price of INR 4,350 while other one has a 'sell' rating. The stock is down 23% from its 52-week high of INR 3,775, reached on May 29. (Shakshi Jain)

Equity Alert: Indices open lower Mon; Kotak Bank down 7% on weak Q1 results

MUMBAI--0945 IST--Benchmark indices opened lower Monday weighed down by fall in financial services stocks. Investor sentiment has been weak since Thursday due to subdued June quarter earnings and delay in a trade deal between the US and India as the Aug. 1 deadline approaches. IndusInd Bank and Bharat Electronics will detail their June quarter results later in the day.

At 0920 IST, the Nifty 50 was at 24790.70 points, down 46.30 points or 0.2%. The BSE Sensex was at 81262.50 points, down 200.59 points or 0.3%. Mid- and small-cap indices reversed losses made in early trade. The broader Nifty Smallcap 250 recovered from a 0.6?ll and was up 0.2%. The Nifty Midcap 150 was up 0.4%.

The Nifty Realty index was down nearly 3% and the worst-hit among the sector indices. Lodha Developers, previously Macrotech Developers, fell 6?spite posting better-than-expected earnings for the June quarter. Others such as Oberoi Realty and Prestige Estates Projects fell 2.5-3.0%.

The Nifty Private Bank index was down 0.8%. This was mainly due to a near 7?ll in shares of Kotak Mahindra Bank after its June quarter results disappointed the Street. The bank's gross NPA ratio rose to 1.48% in June quarter from 1.42% a quarter ago. Its fresh slippages and provisions for the quarter also jumped on year. Shares of other banks such as Axis Bank, HDFC Bank, and ICICI Bank were slightly higher.

Information technology stocks fell. Large-caps such as Wipro, Tata Consultancy Services, and Infosys were down 1-3%. TCS fell nearly 3% on reports the company will likely terminate services of 12,000 middle and senior level employees or 2% of its global workforce in 2025-26 (Apr-Mar). Global brokerages Citi and Jefferies are cautious on company's decision.

Acme Solar Holdings rose nearly 8?spite the company's weak earnings. The company posted a net profit of just INR 8.13 million for the June quarter, even as revenue fell over 23% on year to INR 2.83 billion. Aadhar Housing Finance rose 7?ter the company's net profit for the June quarter rose nearly 19% on year. (Gopika Balasubramanium)

Equity Alert: Analysts see TCS layoffs as a negative; Citi keeps 'sell' rating

MUMBAI--0825 IST--Global brokerages Citi and Jefferies have sounded caution on Tata Consultancy Services' recent decision to lay off 2% of its global workforce during 2025-26 (Apr-Mar). Citi has maintained a 'sell' rating on the stock with a target price of INR 3,135, which offers no upside from the stock's latest closing price of INR 3,135.80.

Citi said June quarter earnings indicate continued sluggishness in core markets and that the information technology major's margins and cash flow need to be monitored, CNBC-TV18 reported. Jefferies said the cut in workforce may lead to near-term execution slippages and higher attrition in the long-term, according to a report by CNBC-TV18. The brokerage noted that other IT majors who are unable to gain market share may also resort to layoffs.

"With most deal wins being led by cost-optimisation initiatives and involving AI-led productivity pass through, IT firms unable to gain market share may resort to lay-offs," Jefferies said. The brokerage remains selective in the Indian IT sectors, preferring Infosys, HCL Technologies, Mphasis, and Coforge.

TCS Sunday said it plans to lay off as many as 12,000 employees over the year, saying the company is "on a journey to become a future-ready organisation." The layoffs are likely to be from middle and senior grade employees. The company also said there was continued delay in clients' decision making in terms of discretionary spends due to persistent uncertainty about the impact of US tariffs. TCS' total employee count was 613,069 as on Jun. 30 and its IT services trailing 12-month attrition was 13.8%, one of the highest rate among domestic IT players. (Akash Mandal)

Equity Alert: Asian markets mixed; US-China trade negotiations eyed

MUMBAI--0815 IST--Asian indices were mixed on Monday, with those in Japan and Singapore extending losses from last week. However, Chinese indices were higher ahead of meeting between US officials and their Chinese counterparts later in the day. Investors in this region likely looked past the optimism in the US market and the trade deal between US and European Union.

At 0803 IST, Japan's Nikkei 225 was down 0.8% and the Topix fell 0.5%. The indices were lower for the second straight sessions as enthusiasm around the country's deal with the US weaned off. South Korea's Kospi was 0.4% lower.

Meanwhile, China's CSI and Hong Kong's Hang Seng were 0.4% and 0.9% higher, respectively. The US and China are expected to extend their tariff truce by another 90 days at trade talks in Stockholm beginning Monday, South China Morning Post reported Sunday quoting sources privy to the matter on both sides. These countries had agreed in May to revoke most of the heavy tariffs levied on each other's goods for 90 days while continuing with trade negotiations, which is set to expire on Aug. 12, the report said. Among other indices, FTSE Singapore was 0.3% lower while Australia's S&P ASX 200 indx was 0.2% lower.

Following are the levels of key Asian indices at 0803 IST:

(Gopika Balasubramanium)

Equity Alert: Mkt likely to be in range; some gains seen before Thu expiry

MUMBAI--0806 IST--Benchmark indices are likely to stay in a range with a negative bias Monday as sentiment remains weak due to muted June quarter earnings so far and delay in a US-India trade deal as the Aug. 1 deadline fast approaches. With most major banks having declared their earnings, focus will now shift to results of some major automobile makers during the week.

While sentiment remains weak, some analysts expect the market to pick up a bit before the weekly expiry of the Nifty 50's derivatives contracts on Thursday. "I see another 100 points downside but the market we should see short covering ahead of the weekly expiry," said Anshul Jain, head of research at Laxmishree Investment and Securities. He expects the 50-stock index to move in a range of 24800-25000 points.

The July contract of the GIFT Nifty also indicates a muted start to the week for the market. At 0802 IST, the contract was at 24840 points, up 25 points from its previous close. The August contract was 13 points lower at 24935.50 points. On Friday, the Nifty 50 had closed at 24837 points, down 225.10 points or 0.9%. The BSE Sensex had ended at 81463.09 points, down 721.08 points or 0.9%.

On Friday, indices in the US ended slightly higher ahead of a significant week which will see US Federal Reserve's policy meeting, major corporate earnings, and trump's Aug. 1 deadline for tariffs. Indices in Asia were mixed in early trade Monday. Over the weekend, the US agreed a trade deal with the EU in which it will levy a blanket tariff of 15% on goods from the European bloc. As part of the deal, the EU will give up the proposal of 30% tariffs on US goods. US President Donald Trump also said the EU had promised hundreds of billions of dollars worth of investment and energy purchases, BBC reported. (Akash Mandal)

Equity Alert: US mkt ends up Fri; US details 15% tariff deal on EU goods Sun

MUMBAI--0739 IST--US equity indices ended higher on Friday boosted by optimism that the US and the European Union would work out a trade deal soon. US President Donald Trump and European Union Commission President Ursula von der Leyen were scheduled meet on Sunday in Scotland to negotiate the terms. On Sunday, both the countries struck a deal where goods from the bloc will attract a 15% import duty.

Indices had surged last week owing to upbeat quarterly earnings, trade deals with Japan and the Philippines, and on expectation that the White House will finalise more agreements with other countries to avoid higher tariffs. "The market has been anticipating that the deals are going to get done," Reuters quoted Thomas Martin, a senior portfolio manager at Atlanta-based GLOBALT, as saying. "Personally, I have a bit more scepticism. You've got to be careful, because if they don't get done, there is more room for disappointment than there is upside."

The S&P 500 closed 0.4% higher at 6388.64 points and the Nasdaq gained 0.2% to end at 21108.32 points on Friday, after having touched their respective life time highs. The Dow Jones Industrial Average closed at 44901.92 points, up 0.5%.

Among stocks, Charter Communications plunged 18?ter it reported a deeper-than-expected loss in broadband subscriber, hurt by competition from wireless carriers bundling high-speed internet services with fifth generation mobile plans. Centene rose 6.1?ter it said health insurer expects to deliver improved profitability in its three government-backed healthcare insurance businesses in 2026.

This week, investors will focus on the US Federal Reserve, with the officials on Thursday expected to keep interest rates unchanged as the central bank weighs the impact of tariffs on inflation. Now, market participants see about a probability of 60% of a rate cut in September, CME's FedWatch tool showed. Focus will be also on Microsoft, Apple, Amazon, and Meta Platforms as their earnings are due this week.

Following are the closing levels of US indices Wednesday:

(Gopika Balasubramanium)

End

US$1 = INR 86.54

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

Edited by Deepshikha Bhardwaj

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