Informist, Monday, Sept. 1, 2025 Tel +91 (22) 6985-4000

Equity Alert: Torrent Power off highs after rising 7% on order from MP co

MUMBAI--1030 IST--Shares of Torrent Power rose nearly 7% to an intraday high of INR 1,311.90 after the company won a major order in Madhya Pradesh. The stock has since come slightly off highs and at 1026 IST was up 1.6% at INR 1,246.80.

The company had Saturday said it won an order from MP Power Management Co. for the development of a coal-based new 1.6 gigawatt power plant in Madhya Pradesh and supply power generated from the plant to the MP-based distribution company. The cost of the project will be INR 220 billion and annual revenue generated will be INR 65 billion.

On the same day, Adani Power had also announced getting an order from the MP-based distribution company. These orders are expected to bring orders of INR 144-INR 192 billion for engineering, procurement, and construction majors such as Larsen & Toubro and Bharat Heavy Electricals, ICICI Direct Research said in its report.

At 1026 IST, 1.95 million shares of Torrent Power were traded on the NSE, sharply higher than the 82,989 shares traded till the same time Friday. Of the 15 brokerage recommendations on the company available with Informist, seven have a 'buy' or equivalent rating on the stock, six have a 'hold' or equivalent rating, while two have a 'sell' or equivalent rating. (Akash Mandal)

Equity Alert: Street mixed on value to be unlocked by RJio IPO; valuation key

MUMBAI--1012 IST--Some market analysts were left unimpressed by the major announcements made by Reliance Industries at its annual general meeting Friday. Specifically, some brokerages said that Jio Platform's proposed listing in 2026 will not unlock much value for the parent company. They also said the valuation of the initial public offering will be key to determining further upside for the stock.

The Street's valuations for the company's Reliance Jio business in RIL's sum-of-the-parts calculations have been market-to-market to peers already, JPMorgan was cited as saying by CNBC-TV18. However, the probability of a tariff hike by the company increases amid plans of an initial public offering, which could be a catalyst for shares of Reliance Industries, the brokerage said.

"We currently value JPL (Jio Platforms) at an enterprise value of INR 13.3 tln (trillion) based on 13.5x Sep'27 EV/EBITDA, which implies an overall equity value of INR 11.9 trillion (around $135 billion) for JPL," Motilal Oswal Financial Services said in its report. The Jio business contributes INR 585 per share to Reliance Industries' stock price, the brokerage said. "Based on our valuation and SEBI's recent proposal for reducing stake dilution limit to 2.5%, JPL's IPO could be the largest in India with a size of INR 300 bln (billion)," it said. In contrast to JPMorgan, Motilal sees the IPO creating value for the company, which could offset the negative impact of a theoretical holding company discount for Reliance Industries.

JM Financial sees a high possibility of a 15% telecom tariff hike by Nov-Dec ahead of Reliance Jio's IPO, which will likely be a positive for both the company and Bharti Airtel. ICICI Direct Research expects a 10-12% tariff hike in the second half of the current financial year. The brokerage values the IPO at INR 10 trillion-INR 12 trillion.

At 1008 IST, the stock traded 0.4% lower at INR 1,351.60. It had fallen when the company's annual general meeting was going on and closed 2% lower Friday. (Akash Mandal)

Equity Alert: Indices rise as Q1 GDP growth beats view; IT stocks lead gains

MUMBAI--0940 IST--Benchmark equity indices opened higher Monday after India's economy grew at 7.8% in the June quarter, up from 6.5% in the year-ago quarter. India's GDP growth rose quicker than expected to a five-quarter high, led by higher growth in services and manufacturing sectors. Both the indices rose after falling in the previous three sessions, falling over 2% over this period.

At 0938 IST, the Nifty 50 was at 24539.35, up 112.50 points or 0.5%. The BSE Sensex was at 80194.19, up 384.54 points or 0.5%. The 50-stock index was lifted by index heavyweights such as HDFC Bank and ICICI Bank. Most information technology stocks led the gains in the market, with Infosys and Tech Mahindra up over 2% and 1%, respectively, being the top gainers so far in the day on the Nifty 50.

Most sectoral indices were higher in early trade with Nifty IT leading the pack, up 1.4%. The index is in the green after three sessions. Only Nitfy FMCG was in the red, down 0.3%. India VIX, the fear gauge of the market, swung between gains and losses and was 0.7% lower at 11.6700. All broader market indices were higher, up 0.7-1.0%.

Torrent Power was up 3% and was among the top gainers on the Nifty 500 after the company won an order from MP Power Management Co. Ltd. for the development of a coal-based 1.6-gigawatt power plant in Madhya Pradesh and supply power generated from the plant to the state-based distribution company. The cost of the project will be INR 220 billion and annual revenue generated will be INR 65 billion. Ola Electric Mobility was up 5.8% and was the biggest gainer in the Nifty 200. (Simran Rede)

Equity Alert: Most Asian indices fall; traders assess China August econ data

MUMBAI--0810 IST--Most Asian indices were down in early trade Monday, tracking a selloff in the US market Friday. Traders also assessed China's RatingDog manufacturing data, erstwhile known as the Caixin purchasing managers' index.

According to RatingDog China General Manufacturing PMI, the metric came in at 50.5 in August, higher than the 49.5 a month ago. On Sunday, the country's official manufacturing PMI reading came in at 49.4 for August compared to 49.3 a month ago. A reading above 50 indicates expansion in the sector. The country's CSI 300 was up 0.2%.

Japan's Nikkei 225 and Topix were down 1.8% and 0.6%, respectively, and were among the worst hit in the region. The Japanese market was weighed down by the sharp selloff in tech stocks in the US Friday. Electronics, machinery, and precision equipment stocks faced selling pressure, with Disco down 6.5%, Advantest falling 6.2%, and Kokusai Electric sliding 5.5%, Business Today reported.

South Korea's Kospi was down 0.4%. SK Hynix, Kakao, and SK Square fell 3-4%.

Following were the levels of key Asian indices at 0758 IST:

(Akash Mandal)

Equity Alert: Nifty 50, Sensex may open tad up after last week's sharp fall

MUMBAI--0749 IST--The Nifty 50 may open higher Monday after it fell over 2% last week. However, the index is unlikely to see major gains as higher tariffs of 50% on Indian goods going to the US came into effect last week, raising concerns over the tariffs hitting India's GDP growth. India is yet to announce a trade deal with the US.

The September futures contracts of the GIFT Nifty suggest a positive start for the Nifty 50 Monday. At 0747 IST, the futures contract was trading at 24595.50 points, up 0.1% from the previous close and up 0.7% from the Nifty 50's close on Friday. Analysts expect the Nifty 50 to face resistance at 24500-24600 points, while immediate support is expected at 24300 points.

Sentiment in the market remains weak, but a minor rise is expected as a sharp fall last week may push some investors to buy stocks. The Nifty 50 fell over 2% last week to end the week at 24426.85 points, down over 7% from its lifetime high touched last year.

Brokerages expect a limited direct impact on Indian companies as a large part of their earnings are still dependent on domestic demand. "The second-order effects remain critical: i) Potential NPLs (non-performing loans) from textiles and jewelry (1.2% of bank loans) and an unquantifiable risk from SME (small and medium enterprises) exposure," Emkay Global Financial Services said in a report Saturday. "This, however, should be mitigated by potential government/RBI support...The affected sectors (from tariffs) employ 0.3 mln (300,000) workers, so mass layoffs potentially hurt consumption."

Outflows by foreign investors have also been a concern, which pushed rupee to new lows. Foreign portfolio investors sold Indian equities worth nearly INR 35 billion in August and over INR 130 billion so far this year. On Friday, the rupee depreciated 0.7% and settled at a record closing low of 88.1950 a dollar.

Cues from other Asian markets were mixed in early trade Monday with indices in China and Hong Kong up, while those in Japan, South Korea down. The US markets had closed lower Friday amid sell-off in technology stocks such as Nvidia and Dell. (Anshul Choudhary)

Equity Alert: US indices fall Fri on weakness in AI stocks; mkt to be shut Mon

MUMBAI--0732 IST--US indices closed lower Friday, dropping from their record highs. The likes of Dell, Nvidia, and other artificial intelligence-related stocks pulled the market down. Investors also assessed inflation data, which will provide cues for the US Federal Reserve's rate cut trajectory. The US market will be shut Monday on account of Labor Day.

Core personal consumption expenditures index rose 2.9% on month in July, in line with expectations but an acceleration from the prior month and the highest level since February. "The Fed opened the door to rate cuts, but the size of that opening is going to depend on whether labor-market weakness continues to look like a bigger risk than rising inflation...for now, the odds still favor a September cut," CNBC reported Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management, as saying.

Dell plunged 9% and was among the worst hit in the S&P 500 after high manufacturing costs for AI-optimised servers and intensifying competition overshadowed the company's bullish demand forecast for artificial intelligence infrastructure, Reuters reported. Nvidia fell over 3% and was down for the third straight session. The AI heavyweight's quarterly report had fallen short of investors' high expectations Wednesday.

On the other hand, US-listed shares of Alibaba surged 13% after the Chinese company reported stronger-than-expected quarterly growth in its cloud computing business, driven by AI-related demand.

Following are the closing levels of US indices Friday:

(Akash Mandal)

US$1 = INR 88.26

End

Edited by Deepshikha Bhardwaj

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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