Stock Market Today Live: GIFT Nifty Points To Positive Open For Nifty, Sensex; Brent Crude Holds Near $79 A Barrel

Chalet Hotels added 381 ATHIVA-branded keys to its development pipeline through projects in Hyderabad and Pune under a lease model with Mindspace REIT.

Morgan Stanley maintained its Underweight rating on Berger Paints with a target price of Rs 429 after an in-line June quarter.

Management retained its Ebitda margin guidance of 15–17%. The brokerage said dealer stocking ahead of price increases continued during Q1 and could lead to some moderation in volume growth during Q2.

Godrej Agrovet reported revenue growth for the June quarter, while Ebitda and net profit declined and operating margin narrowed.

Godrej Agrovet (Q1, Consolidated YoY)

• Net profit down 16.2% at Rs 135 crore versus Rs 161 crore.
• Revenue up 9.2% at Rs 2,855 crore versus Rs 2,614 crore.
• Ebitda down 10.9% at Rs 240.2 crore versus Rs 269.6 crore.
• Margin at 8.4% versus 10.3%.

Other Key Announcmeents

• Ravishankar A will take over as CFO from Oct. 1.
• S Varadaraj will step down as CFO on Sept. 30.

A set of companies reported sharp changes in quarterly earnings ahead of Thursday's trade, creating multiple stock-specific triggers.

Neuland Laboratories reported profit of Rs 147.7 crore versus Rs 14 crore, while Navin Fluorine's Ebitda rose 72.6% to Rs 357 crore. Cohance Lifesciences, in contrast, reported a Rs 24.1 crore loss and a 99% drop in Ebitda.

Sapphire Foods saw sizeable institutional transactions in the previous session, with purchases and sales clustered around Rs 200 per share.

• Rams Equities Portfolio Fund bought 17.70 lakh shares at Rs 200.06 apiece.
• Pioneer Investment Fund Scheme II sold 17 lakh shares at Rs 200 apiece.
• PI Opportunities AIF V LLP sold 16.57 lakh shares at Rs 200.10 apiece.

The Nifty 24,000 strike has the maximum Put open interest ahead of trade, marking it as the key lower derivatives level for the session.

Traders will track changes in Put positions around the strike as the session progresses.

• The Nifty 25,000 strike holds the maximum Call open interest, making it the key overhead derivatives level to track during the session.
• Changes in Call positions at the strike will provide cues on how derivatives traders are positioned as the index moves through the day.

• Nifty August futures rose 0.33% to 24,637 ahead of the session, indicating a 13-point premium.
• The futures positioning provides an early derivatives cue ahead of cash-market trade.

Life Insurance Corporation of India is under the F&O ban for the session, restricting the creation of fresh derivative positions while the stock remains in the market-wide position limit framework.

LIC is also scheduled to report earnings today, adding a separate fundamental trigger for the stock.

Pearl Global's board recommended a bonus equity share issue in the ratio of 1:1.

The company also appointed Major General Sandeep Vohra (Retd.) as an additional director in the capacity of whole-time director.

Ion Exchange reported higher revenue for the June quarter, but Ebitda and profit declined as operating margin contracted.

Ion Exchange (Q1, Consolidated YoY)

• Net profit down 91.6% at Rs 4.1 crore versus Rs 48.7 crore.
• Revenue up 20.1% at Rs 700 crore versus Rs 583 crore.
• Ebitda down 49.4% at Rs 31.8 crore versus Rs 62.9 crore.
• Margin at 4.5% versus 10.8%.

United Spirits received an FSSAI order restricting the sale of certain whisky products manufactured at a third-party unit in Madhya Pradesh.

The order relates to alleged non-compliance with labelling requirements.

Citi maintained its Buy rating on Tenneco Clean Air with a target price of Rs 650 after results came marginally ahead of estimates.

The brokerage said commodity cost increases linked to the geopolitical environment affected the quarter. It highlighted an ART division order from a European ATV manufacturer and a CAPT division order from Tenneco America.

Tenneco Clean Air reported revenue and Ebitda growth in the June quarter, while profit declined and operating margin narrowed.

Tenneco Clean Air (Q1, Consolidated YoY)

• Net profit down 1.8% at Rs 165 crore versus Rs 168 crore.
• Revenue up 20.2% at Rs 1,545 crore versus Rs 1,286 crore.
• Ebitda up 7.7% at Rs 247 crore versus Rs 229 crore.
• Margin at 16% versus 17.8%

Macquarie maintained its Outperform rating on Power Grid with a target price of Rs 400 following its June-quarter performance.

The brokerage expects the company's capital expenditure and capitalisation to pick up and highlighted about Rs 1.7 trillion of work in hand. Capex guidance remains a key monitorable.

• Aster DM Quality Care will acquire equity shares worth Rs 40 crore in subsidiary United CIIGMA Institute of Medical Sciences.
• The investment follows the healthcare company's June-quarter earnings.

Aster DM Quality Care reported higher revenue and Ebitda for the June quarter, but net profit declined following a one-time loss.

Aster DM Quality Care (Q1, Consolidated YoY)

• Net profit down 81.2% at Rs 16.1 crore versus Rs 85.5 crore.
• Revenue up 21.6% at Rs 1,311 crore versus Rs 1,078 crore.
• Ebitda up 27.4% at Rs 264 crore versus Rs 207 crore.
• Margin at 20.2% versus 19.2%.
• One-time loss at Rs 114 crore versus loss of Rs 4 crore.

Brokerages highlighted improving operating conditions and the ramp-up of new capacity at Hindalco's Novelis business following its quarterly performance.

Morgan Stanley

• Maintain Overweight with target price of Rs 1,140.
• Core Ebitda was better than expected.
• Oswego recovery, Bay Minette commissioning and cost savings support the outlook.
• Bay Minette ramp-up remains a key medium-term catalyst.

Kotak

• Maintain Buy with target price of Rs 1,120.
• Quarter was in line and operational headwinds are easing.
• Oswego ramp-up remains on track for H2FY27E.
• Bay Minette is expected to contribute from FY28E.

Macquarie

• Maintain Neutral with target price of Rs 1,080.
• Ebitda recorded a modest beat and expansion remains on track.
• Sees upside risk to FY27 and FY28 consolidated Ebitda from higher aluminium prices.
• Slower Novelis ramp-up and weaker aluminium prices remain downside risks.

Biocon reported higher revenue, Ebitda and net profit for the June quarter, while operating margin remained broadly stable.

Biocon (Q1, Consolidated YoY)

• Net profit at Rs 141 crore versus Rs 31.4 crore.
• Revenue up 10% at Rs 4,336 crore versus Rs 3,942 crore.
• Ebitda up 10.6% at Rs 847 crore versus Rs 766 crore.
• Margin at 19.53% versus 19.43%.

GNFC reported higher revenue, Ebitda and net profit for the June quarter, accompanied by a rise in operating margin.

GNFC (Q1, Consolidated YoY)

• Net profit at Rs 312 crore versus Rs 83 crore.
• Revenue up 39.8% at Rs 2,238 crore versus Rs 1,601 crore.
• Ebitda at Rs 393 crore versus Rs 31 crore.
• Margin at 17.6% versus 1.9%.

• RMC Switchgears secured orders worth Rs 344.10 crore, providing a new executable order trigger for the small-cap company.
• The total includes a Rs 333.80 crore mandate from PGVCL for underground cabling.

• Waaree Renewable Technologies secured a 210 MWp, or 150 MWac, engineering, procurement and construction order.
• The contract includes two years of operations and maintenance and is scheduled for execution by FY28.

Brokerages remained divided on Navin Fluorine after its June-quarter earnings and announcement of new capital expenditure.

Jefferies

• Maintain Buy; raise target price to Rs 9,045 from Rs 8,700.
• Strong CDMO and cooling products pipeline and new specialty chemical molecules support medium-term growth.
• Advanced materials capex could provide another growth driver.
• Raised FY27 and FY28 profit estimates by 8% and 4%, respectively.

Citi

• Maintain Sell; raise target price to Rs 7,200 from Rs 6,500.
• Management continues to guide for sustainable Ebitda margin of 31–34%.
• Sees downside risk to R32 pricing over the next year.
• Flags unfavourable risk-reward after the stock's rise over the past year.

• JK Lakshmi Cement plans to invest Rs 3,325 crore to expand its Durg operations, adding clinker and cement grinding capacity.
• The project includes a 2.3 MTPA clinker line, 4.6 MTPA cement grinding capacity and a Rs 325 crore railway siding. Commissioning is targeted by March 2028.

• Arvind closed its qualified institutional placement and allotted 99.01 lakh equity shares to qualified institutional buyers at Rs 505 apiece.
• The issue price represents a 2.62% discount to the floor price of Rs 518.58, with the company raising about Rs 500 crore.

• SIS approved a buyback of up to 22.15 lakh shares, representing 1.57% of its equity, through the open market route.
• The maximum buyback price is Rs 478.5 per share, with an aggregate size of up to Rs 106 crore. The minimum buyback size is Rs 79.5 crore.

• Sterlite Technologies secured a $210 million long-term supply agreement for high-density optical fibre cables.
• The agreement covers supplies during calendar years 2027 to 2029.

• Aurobindo Pharma approved the merger of step-down subsidiaries Eugia Steriles and Eugia SEZ with wholly owned subsidiary Eugia Pharma Specialities.
• The company said the restructuring will simplify the group structure, reduce overheads and capture operational synergies.

Macquarie maintained its Underperform rating on Aurobindo Pharma with a target price of Rs 1,300 after the drugmaker's June-quarter results.

• Lower research and development costs helped deliver a marginal Ebitda beat.
• Geographic performance remained mixed.
• US revenue increased 8% in local-currency terms, supported by volumes and new products.

Aurobindo Pharma reported growth across revenue, Ebitda and profit during the June quarter, while operating margin remained broadly stable.

Aurobindo Pharma (Q1, Consolidated YoY)

• Net profit up 25.2% at Rs 1,033 crore versus Rs 825 crore.
• Revenue up 16.3% at Rs 9,150 crore versus Rs 7,868 crore.
• Ebitda up 17.3% at Rs 1,881 crore versus Rs 1,603 crore.
• Margin at 20.6% versus 20.4%.
• Other income at Rs 264 crore versus Rs 105 crore.

• Gland Pharma entered a long-term strategic partnership with Neuland Laboratories to establish a sterile API manufacturing suite at Visakhapatnam with annual capacity of about 1,400 kg.
• Neuland separately approved Rs 39.8 crore capex to expand manufacturing capacity at its Bonthapally Unit 1 by 18 KL over the next six to seven months and a Rs 40 crore corporate guarantee in favour of Gland Pharma.

Neuland Laboratories reported higher revenue, Ebitda and profit for the June quarter, accompanied by an expansion in operating margin.

Neuland Laboratories (Q1, Consolidated YoY)

• Profit at Rs 147.7 crore versus Rs 14 crore.
• Revenue at Rs 642 crore versus Rs 293 crore.
• Ebitda at Rs 222.9 crore versus Rs 34.5 crore.
• Margin at 34.7% versus 11.8%.

• Cohance Lifesciences' Pashamylaram facility received five Form 483 observations following an inspection by the US Food and Drug Administration.
• The regulatory development comes alongside the company's June-quarter earnings and could keep the pharmaceutical services company on traders' radar.

Cohance Lifesciences drew sharply different brokerage calls after a weak June quarter, even as management expects performance to recover.

Macquarie

• Maintain Outperform with target price of Rs 1,150.
• Q1 performance was materially weaker than expected.
• Revenue declined mainly because of contraction in the Pharma CDMO segment.
• Management expects sequential recovery in Q2 and a return to year-on-year growth in H2.

Jefferies

• Maintain Underperform; raise target price to Rs 350 from Rs 300.
• Results were below estimates as sales declined across all three business divisions.
• Low sales pushed Ebitda close to break-even.
• Sees challenges across divisions and lacks confidence in sustainable near-term growth.

Cohance Lifesciences reported a loss for the June quarter as revenue declined and Ebitda fell to near break-even levels.

Cohance Lifesciences (Q1, Consolidated YoY)

• Net loss at Rs 24.1 crore versus profit of Rs 48.9 crore.
• Revenue down 23.1% at Rs 422 crore versus Rs 549 crore.
• Ebitda down 99% at Rs 1.2 crore versus Rs 112 crore.
• Margin at 0.3% versus 20.4%.

Brokerages differed on PB Fintech's valuation after its June-quarter performance, with target prices ranging from Rs 1,215 to Rs 1,950.

Macquarie

• Maintain Outperform with target price of Rs 1,950.
• Revenue growth remained strong and profitability was in line.
• Renewal business and new initiatives remain on track.

Nomura

• Maintain Neutral with target price of Rs 1,590.
• Q1 beat estimates by 10%.
• Policybazaar and other insurance platforms saw improvement in take rates and contribution margins.
• Paisabazaar's core disbursals picked up, with new product launches planned for August 2026.
• Regulation remains a risk.

Morgan Stanley

• Maintain Underweight with target price of Rs 1,215.
• Adjusted Ebitda margin was in line, while higher revenue drove an adjusted Ebitda beat.
• Flagged valuation and potential regulation on commissions.

PB Fintech reported higher revenue, Ebitda and net profit for the June quarter, with operating margin expanding from the year-ago period.

PB Fintech (Q1, Consolidated YoY)

• Net profit up 91.7% at Rs 163 crore versus Rs 85 crore.
• Revenue up 40% at Rs 1,888 crore versus Rs 1,348 crore.
• Ebitda at Rs 139 crore versus Rs 34 crore.
• Margin at 7.4% versus 2.5%.

Oil India received relief in a long-running Assam land tax dispute after the Supreme Court disposed of the case following the state's decision to withdraw the levy on mineral oil. The disputed demand stood at about Rs 2,484.81 crore for 2005–2024.

The Supreme Court separately directed Oil India to deposit GST on royalty within six weeks.

Cummins India's margin performance has emerged as the key issue for analysts after its June-quarter earnings, while JPMorgan also flagged the managing director's resignation.

JPMorgan

• Maintain Neutral with target price of Rs 5,882.
• Q1FY27 margins were the lowest in the past 10 quarters.
• The brokerage said weak margins and the MD's resignation could weigh on the stock.

Citi

• Maintain Buy with target price of Rs 6,700.
• Margins were below expectations.
• Commodity headwinds and delays in passing through costs had a larger impact.
• Awaits clarity on possible one-off expenditure.

HSBC

• Maintain Buy with target price of Rs 6,500.
• Margin pressure led to an earnings miss.
• Lower margins offset strong execution.
• Management commentary indicated steady momentum across key markets.

Cummins India reported revenue growth in the June quarter, but Ebitda and profit declined as operating margin contracted. Managing Director Shveta Arya has also resigned.

Cummins India (Q1, YoY)

• Net profit down 7.8% at Rs 543 crore versus Rs 589 crore.
• Revenue up 17.5% at Rs 3,426 crore versus Rs 2,916 crore.
• Ebitda down 2.5% at Rs 617 crore versus Rs 633 crore.
• Margin at 18% versus 21.7%

Navin Fluorine International reported higher revenue, Ebitda and profit for the June quarter, while the board also approved fresh capital expenditure for advanced materials.

Navin Fluorine (Q1, Consolidated YoY)

• Revenue up 44% at Rs 1,045 crore versus Rs 725 crore.
• Ebitda up 72.6% at Rs 357 crore versus Rs 207 crore.
• Margin at 34.2% versus 28.5%.
• Net profit at Rs 243 crore versus Rs 117.1 crore.

Separately, the board approved Rs 90 crore capex for advanced material products.

• US President Donald Trump has spoken with Federal Reserve Chair Kevin Warsh several times since Warsh took charge, The Wall Street Journal reported, citing people familiar with the matter.
• Trump has sought Warsh’s views on the economic impact of the Iran war and the growth of artificial intelligence, according to the report.

• The Trump administration plans to impose a 15% tariff on polysilicon derivatives and set minimum import prices for polysilicon, wafers, solar cells and modules, Reuters reported quoting sources familiar with the matter.
• The measures, expected to be announced as early as Thursday, are aimed at countering China’s role in the solar panel and semiconductor supply chains.

• Iran said it had reached an agreement with Oman on a proposed route for vessels using the Strait of Hormuz. The arrangement could allow more energy shipments through the waterway.
• Investors are assessing whether the plan will lead to a sustained increase in vessel traffic and support progress towards a wider agreement between Iran and the US.

• The Dow Jones Industrial Average rose 263.24 points, or 0.49%, to a record close, extending gains for a fifth consecutive session.
• The S&P 500 fell 0.17%, ending a four-session winning streak, while the Nasdaq Composite declined 0.83%.

Dow futures rose 92 points, or 0.2%, while S&P 500 futures gained 0.2%. Nasdaq-100 futures edged lower as investors awaited the next round of corporate earnings.

Brent crude traded near $79 per barrel, while West Texas Intermediate held around $75. Oil prices have fallen about 11% over the first three sessions of the week as prospects of increased shipping through the Strait of Hormuz eased supply concerns.

• South Korea’s Kospi fell 2.05%, while Japan’s Nikkei 225 declined 1.46%. Australia’s ASX 200 gained 0.64%.
• Investors monitored efforts to restore shipping through the Strait of Hormuz and assessed an uneven session on Wall Street.

GIFT Nifty traded at 24,643, about 18 points above the Nifty 50’s Wednesday close of 24,624.65.