Informist, Tuesday, Jul. 29, 2025 Tel +91 (22) 6985-4000

Equity Alert: Piramal Ent down ahead of earnings; PAT seen rising 137% QoQ

MUMBAI--1055 IST--Shares of Piramal Enterprises fell over 1% to an intraday low of INR 1,282 ahead of its June quarter earnings due later in the day. At 1031 IST, shares of Piramal Enterprises traded 0.7% lower at INR 1,286.30 on the National Stock Exchange.

JM Financial Institutional Securities estimates the net profit of the financier at INR 2.4 billion, up 137% on a sequential basis. The bottomline of the financier for the March quarter was at INR 1.02 billion. Piramal Enterprises posted a 25% year-on-year fall in its consolidated net profit in the previous quarter, primarily due to a higher base. The net interest income of the financier is expected to rise 17% on year to INR 9.4 billion for the reporting quarter. The pre-provisioning profit for the company is expected to rise nearly 79% on year to INR 4.82 billion.

The broking firm expects growth of assets under management for all non-banking financial companies to be steady in the June quarter at 17% on year. The total assets under management of Piramal Enterprises rose 17% on year to INR 806.89 billion as on Mar. 31, with retail assets growing 35% to INR 646.52 billion. "For Diversified NBFCs, we expect performance to be better than other sub-segments with strong growth and moderating credit costs," the preview said.

In the last earnings, the company had estimated its total assets under management for 2025-26 (Apr-Mar) to grow 25% to around INR 1 trillion, with a consolidated profit after tax of INR 13 billion to INR 15 billion. (Gowri Lakshmi)

Equity Alert: Waaree Energies up 6% as Q1 PAT, sales, margins surge on year

MUMBAI--1050 IST--Shares of Waaree Energies rose nearly 6% to an intraday high of INR 3,291 after the company reported its highest top line and bottom line since its shares debuted in the stock market in October. The bottom line rose at its second-fastest pace on a year-on-year basis since the December quarter of 2023-24 (Apr-Mar). At 1047 IST, the stock traded 3.8% higher at INR 3,230 and was the top gainer in the Nifty 200.

The company's consolidated net profit for the June quarter rose 89% on year to INR 7.45 billion, while its consolidated revenue rose 30% to INR 44.26 billion. Revenue from the company's largest segment, solar photovoltaic modules, rose nearly 22% on year to INR 38.72 billion. Revenue from this segment contributed over 87% of the company's total sales for the June quarter. The solar panel maker's earnings before interest, tax, depreciation, and amortisation rose nearly 83% on year to INR 11.69 billion during the quarter. The EBITDA margin expanded to 25.42% from 18.30% a year ago.

As of 1047 IST, 5.11 million shares of the company were traded on the NSE, sharply higher than the 638,041 shares traded till the same time Monday. (Akash Mandal)

Equity Alert: Go Digit at 9-month high after Apr-Jun PAT, revenue rise on yr

MUMBAI--1040 IST--Shares of Go Digit General Insurance rose 9% to an over nine-month high of INR 374.75 on Tuesday after the insurer reported a robust set of numbers for the June quarter. At 1013 IST, the stock traded 5.2% higher at INR 361.80 and was the top gainer in the Nifty 500.

"GODIGIT reported modest net earned premium growth (+2% YoY), lower than our estimates on account of lower risk retention, although PAT witnessed a sharp jump (+37% YoY), driven by stronger investment income on the back of higher investment AUM (+57% YoY)," HDFC Securities said in a report. "GODIGIT continued to strengthen its market share in the motor TP segment (6.7%) while also gaining 50 bps (basis points) market share in commercial lines of business," the report said.

Emkay Global Financial Services called the company's earnings a "mixed bag", reiterating a 'sell' rating on the stock. It, however, raised the target price to INR 290 from INR 270. "Owing to higher cessation and increased share in the fire segment, GODIGIT's net retention ratio fell to 65% during Q1; however, the management expects it to increase to 80% during FY26...the management continues to favour an opportunistic growth strategy amid a challenging environment," the brokerage said.

At 1013 IST, 8.71 million shares of the company were traded on the NSE, sharply higher than the 82,104 shares traded till the same time Monday. (Akash Mandal)

Equity Alert: Bharat Electronics at 2-mo low; Nomura cuts rtg to 'neutral'

MUMBAI--0956 IST--Shares of Bharat Electronics fell nearly 3% to an over two-month of INR 378 despite robust results for the June quarter after Nomura Global Markets Research downgraded the stock to 'neutral' from 'buy' due to "perfect" valuation of the stock. The brokerage, however, raised the target price to INR 400 from INR 363. "The 51% rally in the stock price over the past six months has priced it to perfection in our view; hence, we downgrade BEL to Neutral and raise our TP to INR 400," the brokerage said in its report.

At 0949 IST, the stock was down 0.9% at INR 385.60. It is down for the fifth straight session, falling over 6% in this period. "We cut FY26F/FY27 sales by 1%/4% to reflect the slower-than-anticipated execution rate...we think gross margin could sustain at 47-48% in FY26F (vs 47.6%/48.5% in FY24/FY25), backed by a mix in favor of base orders and cost efficiency, but it is likely to contract by 80-100bp during FY26-FY28F due to an increasing execution of newly developed projects such as QRSAM (quick reaction surface-to-air missile)," the report said.

The brokerage said it sees the company's bottom line growing at a compounded annual rate of 13% over 2024-25 (Apr-Mar)-FY28, much lower than the 31?GR seen over FY22-25. "We believe Bharat Electronics is on track to achieve its FY26 inflow guidance, as it has received order inflows of INR96bn during YTD FY26 (35% of management guidance of INR270 bln)," it added, with order execution now being crucial for the company.

For the June quarter, Bharat Electronics reported a net profit of INR 9.69 billion, up 25% on year and higher than analysts' estimate of INR 8.96 billion. Its top line rose over 5% on year to INR 44.17 billion. As of 0949 IST, 8.79 million shares of the company were traded on the NSE, sharply higher than the 2.09 million shares traded till the same time Monday. (Akash Mandal)

Equity Alert: Indices turn flat post slow start; RIL supports Nifty 50

MUMBAI--0929 IST--Benchmark equity indices turned flat after a lower open as a near 1% rise in Reliance Industries supported the market. However, sentiment remains weak due to tepid corporate earnings so far in the June quarter, with analysts recommending a "sell on rise" approach.

At 0925 IST, the Nifty 50 was at 24674.15 points, down 6.75 points. The BSE Sensex was down 70.74 points at 80820.28. Bharat Electronics was down 1%, among the worst hit in the Nifty 50 despite its net profit for the June quarter beating analysts' estimates. Information technology stocks such as Infosys and Wipro were also down around 1?ch. IndusInd Bank rose over 1% and was among the top gainers in the Nifty 50 as its bottom line for the June quarter recovered after losses in the previous quarter.

Most sectoral indices turned green after a slow start, with the Nifty Oil & Gas and Nifty Realty leading the gains. On the other hand, the Nifty India Defence was down over 1%, the worst hit among sectoral indices. Most broader market indices also turned positive.

Among other stocks, Waaree Energies rose over 4% and was among the top gainers in the Nifty 500 after the company reported its highest bottom line since it listed in October. Go Digit General Insurance was up over 4% as its bottom line for the quarter rose nearly 37% on year.

On the other hand, Zen Technologies hit a 5% lower circuit at INR 1,606.20. It hit a lower band for the second straight session after both its net profit and sales for the June quarter fell nearly 40% on year. Mazagon Dock Shipbuilders was down 4?ter its bottom line for the June quarter fell 35% on year due to higher expenses. Five-star Business Finance fell over 8% and was the worst hit in the 500-stock index its top line and bottom line for the quarter both missed analysts' extimates. (Akash Mandal)

Equity Alert: Asian markets in red, except South Korea's Kospi

MUMBAI--0840 IST--Barring South Korea's Kospi, which was slightly higher in early trade, all the other indices in the Asia-Pacific region were in the negative territory on Tuesday. Indices in Hong Kong fell the most. This was ahead of the outcome of the ongoing US-China trade talks. Investors will also monitor the decision by the US Federal Open Market Committee, due on Wednesday.

At 0802 IST, South Korea's Kospi was marginally higher. The country's exports likely sustained growth in July on brisk shipments of semiconductors and ships, despite challenges from higher US tariffs. Exports likely rose 4.7% on year in July following June's 4.3% gain, according to a The Wall Street Journal poll. Imports are seen increasing 1.9% on year, the report said. The trade data of South Korea is due on Friday.

Hong Kong's Hang Seng was the worst hit and was the weak performer among Asia-Pacific indices. The index declined 1.2%. China's CSI 300 was down 0.2% amid ongoing trade negotiations between US and the country. Japan's Nikkei 225 and Topix fell 0.9%. Chipmakers and automobile companies were the biggest drag on Nikkei 225. Meanwhile, Australia's S&P ASX 200 and FTSE Singapore Straits Times were down at 0.3% and 0.4%, respectively.

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

(Gopika Balasubramanium)

Equity Alert: Analysts mixed on IndusInd Bk; Q1 PAT falls short of estimates

MUMBAI--0835 IST--Analysts were mixed on IndusInd Bank after it rebounded in the June quarter from losses suffered in the previous quarter, though its bottom line missed analysts' estimates. Brokerages sounded caution on the bank's profitability outlook amid a host of challenges.

Nuvama Institutional Equities kept a 'reduce' rating on the stock with a target price of INR 600. "IIB (IndusInd Bank) reported a weak Q1FY26 with pressure on growth, uptick in NPLs (non-performing loans), and a crash in fee income of 35% YoY with a steep fall in every line item...RoA (return on assets) slid to 45 bps from 103 bps in Q3FY25 and 168 bps YoY. Core NIM at 3.35% is lower than 3.47% in Q4FY25, 3.9% in Q3FY25 and 4.25% YoY," the brokerage said in a report.

Emkay Global Financial Services also kept its 'reduce' rating on the bank but raised its target price by 8% to INR 700. "Factoring in the Q1 beat and slower opex (operating expenditure), we revise up FY26E-28E earnings by 2-9%," the brokerage said in its report. "We believe it is prudent to wait for the new MD & CEO to allay the risk of further kitchen-sinking and articulate a long term strategy – particularly fixing its retail liability franchise, asset portfolio mix, risk management, and senior management team," the brokerage added.

Global brokerage Bernstein kept its 'outperform' rating on the stock with a target price of INR 1,000, with the June quarter results showing no after-effects from the discrepencies visible until the previous quarter, CNBC-TV18 reported. However, the brokerage flagged challenges such as asset quality deterioration, lower fee income, and fall in net interest margin, and said that lack of clear levers for near-term improvement in return on assets might lead to a reassesment of its profitability outlook.

On Monday, the stock ended 2.6% lower at INR 802.05. The private sector lender reported a net profit for INR 6.84 billion for the June quarter, lower than analysts' estimate of INR 7.21 billion, on total income of INR 144.20 billion. (Akash Mandal)

Equity Alert: Nuvama cuts SAIL to 'hold'; cuts FY26, FY27 earnings estimates

MUMBAI--0830 IST--Nuvama Institutional Equities downgraded its rating on Steel Authority of India to 'hold' from 'buy' and cut the target price to INR 135 from INR 154 after the steel maker reported a lower than expected adjusted earnings before interest, tax, depreciation, and amortisation for the June quarter. The stock had ended at nearly 4% lower at INR 125.59 on Monday.

"SAIL reported lower-than-expected Q1FY26 adjusted EBITDA of INR 25.9 bln (our estimate: INR 35.3 bln), down 23% QoQ driven by lower volume, higher opex and lower inventory valuation partly offset by higher steel prices," the brokerage said in its report. The brokerage sees EBITDA per tonne to be marginally lower sequentially despite lower steel prices "as lower valuation impact of Q1FY26 is likely to be reversed." The brokerage added, "...we are cutting FY26E/27E EBITDA by ~7?ch to factor in lower steel prices."

For the June quarter, SAIL had reported a net profit of INR 6.85 billion, sharply lower than analysts estimates of INR 11.34 billion. The company's revenue rose 8% on year to INR 259.21 billion during the quarter. (Akash Mandal)

Equity Alert: Indices seen falling further near term, Nifty 50 may test 24400

MUMBAI--0750 IST--Benchmark indices are likely to fall further as sentiment remains weak amid tepid earnings so far, especially for large-cap players. Some analysts expect the Nifty 50 to fall to the 24400 levels in the near term, maintaining a "sell on rise" approach in the current market. Technical analysts expect the 50-stock index to find support at 24450-24550 points and face resistance at 24800-25000 points.

Analysts said the Indian market is facing challenges both on the domestic and global fronts as weak earnings and a delay in a trade deal with the US make investors jittery. Additionally, bank earnings have fallen in the reporting quarter, with only a few delivering positive results.

The July and August contracts of the GIFT Nifty both indicated a lower start for the market. At 0742 IST, the July contract was at 24660 points, down 21 points from the Nifty 50's latest close. The August contract was at 24758.50. On Monday, the Nifty 50 had closed at 24680.90 points, down 156.10 points or 0.6%. The BSE Sensex had ended at 80891.02 points, down 572.07 points or 0.7%. Both indices closed near their two-month lows.

Overnight, indices in the US ended mixed as investors assessed the trade deal between the US and European Union. The Nasdaq Composite and the S&P 500 eked out fresh highs while the Dow Jones Industrial Average ended a tad lower in what was a choppy session. Investors now eye a trade deal between the US and China, with both parties resuming talks at Stockholm in Sweden. On the other hand, Asian indices were lower in early trade Tuesday. (Akash Mandal)

Equity Alert: US mkt ends mixed; S&P 500 notches record high for 6th session

MUMBAI--0743 IST--US equity indices ended mixed on Monday after choppy trade, with the S&P 500 and the Nasdaq Composite again closing at record highs. This was ahead of a slew of June quarter results from bellwether stocks Meta, Microsoft, Amazon, and Apple, which are likely to determine market sentiment for the short term. Currently, there is enthusiasm as the US has negotiated trade deals with a number of countries with the Aug. 1 deadline nearing.

"It's feel-good in the sense that it doesn't represent Armageddon, if the draconian tariffs went into place," Scott Welch, chief investment officer at Certuity in Potomac, Maryland was quoted as saying by Reuters. "But it's much too soon to pass judgment on the long-term effects on how that will play out. It's better than the alternative for sure, and so I hope they continue."

The S&P 500 index ended at 6389.77, up 1.1 points, and closed at a record high for the sixth straight session. The Nasdaq Composite closed at 21178.58, up 70.26 points, closing at a lifetime high. Among stocks, Nike climbed 3.9?ter JP Morgan upgraded the stock to "overweight" from "neutral" and said investors should "just buy it", as per a Reuters report. Meanwhile, S&P sectoral index pertaining to energy rose sharply after crude oil prices jumped 2%.

Traders now await a policy decision by the Federal Reserve on Wednesday. The central bank is widely expected to hold federal fund rates steady even as US President Donald Trump has exerted pressure on Fed Chair Jerome Powell to lower rates.

Following are the closing levels of US indices Monday:

(Gopika Balasubramanium)

End

US$1 = INR 86.85

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

Edited by Akul Nishant Akhoury

All prices from National Stock Exchange, unless otherwise specified.

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