Stock Market Live: GIFT Nifty Indicates Positive Open; Brent Crude Surges Above $84 A Barrel

Nifty August futures are trading at a premium to the cash market, while derivatives positioning shows key interest at 24,600 and 24,000 strikes.

• Nifty August futures down 0.36% at Rs 24,651.
• Premium at Rs 81.
• Maximum Call OI at 24,600 strike.
• Maximum Put OI at 24,000 strike.

SBI's Q1 performance prompted target price increases from several brokerages, with NIM recovery and loan growth emerging as the common positives.

• HSBC target price: Rs 1,310.
• JP Morgan target price: Rs 1,280.
• Jefferies target price: Rs 1,320.
• Citi target price: Rs 1,300.
• UBS target price: Rs 1,190.
• Macquarie target price: Rs 1,150.
• Bernstein target price: Rs 1,300.
• Morgan Stanley retains Equal-weight with Rs 1,070 target price.

Gland Pharma signed a strategic CDMO agreement covering injectable products, with the company expecting meaningful annual revenue potential from CY29.

• To manufacture 55 injectable SKUs under CDMO pact.
• Sees annual revenue potential of $90-100 million from CY29.

Hitachi Energy India secured its first battery energy storage system order, taking its order backlog to a record Rs 32,222.1 crore.

• Secured first BESS order for a 165 MW/330 MWh project in Andhra Pradesh.
• Order backlog at a record Rs 32,222.1 crore.
• Rs 634.63 crore utilised in capex out of allocated Rs 1,513.28 crore.

Titan reported strong Q1 growth across profit, revenue and EBITDA, with jewellery operations driving the performance.

Titan (Q1, Consolidated YoY)

• Net profit up 63% to Rs 1,777 crore versus Rs 1,091 crore.
• Revenue up 29% to Rs 21,356 crore versus Rs 16,523 crore.
• EBITDA up 58% to Rs 2,890 crore versus Rs 1,830 crore.
• EBITDA Margin at 13.5% versus 11.1%.
• Jewellery Biz Revenue up 30% at Rs 19,002 crore YoY.
• Jewellery Biz EBIT up 68% at Rs 2,360 crore YoY.

Hindalco's earnings and expansion pipeline have emerged as a major brokerage focus following a strong Q1 performance.

Hindalco Brokerage Highlights

• HSBC sees multiple catalysts including Bay Minette commissioning and India aluminium and alumina capacity expansions.
• UBS expects US$300-400 million working-capital release from Novelis.
• JP Morgan expects captive coal mines to generate about 1.5 million tonnes of volumes in FY28.
• Jefferies expects India profitability to moderate from the Q1 peak.

Brokerages remained cautious on Ola Electric after Q1, citing weak volumes, cash burn and margin pressure.

Kotak

• Maintains Sell with target price of Rs 20.
• Volume scale remains the critical hurdle.
• Q1FY27 adjusted EBITDA margin was below expectations due to lower ASPs.
• FCF outflow remains another challenge.
• Capital raising could be required if the current volume trajectory does not improve.

Citi

• Maintains Sell with target price of Rs 26.
• Weak volumes and lower gross margin offset cost control and PLI penalty reversal.
• Volumes remain sluggish and ASPs weak.
• Competition is escalating.

Goldman Sachs

• Maintains Neutral and raises target price to Rs 40 from Rs 38.90.
• Q1 revenue declined 45% YoY and EBITDA loss stood at Rs 1.65 billion.
• Volumes recovered to about 40,000 units.
• Cash burn remains a concern, with FCF at negative Rs 3.5 billion.

Ola Electric (Q1, Consolidated YoY)

• Net Loss At Rs 336 Cr Vs Loss Of Rs 428 Cr YoY.
• Revenue down 45% At Rs 455 Cr Vs Rs 828 Cr YoY.
• EBITDA Loss At Rs 165 Cr Vs Loss Of Rs 237 Cr YoY.
• Other Income At Rs 29 Cr Vs Rs 68 Cr YoY.

Delhivery's Q1 results triggered divergent brokerage views, with analysts split over near-term margins despite a strong revenue performance.

JP Morgan

• Maintains Overweight; cuts target price to Rs 590 from Rs 650.
• Transitory costs weighed on earnings.
• Margins are expected to bottom in Q1 and recover sharply in H2.
• Margin delivery remains key to investor confidence.

Citi

• Maintains Buy; raises target price to Rs 570 from Rs 565.
• Robust volumes and positive outlook.
• Margins should rebound.
• Sees opportunities in 3PL quick commerce, reverse logistics, intra-city and SaaS.

Morgan Stanley

• Maintains Equal-weight; cuts target price to Rs 500 from Rs 510.
• Good top line but margins missed.
• Cost pressures led to the Q1 margin miss.
• Management expects to recoup the impact over coming quarters.

Delhivery also reported its Q1 financials.

Delhivery (Q1, Consolidated YoY)

• Net profit down 64.9% at Rs 32 crore versus Rs 91 crore.
• Revenue up 27.8% at Rs 2,931 crore versus Rs 2,294 crore.
• EBITDA down 4.5% at Rs 142 crore versus Rs 149 crore.
• EBITDA Margin at 4.8% versus 6.5%.
• Re-Appoints Sahil Barua As MD & CEO For 5 Yrs.
• Re-Appoints Sahil Barua As MD & CEO From Oct 13.

Hindalco's Q1 performance prompted several brokerages to raise target prices, citing strong India and Novelis performance and multiple expansion projects.

HSBC

• Maintains Buy with target price of Rs 1,430.
• Large Q1 beat with consolidated EBITDA at Rs 139.7 billion, up 37% QoQ.
• Novelis earnings should improve as Oswego restarts.
• Bay Minette commissioning and India aluminium and alumina expansions are key catalysts.

UBS

• Maintains Buy with target price of Rs 1,325.
• Q1 EBITDA at Rs 140 billion beat estimates by 29%.
• Novelis adjusted EBITDA per tonne came in at US$563.
• Novelis deleveraging remains a key catalyst.

JP Morgan

• Maintains Overweight and raises target price to Rs 1,205 from Rs 1,190.
• Growth projects remain on track.
• Phase 1 aluminium smelter is expected to be commissioned by December 2027.
• Captive coal mines could yield cost savings.

Jefferies

• Maintains Hold and raises target price to Rs 1,100 from Rs 1,075.
• Consolidated EBITDA beat estimates by 20%.
• India EBITDA rose 26% QoQ.
• Valuations remain reasonable.

State Bank of India drew broad-based positive brokerage commentary after its Q1 performance, with brokerages highlighting NIM expansion, loan growth and asset quality.

HSBC

• Maintains Buy and raises target price to Rs 1,310 from Rs 1,180.
• Strong Q1 beat led by NIM expansion, robust fee income, tight cost control and benign credit costs.
• Domestic NIM rose 7 bps QoQ to 3%.
• Loan growth guidance raised to 14-15% for FY27.

JP Morgan

• Maintains Overweight and raises target price to Rs 1,280 from Rs 1,240.
• Strong Q1 with broad-based beat.
• Domestic NIM at 3% and loan growth at 19%.
• FY27 loan growth guidance raised to 14-15%.

Jefferies

• Maintains Buy and raises target price to Rs 1,320 from Rs 1,300.
• Domestic NIM rebound to 3% drove 15% YoY NII growth.
• Loan growth remained robust at 19% YoY.
• SBI remains among Jefferies' top picks.

Citi

• Maintains Buy and raises target price to Rs 1,300 from Rs 1,230.
• Domestic NIM rebounded 7 bps QoQ to 3%.
• Advances accelerated 19% YoY.
• Management reiterated 3% domestic NIM and 14-15% credit growth guidance.

Morgan Stanley

• Maintains Equal-weight with target price of Rs 1,070.
• Q1 was a good quarter.
• Forecasts raised after reversing some of the sharp NIM cut following the Q4 miss.
• Valuation is full relative to sustainable ROA and ROE.

UBS

• Maintains Neutral and raises target price to Rs 1,190 from Rs 1,080.
• Q1 beat driven by strong NII, fee income and cost control.
• NIM improved 5 bps QoQ to 2.86%.
• Loan growth remained strong at 19% YoY.

Bernstein

• Maintains Market Perform with target price of Rs 1,300.
• Loan growth remained robust at 19% YoY.
• Deposit growth lagged at 10% YoY, pushing LDR higher to 83%.
• Asset quality remained stable.

Macquarie

• Maintains Outperform with target price of Rs 1,150.
• Q1 PAT beat estimates, supported by resilient NIMs, tight opex and stable credit costs.
• Domestic NIM expanded 7 bps QoQ to 3%.
• Loan growth remained strong at 19% YoY.

Titan's strong Q1 results drew positive views from multiple brokerages, with several raising their target prices while highlighting jewellery growth and execution.

JP Morgan

• Maintains Overweight and hikes target price to Rs 5,465 from Rs 5,400.
• Strong Q1 print despite volatility.
• Demand durability remains the key debate, while execution drivers provide comfort.
• Jewellery business has multiple levers to sustain revenue and EBIT growth.

Morgan Stanley

• Maintains Overweight with target price of Rs 5,483.
• Q1 broadly in line, with headline margins boosted by one-offs.
• Adjusted jewellery EBIT margin at 10.9%.
• Buyer growth at 5%, while studded growth remained strong at 34% YoY.
• Management remains confident on jewellery growth despite elevated gold prices.

Macquarie

• Maintains Outperform with target price of Rs 5,400.
• Q1 EBITDA beat led by CaratLane margin improvement and strong TEAL performance.
• Jewellery demand remains healthy.
• CaratLane margins expanded to 10.1%.

Jefferies

• Maintains Hold and hikes target price to Rs 5,000 from Rs 4,800.
• Strong Q1 momentum, with jewellery revenue growing 38% excluding bullion.
• Reported jewellery EBIT margin rose to 14.2%, while normalised margin was 10.9%.

Citi

• Maintains Buy and raises target price to Rs 5,700 from Rs 5,075.
• Jewellery revenue and EBITDA grew 38% and 33% YoY, excluding bullion and one-offs.
• Management remains confident of sustaining double-digit jewellery growth.

Titan also reported strong Q1 financials.

Titan (Q1, Consolidated YoY)

• Net profit up 63% to Rs 1,777 crore versus Rs 1,091 crore.
• Revenue up 29% to Rs 21,356 crore versus Rs 16,523 crore.
• EBITDA up 58% to Rs 2,890 crore versus Rs 1,830 crore.
• EBITDA Margin at 13.5% versus 11.1%.
• Jewellery Biz Revenue up 30% at Rs 19,002 crore YoY.
• Jewellery Biz EBIT up 68% at Rs 2,360 crore YoY.

S&P 500 futures fell 0.2%, while Dow futures declined 99 points, or 0.2%. Nasdaq-100 futures gained 0.1% after Wall Street’s major indices recorded their strongest weekly performance since April.

The Japanese yen weakened slightly to around 157.90 per US dollar. The currency had gained on Friday following the release of US labour market data.

Brent crude gained 0.8% in early Asian trade, extending its three-session rise to more than 5%. Prices increased as expectations of a near-term Washington-Tehran agreement to restore shipping through the Strait of Hormuz weakened.

Japan’s Nikkei 225 gained 1.62% and South Korea’s Kospi rose 1%, tracking Wall Street’s gains last week. Australia’s ASX 200 declined 0.25%.

The GIFT Nifty traded at 24,665, indicating the likely direction for the Nifty 50 at the opening.