Informist, Thursday, Aug. 7, 2025 Tel +91 (22) 6985-4000

Equity Alert: Indices recover from sharp intraday fall to end marginally higher

MUMBAI--1629 IST--The benchmark indices ended marginally higher after having been in the red for most of the day's session. The Nifty 50, down 0.9% at the day's low of 24344.15 points, closed at 24596.15 points, up 21.95 points. Heavyweight stocks such as HDFC Bank, ICICI Bank, Reliance Industries, and Larsen & Toubro also came off the day's lows, helping the index to keep its head just above water.

Gains in information technology and automobile stocks also helped the market's recovery. Hero MotorCorp rose over 4?ter the company reported higher-than expected net profit for the June quarter. Tech Mahindra and JSW Steel were among the top gainers, rising 1.6% and 1.2%, respectively. Some analysts said investors likely ignored US President Donald Trump's announcement of an additional 25% import tariff on Indian goods. Trump has also threatened to impose tariffs of around 100% on chips and semiconductors entering the US.

All the broader market indices recovered from their intraday fall and ended in the green, with the exception of the Nifty Smallcap 250 index, which ended 0.1% lower. The Nifty Midcap 50 index closed 0.6% higher and was the biggest gainer among the broader market indices. The Nifty Midcap 100 and Nifty Smallcap 50 each ended 0.3% higher.

The Nifty Media, Nifty IT, and Nifty Pharma ended nearly 1% higher to be the top gainers among sectoral indices. Nifty Infrastructure, Nifty Energy, Nifty Oil & Gas, and Nifty Realty indices ended lower.

Lupin closed nearly 5% higher and was the day's biggest gainer in the Nifty 200 index. Brokerages are bullish on the company in the near term. Nirmal Bang upgraded its rating on the stock to "buy" and raised the target price to INR 2,237 from INR 2,117. Coforge gained over 4% to be among the top gainers in the 200-stock index. Bharat Heavy Electricals fell nearly 5?ter the company reported a net loss for the June quarter against expectations of a net profit. (P. Madhu Kumar)

Equity Alert: Nifty 50 Aug ends at 118.85-point premium to spot index

MUMBAI--1601 IST--The August futures contract of the Nifty 50 closed at a premium of 118.85 points to the spot index Thursday. Open interest in the contract rose 2.1% to 17.04 million, according to provisional data.

--Nifty 50 closed at 24596.15 points, up 21.95 points or 0.1% vs Wed
--Nifty 50 Aug closed at 24715.00 points, up 80.10 points or 0.3% vs Wed

Nifty 50 options, expiring Aug. 14, with maximum change in open interest:

Call: 25000, Put: 24500

Nifty 50 options, expiring Aug. 14, with maximum open interest:

Call: 25000, Put: 24500

(Akash Mandal)

Equity Alert: Europe mkts up as traders assess earnings, await BoE outcome

MUMBAI--1457 IST--Most European indices were higher in early trade Thursday as investors focussed on corporate earnings in the region. The pan-European STOXX 600 index was up 0.2?rly in the session. Investors now await the Bank of England's monetary policy decision, due after market hours, where the central bank is expected to cut rates by a quarter-point.

US President Donald Trump's higher tariffs kicked in Thursday, including a 39% tariff on Switzerland. Swiss President Karin Keller-Sutter left Washington Wednesday after failing to meet with Trump or any top trade officials, Reuters reported.

Telecommunication stocks in the region fell, with German companies Freenet AG and DT Telekom down 9% and 5%, respectively, after weak quarterly results. Rheinmetall fell over 5% after the German defence company missed second-quarter sales expectations partially due to a delay in German defence contracts being awarded, Reuters reported.

Maersk rose over 5?ter the shipping group raised its full-year profit outlook on global demand for ocean container freight. Allianz rose 6?ter it confirmed its full-year targets and beat expectations in the second quarter, CNBC reported. Swiss drugmaker Sandoz rose 7% after the company confirmed its full-year guidance, with first-half sales coming in above analyst expectations.

Following were the levels of major European indices at 1452 IST:

(Akash Mandal)

Equity Alert: Textile cos down; Trump's additional 25% tariff may hit sector

MUMBAI--1415 IST--Shares of most textile companies remained under pressure, after US President Donald Trump announced an additional 25% tariffs on India, effective Aug. 27, over its continued purchase of crude oil from Russia. With this, the culminative additional tariff on Indian exports to the US will be 50%. Shares of textile exporters with higher exposure to the US market including Welspun Living Ltd., Kitex Garments Ltd., KPR Mill Ltd., Pearl Global Industries, Alok Industries, and Arvind Ltd., fell 0.6-5% intraday.

"The imposition of additional tariff of 25% on India is negative for textile sector as cumulative tariff rate will be 50%, which increase the gap with other major textile exporting countries such as Bangladesh and Vietnam tariffed at 20%. Also, India will become less competitive compared to large textile manufacturer such as China," ICICI Securities said in a report Thursday. It expects the current tariff rates to impact the export volumes and profitability of textile companies in the near term. Brokerage Emkay Global, on the other hand, expects a near-complete halt to Indian exports to the US, if the 50% tariff gets implemented, with employment-heavy sectors like textiles and jewelry being hit.

"We estimate the overall cumulative impact of tariffs at 0.5–0.7% of India's GDP, with the sharpest effects likely in gems & jewellery, textiles, and mobile phones," Trideep Bhattacharya, chief investment officer of Edelweiss Mutual Fund, said in a note Thursday. India's exports to the US could fall nearly 30% in 2025-26 (Apr-Mar) to $60.6 billion from $86.5 billion if the 25% tariff announced by US President Donald Trump is implemented, Systematix Shares and Stocks said in a report citing the Global Trade Research Initiative. India would be the second worst-hit exporter in Asia after China, the report said.

On Thursday, shares of Kitex Garments hit the 5% lower circuit for the third straight day. The stock had been in a loosing run for the 11th straight session now. Shares of Welspun Living and KPR Mill fell 4-6% to their respective lowest prices in around four months.

Among textile companies, Systematix Shares and Stocks cut its target price for Gokaldas Exports by a staggering 21% to INR 812 per share. The brokerage flagged integration delays, high labour costs, geopolitical tensions, and inflation as the key risks for the stock. Though the company reported a stable quarterly earnings during the June quarter, the US continues to be the largest market for the company, with 72% of its revenue coming from the country, the brokerage said. It has maintained its 'hold' rating on the stock. (Arya S. Biju)

Equity Alert: Indices fall more dragged down by financial services stocks

MUMBAI--1340 IST--Indices declined further Thursday after opening slightly lower, with financial services and oil and gas companies falling the most among Nifty 50 stocks. The fall can be attributed to US President Donald Trump's announcement of additional 25% import tariff on Indian goods. Trump has also threatened to impose tariffs of around 100% on chips and semiconductors entering into the US.

The US is India's largest export destination, accounting for 18% of the total exports and 2.2% of the GDP in 2024-25 (Apr-Mar), Nomura Global Markets Research said citing data from the commerce ministry. Pharmaceuticals, smartphones, gems and jewellery, industrial machinery, auto components, textiles, and iron and steel, are the major exports to the US. The brokerage said that if the 50% tariffs come into effect, it will burden India and may put its goods at a disadvantage to other Southeast Asian countries. "We had previously flagged a downside risk of around 0.2pp to our baseline FY26 GDP growth forecast of 6.2%. If these tariffs materialise, then the hit could be higher, depending on their duration," Nomura said.

At 1349 IST, the Nifty 50 was down 0.8% at 24376.40 points and the BSE Sensex was down 0.8% at 79911.52 points. The Nifty 50 fell to an over three-month-low of 24344.15 points. Adani Enterprises fell nearly 4% and was the biggest loser in the Nifty 50 index. Adani Ports and Special Economic Zone was down over 3%. Jio Financial Services and Tata Motors fell over 2%.

Among the Nifty 200 stocks, Lupin rose nearly 4% and was the biggest gainer in the index. Brokerages are bullish on the company in the near term. Nirmal Bang has upgraded its rating on the stock to 'buy' and raised the target price to INR 2,237 from INR 2,117. Bharat Heavy Electricals fell nearly 7?ter the company reported a net loss for the June quarter against expectations of net profit. Adani Green Energy declined over 5%. It was down for the third consecutive session. (P. Madhu Kumar)

Equity Alert: CCL Products declines after co posts lower-than-expected PAT

MUMBAI--1330 IST--Shares of CCL Products (India) fell over 2% to an intra-day low of INR 841.65 after the company reported lower-than-expected bottom line for the June quarter. However, the stock came sharply off lows and was down 0.6% at INR 852.05 at 1326 IST. It has been trading lower for the third consecutive session, falling 9% during this period. Over 66,000 shares of the company changed hands on the bourse so far Thursday, sharply lower than the 700,000 shares traded during the same period Wednesday.

IDBI Capital Markets & Securities retained its 'hold' rating and target price at INR 849, which is 0.4% lower than the current market price. It values the stock at 22 times the earnings-per-share of 2026-27 (Apr-Mar) estimate. "With no new capacity expansions planned and coffee crop prices declining, finance cost is expected to taper down in the coming quarters," the brokerage said in its report. The company has a net borrowing of INR 16.7 billion as of Jun. 30, lower than the INR 18 billion a quarter ago. The management has also guided to reduce its debt by INR 1.5 billion per quarter and targets a net debt of INR 12 billion by the end of FY26, the broking firm said.

For the quarter ended June, CCL Products reported a mere 1% on-year growth in its consolidated net profit to INR 724.49 million, lower than the expectation of INR 782.38 million. Its revenue increased almost 37% on year to INR 10.56 billion.

Meanwhile, Nirmal Bang Institutional Equities has a 'buy' rating on the stock and a target price of INR 1,026, which is 20% higher than the current market price. "We believe interest costs have peaked and are likely to decline further as the company continues its debt reduction drive, thus supporting overall profitability," the brokerage said in its report. Over FY26-FY27, Nirmal Bang estimates the company's revenue to grow at 19% compounded annual growth rate and 23% growth in net profit during the same period. This growth would be supported by strong rise in volume, a healthy business-to-consumer run rate, lower interest costs, and a steady depreciation base, it said.

Of the eight research reports available about the company with Informist, four brokerages have a 'buy' or equivalent rating on the stock with an average target price of INR 860 and the remaining four have a 'hold' view with an average target price of INR 774. (Anjana Therese Antony)

Equity Alert: Most Asian mkts end higher; Topix closes at all-time high

MUMBAI--1308 IST--Most Asian indices ended higher Thursday, with Japan's Topix notching an all-time high. Hopes of a rate cut in the US and strong performance of domestic companies boosted sentiment in the region.

Japan's Nikkei 225 and Topix ended 0.7% higher each. Robust corporate earnings from domestic firms raised hopes of wage growth, Reuters reported. "That (a robust US economy) is important for the Bank of Japan's decision process for raising interest rates...with solid corporate earnings results and a trend for wage increases, the market now expects the BOJ to raise rates by the end of the year," the Reuters report said.

China's CSI 300 closed the session flat. China's July exports were higher than expectations as manufacturers made the most of a fragile tariff truce between China and the US to ship goods, especially to Southeast Asia, ahead of tougher US duties targeting transshipment, Reuters reported.

Following are the levels of key Asian indices at 1302 IST:

(Akash Mandal)

Equity Alert: BHEL dn 7%; Q1 net loss widens on yr, Nuvama cuts target price

MUMBAI--1300 IST--Shares of Bharat Heavy Electricals fell over 7% Thursday to a near three-month low of INR 222.59. The company's net loss widened on year while analysts had expected the company to report a net profit in the June quarter. This was the seventh straight year that the company reported a net loss for the June quarter.

The company's order execution grew just 4% on year in the reporting quarter, missig the consensus estimate of international brokerage CLSA, according to a CNBC-TV18 post on X. A resurgence in fossil orders as India focuses on energy security was a positive factor in the earnings, the post said. The orders from the company's thermal business peaked at 26.6 gigawatts in 2024-25 (Apr-Mar), the brokerage said.

Nuvama Institutional Equities has maintained 'buy' rating on the stock and trimmed its target price by 7% to INR 335. The brokerage expects the company to benefit from over 90% market share and win another 17 GW in 2-3 years, the post cited Nuvama as saying. The broking firm has cut its estimates for earnings per share by 15% for FY26 and by 5% for FY27, after factoring in the execution spillover.

At 1232 IST, shares of the company traded at INR 225.50, down 6%. The stock was the worst hit in the Nifty 200. So far Thursday, 20.36 million shares of the company have changed hands on the NSE, higher than 6.81 million shares traded during the same period on Wednesday. Of the eight brokerage reports on the stock available with Informist, five have a 'buy' rating on the stock, Prabhudas Lilladher has a 'hold' rating, and two have a 'sell' rating. The average target price of sell recommendations is INR 159. (Simran Rede)

Equity Alert: Prabhudas Lilladher sees Lupin margins to sustain; retains 'buy'

MUMBAI--1255 IST--Prabhudas Lilladher said it expects Lupin's margins to sustain given its strong pipeline in the US and retained it estimates for 2025-26 (Apr-Mar) and FY27. The broking firm also maintained its 'buy' rating on the stock, with a target price of INR 2,400. It assigned a 'buy' rating on the stock, which is expected to give more than 15% returns.

The company's earnings before interest, tax, depreciation, and amortisation grew 28% on year to INR 16.4 billion, which was in line with the brokerage's estimate. This growth was on the back of higher US sales supported by niche launches such as generic of Tolvaptan. This drug is used to treat low sodium in the blood of patients with heart failure or syndrome of inappropriate antidiuretic hormone.

During the post-earnings call with analysts, the management said it plans to increase prices of its products sold in the US and transfer of intellectual property of high-value products to the US and do contract manufacturing in India. This is to offset the impact of US' proposed tariffs. This week, the US President said he will announce "small tariff" on pharmaceutical products entering the US, which will be increased to 150% in a year or year-and-a-half and then 250%.

For the quarter ended June, Lupin reported 52% on-year growth in its consolidated net profit to INR 12.19 billion, slightly higher than the Street's estimate of INR 11.17 billion. Its revenue rose almost 12% to INR 62.68 billion, but lower than the expectation of INR 64.84 billion.

At 1253 IST, shares of Lupin were up 2.6% at INR 1,900.60. Over 2.4 million shares of the company changed hands on the bourse so far Thursday, slightly higher than the 2 million shares traded during the same period Wednesday. Of the 20 research reports available about the company with Informist, 15 broking firms have a 'buy' or equivalent rating with an average target price of INR 2,378 and the remaining five have a 'hold' view with an average target price of INR 2,061. (Anjana Therese Antony)

Equity Alert: Trent off 2% high; few analysts tad wary on Q1 performance

MUMBAI--1230 IST--Shares of Trent had risen 1.6% to an intraday high of INR 5,440 after its June quarter net profit beat the Street's view, with some analysts also broadly maintaining their bullish calls. However, some analysts also pointed out some challenges such as the company's slow like-for-like growth during the quarter. At 1227 IST, the stock had turned negative and was trading 0.6% lower at INR 5,326.50.

Nuvama Institutional Equities reduced its target price on the stock to INR 5,850 from INR 5,884 and maintained its 'hold' rating. "Trent delivered a strong margin improvement in Q1FY26 despite lower productivity (low single-digit like-to-like growth...this was mainly due to a 331bp reduction in retailing costs, partially offset by a 108 bps fall in gross margin," the brokerage said in its report. "Margins benefited from technology and automation, enabling fewer employees per store and from lower rents driven by reduced throughput," it added.

Bernstein kept its 'outperform' rating on the stock with a target price of INR 6,500, CNBC-TV18 reported. The global brokerage pointed out the slowing growth in revenue and significant reduction in revenue per square feet. Citi kept a 'buy' rating on the stock but reduced its target price to INR 7,150. While the company's revenue growth slowed in the reporting quarter, it is still ahead of the other discretionary players, the brokerage said.

At 1227 IST, 1.42 million shares of the company were traded on the NSE, lower than the 1.62 million shares traded till the same time Wednesday. Of the 11 brokerage reports on the company available with Informist, seven have a 'buy' or equivalent rating on the stock, two have a 'hold' or equivalent rating, and the remaining two have a 'sell' or equivalent rating. (Akash Mandal)

Equity Alert: YES Sec sees Bajaj Auto margins rangebound; retains 'neutral'

MUMBAI--1223 IST--YES Securities raised the target price on Bajaj Auto to INR 9,035 from IRN 8,730 earlier and retained its 'neutral' rating on the stock. The broking firm expects the automobile company's margins to be rangebound as expenses related to new launches and price calibration in entry-level portfolio are likely to offset the positive impact of a favorable product mix, the broking firm said.

While YES Securities is optimistic about Bajaj Auto's electric vehicle profitability, it expects supply constraints related to rare earth magnets to impact production of these vehicles. The company expects the issue to be resolved by the end of the September quarter while complete de-risking is expected by 6-8 months, the broking firm said. The management said it will likely deliver only 50-60% of production plan for Chetak electric scooter and 70-80% of its electric three-wheeler output plan for the September quarter due to the rare earth magnet issue.

For the June quarter, Bajaj Auto Wednesday reported a 5% on-year growth in net profit to INR 20.96 billion, slightly higher than the expected INR 20.28 billion. Its revenue rose almost 6% to INR 125.84 billion, also beating the Street's view of INR 123.10 billion.

The company continues to up its game in the EV business as it targets to raise its volume for Chetak as well as electric three-wheelers. "This will further be supported by captive financing arm, with 100% of BJAUT (Bajaj Auto) network covered already," it said. The company's market share loss in domestic motorcycles, particularly in the 125cc-plus category remains a key concern, even though exports recovery and a healthy ramp-up of Chetak and three-wheelers are key positives, it added.

At 1214 IST, the company's shares were down 0.7% at INR 8,123. Over 245,000 shares traded on the bourse so far Thursday, similar to the number of shares traded during the same period Wednesday. Of the 24 research reports available about the company with Informist, 13 broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 9,600, eight have a 'hold' view with an average target price of INR 10,027, and the remaining three have 'sell' rating. (Anjana Therese Antony)

Equity Alert: Kalyan Jewellers down almost 2% ahead of June quarter earnings

NEW DELHI--1200 IST--Shares of Kalyan Jewellers fell almost 2% to an intra-day low of INR 578.80 ahead of the company's June quarter earnings, due later in the day. At 1159 IST, shares of the company traded at INR 579.55 on the NSE, down 1.8%. So far Thursday, over 958,000 shares of the company have changed hands on the NSE, lower than the 1.1 million shares traded during the same period Wednesday.

In an update last month, the Thrissur-based jewellery maker said its consolidated revenue for the June quarter rose by around 31% on year, driven by robust sales during Akshaya Tritiya and strong wedding demand. The company's India operations reported revenue growth of approximately 31% on year, while same-store sales growth was around 18%, it added. Its international operations also recorded revenue growth of around 31% in Apr-Jun, led by strong demand from West Asia. Revenue from West Asia operations rose nearly 26% on year, driven by same-store sales growth, as per the company.

In the June quarter, the company opened 10 Kalyan showrooms and eight Candere showrooms in India, and one Kalyan showroom in the US. As of Jun. 30, Kalyan Jewellers had 406 showrooms across India, West Asia, and the US. The company aims to open 170 showrooms under the Kalyan and Candere brands in 2025-26 (Apr-Mar).

In the March quarter, the company's consolidated net profit had risen 36% on year, but fallen 14% sequentially, to INR 1.88 billion. Meanwhile, its consolidated revenue from operations had grown 37% on year and declined 15% sequentially to INR 61.82 billion during the three months.

The company's share price has risen almost 13% since it reported its earnings for the March quarter on May 8. The stock is down 27% from its 52-week high of INR 795.4 it had hit on Jan. 2. All the three research reports on the company available with Informist have a 'buy' rating on the stock. (Shakshi Jain)

Equity Alert: Titan down slightly ahead of June quarter earnings

MUMBAI--1151 IST--Shares of Titan Co. fell 0.6% to an intraday low of INR 3,380 ahead of its June quarter earnings. The company is likely to post a healthy double-digit on-year growth in its net profit and revenue driven by higher sales of domestic jewellery, watches, eyewear, and other products.

According to estimates from 11 brokerages compiled by Informist, the company is likely to report a 20% on-year rise in its net profit to INR 9.2 billion for the June quarter and the revenue is expected to grow by a little over 19% to INR 143.5 billion. On a trailing basis, the net profit is projected to rise nearly 6% and revenue around 7%, the estimates show. The company's earnings before interest, tax, depreciation, and amortisation are expected to increase nearly 14% on a year-on year basis to INR 1.81 billion in the June quarter, whereas a drop of nearly 3% on quarter is likely to be seen in the latest quarter.

Out of the 14 brokerage reports on the company available with Infromist, 10 brokerages have a 'buy' rating with a target price of INR 181. The remaining four brokerages have a 'sell' rating with an average target price of INR 3,417. At 1133 IST, the stock traded 0.3% lower at INR 3,407 and over 223,070 shares of the company changed hands on the NSE as against 144,910 shares traded till the same time Wednesday. (P. Madhu Kumar)

Equity Alert: Hero MotoCorp tops Nifty 50 gainers after Q1 PAT beats view

MUMBAI--1148 IST--Shares of Hero MotoCorp rose over 2% to a high of INR 4,580 Thursday. The company reported a net profit of INR 11.3 billion for the June quarter, marginally higher from the year-ago period. Analysts had expected the two-wheeler maker's bottom line to contract over 5% on year. Its revenue from operations fell 6% on year to INR 95.8 billion. Consensus estimates had pegged Hero MotoCorp's top line at INR 97.9 billion, down just over 3% on year.

Foreign brokerage Jefferies has maintained its 'underperform' rating on the stock with a target price of INR 3,330, which implies a nearly 26% downside to the previous closing price. "Hero is seeing good traction in its electric mobility business," Jefferies was quoted as saying by NDTV Profit.

The stock was up in seven of the last nine sessions, rising nearly 7%. At 1146 IST, the shares traded at INR 4,547.70, up 1.6%. The stock was the biggest gainer in the Nifty 50. So far Thursday, 880,216 shares of the company have changed hands on the NSE, higher than 321,382 shares traded during the same period on Wednesday.

Of the 20 brokerage reports on the stock available with Informist, 16 have a 'buy' or equivalent rating on the stock, three have a 'hold' or equivalent rating, and only Kotak Securities has a 'sell' or equivalent rating. The average target price of the buy recommendations is INR 5,179. (Simran Rede)

Equity Alert: Bajaj Auto at 3-mo low despite Q1 result; analysts detail risks

MUMBAI--1000 IST--Shares of Bajaj Auto fell nearly 4% to a near-three-month low of INR 7,858.50 despite beating analysts' estimates for its June quarter top line and bottom line, with analysts pointing out some key risks for the stock. These risks include a slowdown in volume growth, rare earth magnets-related challenges, high valuations, and a fall in margins. At 0958 IST, the stock was off lows and traded 0.6% lower at INR 8,132.50.

Nuvama Institutional Equities cut its target price on the stock to INR 9,400 from INR 10,700 as it reduced its valuation multiple for the stock to factor in a moderation in growth. "We are cutting FY26/27 EPS by 2%/2%, factoring in lower margin assumption," it added.

Nirmal Bang Equities also pointed out a slowdown in volumes and a fall in margins, alongside risks associated with the availability of rare earth magnets. "We remain concerned on the uncertainty of rare earth supply and overall slowness in domestic demand...although exports are coming back strongly, supply constraint and muted domestic demand is a concern," the brokerage said. "Furthermore, we believe that the current valuation of 22x FY27E limits the upside," it said.

At 0958 IST, 143,526 shares of the company were traded on the NSE, sharply higher than the 28,223 shares traded till the same time Wednesday. (Akash Mandal)

Equity Alert: Nuvama says Bharti Airtel financials improving consistently

MUMBAI--0945 IST--Nuvama Institutional Equities has retained its 'buy' rating on Bharti Airtel and raised the target price to INR 2,200 from INR 2,130 earlier. The broking firm said the telecommunications company reported consistently improving financials in the June quarter, supported by average revenue per user growth, and a moderate subscriber addition. "Management remains focused on strengthening the balance sheet through ongoing deleveraging initiatives while also evaluating steps to unlock value and enhance shareholder returns," the broking firm said in its report.

Bharti Airtel Tuesday reported a consolidated net profit of INR 59.48 billion for the quarter ended June, sharply lower than the Street's expectation of INR 73.88 billion. Its revenue was INR 494.63 billion, slightly higher than the expected INR 492.13 billion. Its capital expenditure halved to INR 83 billion from the quarter-ago period, which led to a sharp improvement in Bharti Airtel's free cash flow to INR 199 billion from INR 130 billion in the March quarter, Nuvama said.

Bharti Airtel's industry-leading ARPU, steady subscriber additions, and robust FCF generation continue to bolster its balance sheet, supporting enhanced shareholder returns, Nuvama said. "We continue to see Bharti as the best way to play the Indian telecom sector," it said.

At 0935 IST, shares of Bharti Airtel were down 0.3% at INR 1,923.80. Over 635,000 shares of the company changed hands on NSE, lower than the 1.8 million shares traded the same period Wednesday. Of the 16 research reports on the company available with Informist, 15 broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 1,929, and one has a 'hold' view on the stock. (Anjana Therese Antony)

Equity Alert: Indices open lower as additional 25% US tariffs weigh on mkt

MUMBAI--0944 IST--Benchmark indices opened lower Thursday after US President Donald Trump imposed an additional 25% tariff on Indian imports with effect from Aug. 27. Additionally, the expiry of the derivatives weekly contract of the Nifty 50 also weighed on the market.

Following up on his threats, Trump Wednesday imposed an additional 25% tariff on Indian goods being shipped to the US for maintaining a trade relationship with Russia, especially for procuring Russian crude oil. On Jul. 30, Trump had announced a 25% tariff on Indian goods shipped to the US, along with an additional unspecified penalty for India's procurement of military equipment and energy from Russia.

At 0944 IST, the Nifty 50 was at 24502.40 points, down 71.80 points or 0.3%, and the BSE Sensex was at 80302.43 points, down 241.56 points or 0.3%. All broader market indices were in the negative territory, down 0.1-0.3%. The fear gauge of the market, the India VIX, was down 2% at 11.7325.

Barring Nifty Healthcare, Nifty FMCG, Nifty Pharma, and Nifty Media, all other sectoral indices fell, with Nifty Metal and Nifty Realty being the worst hit. Both were down around 0.5%. Real estate is a rate-sensitive sector and the Reserve Bank of India on Wednesday kept the interest rates unchanged at 5.50% with a "neutral" stance.

Nifty Auto was one of the worst performing sectoral indices and was down 0.4%. The retail sales of total vehicles, passenger vehicles, and two-wheelers fell on a year-on-year basis, the Federation of Automobile Dealers Associations data showed. Bharat Forge was the worst-hit Nifty Auto constituent. The company had said in its earnings that it is cautious of US tariffs and emission norm change.

Hero MotoCorp was up over 2% and was the top gainer in the Nifty 50 after the company's Apr-Jun net profit beat estimates. Trent was up over 1% and was among the top gainers in the index, after its bottom line for the June quarter exceeded analysts' view. Titan Co. was largely flat ahead of its June quarter earnings due later in the day, most likely after market hours.

Bharat Heavy Electricals was down over 4% and was the worst hit in the Nifty 200. The company posted a net loss in Apr-Jun against an expectation of net profit. Gujarat Narmada Valley Fertilizers & Chemicals was the biggest laggard in the Nifty 500 after its net profit declined on year to INR 780 mln. (Simran Rede)

Equity Alert: Emkay Global sees econ staying firm despite higher US tariffs

MUMBAI--0825 IST--Emkay Global Financial Services expects the broader economy to stay resilient and sees a consumption-led recovery in the second half of the current financial year driven by domestic factors, despite some sectors being massively affected in the near term by the US' effective tariff rate of 50%.

"The US imposed an effective 50% tariff on India...this could bring exports from affected sectors (textiles/jewelry/auto ancillaries) to a standstill and hurt some of India's labor-intensive sectors," the brokerage said in a strategy report. "We would look through any near-term volatility caused by this and buy a substantial dip (of more than 5%)," it added. After a 5% correction, the brokerage said valuations would be comfortable and the direct impact on the listed universe earnings is likely to be negligible.

The brokerage said textiles, chemicals, and auto ancillary are the sectors likely to be the worst hit by the increased tariffs. "If India cuts Russian crude imports as part of the settlement, Reliance and the OMCs are vulnerable – also, crude prices could spike," it said.

The broking firm said while electronics manufacturing services looks to be exempt, Apple's renewed focus on US manufacturing might affect sentiment surrounding the sector. Apple Wednesday said it was going to boost its investment in domestic manufacturing by $100 billion, taking its total US investment to $600 billion over the next four years.

The brokerage also reiterated that there might be room for some more negotiations on tariffs with the US as the tariffs come into effect on Aug. 27 after a 21-day grace period. "This (the grace period) does leave the door open for a negotiated settlement, though the options are limited...one positive outcome is that the White House statement implies that a reduction rather than complete cessation of contentious oil imports from Russia could open the door for negotiations. Though not a done deal yet, the risks are now substantially elevated," it said.

US President Donald Trump Wednesday imposed an additional 25% tariff on Indian goods being shipped to the US for procurement of Russian crude oil, taking the effective tariff rate to 50%. The Indian government has called the move "unfair, unjustified and unreasonable." (Akash Mandal)

Equity Alert: Mkt likely to fall on more tariff but sharp decline unlikely

MUMBAI--0812 IST--The domestic equity market is likely to fall further on the US' additional 25% tariff on India, effective Aug. 27, for its purchase of crude oil from Russia. This takes total tariffs on imports of Indian goods to 50%, making it one of the heavily tariffed nations by the US now. However, sectors such as pharmaceutical, automobile, and semiconductors remain excluded from tariffs as per the US executive order. India responded to the additional tariff, calling it "unfair, unjustified and unreasonable."

While US President Donald Trump continues to put pressure on India to reduce its Russian oil imports, India and Russia reaffirmed their strategic partnership and signed a protocol to enhance engagement in various sectors like aluminium, fertilisers, and railway transport. "...in our view the pressure is now mounting on India to come to a trade agreement...We note that oil trade with the US has already increased substantially in recent months," said Teresa John, deputy head of research and lead economist at Nirmal Bang Institutional Equities.

Amid slight worries about US tariffs and no signals of near-term rate cuts from the Reserve Bank of India, the Indian equity market fell slightly Wednesday. The Nifty 50 closed 0.3% lower at 24574.20 points and the BSE Sensex ended 0.2% down at 80543.99 points. At 0805 IST, the GIFT Nifty August contract traded on the NSE International Exchange was up 0.2% at 24573.50 points, which is also around the same level of the Nifty 50's Wednesday closing level.

However, experts are optimistic about better earnings growth, above normal monsoon, pick up in government's capital expenditure, and improvement in rural as well as urban demand. "This year we expect an improvement in earnings growth from Q3 and Q4. If that happens, the market will remain resilient and strong," said V.K Vijaykumar, chief investment strategist at Geojit Financial Services. He expects Nifty 50 companies earnings growth to be 10% in 2025-26 (Apr-Jun), higher than the 5% rise in the previous quarter, but sharply slower than the 24% growth a couple of years ago. (Anjana Therese Antony)

Equity Alert: Asian mkts rise in early trade; Japan's Topix at record high

MUMBAI--0758 IST--Most Asian indices were higher in early trade Thursday, tracking overnight gains in the US market. Japan's Topix briefly rose to an all-time high and was up nearly 1%. Investors await more details on US President Donald Trump's threats to impose tariffs on semiconductors.

Japan's other major index, the Nikkei 225, was also up nearly 1%. China's CSI 300 was flat. Foxconn Industrial Internet Co., China Pacific Insurance Group, and Guotai Haitong Securities were up 1-5%. On the other hand, AVIC Shenyang Aircraft was down over 2% in early trade.

South Korea's Kospi was up 0.5%. HYBE, Kakao, and HD Hyundai Heavy Industries rose 3-6%. However, chipmaker SK Hynix fell 3% amid Trump's tariff threats. Rise in technology and automobile stocks led the gains in the South Korean market, Korea JoongAng Daily reported. Heavyweight Samsung Electronics rose nearly 2% on reports that the company will manufacture Apple's next-generation processor at its foundry in the US. Hyundai Motor rose over 1?ter reports said the company and US-based General Motors will jointly develop five new models for the American markets.

Following are the levels of key Asian indices at 0752 IST:

(Akash Mandal)

Equity Alert: US indices rise on upbeat earnings; Apple closes 5% higher

MUMBAI--0730 IST--US indices ended higher Wednesday, boosted by upbeat corporate earnings and a fall in crude oil prices. Oil prices were choppy and finally closed lower as US President Donald Trump's remarks about progress in talks with Russia created uncertainty on whether the US would impose new sanctions on the country, Reuters reported.

The technology-heavy Nasdaq Composite ended the session over 1% higher. "Earnings are seeing a mixed reaction...particularly for a few of the AI names, expectations were just extremely high, but by and large, the earnings in aggregate have been good enough to keep a floor under the market," Reuters quoted Ross Mayfield, investment strategy analyst at Baird, as saying. Around 81% of S&P 500 companies that have announced their earnings so far have beat the Street's expectations.

Apple surged 5?ter CNBC reported that the company was going to boost its investment in domestic manufacturing by $100 billion, bringing its total US investment to $600 billion over the next four years. McDonald's closed nearly 3% higher after the fast-food restaurant chain's second-quarter results beat the Street's estimates on the top line and the bottom line. Arista Networks also surged 17% on stronger-than-expected earnings. On other hand, Snap plunged 17?ter its revenue came in slightly below expectations, while Advanced Micro Devices fell more than 6?ter its adjusted earnings per share missed estimates.

The rise in the market was aided by a fall in crude oil prices. Brent crude oil futures ended lower for the fifth straight session on Wednesday, closing 1.1% lower at $66.89 barrel. Trump Wednesday said that his special envoy Steve Witkoff has made "great progress" in his meeting with Russian President Vladimir Putin as the US continued its preparations to impose secondary sanctions on the country, Reuters reported. Trump has threatened additional sanctions on Russia if it does not end the ongoing conflict in Ukraine.

Following are the closing levels of US indices Wednesday:

(Akash Mandal)

US$1 = INR 87.70

End

Edited by Rajeev Pai

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