Stock Market Live: GIFT Nifty Indicates Muted Open For Nifty, Sensex; Brent Crude Remains Elevated Near $89 A Barrel

Man Industries reported sharp year-on-year growth in revenue and EBITDA, with margin expanding from the year-ago quarter.

Man Industries (Q1 FY27, Consolidated YoY)

• Revenue up 41.9% to Rs 1,053 crore versus Rs 742 crore.
• EBITDA up 89.2% to Rs 143 crore versus Rs 75.8 crore.
• EBITDA margin at 13.6% versus 10.2%.
• Net profit at Rs 61.4 crore versus Rs 27.6 crore.

TD Power Systems reported strong Q1 growth across revenue, EBITDA and net profit, with EBITDA margin also improving marginally.

TD Power Systems (Q1 FY27, Consolidated YoY)

• Revenue up 72% to Rs 640 crore versus Rs 372 crore.
• EBITDA up 74.9% to Rs 121.4 crore versus Rs 69.4 crore.
• EBITDA margin at 19% versus 18.7%.
• Net profit up 72% to Rs 86 crore versus Rs 50 crore.

S.P. Apparels approved a stock split alongside its Q1 earnings, adding a corporate-action trigger for investors.

S.P. Apparels (Q1 FY27, Consolidated YoY)

• Revenue down 0.6% to Rs 401.1 crore versus Rs 403.4 crore.
• EBITDA up 16.1% to Rs 61.4 crore versus Rs 52.9 crore.
• EBITDA margin at 15.3% versus 13.1%.
• Net profit up 20.3% to Rs 24.9 crore versus Rs 20.7 crore.

• Bandhan Bank and Steel Authority of India are in the F&O ban period for the trading session.
• Securities in the ban period are Bandhan Bank and SAIL

• The 24,000 strike has the highest Put open interest for the August 18 Nifty expiry, making it a key derivatives level.
• Maximum Put open interest stands at 24,000 for the August 18 expiry.

• Options positioning points to 25,000 as the largest Call open-interest zone for the August 18 expiry.
• Nifty options for the August 18 expiry show maximum Call open interest at 25,000.

• Nifty August futures were trading below the previous session's level but retained a premium over the cash index ahead of the market opening.
• Nifty August futures down 0.55% to 24,525.10 at a premium of 53 points.

Citi retained its Buy rating on Vodafone Idea after an operating beat and improving funding visibility.

• Rating: Buy
• Target price: Rs 17.
• Q1FY27 operating performance was ahead.
• Funding overhang has eased.
• Capex visibility has improved.
• Focus will shift to network rollout and execution as funding constraints ease.

Kotak Securities retained its Sell rating on MRF as higher crude oil and rubber prices could constrain margins.

• Rating: Sell
• Target price: Rs 125000.
• Commodity headwinds continue to weigh on margins.
• Uptick in crude oil and rubber prices will limit upside.
• MRF's growth trajectory is expected to largely track industry growth.

Kotak Securities retained its Buy rating on Bandhan Bank and said credit costs could drive improvement in return on assets.

• Rating: Buy
• Target price: Rs 235.
• Management has taken a cautious stance on microfinance growth amid near-term macro uncertainty.
• Investments to build a sustainable franchise will continue.
• Credit cost could be a key driver of RoA improvement.

Macquarie said proposed healthcare policy changes are more interventionist than earlier discussions and reiterated negative calls on two hospital operators.

• Greater pricing oversight is expected alongside support for capex-intensive infrastructure.
• The report highlights private healthcare as a major source of out-of-pocket expenditure and affordability concerns.
• Macquarie reiterated Underperform ratings on Apollo Hospitals and Max Healthcare.

Brokerages highlighted robust ordering at Siemens but flagged weak profitability and margin pressure.

Citi

• Rating: Neutral
• Target price: Rs 3875.
• Q1 orders were robust while profitability was weak.
• Margins were weaker than expected due to commodity inflation and forex volatility.
• Base order momentum remains strong.
• Margin expansion could emerge gradually as price hikes reflect in earnings.

HSBC

• Rating: Hold
• Target price: Rs 3540.
• Strong performance on ordering and execution.
• Margins remain elusive.
• Profitability is under pressure from higher input costs and INR depreciation.

JPMorgan

• Rating: Underweight
• Target price: Rs 3334.
• Healthy order inflows indicate good demand conditions.
• Sequential improvement in Digital Industries EBIT margin was positive.
• Continuing EBITDA margin compression remains a key negative.

JPMorgan and Nomura retained Neutral ratings on Amara Raja but raised their target prices after the Q1 margin miss.

JPMorgan

• Rating: Neutral
• Target price raised to Rs 1070 from Rs 985.
• Margin miss was led by higher brand promotion expenses, increased warranty provisioning, manufacturing upgrade expenses and elevated freight/fuel costs.
• Some costs could continue in the near term before gradually normalising.
• Margins likely bottomed out in Q1.
• BESS commentary could be viewed positively.
• 5GWh facility operations are set to commence in Q3FY27.

Nomura

• Rating: Neutral
• Target price raised to Rs 1048 from Rs 942.
• Lead acid margins are expected to improve.
• New business margins remain a key monitorable.
• Success of the new energy business is key for a re-rating.

Nomura downgraded Lloyds Metals as valuation concerns increase despite execution remaining on track.

• Rating downgraded to Neutral from Buy.
• Target price cut to Rs 1950 from Rs 2050.
• Valuation has caught up.
• Much of the growth story is priced in.
• Earnings visibility is improving, but valuation is becoming less compelling.
• Q1FY27 EBITDA beat was driven by higher realisations and improved mix.
• Non-ferrous adds medium-term optionality.

Brokerages retained divergent views on Zydus Lifesciences despite an operational beat and maintained FY27 guidance.

Citi

• Rating: Sell
• Target price raised to Rs 1040 from Rs 900.
• India outperformance and Mirabegron resilience drove the Q1 beat.
• Management reiterated FY27 guidance of double-digit revenue growth and 24% margin.

Macquarie

• Rating: Outperform
• Target price: Rs 1285.
• Operational beat with FY27 guidance maintained.
• Consumer business expected to deliver double-digit growth in FY27.

Investec

• Rating: Sell
• Target price raised to Rs 1090 from Rs 1000.
• US business is investing for the next leg.
• Acquisitions are being pursued ahead of synergies.
• Innovation remains a long-term growth driver.
• India growth momentum continues.

Jefferies raised its target price on Finolex Cables after a strong Q1 performance and expects margin benefits from backward integration.

• Rating: Buy
• Target price raised to Rs 1410 from Rs 1200.
• Q1 posted a strong beat.
• Electricals' C&W sales and EBIT growth was driven by multiple price hikes in the last 12 months.
• Key margin swing was in Communication, mainly optical fibre cable prices and volumes.
• Margin benefit from backward integration can accrue from Q3FY27.
• FMEG sustains positive EBIT.

Brokerages flagged near-term sentiment risks for Godrej Consumer Products after the unexpected CEO change, although they differed on the stock's valuation.

Citi

• Rating: Buy
• Target price: Rs 1350
• Sudden CEO exit likely to weigh on sentiment.
• Focus shifts to execution, leadership appointments and market share gains.

Morgan Stanley

• Rating: Equal-weight
• Target price: Rs 1204
• CEO change is a material negative for the stock multiple.
• Market will await clarity on the new India CEO and delivery under the new management.

JPMorgan

• Rating: Overweight
• Target price: Rs 1175
• Surprise CEO resignation creates short-term uncertainty.
• Internal succession reduces the probability of execution disruption.

Jefferies said the parliamentary committee's report on hospitals could create near-term uncertainty, but sees limited earnings risk for hospital operators.

• Proposals will now undergo consultations with hospitals and are likely to face push back.
• Jefferies sees limited earnings risk for hospital operators.
• Any sector-led correction should be viewed as a buying opportunity.

• Glenmark’s US arm has agreed to pay $15.28 million to settle three complaints filed by Humana, the company said in an exchange filing. The arm denied allegations of price-fixing and market allocation, and the settlement does not include an admission of wrongdoing.
• The allegations date back to 2016. Glenmark’s US arm has been named in more than 35 complaints.

US President Donald Trump told reporters at Joint Base Andrews that developments involving Iran were progressing and that the US controlled the Strait of Hormuz. He also said he follows guidance from the Secret Service and the military.

• The US administration is considering asking Congress to index capital gains for inflation and exempt certain home sales worth up to $2 million from the tax, Bloomberg reported.
• National Economic Council Director Kevin Hassett said more policy proposals could be announced before the November midterm election.

• The Himachal Pradesh government has imposed a Widow and Orphan Cess of 60 paise per litre on petrol and high-speed diesel from midnight on August 11.
• The levy will be collected at the first point of sale within the state. The Council of Ministers approved the cess.

Dow Jones futures rose 22 points, or 0.04%. S&P 500 futures gained 0.07%, while Nasdaq-100 futures advanced 0.08%.

Pakistan’s defence minister said the US and Iran were close to reaching an arrangement over the Strait of Hormuz. Al Jazeera, citing a Qatari Foreign Ministry spokesperson, reported that talks between Iran and Oman had reached an advanced stage.

GIFT Nifty traded at 24,544.50, up 4 points, indicating a flat-to-muted start for the Nifty and Sensex.

South Korea’s Kospi rose 2.02%, while Japan’s Nikkei 225 slipped 0.01%. Australia’s ASX 200 declined 0.40%.

Brent crude traded near $89 a barrel after rising for four consecutive sessions. West Texas Intermediate held around $83 as markets assessed conflicting signals over efforts to restore shipping through the Strait of Hormuz.