Equity Alert
HFCL rises 11% to intraday high levels on surge in volumes
This story was originally published at 12:31 IST on 29 December 2025
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Equity Alert: HFCL rises 11% to intraday high levels on surge in volumes
MUMBAI--1156 IST--Shares of HFCL rose nearly 11% to an intraday high of INR 68.04 due to a surge in volumes traded. At 1156 IST, 122.84 million shares of the company exchanged hands on the bourse so far during the session. This is over twice the number of shares traded for the entirety of the previous session, nearly nine times its one-year average volume and over 7% of its five-year average volume. At 1156 IST, shares of the company traded over 6% higher at INR 65.34 on the National Stock Exchange.
The shares of the company snapped a two-day losing streak during which it shed over 7% of its value. The stock hit a low of INR 60.72 in the previous session, which was the last time the stock saw its value lower than in April 2023. On a yearly basis, the stock has lost nearly 43% in the last 52 weeks, and has shed nearly 26% of its value in the last 180 days. (Akshat Saksena)
Equity Alert: Indices fall after opening higher; Nifty 50 below 26000 mark
MUMBAI--1152 IST--Benchmark indices fell after opening higher with the Nifty 50 falling below 26000 points. The fall in financial services stocks put pressure on the Nifty 50 index, along with heavyweight stocks such as HDFC Bank, ICICI Bank and Reliance Industries. Shares of Reliance Industries fell nearly 1%, HDFC Bank was down 0.2%, and ICICI Bank slipped 0.4%.
At 1148 IST, the Nifty 50 index was at 25985.95 points, down 56.35 points, or 0.2% and the BSE Sensex was at 84820.29 points, down 221.16 points, or 0.3%. Shares of financial services companies such as Bajaj Finance, Shriram Finance, Jio Financial Services, and Bajaj Finserv were down nearly 1?ch in the Nifty 50 index.
Most defence stocks were in the green. Shares of Hindustan Aeronautics, Bharat Electronics, and Bharat Dynamics were up 1-2%. The Nifty India Defence was up nearly 1%. The stocks rose ahead of a key meeting of the Defence Acquisition Council in which the council is set to take up proposals to acquire weapon systems worth INR 800 billion, CNBC-TV 18 reported. The Defence Procurement Manual 2025, emphasises the participation of private industry, micro, small and medium enterprises as well as public sector undertakings, the report said.
Shares of Hindustan Copper rose 15% to hit an all-time high of INR 545.95 and were the top gainers in the Nifty 500 index. The stock rose after copper futures on the Multi Commodity Exchange of India hit a fresh record high on Monday, tracking gains in prices on the London Metal Exchange. Hindustan Zinc rose 3% to a one-year high of INR 656.35 after futures contract of silver on MCX hit fresh record highs. The stock was up for the fifth consecutive session and gained over 11% during the period. (Adhithya Aji)
Equity Alert: Axis Bank NIM to bottom out Jan-Mar or Apr-Jun - Motilal Oswal
MUMBAI--1145 IST--Axis Bank's earnings may improve gradually in the upcoming quarters as its asset-quality stress normalises and margin recovers in 2026 (Apr-Mar), Motilal Oswal Financial Services said in a research report. The bank's management, in an interaction with the brokerage, said Axis Bank's net interest margins will bottom out in Jan-Mar or Apr-Jun. The brokerage expects the bank's return on assets to improve on the back of loan growth accelerating to the mid-teens, lower credit costs, and a recovery in the net interest margin. However, it expects Axis Bank to face further margin pressure and technical slippages, along with negative impacts from agriculture-related accounts in the December quarter, which may affect the bank's operating performance. The brokerage maintained its 'neutral' rating on the stock with a target price of INR 1,300.
At 1144 IST, shares of Axis Bank traded almost flat at INR 1,227.70 on the National Stock Exchange.
The bank's net interest margins contracted by seven basis points quarter-on-quarter in September to 3.73%. The bank's management told the brokerage that its margins will continue to reflect drag from repo-linked repricing and a moderation in unsecured retail loans. Its management expects margins to bottom out in the March quarter or in the June quarter, aided by the 25 basis point repo rate cut. However, a higher liquidity coverage ratio outflow could further exert pressure on margins, according to the brokerage. The company expects to restore its net interest margins to 3.8% within 15 to 18 months from the date of the last repo rate cut on the back of favourable factors such as cash reserve ratio cuts, asset mix improvement, and residual deposit repricing.
The bank's management expects technical slippages to recur in the December quarter, largely driven by seasonality in agricultural kisan credit card and overdraft accounts. However, these slippages are likely to be lower than the ones seen in the June quarter. The bank's core retail unsecured portfolio has stabilised, with credit card metrics improving and personal loans holding steady, while recoveries and upgrades are trending positively, the brokerage said. The recent standard provisioning for agricultural loans was largely technical, and the brokerage expects it to unwind over time without translating into material economic losses. The bank's capital allocation remains disciplined, with retained earnings fully reinvested into the balance sheet and a focus on maintaining around 4?pital buffer over the regulatory minimum, the brokerage said.
Axis Bank's loan growth is rebounding, with 12% on year and a 5% on quarter growth in the September quarter, supported by a pickup in wholesale banking and improving traction in granular segments. The company is shifting towards a higher risk-adjusted return portfolio with its small business banking, small and medium-sized enterprises, and mid-corporate loan book growing to around INR 2.66 trillion, which now constitutes around 24% of the bank's total advances, up 7.4% in four years. Additionally, the retail loan growth had slowed after the unsecured cycle correction, with vehicle loans and mortgages remaining soft, the brokerage said. However, disbursements have begun to improve, which should gradually translate into stronger asset under management growth.
The bank's deposits in the September quarter grew 11% on year and its quarterly average balances rose 10%, indicating "steady yet suboptimal" traction in a fiercely competitive environment," the brokerage said. The banking industry is struggling to attract low-cost current account savings accounts, which is why incremental flows have shifted towards wholesale deposits, pressuring funding consistency and mix, the brokerage said. Despite this, early repricing actions aided Axis Bank as the cost of funds declined 24 bps on quarter and 30 bps on year, while current account savings accounts held stable at around 38–40% in the September quarter. The brokerage said Axis Bank's liquidity is "comfortable", with an average liquidity coverage ratio of around 119%, and the bank has shifted its attention from loan-to-deposit ratio optimisation to liquidity coverage ratio management. The brokerage expects ongoing liability initiatives to gradually narrow the bank's funding gap against its peers. (Eshitva Prakash)
Equity Alert: Most shipbuilding cos up after govt's INR 447-billion push
MUMBAI--1135 IST--Shares of most shipbuilding companies rose Monday after the Ministry of Ports, Shipping and Waterways Saturday announced the operational guidelines for two major shipbuilding initiatives to boost domestic shipbuilding capacity. At 1128 IST, shares of Cochin Shipyard, Mazagon Dock Shipbuilders, and Garden Reach Shipbuilders & Engineers were up 0.3-1.7%. Soon after opening, shares of Swan Defence and Heavy Industries hit the 5% upper circuit at INR 1,388.20, marking a fresh record high.
The Ministry of Ports on Saturday notified the operational guidelines for the Shipbuilding Financial Assistance Scheme and the Shipbuilding Development Scheme with a total outlay of INR 447.00 billion. Under the Shipbuilding Financial Assistance Scheme, the government will provide financial assistance ranging from 15% to 25% per vessel, depending on the vessel category. The scheme with a total corpus of INR 247.36 billion introduces graded support for small normal, large normal and specialised vessels, with stage-wise disbursement linked to defined milestones and backed by security instruments, the minstry said in a press release.
The scheme also provides for the establishment of the National Shipbuilding Mission for planning and execution of shipbuilding initiatives, and Shipbreaking Credit Note, under which ship owners scrapping vessels at Indian yards will receive a credit equivalent to 40% of the scrap value. Over the next 10 years, this scheme is expected to expected to support shipbuilding projects worth about INR 960 billion, the ministry said.
The Shipbuilding Development Scheme provides for the development of greenfield shipbuilding clusters, expansion and modernisation of existing brownfield shipyards, and the establishment of an India Ship Technology Centre under the Indian Maritime University to support research, design, innovation and skills development. Umder this, greenfield shipbuilding clusters will receive 100?pital support for common maritime and internal infrastructure through a 50:50 Centre–state special purpose vehicle while existing shipyards will receive 25?pital assistance for brownfield expansion. The scheme has a budgetary outlay of INR 199.89 billion. (Arya S. Biju)
Equity Alert: Defence cos rise ahead of Defence Acquisition Council meeting
MUMBAI--1028 IST--Shares of defence companies rose Monday, with Nifty India Defence rising over 1% to an intra-day high of 7885.20 points. This comes ahead of the Defence Acquisition Council meeting later in the day. The council is expected to approve defence procurement proposals worth INR 800 billion during the meeting to be chaired by Defence Minister Rajnath Singh, according to a report from CNBC-TV18. A key proposal includes an integrated air defence system to protect the Delhi-National Capital Region, according to a report from ICICI Direct Research.
Other key proposals include the purchase of 850 loitering munitions for the Army, medium-range surface-to-air missile systems for the Navy, and large-scale induction of Astra Mk-2 air-to-air missiles for the Air Force, among others. The council is expected to discuss foreign-linked proposals such as leasing two MQ-9B Sea Guardian drones from the US, procuring of Meteor air-to-air missiles and Spice-1000 precision-guided munitions from Israel. The council will also discuss procuring six mid-air refueller aircraft with Israeli Aircraft Industries as the sole vendor, the brokerage said.
Bharat Electronics is expected to be one of the key beneficiaries for its air defence systems and radars, the brokerage said. Other beneficiaries include Bharat Dynamics for Astra Mk-2 and medium-range surface-to-air missile systems and Solar Industries for the development of Pinaka rockets and loitering munitions, according to the brokerage report. Shares of Bharat Electronics were trading 0.4% higher and those of Bharat Dynamics and Solar Industries were 1.7% and 0.3% higher, respectively.
Nifty India Defence was nearly 1% higher at 7831.95 points. Almost all of its constituents were upbarring Bharat Forge, Paras Defence and Space Technologies, Dynamatic Technologies, and Cyient DLM, which were down 0.1-0.7%. Mishra Dhatu Nigam was the highest gainer in the thematic index, up over 11%.
(Akshat Saksena)
Equity Alert: Hind Copper up 15% on rising copper prices, gains 57% in Dec
MUMBAI--1010 IST--Shares of Hindustan Copper rose nearly 15% Monday to yet another record high at INR 545.95. The stock has been up for seven straight sessions amid a surge in copper prices. The January contract of copper rose to a fresh record high of INR 1,354.60 per kilogram on the Multi Commodity Exchange of India. Copper prices have been on the rise amid tight supplies and strong demand growth and tariff-related stockpiling in the US, according to a report by ICICI Securities. Growing speculation over output reduction from China's top smelters in 2026 also pushed prices to hit record high, it said.
At 0931 IST, shares of the company were off the day's highs, but still traded nearly 6% higher at INR 503.55 on the National Stock Exchange. The stock has risen over 27% in the last seven days and added almost 57% in the month of December. More than 32 million shares of the company have changed hands so far in the opening minutes of trade on the bourse, double the number of shares traded till the same time Friday.
All the three brokerage recommendations available with Informist on the stock have a 'buy' rating ranging with their target price ranging from INR 352-INR 450. (Eshitva Prakash)
Equity Alert: Indices open higher led by gains in metal, bank stocks
MUMBAI--0957 IST--Benchmark equity indices opened slightly higher, supported by gains in metal and financial services stocks. Gains in index heavyweight HDFC Bank, as well as in Tata Steel, Hindalco Industries, and Infosys, supported the Nifty 50 index.
At 0938 IST, the Nifty 50 index was at 26073.45 points, up 31.15 points or 0.1%, and the BSE Sensex was at 85124.30 points, up 82.85 points or 0.1%. Tata Steel was the top gainer in the Nifty 50 index, up over 2%, followed by Eternal, which was up over 1%. Hindalco Industries was up nearly 1%. Meanwhile, Adani Ports and Special Economic Zone and Power Grid Corp. of India were the worst hit in the index, down around 1?ch.
Shares of metal companies Tata Steel and Hindalco Industries rose after the March silver contract on MCX hit a fresh record high, tracking COMEX prices. Shares of Steel Authority Of India were the top gainer in the Nifty 200 index, up over 4%.
Among sectoral indices, the Nifty Metal was the top gainer, up 1.3%. The sectoral index was up for the eighth consecutive session and hit an all-time high of 10960.15 points. Over the last seven days, the index has gained nearly 3%.
Among other stocks, Reliance Infrastructure hit the lower circuit at INR 164.54 and was down 5% in the Nifty 500 index. Indian Railway Finance Corp. was the worst hit in the Nifty 200 index, down nearly 2%. (Adhithya Aji)
Equity Alert: Elara Sec downgrades Coforge to 'reduce', cuts target price 19%
MUMBAI--0955 IST--Brokerage Elara Securities (India) has downgraded Coforge to 'reduce' from 'accumulate' and reduced its target price by around 19% to INR 1,720. The brokerage sees Coforge's acquisition of US-based artificial intelligence software engineering firm Encora at an enterprise value of $2.35 billion as expensive given the latter's single-digit revenue growth over the past two years, lower than that of Coforge.
"Despite lower growth, Coforge is acquiring Encora at 3.9X EV/sales (3.9 times enterprise value to sales) and around 21x EV/EBITDA (21 times enterprise value to earnings before interest, tax, depreciation, and amortisation), in line with Coforge's multiples, which appears expensive," Elara Securities said in a report Monday.
Coforge in an exchange filing Friday announced the acquisition of Encora from Advent International, Warburg Pincus, and other minority shareholders in an all-stock transaction. The $2.35 billion enterprise value includes equity consideration of $1.89 billion to be paid through a preferential allotment of 93.8 million shares in Coforge to Encora Holdco and AI Altius Parent.
Further, Elara Securities has reduced the estimate for Coforge's earnings for 2026–27 (Apr-Mar) and FY28 by 7% and 8%, respectively. "Organically also, some costs for Coforge witnessed an uptick in recent quarters, which may strain its margins, going ahead," the brokerage said. The stock is already down 10% in a week, likely reflecting these concerns, Elara said, adding that the key upside is higher-than-expected growth and earnings.
At 0950 IST, shares of Coforge were up around 2% at INR 1,703.40 on the National Stock Exchange. So far, over 3 million shares of the company changed hands on the NSE, compared to the 515,354 shares traded till the same time Friday. (Arya S. Biju)
Equity Alert: Brokerages largely positive on Coforge's stake buy in Encora
MUMBAI--0902 IST--Brokerages remain largely positive on Coforge's acquisition of US-based artificial intelligence software engineering firm Encora. The acquisition is expected to accelerate Coforge's shift toward higher-value, artificial intelligence-led engineering services, according to brokerage reports. However, some brokerages see near-term challenges due to execution risks, funding structure, and further potential equity dilution.
Coforge Friday announced the acquisition of 100% stake in Encora from Advent International, Warburg Pincus, and other minority shareholders in an all-stock transaction, according to an exchange filing. The transaction values Encora at an enterprise value of $2.35 billion, which includes equity consideration of $1.89 billion to be paid through a preferential allotment of 93.8 million shares in Coforge to Encora Holdco and AI Altius Parent. The management has guided the acquisition to be earnings per share-accretive in 2026-27 (Apr-Mar).
Coforge expects the combined business to operate at an earnings before interest margin of 14%. "The new US$2.5Bn ($2.5 billion) firm, with a US$2Bn ($2 billion) enterprise core of AI-led Engineering, Data and Cloud services, will set the benchmark on making the promise of AI real for enterprises," Coforge's Chief Executive Officer and Executive Director Sudhir Singh said in a statement. It expects the acquisition to immediately scale its 'hi-tech' and healthcare verticals, expand its nearshore delivery capabilities in Latin America, and increase its client footprint in the western and midwestern regions of the US.
"With USD600mn ($600 million) revenue (30% of Coforge), Encora is Coforge's biggest and boldest bet yet. We like the acquisition and transaction structure and see Encora further accelerating Coforge's growth," Nuvama Institutional Equities said in a report on Saturday. This will enhance the near-shore delivery through Encora's around 3,100 Latin America workforce serving US clients, Nuvama said. Further, a stronger presence in the US West and Midwest is expected to drive around a 50% jump in Coforge's North America revenue and the number of $10 million-plus scalable client relationships is expected to rise to 45, the brokerage said.
"While we acknowledge the strategic rationale, we view the acquisition valuation as demanding, given Encora's high single-digit organic revenue growth over the past two years," Emkay Global said in a report. While the brokerage sees near-term overhang on the stock due to execution risks and further potential equity dilution, the company's execution track record provides some comfort, it said. "Near-term earnings are likely to be diluted on an as-is basis," brokerage Morgan Stanley was cited as saying in an NDTV Profit report. Any material weakness in the stock could offer a long-term accumulation opportunity, Morgan Stanley said. Global brokerage Jefferies expects that the successful execution of the deal could lead to a valuation re-rating, NDTV Profit reported, citing the brokerage. (Arya S. Biju)
Equity Alert: Indices seen in range, volatile ahead of Nifty 50 F&O expiry
MUMBAI--0840 IST--Benchmark equity indices are likely to remain confined to a thin range on Monday due to lack of fresh triggers. Moreover, trading activity is expected to be low after a holiday-shortened week and ahead of the New Year, analysts said. The domestic market may also take cues from its global peers.
The depreciating rupee and continued outflows of foreign investments from Indian equities have been exerting pressure on the market. However, analysts expect volatility in the rupee to ease and the currency to settle at 88.0-88.5 per dollar in the coming sessions. Corporate earnings for the December quarter are seen driving the equity market and bringing back foreign investments, according to analysts.
The GIFT Nifty's December contract suggests a slow start for the market. At 0825 IST, the contract was just 18 points below its previous close at 26089 points and a mere 47 points over the Nifty 50's close on Friday. The January contract of the GIFT Nifty was 9 points lower from previous close at 26265.50 points at 0825 IST.
The Nifty 50 ended at 26042.30 points, down 99.80 points or 0.4% on Friday. Support for the Nifty 50 is pegged at 25950 points and resistance at 26150-26230 points on Monday, Vipin Kumaar, derivatives and technical analyst at Globe Capital Market, said. So far, expiry of the December contract is seen at 25850-26230 points, he said.
US indices closed marginally lower Friday, while Asian indices were mixed in early trade on Monday. Indices in Japan were down after the summary points of Bank of Japan's latest monetary policy meeting hinted at further rate hikes going ahead. At the December meeting, the central bank raised the key interest rate by 25 basis points on Friday to a three-decade high, as widely expected. (Simran Rede)
Equity Alert: Asian indices broadly higher, Nikkei snaps two-day winning run
MUMBAI--0824 IST--Asian equity indices traded broadly higher on Monday. Japan's Nikkei index fell, snapping a two-day wining streak. The index was down nearly 0.4%. South Korea's Kospi index rose due to optimism around semiconductor stocks.
Shares of Samsung Electronics Co. Ltd. rose over 1% on the South Korean index, with SK Hynix Inc. rising nearly 5%. Shares of SK Hynix rose after the Korea Exchange lifted its warning on the stock for 10 trading sessions from Dec. 11 following sharp gains, according to a report by Yonhap news agency. Taiwanese index TAIEX rose 0.8% to 28774.43 points on Monday, reaching its yearly high of 28788.64 points. The index has been trading higher for six consecutive sessions during which it has gained nearly 5%. The Chinese CSI 300 index was up for the seventh consecutive session, gaining nearly 3% during the period.
Following were the levels of key Asian indices at 0824 IST:
|
Level |
Last |
Change in % |
| IDX Composite |
8589.996 |
0.61 |
|
S P/ ASX 200 INDEX |
8756.30 |
(-)0.07 |
|
TAIEX |
28774.43 |
0.76 |
|
SSE Composite Index |
3978.57 |
0.38 |
|
Nikkei 225 Day |
50550.17 |
(-)0.39 |
|
KOSPI |
4186.74 |
1.38 |
|
CSI 300 Index |
4662.23 |
0.11 |
(Akshat Saksena)
Equity Alert: US indices close tad lower Fri; S&P 500 hits record high
MUMBAI--0732 IST--US equity indices ended slightly lower Friday, with the S&P 500 index closing lower after hitting a new all-time high of 6945.770 points. The index snapped a five-day winning streak in which it gained over 3%. The indices are seeing what is known as a Santa Claus rally, in which indices see a surge between the last five trading days of a year and the first two days of the new year.
"People are taking profits here and there, or buying on lows, but there's not a lot of information. You're not getting corporate profit results. You're not getting a lot of economic data, so it's probably just more technicals and positioning heading into here," Tom Hainlin, national investment strategist at US Bank Asset Management, was cited as saying in a report by CNBC. According to Hainlin, the broadening seen by the markets was a trade in play for the new year, with the record high seen by the S&P 500 index due to a push in cyclical areas, financials and industrials, rather than technology stocks.
"We had a very strong five-day rally, so in a way we're just simply catching our breath today after the holiday," Ryan Detrick, chief market strategist at Carson Group in Omaha, was cited as saying in a report by Reuters. "There are still a few days left for the Santa Claus rally, so there is still a more upward bias going forward," Detrick said.
The three major indices are on track to record double-digit percentage gains for the year, led by the NASDAQ, the report said. This, Detrick said, was a reminder that volatility was the price needed to be paid for the solid gains seen in the last three years.
Following are the closing levels of US indices Friday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6929.94 |
(-)0.03 |
|
NASDAQ Composite |
23593.097 |
(-)0.09 |
|
Dow Jones Industrial Average |
48710.97 |
(-)0.04 |
(Akshat Saksena)
US$1 = INR 89.91
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
All prices from National Stock Exchange, unless otherwise specified.
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