Stock Market Live: GIFT Nifty Points To Negative Open; Brent Crude Climbs Above $83 A Barrel

Cummins India drew a target-price cut from Jefferies after commodity costs weighed on the quarter, though the brokerage expects several margin drivers to support the business ahead.

Jefferies

• Maintain Buy; cut target price to Rs 6,700 from Rs 7,100.
• Commodity prices affected the quarter.
• Price increases have been taken and margins are expected to improve.
• Data centres remain an additional growth driver.
• Cut FY27–29 EPS estimates by 6–7%.
• Distribution, data centres and indigenisation were highlighted as key margin drivers.

Interarch Building Solutions announced multiple corporate actions, including a stock split, proposed fundraising and a North American joint venture.

• Board approved a joint venture with Canada's ER Steel Inc.
• Initial investment of Rs 80 crore for the OWSJ business in North America.
• Board approved a 1:5 stock split.
• Proposed QIP fundraising of up to Rs 250 crore.

• J Kumar Infraprojects received a letter of award for a cricket stadium project in Bengaluru, adding to its executable order book.
• The engineering, procurement and construction project is valued at Rs 990.16 crore and is scheduled for execution over 36 months.

• Dabur received a warning letter from the US Food and Drug Administration for its Silvassa facility, creating a regulatory trigger for the consumer goods company.
• The US FDA issued the warning letter on July 24, 2026, while domestic operations remain unaffected.

HCLTech has been named an OpenAI Advanced Partner, adding an artificial intelligence partnership trigger for the IT services company.

• Coal India emerged as the preferred bidder for the Gadadharpur iron ore block in Odisha, marking a diversification development for the state-owned miner.
• The block has total resources of 288 million tonnes.

Shipping Corporation of India reported higher June-quarter profit, revenue and operating earnings, with Ebitda margin expanding from a year earlier.

Shipping Corp (Q1, Consolidated YoY)

• Net profit up 74.9% to Rs 619 crore versus Rs 354 crore.
• Revenue up 40.3% to Rs 1,847 crore versus Rs 1,316 crore.
• Ebitda up 80.2% to Rs 883 crore versus Rs 490 crore.
• Margin at 47.8% versus 37.2%.

Vikram Solar reported a sharp decline in June-quarter profit and Ebitda even as revenue increased, while the company approved additional manufacturing capacity.

Vikram Solar (Q1, Consolidated YoY)

• Net profit down 85% to Rs 20 crore versus Rs 133 crore.
• Revenue up 38% to Rs 1,563 crore versus Rs 1,134 crore.
• Ebitda down 48% to Rs 126 crore versus Rs 243 crore.
• Margin at 8.1% versus 21.4%.
• Approved capex of Rs 5,589 crore to raise Tamil Nadu unit capacity to 9 GW.

Siemens Energy India reported higher profit, revenue and Ebitda in the third quarter, with operating margin expanding from a year earlier.

Siemens Energy (Q3 SY26, YoY)

• Net profit up 67.8% to Rs 441 crore versus Rs 263 crore.
• Revenue up 39.3% to Rs 2,486 crore versus Rs 1,785 crore.
• Ebitda up 72.1% to Rs 586 crore versus Rs 340 crore.
• Margin at 23.6% versus 19.1%.

• Persistent Systems has launched a takeover offer for Nagarro, creating a corporate-action trigger for the IT services company.
• Persistent has offered EUR 81 per share for all Nagarro shares, with the acceptance period running until Sept. 17, 2026.

Alkem Laboratories faces a regulatory trigger after the US FDA classified its Amaliya facility in Daman as Official Action Indicated following an inspection that resulted in seven observations.

Apollo Tyres reported higher June-quarter revenue while Ebitda remained broadly unchanged and operating margin narrowed from a year earlier.

Apollo Tyres (Q1, Consolidated YoY)

• Net profit at Rs 349 crore versus Rs 12.8 crore.
• One-time gain at Rs 24 crore versus loss of Rs 370 crore.
• Revenue up 12.8% to Rs 7,398 crore versus Rs 6,561 crore.
• Ebitda down 0.1% to Rs 868 crore versus Rs 869 crore.
• Margin at 11.7% versus 13.2%.
• Other income at Rs 58 crore versus Rs 19 crore.
• Tax expense at Rs 119 crore versus Rs 25 crore.

Apollo Tyres received a cautious brokerage assessment after its June-quarter earnings as stronger performance in India was offset by weakness in Europe.

JPMorgan

• Maintain Neutral with target price of Rs 445.
• India business delivered strong results while Europe underperformed.
• EBIT margin was lower than expected.

Lupin reported higher profit, revenue and operating earnings in the June quarter, with Ebitda margin expanding from a year earlier.

Lupin (Q1, Consolidated YoY)

• Net profit up 16% to Rs 1,415 crore versus Rs 1,219 crore.
• Revenue up 32% to Rs 8,277 crore versus Rs 6,268 crore.
• Ebitda up 50% to Rs 2,463 crore versus Rs 1,641 crore.
• Margin at 29.8% versus 26.2%.

Britannia Industries reported higher profit, revenue and Ebitda for the June quarter, while operating margin expanded from a year earlier.

Britannia (Q1, Consolidated YoY)

• Net profit up 13.4% to Rs 591 crore versus Rs 521 crore.
• Revenue up 8.2% to Rs 5,000 crore versus Rs 4,622 crore.
• Ebitda up 11% to Rs 840.4 crore versus Rs 757.2 crore.
• Margin at 16.8% versus 16.4%.

Premier Energies reported higher profit and revenue in the June quarter and said its board will consider raising funds through a QIP.

Premier Energies (Q1, YoY)

• Net profit up 50% to Rs 463 crore versus Rs 308 crore.
• Revenue up 35% to Rs 2,463 crore versus Rs 1,821 crore.
• Ebitda up 30% to Rs 715 crore versus Rs 548 crore.
• Margin at 29% versus 30%.
• Tax expense at Rs 148 crore versus Rs 95 crore.
• Re-appointed Surenderpal Saluja as chairman.
• Re-appointed Saluja as chairman for five years from Dec. 19.
• To consider raising Rs 5,000 crore through QIP on Sept. 21.
• Re-appointed Chiranjeev Saluja as managing director from Dec. 19.

Life Insurance Corporation of India reported its June-quarter earnings, with profit, annualised premium equivalent and value of new business rising from a year earlier.

LIC (Q1, YoY)

• Net profit up 23% to Rs 13,492 crore versus Rs 10,987 crore.
• Net premium income up 7% to Rs 1.27 lakh crore.
• Other income at Rs 635 crore versus Rs 130 crore.
• Overall APE up 8.2% to Rs 13,692 crore.
• Group business APE up 10.2% to Rs 6,160 crore.
• Solvency ratio at 2.42 versus 2.35 QoQ and 2.17 YoY.
• 13th month persistency ratio at 70.4% versus 70.9%.
• 61st month persistency ratio at 61.3% versus 58.3%.
• First premium income up 22% to Rs 9,217 crore.
• Value of new business up 61% to Rs 3,136 crore.
• VNB margin at 22.9% versus 15.4%.

Crompton Greaves Consumer Electricals drew positive brokerage commentary after Q1, with analysts highlighting price increases, cost controls and prospects for a recovery in lost sales.

Jefferies

• Maintain Buy with target price of Rs 330.
• Q1 was in line.
• Timely price increases, lean working capital management and cost control supported growth.
• Around 80% of inflation pressure has been passed on.

Citi

• Maintain Buy with target price of Rs 400.
• Supply constraints masked underlying growth.
• Near-term growth is expected to benefit from recovery in lost Q1 sales, a low base and newer categories.
• Execution remains a monitorable amid raw-material and supply-chain volatility.

Lupin's first-quarter performance drew attention after Macquarie highlighted stronger margins and sales across developed and emerging markets.

Macquarie

• Maintain Outperform with target price of Rs 2,750.
• Q1FY27 delivered an all-round beat.
• US and India revenue was largely in line with expectations.
• Ebitda margin was higher on stronger sales in developed and emerging markets, gross margin and operating leverage.

Hero MotoCorp drew positive brokerage commentary after its first-quarter performance exceeded estimates on higher average selling prices, volumes and cost controls.

Citi

• Maintain Buy with target price of Rs 6,800.
• Q1FY27 results were above estimates on higher ASPs and cost controls.
• Ebitda beat reflected cost-reduction efforts even as gross margin was below expectations.

Morgan Stanley

• Maintain Overweight with target price of Rs 6,537.
• Q1 performance was better than expected.
• Top-line grew 35%, driven by 23% volume growth and an 11% increase in ASP.

Premier Energies received positive brokerage commentary after its June-quarter earnings, with analysts highlighting domestic exposure and visibility from the order book.

JPMorgan

• Maintain Overweight with target price of Rs 1,095.
• Q1 was largely in line with expectations.
• Domestic market exposure provided greater stability during the quarter.

Jefferies

• Maintain Buy; hike target price to Rs 1,205 from Rs 1,135.
• Highlighted strong quarterly performance and an increase in the order book.
• Raised FY27 and FY28 estimated Ebitda by 3% and 2%, respectively.
• Projects 27% CAGR over FY26–29.

Swiggy's long-term growth targets drew brokerage attention after management outlined plans to expand users, quick commerce and food delivery while targeting higher profitability by FY31.

Citi

• Maintain Buy with target price of Rs 390.
• Swiggy aims to defend or gain quick-commerce market share.
• The company aims to narrow the operational-efficiency gap with Eternal.
• It is also targeting a wider food-delivery addressable market through value offerings.

Jefferies

• Maintain Buy; hike target price to Rs 435 from Rs 415.
• Highlighted Swiggy's aspiration to reach $1 billion of Ebitda by FY31.
• Quick commerce remains the biggest growth engine.
• Food delivery is expected to maintain momentum with improving margins.

Morgan Stanley

• Maintain Equal-weight with target price of Rs 328.
• Management targets B2C monthly transacting users to grow 2.5–3 times.
• Targets GOV CAGR of more than 30% and adjusted Ebitda of Rs 10,000 crore, or 4% of GOV, by FY31.
• Execution remains key to achieving the targets.

Life Insurance Corporation of India drew brokerage attention after value of new business rose sharply and VNB margin expanded in the June quarter.

Macquarie

• Maintain Outperform with target price of Rs 550.
• Strong VNB beat despite modest APE growth.
• Product mix and yields drove margin expansion.
• Highlighted the narrowing gap with peers.

Bernstein

• Maintain Market-perform with target price of Rs 500.
• Modest top-line growth accompanied a favourable margin outlook.
• Q1FY27 margin improved on product mix and yield-curve movement.
• Further margin expansion is expected to be driven by non-par sales.
• The government OFS addresses a key stock overhang for now.

Trent received contrasting brokerage calls after its first-quarter performance, with analysts highlighting strong profitability while differing on the outlook for growth, demand and valuation.

Morgan Stanley

• Maintain Overweight with target price of Rs 3,151.
• Ebitda beat estimates, while improving top-line growth was highlighted.
• Q1 consumer sentiment was broadly positive, though the duration and intensity of the Middle East conflict may have near-term implications.
• The company continues to mitigate cost pressures through calibrated price changes and supply-chain savings.

Citi

• Maintain Sell; hike target price to Rs 2,950 from Rs 2,733.
• Margins continued to impress, while faster growth remained elusive.
• Acceleration in growth will be key for valuation multiples to sustain or re-rate.

Jefferies

• Maintain Hold; hike target price to Rs 3,435 from Rs 3,110.
• Margins were strong but management's near-term outlook remained cautious.
• Like-for-like growth remained in the low single digits, partly due to store densification.
• Cost inflation remains a monitorable.

Macquarie

• Maintain Outperform with target price of Rs 3,600.
• Higher-margin Westside sales supported the gross margin beat.
• Commentary on demand and FY27 store additions was constructive.
• Expects the impact of input-cost pressure on margins to remain limited.

Bernstein

• Maintain Outperform with target price of Rs 3,500.
• Profitability beat estimates again, while growth recovery remains in focus.
• Sees steady-state growth of 18–20%.
• Flagged near-term macro headwinds.

Britannia Industries drew mixed brokerage views after its June-quarter earnings, with analysts highlighting an improving revenue trajectory while flagging pressure on margins.

Morgan Stanley

• Maintain Equal-weight with target price of Rs 5,848.
• Most key categories improved growth sequentially, with the company exiting the quarter with mid-teens revenue growth.
• Margin missed estimates, while improving growth towards the end of the quarter was highlighted as a key positive.

Goldman Sachs

• Maintain Neutral with target price of Rs 6,000.
• Called the quarter in line and highlighted an improving growth trajectory at the end of the quarter.

JPMorgan

• Maintain Neutral with target price of Rs 5,900.
• Revenue growth improved but margins missed.
• Input cost volatility remains a key monitorable.

Macquarie

• Maintain Underperform with target price of Rs 4,800.
• Q1 miss was led by higher other expenses.
• The company exited the quarter with mid-teens sales growth.
• Highlighted improving domestic demand and market share gains versus competition.

• S&P 500 futures rose 0.04%, while Nasdaq-100 futures gained 0.3%.
• Dow Jones Industrial Average futures slipped 17 points, or 0.03%.

• The Dow Jones Industrial Average fell more than 460 points, or 0.9%, ending a five-session winning streak.
• The S&P 500 declined 0.2%, while the Nasdaq Composite slipped 0.1%.

• Brent crude rose 1.4% to $83.65 a barrel as uncertainty over the restoration of shipping through the Strait of Hormuz kept Middle East supply concerns in focus.
• The global oil benchmark has gained more than 37% this year.

• Japan’s Nikkei 225 fell 0.76%, Australia’s ASX 200 declined 0.31% and China’s Shanghai Composite slipped 0.03%. South Korea’s Kospi rose 0.52%.
• Investors tracked higher oil prices and awaited US labour market data for signals on the interest-rate outlook.

The GIFT Nifty, an early indicator of Nifty 50's performance, traded at 24,653, compared to Thursday's index close of 24,636.