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Informist, Tuesday, Sept. 30, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Jaro Institute lists at INR 890, same as  issue price; dips 17%

MUMBAI--1045 IST--Jaro Institute of Technology Management and Research listed at INR 890, same as its issue price. At 1030 IST, the stock traded at INR 739, down 17% from the listing price. Over 2.18 million shares of the company have been traded so far.

The stock listed at the upper end of its price band. The initial public offering of the company ended Thursday was subscribed 22 times, with the company receiving bids for a total of 82.13 million shares against 3.72 million shares on offer, according to the data on the BSE website. 

Jaro Institute of Technology Management and Research is an online higher education and upskilling platform company. For 2024-25 (Apr-Mar), it had reported a net profit of INR 516.66 million on revenue of INR 2.52 billion.  (Simran Rede)

Equity Alert: Anand Rathi Share lists at INR 432, premium of 4% to IPO price

MUMBAI--1035 IST--Anand Rathi Share and Stock Brokers listed at INR 432. This implies an over 4% premium to the issue price of INR 414. At 1034 IST, the stock traded at INR 435.75, up 5.3% from its listing price. Over 12.12 million shares of the company have been traded so far. 

Investors showed some optimism on the stock, which rose to touch an intraday high of iNR 446.85. Later, the stock came slightly off highs. The initial public offering of the company closed Thursday, with the offer subscribed nearly 21 times. The company received bids for 276.08 million shares against 13.36 million shares on offer.

Anand Rathi is a brokerage house that provides broking services and margin trading facility and also distributes financial products to its clients. It had reported a consolidated net profit of INR 1.04 billion for 2024-25 (Apr-Mar) on a revenue of INR 8.46 billion.  (Simran Rede)

Equity Alert: Seshaasai Tech lists at INR 432, over 2% premium to IPO price

MUMBAI--1018 IST--Shares of Seshaasai Technologies listed at INR 432 on NSE, an over 2% premium to the issue price of INR 423. At 1018 IST, the stock traded at INR 410, down 3% from its listing price. Over 5.48 million shares of the company have been traded so far.

The initial public offering of the company, which ended Thursday, was subscribed over 68 times, with the company receiving bids for 938 million shares against 13.77 million shares on offer.

Seshaasai Technologies is a technology-driven solutions provider, offering payment solutions, communications and fulfilment solutions to banking, financial services, and insurance companies. It had reported a consolidated net profit of INR 2.22 billion for the financial year 2024-25 (Apr-Mar) on a revenue of INR 14.63 billion.  (Simran Rede)

Equity Alert: Blue Dart Express at 2-month high; co hikes avg shipment price

MUMBAI--1010 IST--Shares of Blue Dart Express rose nearly 11% in early trade Tuesday to touch a two-month high of INR 6,169 after the company announced a hike of 9-12% in its average price of shipments. The company Monday said that the new rates will come into effect from Jan. 1 and will vary based on product to be shipped and the customer's shipping profile. 

As of 0958 IST, over 480,000 shares of the company had changed hands on the NSE as compared to 1,105 shares traded till the same time Monday. The stock traded over 6% higher at INR 5,936. 

Blue Dart express said the increased rates will not be applicable for customers signing up for shipments between Oct. 1 and Dec. 31. The company also said that the new price adjustment is in line with its annual practice. 

Out of the five brokerage reports available on the company with Informist, three brokerages have a 'buy' or equivalent rating at an average target price of INR 7,197. ICICI Securities has a 'hold' rating on the stock with a target price of INR 7,500. (P. Madhu Kumar)

Equity Alert: Mkt opens higher; InterGlobe Aviation, Max Health join Nifty 50

MUMBAI--0940 IST--The domestic benchmark indices open higher Tuesday, buoyed by gains in financial services and information technology stocks. InterGlobe Aviation and Max Healthcare Institute replaced Hero MotoCorp and IndusInd Bank in the Nifty 50.

At 0936 IST, the Nifty 50 was at 24661.20 points, up 26.30 points or 0.1%. The 50-stock index was supported by gains in index heavyweights HDFC Bank and ICICI Bank. The BSE Sensex was at 80443.86 points, up 78.92 points or 0.1%. Broader market indices were also up, with Nifty Smallcap 250 and the Nifty Midcap 150 rising 0.4% and 0.2%, respectively.

Shares of public-sector banks rose, with Canara Bank, Bank of India, and Indian Bank gaining 1-3%. Investors bought shares of metal companies. Hindustan Copper, Vedanta, and Hindustan Zinc rose 2.8%, 1.7%, and 1.5%, respectively.

Media stocks came under selling pressure. Nazara Technologies, PVR Inox, Prime Focus fell nearly 2% each. The Nifty Media index, which fell 0.6%, was the worst-hit among the sector indices.

Among stocks, Man Industries (India) fell nearly 14% after the Securities and Exchange Board of India banned the company, its chairman, and the managing director, from the securities market for two years for diversion of funds. On the other hand, Blue Dart Express rose over 9% after the company said it will increase the average shipment price by 9-12% effective Jan. 1.  (Gopika Balasubramanium)

Equity Alert: CLSA starts coverage on Coforge, sets INR 2,346 target price

MUMBAI--0927 IST--Brokerage firm CLSA initiated coverage on Coforge with an 'outperform' rating and a target price of INR 2,346 on on the stock, CNBC-TV18 reported. CLSA was bullish on the stock, citing strong execution, domain expertise, and said consulting mindset may drive robust order book, revenue, and earnings growth. 

The brokerage firm said that the company was among the top 10 information technology firms in the country by revenue and projected growth in Coforge's revenue at 15%, earnings before interest, taxes, depreciation, and amortisation at 16% and compound annual growth rate at 22%, for 2025-26 (Apr-Mar) to FY28, according to a post by CNBC-TV18 on social media platform X.  

Out of the 17 brokerage reports available on the company, 16 have a 'buy' rating on the stock with an average target price of INR 1,923 and only one brokerage has a 'hold' rating with a target price of INR 1,780. At 0923 IST, shares of the company were up over 1% at INR 1,567.50. (P. Madhu Kumar)

Equity Alert: JLR to resume ops in phased manner, Tata Motors tells analysts

MUMBAI--0900 IST--Jaguar Land Rover is to resume manufacturing in a controlled and phased manner in the coming days after the shutdown due to a cyber-attack in early September, Tata Motors told analysts in a meeting. The near-term demand outlook remains challenging, Europe is weak and China is subdued following the luxury tax change, while the US remains resilient, Nuvama Institutional Equities said in a report citing Tata Motors. The brokerage maintained its 'retain' rating on the stock with a target price of INR 680. Monday, the company's shares ended marginally lower at INR 672.50.

Retail sales in September are unaffected, wholesale sales are to be managed, Emkay Global Financial Services said, adding that some liquidity hit is expected due to production halt. The brokerage has a 'buy' rating on the stock and a target price of INR 750.

Sierra launch is on track for the March quarter with curated variants and competitive pricing aimed at improving volumes and model mix, Nuvama said. Given the launch of Sierra, the company would cover 75% of the domestic addressable market in the passenger vehicle side, the broking firm said. 

The separate listing of passenger vehicles and commercial vehicle businesses is likely in October or November, Nuvama said in a research report. The company is currently waiting for receipt of approval.

Tata Motors expects the Indian passenger vehicles industry to grow 7-8% in second half of 2025-26 (Apr-Mar). This is on the back of goods and services tax reforms aiding affordability and visible surge in bookings, Emkay Global said. The management expects compact and sport utility vehicles and hatchbacks to do well, Nuvama said. Demand for hatchbacks is expected to improve as consumers shift from used cars to new ones. Tata Motors may hike prices in January due to commodity pricing pressure, though it aims to preserve profitability via operating leverage and richer product mix, Emkay Global said, citing management's comments

As for commercial vehicles, the Punch-maker's management upgraded the outlook for FY25-30 compounded annual growth rate to 6-8% from 5-7% earlier. This growth is mainly on the back of GST cuts amid expectations of a demand revival, given better consumption.

The management expects double-digit volume growth in the half year ending March, including in small commercial vehicles. Pricing discipline is intact, with sustained margin focus, Emkay Global said, citing management. GST reforms will lower operational expenditure for fleet operators by 1-2%, mainly through tyres, lubricants, and parts, directly aiding the bottom-line. About 60–70% of Tata Motors' heavy trucks and 40% of light commercial vehicles are business-to-business and will take a hit due to the GST cut. However, smaller commercial vehicles will benefit.  (Gopika Balasubramanium)

Equity Alert: Mkts in Asia mixed; China mfg PMI falls for sixth month

MUMBAI--0830 IST--Indices in Asia were mixed in early trade Tuesday, with Japan's market in the red while South Korea and Australia remained flat. Markets in China gained after the country's official manufacturing activity contracted lesser than market estimates. Traders await Reserve Bank of Australia's monetary policy decision, due later in the day, where the central bank is expected to keep its cash rate steady at 3.6%, according to a poll by Reuters.

China's Manufacturing Purchasing Managers' Index came in at 49.8, contracting for the sixth straight month, data from the National Bureau of Statistics showed. Reuters had expected the reading to be 49.6. A reading lesser than 50 indicates contraction in manufacturing activity. While still in contraction, the latest reading was the strongest since March, a CNBC report said. The RatingDog China General Manufacturing Purchasing Managers Index, compiled by S&P Global, rose to 51.2 in September from 50.5 last month, higher than 50.2 estimated by a Reuters poll. The blue-chip CSI 300 index was 0.1% higher.

Hong Kong's Hang Seng Index was up 0.3%. Shares of China's Zijin Gold International rose as much 65% in their Hong Kong trading debut Tuesday after the company raised $3.2 billion in an initial public offering, the largest in the city for four years, a report by Reuters said. South Korea's Kospi index swung between gains and losses in early trade and was down marginally. Japan's Nikkei 225 index fell marginally while the broader Topix index was largely flat. 

Traders braced for a likely US government shutdown. US Vice President J.D. Vance said the government appeared "headed to a shutdown" after little progress in budget talks between President Donald Trump and Democratic opponents, according to a Reuters report. 

Following were the levels of key Asian indices at 0827 IST:

(Eshitva Prakash)

Equity Alert: Indices may open slightly higher on positive global cues

MUMBAI--0800 IST--Benchmark indices are likely to open slighlty higher Tuesday and move in a range with a negative bias as high stock valuation may continue to push investors to book profits. Some volatility is expected as futures and options contracts are set to expire Tuesday on the National Stock Exchange, but indices may not see any major fall ahead of the outcome of the Reserve Bank of India's Monetary Policy Committee meeting on Wednesday.

Benchmark indices have faced selling pressure in recent sessions with the Nifty 50 Monday ending lower for the seventh straight session. The index has lost over 3% in these sessions to end at 24634.90 points. GIFT Nifty futures indicate the index may open slightly higher. At 0742 IST, GIFT Nifty September contract was up only 0.3% from the Nifty 50's close on Monday and the October contract was up 0.8% from the Nifty 50's close.

Global cues were positive as most of the Asian markets gained and US indices ended slightly higher overnight. US indices ended higher Monday despite the US government under a threat of shutdown. The US Congress has not reached a consensus over spending measures with the deadline to reach an agreement Tuesday. 

Analysts quoted in a Reuters report said government shutdowns in the past has not affected companies' earnings and markets may only react if they see any signs of impact on growth. There is also a possiblity that Friday's jobs report in the US may be delayed due to government shutdown, Reuters reported.

St. Louis Federal Reserve President Alberto Musalem said he was open to further interest rate cuts but policymakers should be careful as inflation is still above the US central bank's target. "I do believe we need to tread cautiously because the room between now and the point where policy could become overly accommodative is limited," Musalem was quoted as saying in a report by Bloomberg.

Most of the Asian markets were also up with indices in Taiwan, China, South Korea, and Hong Kong rising. Taiwan was among the top gainers with the index up 1.4%. Indices in Japan were slightly lower with the Nikkei 225 down for the third straight session.

Domestic market participants now await the MPC meeting outcome, where the central bank is expected to keep the rates unchanged at 5.50%. Market will look at RBI's commentary on growth amid GST rate cuts and some analysts see a possiblity of the RBI revising their GDP projections higher. (Anshul Choudhary)

Equity Alert: US mkt ends higher Monday; traders shrug off govt shutdown fear

MUMBAI--0740 IST--US benchmark indices closed higher Monday, despite concerns of a government shutdown, as technology and artificial intelligence-related stocks saw sharp gains. The US Labor Department has said it will not release any data, including the September nonfarm payrolls data, due Friday, if a shutdown is unavoidable. Investors also focussed on comments by Federal Reserve officials for cues on US monetary policy going forward.

Cleveland Federal Reserve President Beth Hammack Monday said the Fed needed to maintain restrictive monetary policy to lower inflation. St. Louis Fed President Alberto Musalem said he is open to further interest rate cuts but that the central bank must be cautious and keep rates high enough to continue to lean against inflation.

Government shutdowns have historically not impacted markets much, but sentiment could take a hit if any delays around the release of key economic data muddy the interest rate outlook for the Federal Reserve, a CNBC report said.

AI stocks, which had weighed on the US indices last week over demand concerns, closed higher Monday. Shares of chipmaker Nvidia rose over 2% and those of Advanced Micro Devices and Micron Technology rose over 1% and 4%, respectively. Shares of Electronic Arts were up 4.5% after the game publisher said it will be taken private in a $55 billion deal. "The AI capital expenditure story is showing no signs of slowdown. Moreover, other industries have also been benefiting from the tidal wave of AI infrastructure spend," Venu Krishna, head of US equity strategy at Barclays, was quoted as saying by CNBC. The technology-heavy Nasdaq Composite rose 0.5%.

Among other stocks, Lam Research rose 2% after Deutsche Bank upgraded the rating on the chip-making equipment firm to 'buy' from 'hold.' Shares of AppLovin hit a fresh record high before closing higher by 6.3% after Morgan Stanley raised the target price on the stock to $750 from $480, a Reuters report said.

So far in September, the S&P 500 has risen 3.1% compared to August and the Dow Jones Industrial Average has advanced nearly 2%. The Nasdaq Composite index has advanced more than 5%.

Following are the closing levels of US indices Monday:

(Eshitva Prakash)

End

US$1 = INR 88.76

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

Edited by Subhojit Sarkar

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.

All times are Indian Standard Time.

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