Informist, Monday, Aug. 11, 2025 Tel +91 (22) 6985-4000

Equity Alert: Most European indices in red as investors eye Russia-US talks

MUMBAI--1458 IST--Most European indices slipped into the red after a strong start to the session as investors looked for more information on the talks between Russia and the US to end the continuing conflict in Ukraine. The talks between President Vladimir Putin and President Donald Trump are scheduled to take place Friday in Alaska, USA. The pan-European STOXX 600 was up 0.3?rly in the session. Investors also await July inflation data for the US due after market hours Tuesday.

German defence stocks fell as hopes of a peace deal between Russia and Ukraine intensified, Reuters reported. Rheinmetall, Renk, and Hensoldt all fell 2-4%. Orsted fell 22?ter the Danish wind farm developer said it plans a 60-billion-crown, or about $9.4 billion, rights issue due to boost its finances after adverse developments in the US offshore wind market following Trump's return to the presidency.

Northern Data fell nearly 3?ter US video platform and cloud services provider Rumble said it was considering an offer of about $1.17 billion for the German artificial intelligence cloud group.

France's CAC 40, Italy's MIB, and Germany's DAX were all down 0.1-0.4%. The UK's FTSE 100 and Switzerland's SLI were each up 0.2%.

Following were the levels of major European indices at 1449 IST:

(Akash Mandal)

Equity Alert: Most Asian mkts end up; China realty cos up as govt eases norms

MUMBAI--1429 IST--Most Asian indices ended higher Monday with the Chinese and Australian markets seeing the biggest gains in the session. Investors await further developments with the US' tariff deadline on China, due to expire Tuesday, with expectations that it will get extended again. The Japanese market was closed on the occassion of Mountain Day holiday.

China's CSI 300 ended 0.4% higher. Chinese property stocks rose in Hong Kong after Beijing scrapped longstanding restrictions on the number of homes city residents can buy in suburban areas, Dow Jones Newswires reported. This is the government's latest move to revive the country's ailing real-estate sector and address a supply glut, the report said. Longfor Group, China Resources Land, Sunac China, and China Vanke were up 1-3%.

Honk Kong's Hang Seng closed 0.2% higher. Shares of Chinese vaccine maker Ab&B Bio-Tech skyrocketed on its Hong Kong trading debut, rising over 160% from its IPO price. The Vietnamese market rose to a record high. At 1426 IST, the FTSE Singapore Straits Times was down 0.3%. South Korea's Kospi closed 0.1% lower.

Following are the levels of key Asian indices at 1426 IST:

(Akash Mandal)

Equity Alert: DOMS Industries up 12%; hits 2-month-high on strong Q1 results

MUMBAI--1250 IST--Shares of DOMS Industries gained over 12% Monday to touch an over-two-month high of INR 2,569. Brokerages maintained their rating on the stock, citing strong growth guidance and a slightly better-than-expected June quarter performance.

At 1248 IST, shares of the company traded nearly 12% higher at INR 2,555 and over 2 million shares changed hands as compared to 64,613 shares traded throughout Friday's session.

ICICI Securities maintained an "add" rating on the stock with a revised target price of INR 2,550 from INR 2,675 earlier. The brokerage said that the company's revenue growth guidance of 18-20% year-on-year is "comfortably achievable", likely to be supported by continued capacity expansion, new product launches, and revenue contribution from Uniclan Healthcare potentially increasing towards the second half of 2025-26 (Apr-Mar) and FY27. Uniclan Healthcare is a subsidiary of the company that makes baby diapers under the Wowper brand. The brokerage also said that its recent acquisition of Super Treads Pvt. Ltd. will help the company expand its paper stationery business in the eastern part of India.

Domestic brokerage firm JM Financial has retained a "buy" with an unchanged target price of INR 2,845. The brokerage was bullish on the company, citing growth in its paper stationery business and a better-than-expected overall June quarter earnings. "Going ahead pace of commissioning of new capacities will be key for acceleration in writing instruments and execution on paper stationery and Uniclan business over medium term will be another key monitorable," the brokerage said in its report.

All five brokerage reports available on the company with Informist have a "buy" or equivalent rating with an average target price of INR 2,955. (P. Madhu Kumar)

Equity Alert: Nirmal Bang says risk-reward positive for HPCL; retains 'buy'

MUMBAI--1225 IST--Nirmal Bang Institutional Equities said the overall risk-reward for Hindustan Petroleum Corp. is positive, and the broking firm expects healthy retail margins due to weak oil prices at $60-$65 per barrel likely over the next 1-2 years, it said in its research report. "This is based on excess supply/weak demand for oil, as per IEA (International Energy Agency) estimates. The positive impact on retail margins will offset any inventory losses or decline in GRMs (gross refining margins)," the broking firm said. An INR-1-per-litre rise in retail margin will offset the nearly $2-per-barrel hit on gross refining margins, it added.

The broking firm reduced the target price for HPCL by 3% to INR 490 but retained its 'buy' rating on the stock. This is almost 21% higher than the stock's spot price of INR 405.15 at 1224 IST. Over 5 million shares of the company changed hands on the bourse so far, lower than the near 9 million shares traded during the same period Friday.

The broking firm said the company's marketing earnings before interest, tax, depreciation, and amortisation of INR 74.32 billion was around 64% higher than estimates, but refining EBITDA of INR 2.42 billion was almost 57% lower than expected, Nirmal Bang said. For the quarter ended June, HPCL Thursday reported a net profit of INR 43.71 billion on a revenue of INR 1.20 trillion. For 2025-26 (Apr-Mar), the company's capital expenditure is expected at INR 130 billion-INR 140 billion.

Of the 13 research reports available about the company with Informist, nine brokerages have a 'buy' or equivalent rating on the stock with an average target price of INR 495, three have a 'sell' rating, and the remaining one has a 'hold' view. (Anjana Therese Antony)

Equity Alert: Most defence cos up on report govt OKs INR 300 bln for drones

MUMBAI--1212 IST--Shares of most defence companies rose Monday, with the Nifty India Defence index rising over 3?ter falling in the previous three sessions. The Defence Acquisition Council has approved a contract worth INR 300 billion for the procurement of 87 indigenously manufactured medium-altitude long-endurance drones, according to media reports.

The armed forces will soon issue an expression of interest for Indian companies to participate in the bidding process. The total order value of INR 300 billion will be distributed between the two lowest bidders in the ratio of 64:36, with the primary contractor receiving the larger portion, The Economic Times reported. Adani Defence & Aerospace, a company under Adani Enterprises, and Tata Advanced Systems are likely to share the order, establishing separate production facilities capable of handling future expansions and export opportunities, the report said.

Moreover, annual defence production soared to an all-time high of INR 1.51 trillion in 2024-25 (Apr-Mar), according to the Press Information Bureau's latest release on Saturday. This represents an 18% rise on year and a staggering 90% increase since INR 790.71 billion in FY20.

This record defence output shows the government's inclination towards self-reliance in defence manufacturing under the Aatmanirbhar Bharat initiative to reduce dependency on imports. In FY25, the defence exports surged to a record high of INR 236.22 billion, a growth of over 12% on year.

Last week, the defence panel approved various proposals to the tune of INR 670 billion to enhance the operational capability of the armed forces.

The Nifty India Defence Monday fell to the lowest level since May 14, but later rose over 3%. The index has almost recovered all the losses of the past three sessions. At 1206 IST, the index was up 1.3% at 7702.85 points and was among the top gaining sectoral indices. (Simran Rede)

Equity Alert: Voltas falls to over-3-mo low; co posts weak Apr-Jun earnings

MUMBAI--1116 IST--Shares of Voltas fell nearly 9% Monday to an over-three-month low of INR 1,192. The company reported weak earnings for the June quarter as mild summer and an early onset of monsoon hit the company's sales due to a sharp fall in demand for air conditioners.

The home appliances company's consolidated bottom line fell 58% on year to INR 1.40 billion in Apr-Jun and the top line declined 20% on year to INR 39.39 billion. Taking seasonality into consideration, the net profit fell 42% and the revenue from operations was down over 17% from a quarter ago.

The company's order book fell to INR 62 billion from INR 65 billion in the March quarter. Nomura Global Markets Research has lowered its estimate for the growth of the room air conditioner industry for 2025-26 (Apr-Mar) to 5% on year from 10?rlier. However, it has maintained forecast for the same at 20% on year for FY27 and at 15% for FY28.

It expects higher competition, posing risks to market share recovery and margins, given increased backward-integration initiatives, Nomura said in a report. It has also trimmed the estimate for growth in the unitary cooling products segment of the company to 6% in FY26 and to 24% in FY27 from 13% and 21%, respectively. It has also reduced the estimate for earnings per share to 10% and 2% for FY26 and FY27, respectively.

Nirmal Bang Institutional Equities has maintained its rating on the stock but has downgraded the target price by 10% to INR 1,243. "Ongoing market share losses, weak near-term demand, and margin pressures overshadow any potential benefits from strategic initiatives, limiting confidence in meaningful value creation over the medium term," the brokerage said.

Emkay Global Financial Services has also cut the EPS estimate by 13% for FY26. It has maintained its "buy" rating on the stock with an unchanged price target of INR 1,450 as valuations remain supportive, and expects earnings traction to improve as seasonality normalises from the second half of FY26, the report said.

The stock is down for the fifth consecutive session and has fallen more than 11% over that period. At 1110 IST, shares of the company traded at INR 1,236.20, down 5.3%. The stock was the worst hit in the Nifty 200. So far Monday, 2.28 million shares of the company have changed hands on the NSE, higher than 173,426 shares traded during the same period on Friday.

Of the 16 brokerage reports on the stock available with Informist, nine have a "buy" or equivalent rating on the stock, six have a "hold" or equivalent rating. Only Nuvama Institutional Equities has a "reduce" rating with a target price of INR 1,020, which implies a near 22% downside to the stock's previous close. (Simran Rede)

Equity Alert: SBI up 2% to over 2-wk high; brokerages maintain bullish view

MUMBAI--1103 IST--Shares of State Bank of India rose over 2% to an over-two-week high of INR 823 as some domestic brokerages retained their 'buy' ratings on the stock after the bank's better-than-expected performance in the June quarter. At 1030 IST, shares of the bank traded over 2% higher at INR 821.40 and the stock was among the top gainers in the Nifty 50 index. Over 6 million shares changed hands so far Monday compared to nearly 2 million shares of the bank traded till the same time Friday on the NSE.

Brokerages were bullish on the bank's growth trajectory and margin resilience. JM Financial maintained its 'buy' rating on the stock and raised its target price to INR 950 from INR 925, citing stable loan growth momentum. The brokerage also expects lower cost-to-income ratio and controlled credit costs to support the bank's return on assets and return on equity. Nuvama Wealth Management retained a 'buy' rating on the stock and maintained its target price of INR 950 citing narrower sequential decrease in its net interest margin for Apr-Jun as compared to its peers.

Emkay Global Financial Services and Prabhudas Lilladher maintained their 'buy' ratings on the stock and retained their target price of INR 975 and INR 960, respectively. Prabhudas Lilladher said that the bank's domestic net interest margin is likely to see a U-shaped trajectory with, facing pressure in the September quarter but improvement seen from the December quarter. The improvement will be driven by term deposit pricing and cash reserve ratio cut.

Challa Sreenivasulu Setty, the bank's sitting chairman, said Monday that they maintained credit growth guidance of 12% for 2025-26 (Apr-Mar) and it can go up to 13% if things improve, CNBC TV-18 reported. "The bank is likely to see margin improvement on account of cash reserve ratio cut starting September," CNBC TV-18 quoted Setty as saying.

Of 22 brokerage reports on the bank available with Informist, 21 brokerages have a 'buy' rating on the stock with a target price of INR 956 and only one brokerages has a 'hold' rating. (P. Madhu Kumar)

Equity Alert: PG Electroplast falls 20% on guidance cut; down 40% in 4 days

MUMBAI--1055 IST--Shares of PG Electroplast plunged nearly 20% to a near one-year low of INR 473.75 on Monday after the company reported a year-on-year decline in June quarter sales and sharply cut its guidance for 2025-26 (Apr-Mar). At 1040 IST, the stock was down 15% at INR 500.60, making it the worst performer on the Nifty 500. This marks the fourth straight session of losses, with the stock tumbling 40% during the period.

"PGEL cut the PAT guidance by 23% YoY to INR 3.1 bln as it lowered products' growth guidance to 18% (from 30?rlier) in the wake of cancellations (70% in June and July)...given significant RAC (room air conditioning) inventories, PGEL would witness a very weak Q2 and Q3 in our view," Nuvama Institutional Equities said in a report. The brokerage also slashed its target price on the stock to INR 710 from INR 1,100 but maintained a 'buy' rating.

Nirmal Bang Equities also had a similar view on the stock. "The company now expects consolidated sales of INR 57-58 bln, up 17-19% from last year, compared to its earlier target of INR 63 bln...with subsidiary Goodworth expected to bring in about INR 8.5 bln (up 56% YoY), the total group revenues are likely to be INR 65-66 bln--lower than the earlier estimate of around INR 72 bln," the brokerage said. "We expect PGEL to deliver a revenue and PAT CAGR of 20% and 18%, respectively, over FY25–FY27... however, we are cutting our FY26/FY27 EPS estimates by 27%/26% as we factor in slower RAC growth, softer margins, lower operating leverage, and elevated inventory levels--which the management expects to clear by Jan 2027," it added.

The industrial mould maker's revenue fell nearly 15% on year to INR 3.35 billion in the June quarter. However, net profit rose 73% on year to INR 318.45 million. Till 1040 IST, 29.41 million shares of the company were traded on the NSE, sharply higher than the 545,963 shares traded till the same time Friday. (Akash Mandal)

Equity Alert: SJVN up 3% ahead of Q1 earnings; PAT, sales seen rising YoY

MUMBAI--1055 IST--Shares of power producer SJVN rose 3% to an intraday high of INR 94.80 ahead of its June quarter earnings. The public sector company is expected to post significant growth in net profit and revenue for the June quarter due to higher hydro electricity generation owing to the early onset of the monsoon, according to JM Financial Securities. At 1051 IST, the stock traded 2.4% higher at INR 94.28.

JM Financial Securities estimates the company to post a standalone net profit of INR 3.85 billion for the June quarter, up 18% on year and up twelvefold on quarter. It is expected to post net sales of INR 9.38 billion for the latest quarter, up 13% on year and up 110% over the trailing quarter, the brokerage said. "Expected increase in revenue due to generation up by 5% YoY (on year)," it added.

Of the two brokerage reports available on the company with Informist, one has a "buy" rating and one has a "sell" rating. Shares of the company have fallen over 3% since the company announced its March quarter earnings. (Adhithya Aji)

Equity Alert: Tata Motors up 3% post Q1 result; valuations seen attractive

MUMBAI--1020 IST--Shares of Tata Motors rose 2.7% to a high of INR 650.75 after the automaker beat the Street's estimates for June quarter bottom line and top line. Its top line beat analysts' estimates by a wide margin. At 1015 IST, the stock traded 2.6% higher at INR 649.85 and was the top gainer in the Nifty 50.

While analysts raised concerns about the underperformance of Jaguar Landrover, sluggish demand, low volumes, and US tariff challenges, some said the stock, which has been beaten down over some time, is currently trading at attractive valuations. "With all businesses witnessing headwinds, dark clouds of uncertainty and low growth will weigh on company's performance going forward...the valuations, however, have hit rock bottom with current price offering good entry point for long term wealth creation," ICICI Direct Research said in its report. The stock has fallen over 12% so far since the start of 2025.

Nomura Global Markets Research expects margins for the JLR business to expand as the company passes on US tariff-related costs to customers. "We lower JLR volume estimates by 2-3 % but factor in better mix also...we do expect a rebound of margins by FY27 as JLR raises prices to offset tariffs," the brokerage said. Emkay Global Financial Services sees Tata Motor's balance sheet well positioned to withstand near-term challenges.

At 1015 IST, 6.22 million shares of the company were traded on the NSE, sharply higher than the 2.71 million shares traded till the same time Friday. (Akash Mandal)

Equity Alert: HBL Engg up 13% to near-8-month high; Q1 PAT, sales soar YoY

MUMBAI--0955 IST--Shares of HBL Engineering rose 13% to a high of INR 678, the highest level since Dec. 20, after its top line and bottom line both soared on year in the June quarter. At 0952 IST, the stock was up nearly 12% at INR 671 and was the top gainer in the Nifty 500.

The engineering company's consolidated net profit soared 79% on year to INR 1.43 billion. Its consolidated revenue also rose 16% on year to INR 6.02 billion. With sales from its biggest segment, industrial batteries, was broadly stable on year, growth was driven by sales from its electronics segment more than doubling on year to INR 18.04 billion.

At 0952 IST, 9.23 million shares of the company were traded on the NSE, sharply higher than the 219,221 shares traded till the same time Friday. (Akash Mandal)

Equity Alert: Indices choppy despite rise in global mkts; India VIX up 5%

MUMBAI--0950 IST--Benchmark indices were choppy Monday despite sharp gains in global markets. The imposition of US tariffs continues to weigh on the domestic market. At 0947 IST, the Nifty 50 was at 24369 points, up 5.70 points. The BSE Sensex was at 79893.63 points, up 35.84 points.

The broader market indices were also choppy. The fear gauge of the market, India VIX, rose 5.4% to 12.6775. The India VIX is up for the second session. Sectoral indices were mixed. Nifty PSU Bank was the top gainer, up over 1.5%. Nifty Consumer Durables was the worst hit, down 1.8%.

Among stocks, Grasim Industries was up over 2%. It was the top Nifty 50 gainer as the company's net loss for the June quarter was lower than expected by the Street. State Bank of India was up 2% and was the second-biggest gainer in the index after some brokerages retained their 'buy' rating on the stock following the bank's quarterly result.

Voltas was down 6% and was the worst hit in the Nifty 200 after its Apr-Jun consolidated net profit came in lower than expected. HBL Engineering was up over 12% and was the top Nifty 500 gainer after the company's consolidated net profit for the June quarter rose 79% on year. PG Electroplast hit the lower circuit. The stock was down 15% at INR 500.50 and was the worst hit in the Nifty 500. Schneider Electric hit the 5% lower circuit at INR 888. The stock was among the worst performing Nifty 500 constituents. (Simran Rede)

Equity Alert: Grasim up 3% as Q1 loss below Street's view; analysts bullish

MUMBAI--0928 IST--Shares of Grasim Industries surged over 3% to a high of INR 2,782 after the conglomerate's net loss for the June quarter came in below the Street's expectations and brokerages were positive on the company's outlook. At 0926 IST, the stock traded 2.1% higher at INR 2,748.20 and was the top gainer on the Nifty 50.

"While performance of the chemical segment and CSF (cellulosic staple fibre) division improved, losses in new segments (B2B and paints) hurt the overall performance," Nuvama Institutional Equities said on the company's June quarter earnings. The brokerage raised its target price for the stock to INR 2,971 from INR 2,698 and maintained a 'hold' rating. "We are raising FY26 EBITDA by ~20% given the Q1FY26 beat...we feel Grasim is a value play given the global VSF (viscose staple fibre) cycle is at a near-bottom and (due to) potential long-term value for the paint segment," the brokerage said.

Motilal Oswal Financial Services raised its target price on Grasim to INR 3,500 from INR 3,300 whilst maintaining its 'buy' rating. The brokerage was bullish on the Aditya Birla group company's paints business, saying the segment is gaining strong traction with revenue run rate on track for INR 85 billion by 2026-27 (Apr-Mar). The brokerage said the company's premium paints segment showed solid momentum and margins of the chemicals business improved due to stable demand.

At 0926 IST, 184,876 shares of the company were traded on the NSE, sharply higher than the 7,884 shares traded till the same time Friday. (Akash Mandal)

Equity Alert: Emkay Global retains 'buy' on Tata Motors, target price INR 750

MUMBAI--0912 IST--Emkay Global Financial Services retained its 'buy' rating on Tata Motors stock with a target price of INR 750 after the company posted higher-than-expected earnings for the June quarter. This target price is 18% higher than the stock's Friday closing price of INR 633.70 on the National Stock Exchange. The broking firm assigns a 'buy' rating for a stock with more than 15% upside potential for the next 12-18 months.

Even though Tata Motors reported an on-year decline in its key earnings metrics, its top line and bottom line beat the Street's expectations. The company Friday reported a near 31% on-year decline in its consolidated net profit to INR 39.24 billion for the June quarter, but was higher than the Street's estimate of INR 33.31 billion. Its revenue fell nearly 3% to INR 1.04 trillion, sharply higher than the consensus view of INR 895.10 billion.

Over the last five years, Tata Motors' Jaguar Land Rover division has significantly strengthened its business profile led by largely resilient volumes and high profitability, Emkay Global said in its report. It also sees the balance sheet well positioned to withstand near-term challenges. JLR has undertaken enterprise missions which will save 1.4 billion sterling pounds per annum (around INR 165 billion), it added. Revenue from JLR during the latest quarter was down 9% on year at 6.60 billion pound sterling, while the earnings before interest and tax margin from this division, hit by the US imposition of tariffs, declined 490 basis points to 4%. Tata Motors' JLR business accounts for around 70% of its overall top line.

Of the 17 research reports available about Tata Motors with Informist, nine have a 'buy' or equivalent rating on the stock with an average target price of INR 837, four have a 'hold' view, and the remaining four have a 'sell' or equivalent rating. (Anjana Therese Antony)

Equity Alert: Nuvama downgrades Voltas to reduce on regulatory woes, weak Q1

MUMBAI--0824 IST--Nuvama Institutional Equities has downgraded Voltas to 'reduce' from 'buy' and cut its target price to INR 1,020 from INR 1,240 due to regulatory issues and weak season in the near-term. The brokerage has maintained a cautious stance on the entire sector due to these challenges. On Friday, the stock ended 0.3% lower at INR 1,304.90.

"Given a weak season and the upcoming BEE (Bureau of Energy Efficiency) change (from Jan. 1), the near term looks painful for brands--prompting liquidation of record channel/brand inventories," the brokerage said in its report. "We are cutting estimates up to 19% to reflect the miss/outlook," it added.

Broking firm Prabhudas Lilladher has also reduced its target price for Voltas to INR 1,268 from INR 1,350, whilst maintaining a 'hold' rating. "We downward revise our FY26/FY27 earnings estimate by 18.5%/6.2?ctoring in correction in aggregate volume in UCP (unitary cooling products) while margins are expected to be at 5% due to promotional offers aimed at liquidating inventory, high fixed costs from low plant utilization, and increases in cost due to BEE norms," the brokerage said in its report. "Anticipating strong demand, Voltas's trade partners had built up inventory; however, softer secondary sales led to slower off-take and elevated stock levels, prompting the company to temporarily scale back production," it added.

The air conditioner-maker Friday reported a consolidated net profit of INR 1.40 billion for the June quarter, more than halving from a year ago and sharply below the estimates of INR 2.38 billion. The top line declined over 20% on year to INR 39.12 billion. (Akash Mandal)

Equity Alert: Near-term outlook about mkt bearish but sharp losses unlikely

MUMBAI--0836 IST--The domestic stock market is likely to continue to see some selling pressure in the near term, with investors adopting a 'sell-on-rise' strategy amid concerns over risks from US tariffs. However, analysts believe the stock market will recover all the losses made due to US tariffs in the next couple of months and will likely reclaim the record high in the near-to-medium term as the focus is expected to shift to the long-term growth prospects of India. The upcoming meeting between US President Donald Trump and Russian President Vladimir Putin Friday to discuss ending Russia's war with Ukraine will be closely watched. This gains prominence amid Trump increasingly putting pressure on countries, including India, over importing Russian crude oil.

"...any breakthrough in the Ukraine conflict could revive hopes for removing the penalty component. Domestically, expectations are building for policy measures to cushion the tariff impact and support Indian industry," Hariprasad K., founder of Livelong Wealth, said in a note Monday. Last week, Trump had announced an additional 25% tariff on India, on top of the 25% announced last month, for its Russian crude oil purchases, which accounts for 35% of India's consumption.

Benchmark equity indices closed lower for the sixth consecutive week, falling around 5% during this period. On Friday, the Nifty 50 and Sensex closed 1% lower each at 24363.30 points and 79857.79 points, respectively. The fall was broad based, with all sectoral indices and broader market indices closing lower. The GIFT Nifty August futures contract traded on the NSE International Exchange was 0.1% higher at 24432 points, which is 0.3% higher than the Nifty 50's closing level Friday. The near-term nervousness in the market was also indicated by India VIX, which closed higher for the second consecutive week. The volatility gauge closed almost 3% higher Friday at 12.0325.

Foreign investors turned net buyers Friday after 13 straight sessions of being net sellers. They net purchased shares worth more than INR 19 billion while domestic institutional investors remained net buyers for the 24th consecutive session, buying equities over INR 77 billion. Amid the near-term worries, the fall in crude oil prices has been a positive trigger for investors. Brent crude oil October futures contract was down 0.6% at $66.18 per barrel on Friday. (Anjana Therese Antony)

Equity Alert: Most Asian indices rise in early trade; Japanese market closed

MUMBAI--0804 IST--Most Asian indices rose in early trade Monday as upbeat corporate earnings underpinned high valuations in the technology sector, which provided comfort to investors, Reuters reported. Investors eye geopolitical events with the US' tariff deadline on China due to expire Tuesday, with expectations that it will get extended again. The Japanese market was closed on the occassion of Mountain Day holiday.

South Korea's Kospi was flat early in the session. Samsung SDI, POSCO Future M, and Ecopro BM were up 4-5% and were the biggest gainers in the Korean market. China's CSI 300 gained 0.2%, with Shanxi Xinghuacun, Wanhua Chemical Group, and Cambricon Technologies rising 1-2%.

Australia's S&P/ASX 200 was up 0.4%, while the FTSE Singapore Strait Times was flat.

Following are the levels of key Asian indices at 0800 IST:

(Akash Mandal)

Equity Alert: US mkt closes higher; Apple up over 4%, Nasdaq at record high

MUMBAI--0737 IST--US indices ended higher Friday, with the Nasdaq Composite notching a fresh record high. Apple surged over 4%, ending the week 13% higher, after US President Donald Trump had said the technology major would invest an additional $100 billion in the US, bringing its total commitment to $600 billion over the next four years. Weak economic data have buoyed investors as hopes of a rate cut in September have intensified. Expectations for a 25-basis-point rate cut in September was 89.4%, according to the CME's FedWatch Tool, up from 80.3% a week ago.

Investors will also keenly look at who succeeds US Federal Reserve Chair Jerome Powell, whose term ends May next year, with Trump publically disgruntled by Powell's unwillingness to cut rates. Trump late Thursday nominated Council of Economic Advisers Chair Stephen Miran for a short-term tenure at the board of the Fed Reserve following Adriana Kugler's abrupt exit last week, Reuters reported. Miran has often been labelled as a Trump sympathiser, with some factions also earmarking him to eventually replace Powell.

Pharmaceutical major Gilead Sciences rose 8?ter it raised its full-year financial outlook. While the Nasdaq closed at a record high, the S&P 500 ended just 32 points away from an all-time high. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite gained 2.4%, 1.3%, and 3.9% for the week.

Following are the closing levels of US indices Friday:

(Akash Mandal)

US$1 = INR 87.64

End

Edited by Rajeev Pai

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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