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Informist, Wednesday, Dec. 24, 2025                                      Tel +91 (22) 6985-4000

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Equity Alert: Nuvama cuts Kajaria Ceramics' price aim on governance concerns

 

MUMBAI--0825 IST--Nuvama Wealth Management has cut the price-to-earnings multiple of Kajaria Ceramics due to concerns about governance after the chief financial officer of one of its subsidiaries siphoned INR 200 million. The brokerage now values Kajaria 20?low its 10-year average forward price-to-earnings multiple, cutting the one-year forward multiple to 28 times from 33 times earlier.

 

The lower target multiple led to a decline of 12% in Kajaria Ceramics' target price to INR 1,160 per share while the brokerage maintained its 'hold' recommendation on the stock. On Tuesday, shares of Kajaria Ceramics closed at INR 1,015.60 on NSE, down over 3%.

 

The company has been under scrutiny after Kajaria Bathware's CFO's fraud came to light last week. "...the quantum of the fraud shall not have any material impact on the financial statements. However, it does raise questions about the checks and balances in place," Nuvama Wealth said. "The company should initiate steps to have a robust internal control system."

 

The brokerage has not changed its earnings estimates considering the size of the fraud will not have material impact on financials. It expects the company's adjusted profit to rise over 85% in 2025-26 (Apr-Mar), and nearly 13% in FY27. Its revenue is likely to rise just over 4% in FY26 and nearly 8% in FY27, estimates showed.

 

The brokerage said the company's cost-cutting measures earlier this year, including unifying sales teams, cutting travel expenses, and optimising raw material costs, will aid earnings growth. "Amid a slowdown and volume pressures, Kajaria Ceramics continues to focus on market share gains," Nuvama said.  (Anshul Choudhary)

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Equity Alert: Asian indices open mixed ahead of Christmas Eve holiday

 

MUMBAI--0818 IST--Asian equity indices opened mixed, with several of them set to close early due to the Christmas Eve holiday. Japan's Nikkei 225 and South Korea's KOSPI rose 0.2?ch in early trade. 

 

Japanese public broadcaster NHK said the country was set to issue about $190 billion in new government bonds to fund its fiscal 2026 budget, CNBC reported. Meanwhile, minutes of Bank of Japan's October meeting showed that policymakers debated the need to continue raising interest rates to levels deemed neutral to the economy with some arguing doing so would help achieve long-term, stable growth, Reuters reported.

 

Hong Kong's Hang Seng Index was up 0.3%, but China's CSI 300 Index was down 0.3%. The latter fell after rising for three straight sessions. Australia's S&P/ASX 200 Index was down 0.5%. The index snapped a four-day winning streak. Hong Kong and Australian markets are expected to close early. 

 

Spot gold prices hit another record Wednesday, crossing $4,500 per ounce for the first time. The gold touched a series of all-time highs this year, soaring over 70% year to date, CNBC reported. US futures were trading near the flatline in early Asian hours. Overnight, Wall Street posted gains as artificial intelligence-related stocks continued the rally, as per the CNBC report. 

 

Following were the levels of key Asian indices at 0743 IST: 

 

Level	Last	Change in %
CSI 300 Index	4610.63	(-)0.22
S&P/ ASX 200 INDEX	8744.8	(-)0.58
FTSE Singapore Strait Times	4631.66	(-)0.16
TOPIX FIRST SECTION	3418.4	(-)0.14
SSE Composite Index	3918.24	(-)0.04
KOSPI	4126.08	0.21
Nikkei 225 Day	50542.64	0.26

 

(Adhithya Aji)

 

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Equity Alert: Nifty 50 may open tad up, sentiment weak amid mixed global cues

 

MUMBAI--0813 IST--The Nifty 50 index is expected to open slightly higher Wednesday after closing largely flat in the previous session. Sentiment, however, remains weak amid mixed global cues. Uncertainty around the India-US trade deal timeline, global trade negotiations and the trajectory of the rupee are expected to continue to impact market sentiment, analysts said.

 

On Wednesday, the Nifty 50 index is seen finding support at 26110 points and facing resistance at 26200-26250 levels, Anshul Jain, head of research at Lakshmishree Investment and Securities, said. He expects some profit booking during the session after its recent gains. The GIFT Nifty contracts suggest the Nifty 50 may open largely flat or with minor gains. At 0756 IST, the December contract of the GIFT Nifty was at 26235.50 points, over 58 points above the Nifty 50's close on Tuesday. The Nifty 50 ended at 26177.15 points on Tuesday, just 4.75 points above the previous close.

Overnight, major US indices closed higher, extending gains for the fourth straight session, as artificial intelligence-related stocks continued to outperform during a holiday-shortened week. Traders continue to bet on two interest rate cuts by the US Federal Reserve next year, even after the better-than-expected US GDP data.

 

The Commerce Department reported that the US economy grew at a 4.3% annualised rate in the third quarter, much better than the 3.2% estimated by a Dow Jones poll. Meanwhile, other economic data from the region painted a less rosy image of the economy as US consumer confidence weakened in December amid deepening anxiety over jobs and income. Factory production was unchanged in November after declining in October.

 

Asian indices opened largely mixed Wednesday as several indices are set to close early for Christmas Eve. Japan's Nikkei 225, was up 0.3%, while the Topix traded 0.1% lower. South Korea's Kospi and Hong Kong's Hang Seng index rose 0.2-0.3% higher, while mainland China's CSI 300 was down 0.1%. (Arya S. Biju)

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Equity Alert: US indices end higher Tue as rally in tech stocks continues

 

MUMBAI--0733 IST--US equity indices ended higher on Tuesday, with the S&P 500 closing at a record high, supported by a rally in artificial intelligence-related stocks. US GDP data for the third quarter came in well above expectations, prompting investors to bet on lower chances of interest rate cuts by the US Federal Reserve. The Dow Jones Industrial Average ended 0.2% higher and the Nasdaq Composite ended 0.6% higher Tuesday. 

 

The commerce department said that US GDP expanded at a 4.3% annualised rate in the third quarter, the most since the third quarter of 2023, Reuters reported. This print was also above the 3.3% estimate of economists polled by Reuters. According to the CME Fedwatch tool, there is an 85.6% chance of status quo by the Federal Reserve in January, while the odds of a rate cut are 14.4%.

 

AI-related stocks fell last week due to a selloff triggered by concerns about inflated valuations and worries that high capital spending by technology companies would exert pressure on their profits. The stocks rebounded and added to gains in the indices in the holiday-shortened week, as per the Reuters report. Tech giant Nvidia rose 3%, the biggest boost to the S&P 500 index. Stocks of Amazon, Alphabet, and Broadcom rose over 1?ch. 

  

Following are the closing levels of US indices Monday:

 

Index	Level	Change in %
S&P 500	6909.79	0.46
NASDAQ Composite	23561.84	0.57
Dow Jones Industrial Average	48442.41	0.16

 

(Adhithya Aji)

 

US$1 = INR 89.65

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

 

Edited by Nishant Maher

 

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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