Stock Market Live: GIFT Nifty Points To Positive Open For Nifty, Sensex; Kospi Slides 4% Even As Brent Falls

Kotak Securities upgraded Zee Entertainment following the proposed increase in promoter holding and potential value unlocking.

Kotak Securities

• Upgrade to Add from Reduce.
• Target price raised to Rs 130 from Rs 90.
• Promoter holding is set to increase to 23.8% from 3.99%.
• Music business value unlocking could emerge as a near- to medium-term trigger.
• Core business headwinds are unlikely to recede.

Zee Entertainment shareholders approved a promoter warrant issue that will increase promoter holding in the company.

• Shareholders approved 24.95 crore warrants at Rs 126 each.

• The issue enables an infusion of Rs 3,143.5 crore.

• Promoter stake will increase to 23.79%.

• Shareholders also approved an ESOP grant of 3.74 crore stock options.

PNC Infratech received an arbitral award in connection with an EPC project, providing a separate financial trigger for the company.

• Arbitral Tribunal awarded the company Rs 244 crore.

PNC Infratech received a letter of intent from the Airports Authority of India for an EPC project at Pantnagar Airport in Uttarakhand.

• Order value at Rs 302.44 crore.

• Project covers airside and landside development works.

• Completion period at 24 months.

NCC received three orders during July across its buildings and water divisions.

• Total order value at Rs 1,052.71 crore.

• Buildings Division orders worth Rs 590.38 crore.

• Water Division orders worth Rs 462.33 crore.

Bharat Electronics received additional orders since July 13, adding to the defence electronics company's order book.

• Orders worth Rs 847 crore received since July 13.

Sterlite Technologies secured an order from a domestic telecom operator for the supply of optical fibre cables.

• Order value at Rs 960 crore.

Waaree Energies secured a new solar module supply order, adding to its order pipeline.

• The order covers 739.71 MW of solar modules.

HCLTech completed two previously announced acquisitions involving Guardian India and Hewlett Packard Enterprise.

• The company completed the acquisition of Guardian India's operations.

• It separately completed the acquisition of Hewlett Packard Enterprise's telco solutions business.

Dr Reddy's Laboratories received US FDA approval for its Rituximab biosimilar, adding a regulatory trigger for the drugmaker.

• Fresenius Kabi will exclusively commercialise the product in the US.

Brokerages remained cautious on ABB India as strong order growth was accompanied by continued pressure on operating margins.

JPMorgan

• Maintain Neutral.
• Target price raised to Rs 6,751 from Rs 6,568.
• Order inflows grew 50% but remained below elevated expectations.
• Brokerage sees no quick recovery in Ebitda margin.

HSBC

• Maintain Reduce.
• Target price raised to Rs 5,400 from Rs 5,200.
• Order inflow growth of 50% was below the roughly 80% expected by consensus.
• Price increases have not kept pace with commodity costs.

ABB India reported higher revenue, Ebitda and net profit in the June quarter, while operating margin narrowed.

ABB India (Q2 CY2026, YoY)

• Net profit up 3% at Rs 362 crore versus Rs 352 crore.
• Revenue up 21% at Rs 3,559 crore versus Rs 2,940 crore.
• Ebitda up 11.4% at Rs 447 crore versus Rs 401 crore.
• Ebitda margin at 12.6% versus 13.6%.
• • The company will pay a special dividend of Rs 90 per share.

Glenmark Pharmaceuticals reported higher revenue, Ebitda and operating margin in the June quarter, while net profit increased from a year earlier.

Glenmark Pharma (Q1, Consolidated YoY)

• Net profit at Rs 483 crore versus Rs 47 crore.
• Revenue up 23% at Rs 4,018 crore versus Rs 3,264 crore.
• Ebitda up 38.6% at Rs 805 crore versus Rs 581 crore.
• Ebitda margin at 20% versus 17.8%.

Persistent Systems reported sequential revenue growth in the June quarter, while Ebit, margin and net profit declined.

Persistent Systems (Q1, Consolidated QoQ)

• Revenue up 6.1% at Rs 4,303 crore versus Rs 4,056 crore.
• Ebit down 11.8% at Rs 582 crore versus Rs 659 crore.
• Ebit margin at 13.5% versus 16.3%.
• Net profit down 8.7% at Rs 483 crore versus Rs 529 crore.
• TTM attrition at 12.3%.
• Total contract value at $1.15 billion.

Morgan Stanley upgraded Urban Company by two notches and raised its target price after reassessing growth and profitability across its businesses.

Morgan Stanley

• Upgrade to Overweight from Underweight.
• Target price raised to Rs 165 from Rs 128.
• Brokerage sees structural expansion in growth rates in India consumer services excluding Insta and the international business.
• Confidence on profitability across segments improved with execution.
• Profitability targets could be achieved sooner than management guidance.
• Elevated InstaHelp losses could force consolidation sooner.
• ROCE is expected to normalise above 20% at steady state.

Urban Company reported higher June-quarter revenue but swung to a net loss from a profit in the year-ago period.

Urban Company (Q1, Consolidated YoY)

• Net loss at Rs 92 crore versus profit of Rs 7 crore.
• Revenue up 43.9% at Rs 528 crore versus Rs 367 crore.
• Ebitda loss at Rs 92.7 crore versus loss of Rs 4.8 crore.

Morgan Stanley maintained its positive view on Muthoot Finance after assessing its June-quarter performance.

Morgan Stanley

• Maintain Overweight.
• Target price at Rs 3,705.
• NIM missed estimates, though better loan growth contained the overall miss.
• Brokerage said elevated consensus estimates made the miss appear worse.
• It cited weak average gold prices QoQ and high one-offs in FY26 yields.

Muthoot Finance reported higher consolidated income and profit for the June quarter.

Muthoot Finance (Q1, Consolidated YoY)

• Total income up 34.5% at Rs 8,695 crore versus Rs 6,466 crore.
• Profit up 38.8% at Rs 2,799 crore versus Rs 2,016 crore.

The company will promote K R Bijimon to CEO and Alexander George as Managing Director starting Oct. 1.

Indian Oil Corp. reported a consolidated loss for the June quarter as Ebitda and operating margin declined sequentially.

Indian Oil Corp. (Q1, Consolidated QoQ)

• Net loss at Rs 2,661 crore versus profit of Rs 11,378 crore.
• Revenue up 26.2% at Rs 2.62 lakh crore versus Rs 2.08 lakh crore.
• Ebitda down 90.6% at Rs 1,947 crore versus Rs 20,716 crore.
• Ebitda margin at 0.7% versus 10%.

Mahindra & Mahindra reported higher July sales across passenger vehicles, tractors, three-wheelers and exports.

M&M (July Auto Sales, YoY)

• Total sales up 26% at 1.03 lakh units.
• Total exports up 47% at 4,070 units.
• 3-wheeler sales up 53% at 14,538 units.
• Tractor exports up 3% at 1,777 units.
• Domestic tractor sales up 21% at 32,643 units.
• Total tractor sales up 20% at 34,420 units.
• PV sales up 20% at 60,048 units.

Tata Motors' passenger vehicle business reported higher July volumes across domestic sales, exports and electric vehicles.

Tata Motors PV (July Auto Sales, YoY)

• Total sales up 59% at 63,760 units.
• Domestic sales up 58% at 62,611 units.
• Exports up 76% at 1,149 units.
• EV sales at 15,217 units versus 7,124 units.

Maruti Suzuki reported higher July volumes, led by a 42% increase in domestic sales.

Maruti Suzuki (July Auto Sales, YoY)

• Total sales up 33.4% at 2.41 lakh units.
• Domestic sales up 42% at 2.11 lakh units.
• Exports up 5.3% at 30,056 units.

Maruti Suzuki drew target price revisions after its June-quarter performance as brokerages assessed commodity costs, supplier settlements and the demand outlook.

Citi

• Maintain Buy.
• Target price cut to Rs 16,500 from Rs 18,500.
• Margin pressure was partly a timing issue after supplier settlements moved from quarterly to monthly.
• FY27 volume growth guidance of 10% was reiterated.
• Seven new models are planned by FY30.

BofA

• Reiterate Neutral.
• Price objective raised to Rs 14,700 from Rs 14,000.
• Commodity costs, new-plant expenses and bonus payouts drove the margin miss.
• Order backlog stands at 1.30 lakh units and channel inventory at 13 days.
• Brokerage sees upside risk to the 10% volume growth guidance.

Nomura

• Maintain Neutral.
• Target price raised to Rs 14,071 from Rs 13,435.
• Monthly commodity settlements hit margins by 110 basis points during the quarter.
• Management expects full capacity utilisation in four to five months.
• Brokerage prefers M&M and Hyundai among four-wheeler OEMs.

Maruti Suzuki reported its June-quarter earnings, with revenue increasing while profit, Ebitda and operating margin declined.

Maruti Suzuki (Q1, YoY)

• Cost of materials up 46% at Rs 32,000 crore.
• Profit down 10.8% at Rs 3,352 crore versus Rs 3,758 crore.
• Revenue up 35.9% at Rs 52,456 crore versus Rs 38,593 crore.
• Ebitda down 14.5% at Rs 4,312 crore versus Rs 5,043 crore.
• Ebitda margin at 8.2% versus 13.1%.

Brokerages took differing views on ITC after its June-quarter performance, with Jefferies upgrading the stock while Goldman Sachs, JPMorgan and Macquarie cut their targets.

Jefferies

• Upgrade to Buy from Hold.
• Target price at Rs 350.
• Brokerage was positively surprised by volume resilience.
• The miss was largely driven by gradual price hikes and a series of interventions.
• Encouraging volume trends could give management confidence to take further price hikes.

Goldman Sachs

• Maintain Neutral.
• Target price cut to Rs 290 from Rs 320.
• Q1 missed estimates due to a larger-than-expected decline in cigarette Ebit.
• Paper margins expanded off a low base, while FMCG had a strong quarter.

JPMorgan

• Maintain Neutral.
• Target price cut to Rs 310 from Rs 325.
• Cigarette portfolio reset is underway.
• FMCG recorded healthy growth excluding staples.
• Paperboard and packaging showed improvement, while agribusiness disruptions continued.

Macquarie

• Maintain Neutral.
• Target price cut to Rs 300 from Rs 330.
• Tax hikes are still being passed through, making Q1 an unreliable FY27 run-rate.
• Management remains focused on stemming migration to illicit cigarettes.

HSBC

• Maintain Hold.
• Target price raised to Rs 320 from Rs 310.
• Cigarette Ebit declined due to volume correction and weaker realisations and mix.
• Further tax hikes remain a key uncertainty.

ITC reported its June-quarter earnings, with consolidated revenue and profit declining year on year while cigarette revenue increased.

ITC (Q1, Consolidated YoY)

• Net revenue at Rs 16,908 crore versus Rs 19,761 crore, down 14.4%
• Ebitda at Rs 4,514 crore versus Rs 6,261 crore, down 27.9% 
• PAT at Rs 3,579 crore versus Rs 4,911 crore, down 27.1%
• Ebitda margin at 26.7% versus 31.7%, down 498.3 bps
• Agri Business revenue down 17% at Rs 8,082 crore
• Total FMCG business up 53% at Rs 21,866 crore
• Cigarette revenue up 81% at Rs 15,383 crore

Divi's Laboratories drew multiple target-price hikes after its June-quarter performance, though brokerages remained divided on valuation.

Citi

• Maintain Buy.
• Target price raised to Rs 11,700 from Rs 9,450.
• Strong validation activity, commercial volumes and commentary on peptides, contrast media and generics drove the revision.

Goldman Sachs

• Maintain Buy.
• Target price raised to Rs 9,070 from Rs 8,025.
• Custom synthesis drove the revenue growth inflection, while a better mix and operating leverage supported margins.

Kotak Securities

• Maintain Sell.
• Target price raised to Rs 6,925 from Rs 5,850.
• Strong CSM sales drove the Q1 beat, though the brokerage awaits a better entry point.

Divi's Laboratories reported its earnings for the quarter ended June, with revenue, Ebitda and net profit rising year on year.

Divi's Labs (Q1, Consolidated YoY)

• Revenue up 27.8% at Rs 3,080 crore versus Rs 2,410 crore.
• Ebitda up 72.2% at Rs 1,255 crore versus Rs 729 crore.
• Ebitda margin at 40.7% versus 30.2%.
• Net profit up 65.5% at Rs 902 crore versus Rs 545 crore.

• Dow futures rose 200 points, or 0.4%, while S&P 500 futures gained 0.5%. Nasdaq-100 futures advanced 0.8% as investors awaited the July employment report and corporate earnings.
• The gains followed Friday’s rise on Wall Street. The Dow added 0.53%, the S&P 500 climbed 0.7% and the Nasdaq Composite gained 1%.

• Iran’s Acting Defence Minister Seyyed Majid Ibn Al-Reza said Tehran continued to take threats against the country seriously, according to Iranian state media.
• Ibn Al-Reza described recent comments from Iran’s adversaries as part of a psychological and cognitive warfare campaign.

• US President Donald Trump said the proposed agreement with Iran would provide for the immediate and complete reopening of the Strait of Hormuz. He said the deal would also address Iran’s nuclear programme.
• Trump’s comments followed reports that Washington had considered further military action against Iran.

• Brent crude fell $3.52 to $84.41 per barrel, while US West Texas Intermediate declined $3.49 to $81.18.
• Oil prices dropped after US President Donald Trump said he had cancelled planned strikes against Iran while the two sides worked towards an agreement.

• South Korea’s Kospi fell 5.5% after trading resumed, while Japan’s Nikkei 225 declined 1.87%. Australia’s ASX 200 slipped 0.33%.
• Asian equities traded lower despite crude oil prices falling after US President Donald Trump abandoned plans for another military strike on Iran.

The GIFT Nifty, an early indicator of Nifty 50's performance, traded at 24,489, compared to Friday's index close of 24,383.60.