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

Equity Alert: 360 One WAM falls 7% to 1-mo low post large deal at discount

MUMBAI--1227 IST--Shares of 360 One WAM fell over 7% to a one-month low of INR 1,130 after a large volume of shares were sold at the start of the session at a discount to the stock's previous closing price, with media reports suggesting BC Asia Investments X was the likely seller. The total value of the deal is estimated around INR 17.79 billion. At 1223 IST, the stock traded 7.3% lower at INR 1,132 and was the worst hit in the Nifty 500.

Over 15 million shares of the company were offloaded on the NSE just as the session began. The shares were sold at INR 1,163.50 apiece, a nearly 5% discount to its closing price Monday. The Mint had reported that BC Asia Investments was planning to offload around 15 million shares in a block deal, representing a 3.7% stake in the company.

At 1223 IST, 25.67 million shares of the company were traded on the NSE, sharply higher than the 143,946 shares of the company traded till the same time Monday. (Akash Mandal)

Equity Alert: Afcons Infra up 4%; co wins INR 68-bln order in Croatia

MUMBAI--1202 IST--Shares of Afcons Infrastructure rose 4% to an intraday high of INR 434.30 after the company bagged an INR 68-billion project in Croatia. At 1158 IST, the stock was at INR 428.20, up 2.2%.

The Mumbai-based construction company won the project from Croatia-based HZ Infrastructure, and has to conclude it within 72 months from the date of the award. The project involves reconstruction, rehabilitation, and building a second track on the Dugo Selo–Novska section, the company had said in an exchange filing after market hours Monday. The project also includes installation of electrification, signalling, and telecommunication works across lines.

As of 1158 IST, 4.40 million shares of the company were traded on the NSE, sharply higher than the 393,341 shares traded till the same time Monday. All four brokerage recommendations on the company available with Informist have a 'buy' or equivalent rating on the stock with an average selling price of INR 552. (Akash Mandal)

Equity Alert: Swiggy rises to 5-month high after peer Eternal's Q1 earnings

MUMBAI--1129 IST--Shares of Swiggy rose 8% to an over five-month high of INR 426.30 on bullish comments by brokerages about India's online food delivery and quick commerce businesses following industry peer Eternal's June quarter earnings. At 1120 IST, shares of Swiggy were off high but still up 4% at INR 411.05. More than 50 million shares of the company have changed hands on NSE so far Tuesday, 28 times the 1.8 million shares traded in the same period Monday.

Though a 77% surge in expenses ate into Eternal's June quarter bottom line, broking firms remain optimistic about the company's as well as the industry's growth prospects. Eternal's consolidated net profit for the quarter ended June fell 90% on year to INR 250 million even as revenue jumped up 70% on year to INR 71.67 billion.

Nirmal Bang Institutional Equities Sunday initiated coverage on Swiggy with a 'buy' rating and target price of INR 500. The broking firm expects the food delivery market to grow to INR 1.40 trillion to INR 1.70 trillion by 2028 from INR 630 billion in 2023, indicating a compound annual growth rate of 17-22%. "Swiggy, with its scaled presence and multi-engine platform is structurally well-placed to capitalize on these consumption megatrends," the broking firm said.

Swiggy had reported a consolidated net loss of INR 10.81 billion for the quarter ended March. The company's revenue for the quarter was INR 44.10 billion.

Of the six research reports on the company available with Informist, all the broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 505, which is nearly 23% higher than the current market price. (Anjana Therese Antony)

Equity Alert: Eternal at record high; analysts upbeat on co's growth outlook

MUMBAI--1100 IST--Eternal's shares rose nearly 15% to hit a record high of INR 311.25 on Tuesday as brokerages are positive on the company's growth prospects and its profitability. The company had reported its June quarter earnings during market hours on Monday and had gained 7% intraday, though it missed consensus estimates for net profit. Eternal's revenue from operations was very robust for the June quarter.

The stock came off highs and at 1052 IST, Eternal was tradign at INR 294.20. More than 139.41 million shares were traded on the NSE, 17 times the 8.27 million shares traded till the same time on Monday. The stock has gained 16% in the past 30 days and has risen 24% in the last 90 days. The company's market capitalisation jumped nearly 9% to INR 2.852 trillion.

Several brokerages raised their target prices for the stock, while some upgraded the stock's rating to 'buy'. Brokerages were bullish on the company transforming its quick commerce to inventory-led model from the current marketplace model. This change in business model is likely to improve margins in the next two or three quarters, brokerages said.

Domestic brokerages such as Nuvama Institutional Equities raised its target price on Eternal by 10% to INR 320 and maintained its 'buy' rating. Emkay Global Financial Services has also raised its target price to INR 330 from INR 290. Motilal Oswal Financial Services also maintained its 'buy' rating on the stock.

Among global brokerages, Jefferies has upgraded the stock to 'buy' and raised its target price to INR 400 due to the positive commentary by the management despite a mixed quarter. Eternal's food delivery growth is likely to pick up, with the margins likely to be rangebound, CNBC-TV18 reported citing Jefferies as saying. However, Macquarie maintained an 'underperform' rating on the stock with a target price of INR 150. The brokerage said while quick commerce recorded "explosive" growth, food delivery growth was lagging. The brokerage sees competitive intensity to stay elevated, with the company expected to undergo prolonged period of losses. (Gopika Balasubramanium)

Equity Alert: Indices open slightly higher; Eternal hits all-time high

MUMBAI--0950 IST--Indices opened slightly higher Tuesday on the back of gains in bank stocks and consumer services stocks. At 0941 IST, the Nifty 50 index was up 0.1% at 25100.10 points and the BSE Sensex index was up 0.1% at 82305.67 points.

Shares of Eternal jumped up nearly 15% to an all-time high of INR 311.25 on strong outlook from the company's management despite its profit falling for the quarter ended June. Brokerages are bullish on the company's growth prospects. Several brokerages have maintained their 'buy' rating on the stock and increased their target prices. Brokerages are positive on the company changing the business model of its quick commerce business Blinkit from the current marketplace model to an inventory model. Eternal expects the transition to be over within two or three quarters.

ICICI Bank and Bharat Electronics rose nearly 1% and were among the top gainers in the Nifty 50 index. IndusInd Bank was up over 2% and Trent rose over 1%. Infosys, Eicher Motors and Shriram Finance were down nearly 1?ch.

The Nifty Media index rose 0.6% and was the biggest gainer among sectoral indices. Nifty Bank, Nifty Private Bank, and Nifty Financial services indices gained for the second straight session. Nifty Pharma and Nifty Healthcare were down 0.4% and 0.3%, respectively.

All the broader market indices were in green, with Nifty Smallcap 50, Nifty Smallcap 100, and Nifty Smallcap 250 rising 0.4?ch. Nifty Midcap 50 was marginally down and was the worst performer among broader market indices.

Swiggy rose nearly 7% and emerged as the biggest gainer in the Nifty 200 universe. The stock rose for the third consecutive session. Nirmal Bang Equities has initiated coverage on Swiggy with a 'buy' rating with a target price of INR 500. In a report on Sunday, the brokerage firm said it expects the quick commerce business to grow at a compounded annual growth rate of 60% from 2023 to 2028. "We believe Swiggy and Eternal will continue to dominate the food delivery business," the broking firm said.

Info Edge (India) was up nearly 4% and among the top gainers in the Nifty 200 universe. AU Small Finance Bank declined nearly 3% and L&T Finance fell just over 2%. Both stocks were among the biggest losers in the index. (P. Madhu Kumar)

Equity Alert: Most analysts bullish on Eternal; Jefferies ups rating to 'buy'

MUMBAI--0845 IST--Most brokerages were bullish on Eternal due to positive commentary and future growth prospects despite the company's bottom line plunging on year in the June quarter. Monday, the stock surged nearly 6% to end at a fresh closing high of INR 271.70 after the company announced its quarterly earnings.

Jefferies has upgraded the stock to 'buy' and raised its target price to INR 400 due to the positive commentary by the management despite a mixed quarter. The food delivery growth is likely to pick up, with the margins seen staying rangebound, CNBC-TV18 reported the global brokerage as saying.

Nuvama Institutional Equities has raised its target price on Eternal to INR 320 from INR 290 while maintaining a 'buy' rating. "Quick commerce surprised, with NOV (net order value) soaring 127% YoY—ahead of expectations...margins shall improve ahead due to the transition to an inventory-led model (1% as % of NOV) coupled with maturation of recently added dark stores and operating leverage," the brokerage said in a report.

Emkay Global Financial Services has also raised its target price to INR 330 from INR 290. "Eternal is set to gradually make a transition in the quick commerce (QCom) business, from its current marketplace model to an inventory ownership model; this will drive ~100bps margin expansion, albeit require net working capital of 18 days," the brokerage said. "We believe QCom has a long growth runway and Blinkit is seen capitalising well on this...as QCom is currently in the ‘landgrab' phase, we believe EBITDA breakeven for Blinkit is still some time away." it said. The brokerage said food delivery is likely to remain a cash cow for the company, with its EBITDA seen growing at a compounded annual growth rate of over 20% in the long term.

However, Macquarie maintained an 'underperform' rating on the stock with a target price of INR 150. The brokerage said while quick commerce recorded "explosive" growth, food delivery growth was lagging. The brokerage sees competitive intensity to stay elevated, with the company expected to undergo prolonged period of losses. The brokerage also continued to highlight downside to the consensus of 18% growth in gross order value over 2024-25 (Apr-Mar) and FY28. (Akash Mandal)

Equity Alert: Rajeev Jain back as Bajaj Fin MD near-term cheer: Emkay Global

MUMBAI--0835 IST--Emkay Global Financial Services retained its 'add' rating on Bajaj Finance and the target price of INR 925 after the company redesignated Executive Vice-Chairman Rajeev Jain as vice-chairman as well as managing director of the company for the remainder of his term ending March 2028. His appointment comes after Anup Saha resigned Monday as managing director of the company "in a sharp turn of events". While he cited 'personal reasons' for his resignation, news reports said Saha was among the three candidates recommended by IndusInd Bank board for the role of chief executive officer and managing director.

"Against this backdrop, this development does not come as a complete surprise to investors and could possibly lead to a positive reaction by BAF (Bajaj Finance) shares in the immediate term, as it provides clarity about Jain being the MD for nearly three more years," the broking firm said in its report. However, this could potentially raise some medium-term concerns about the management's succession plan as Saha was groomed internally for over seven years to take over the leadership, but stepped down in less than two quarters, Emkay Global said.

The focus on Bajaj Finance's succession plan is bound to return against the backdrop of its possible transition into a bank at some stage after 2028, it said. For now, Jain coming back to the helm lends huge support to the company, it added. The broking firm retained its view on the stock and said it will revisit estimates and ratings after the company's June quarter results, due Thursday.

For the quarter ended March, Bajaj Finance had reported a consolidated net profit of INR 44.80 billion on revenue of INR 184.57 billion. Its shares closed Monday at INR 948.45 on the National Stock Exchange, up 0.7%. Of the 18 research reports available about the company with Informist, 14 broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 965, which is just 2% higher than the current market price. The remaining four brokerages have a 'hold' view on the stock with an average target price of INR 941, nearly 1% lower than the spot level. (Anjana Therese Antony)

Equity Alert: Most Asian indices fall on Tue; Japan, Australia mkts higher'

MUMBAI--0820 IST--Most Asian equity indices were lower Tuesday, looking past the positive cues from the overnight rise in US markets. Two of the three key indices--S&P 500 and Nasdaq Composite--closed at all-time highs on upbeat earnings in the Wall Street. In Asia, indices in South Korea and Singapore fell the most, while those in Japan and Australia gained.

At 0820 IST, South Korea's Kospi was down 0.5%. The country's Finance Minister Koo Yun-cheol and Minister for Trade Yeo Han-koo will likely hold trade talks with their US counterparts, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, this Friday, Reuters reported. This comes as South Korean imports to the US have been slapped with tariffs of 25% starting Aug. 1.

China's CSI 300 and Hong Kong's Hang Seng indices were 0.3% lower each in early trade. The People's Bank of China on Monday had kept its two primary lending rates on hold. Among other indices, FTSE Singapore Straits Times was slightly down.

On the other hand, indices in Japan rose despite political turmoil in the country. Japan's Nikkei and Topix were slightly up. Australia's S&P ASX 200 was marginally higher led by mining and gold stocks. Investors also awaited the minutes of Reserve Bank of Australia's July meeting due for release Tuesday.

Following are the levels of key Asian indices at 0820 IST:

(Gopika Balasubramanium)

Equity Alert: Indices seen in range; stock-specific movements likely

MUMBAI--0805 IST--Benchmark indices are likely to stay in a range with a positive bias Tuesday as stock-specific movements are seen taking the centre stage with June quarter earnings in full swing. On Tuesday, the Nifty 50 is likely to move in a range of 25000-25250 points.

Analysts expect the Nifty 50 to rise more if it manages to cross the 25300-point hurdle. However, volatility is expected to persist as specific stocks react to the June quarter earnings. Options data also indicated limited upside for the Nifty 50 in the near term. Despite the 50-stock index rising over 100 points on Monday, traders added short bets and cut long bets between 25200 and 25700 call strikes, signifying limited upside in the near term.

The July contract of the GIFT Nifty indicates a positive start for the market. At 0801 IST, the contract was at 25193 points, 102 points higher than the Nifty 50's latest close. On Monday, the 50-stock index ended at 25090.70 points, up 122.30 points or 0.5%. The BSE Sensex had closed at 82200.34 points, up 442.61 points or 0.5%.

Overnight, indices in the US ended slightly higher as investors assessed the US' negotiations over trade deals with major trading partners ahead of the fast-approaching Aug. 1 deadline. The S&P 500 and Nasdaq Composite notched fresh closing highs. Investors now await some heavyweight earnings, with the likes of Alphabet, Tesla, IBM, and Intel all scheduled to report their quarterly numbers this week. Most indices in Asia were higher in early trade Tuesday as investors in the region await tariff-related negotiations.

On the earnings front, Indian Railway Finance Corp., Oberoi Realty, Colgate Palmolive (India), Dixon Technologies (India), M&M Financial Services, and One 97 Communications are among the major companies that will report their June quarter numbers during the day. (Akash Mandal)

Equity Alert: S&P 500, Nasdaq Composite end at all-time highs Monday

MUMBAI--0739 IST--The S&P 500 and the Nasdaq Composite ended Monday's session at record closing highs, mainly due to upbeat earnings for the June quarter. The S&P 500 closed slightly higher at 6305.60 points. The Nasdaq gained 0.4% to end at 20974.18 points while the Dow Jones Industrial Average declined marginally to 44323.07 points.

Among the Magnificent Seven stocks, Alphabet and Tesla will be the first to declare their results on Wednesday. Their results will likely set the tone for other heavyweight companies reporting earnings in the next several days, Reuters reported. Alphabet closed 2.7% higher while Tesla closed marginally lower. Other heavyweights such as Apple and Amazon closed 0.6-1.4% higher, lifting both the S&P 500 and Nasdaq indices, Reuters reported.

"Analysts on average expected S&P 500 companies to report a 6.7% increase in earnings for the second quarter, with Big Tech driving much of that gain," Reuters said, citing data from LSEG. Verizon closed over 4% higher after the telecommunications company increased its annual profit forecast. "So far, companies that have reported have, in general, met or beat guidance from the prior quarter, and we haven't seen any degradation either in corporate profits or consumer spending," Tom Hainlin, national investment strategist at US Bank Wealth Management, was quoted as saying by Reuters.

Investors will also look for cues on an interest rate cut in Federal Reserve Chair Jerome Powell's speech in Washington later in the day. Traders have largely ruled out the possibility of a rate cut in July, and now see a greater than 50% chance for the Fed to cut by its September meeting, according to CME Group's FedWatch tool.

Following are the closing levels of US indices Monday:

(Gopika Balasubramanium)

End

US$1 = INR 86.29

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

Edited by Deepshikha Bhardwaj

All prices from National Stock Exchange, unless otherwise specified.

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