Market Highlights

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Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

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September 10, 2025

• Daily Morning Report                       Date: 10.09.2025
• NIFTY OUTLOOK: 24868.60 FII +2050.46 cr DII +83.08 cr
• As discussed yesterday, market behaviour remained on expected lines, as Nifty respected our resistance of 24877. After rallying up to 24891, it closed near resistance at 24868.60.
• A dragonfly doji candlestick pattern appeared on the daily chart, supporting positive sentiment. If Nifty takes out 24918, it may rally up to 24965–25015, and if demand strengthens, it could test 25063.
• However, the pattern near resistance also signals profit booking. On a decisive breakdown of 24820, Nifty may slip to 24772–24723, with chances to test 24675 if supply intensifies.
• Bank Nifty OUTLOOK:
• Spot: 54216.10 PCR: 0.91 Max CE OI: 57000 Max PE OI: 54000
• On 10th September 2025, Bank Nifty closed at 54216.10 (+29.20 / +0.05%). The index moved 271.20 points during the session, making a high of 54350.65 and a low of 54079.45.
• Technical View:
• Key support and resistance levels are placed at 53630 and 54605 respectively.
• Intraday support and resistance are at 54141 and 54265.
• Intraday Strategy:
• Go long above 54290 with SL 54265 and target 54365
• Go short below 54141 with SL 54166 and target 54066
• RSI for Bank Nifty stands at 39.70 (below 30 = oversold, above 70 = overbought).
• Bank nifty Day SMA Analysis:
• Bank nifty is trading above 4 out of 8 SMA’s (5,10,150, 200 Day).
• Bank nifty is trading below 4 out of 8 SMA’s. (20, 30, 50,100 Day)
• One bullish single candlestick Pattern was identified in bank nifty.
• • Inside Uptrend
• ________________________________________________
• Contributed by
• Ashok bhandari : INH000019549
• -------------------------------------xxxxxxx-------------------------------------------------------------------xxxxxxx---------------------------------
• APPLE SHARES DROPS 1.6 % AFTER LAUNCHING NEW IPHONE
• Nifty 50 reported 5% PAT growth in FY25
• Expected to accelerate to 9.9% in FY26 & 16% in FY27
• Nifty 50 trading at fwd P/E of 20.6x (vs 10 yr average of 20.7x)
• Midcap & Smallcap trading at 26x & 25x, premium compared to long term average
• There are several reasons that justify the premium:
• - Strong double digit growth momentum & expectations
• - Significant improvement in cash generation & deleveraging
• - RoE profile for many companies has significantly improved with margin expansion
• Of course, there are exceptions, some pockets where valuations look very expensive
• Still, there remains plenty of bottom up opportunities
• With earnings momentum expected to pick up, broader market could see healthy participation across sectors
• Src: MOFSL
• CBI Arrests Indore's Teerth Gopicon MD Mahesh Kumbhani For Submitting ₹183 Crore Fake Bank Guarantee To Secure Irrigation Projects From Jal Nigam
• #TeerthGopicon
• CBI Arrests Indore's Teerth Gopicon MD Mahesh Kumbhani For Submitting ₹183 Crore Fake Bank Guarantee To Secure Irrigation Projects From Jal Nigam https://share.google/MErunuO0UWRdqz0mo
• HSBC on Insurance
• Growth slowdown as sales postponed
• Individual APE growth for the sector declined 10% MoM
• Suspect deferment of sales in anticipation of GST cuts
• Trends in September 2025 could remain weak
• Individual APE growth should improve from Q3FY26 onwards
• @beatthestreet10
• GS on Amber
• Target Price ₹7330
• Earlier Target ₹6950
• Recommendation Neutral
• Estimate PCB manufacturing can contribute upto 12% of Amber's revenues and 26% of EBITDA by FY30
• Expect Amber to more than double its overall share of the bare PCB market in India
• Export opportunity will be limited
• @beatthestreet10
• CLSA on UltraTech
• Recommendation Outperform
• Target Price ₹13500
• Ultratech was optimistic of a demand recovery in H2 helped by recent government measures
• GST cut must be fully passed through, it provides some headroom for medium term price increase
• Removal of coal cess will reduce cost by Rs 20/t
• Benefit for companies with higher coal proportion in the mix is likely to be higher
• @beatthestreet10
• UBS on Supreme Industries
• Recommendation Sell
• Target Price ₹3500
• Testing times ahead for industry leader
• Multiple challenges ahead
• Bigger growth challenges compared to peers
• Overshooting capex, sluggish return profile and unclear succession
• UBS on Astral
• Target Price ₹1800
• Recommendation Buy
• Consistent performer; an upcycle underway
• Well positioned to deliver strong performance
• Industry tailwinds to support pipes outperformance track record
• Other segments steady; prudent capex to aid FCF and ROCE
• HSBC on Aster DM
• Recommendation Buy
• Target Price ₹680
• Proposed merger of Aster with QCIL on track to close by Q4FY26
• Both entities focusing on operational ramp-up
• QCIL focusing on talent, technology, and infrastructure to drive operational efficiency and higher profitability
• Sustained growth in Kerala and Bengaluru markets key amid rising competition
• MS on Non-Life Insurance
• Industry premium growth rose 2% YoY in August vs. 3% in July and 6% YTD
• Private multi-line players were flat YoY vs. -3% in June and 2% YTD
• Lower growth since October 2024 is partly due to a change in accounting of long-term policies in certain segments
• Standalone Health Insurance players reported 4% YoY growth vs. 10% in July and 9% YTD
• HSBC on Aster DM
• Recommendation Buy
• Target Price ₹680
• Proposed merger of Aster with QCIL on track to close by Q4FY26
• Both entities focusing on operational ramp-up
• QCIL focusing on talent, technology, and infrastructure to drive operational efficiency and higher profitability
• Sustained growth in Kerala and Bengaluru markets key amid rising competition
• YES BANK : RBI APPROVES NOMINEE DIRECTORS FOR YES BANK UNDER SMBC–SBI DEAL
• RBI Approval: Yes Bank gets RBI nod (Sept 9, 2025) for amendments in Articles of Association linked to SPA with SMBC & SBI .
• Board Changes:
• 2 Nominee Directors from SMBC
• 1 Nominee Director from SBI
• Next Step: Appointment effective post completion of SPA transactions; still subject to customary conditions precedent.
• China Aug Data
• China August consumer prices drop 0.4% Y/Y; est. -0.2%
• China August producer prices drop 2.9% year-on-year; estimated -2.9%
• ICICI Pru Life : Decrease in individual APE of 14.7% YoY for Aug-25 (Due to postponement of GST)
• Alert-Bajaj Life, SBI Life, LIC also fell between 4-6% YoY buy HDFC Life was up 0.7%
• FMCG Stocks : Consumer Affairs Ministry issued order
• Allows FMCG companies to display old MRP and labelling till December 31st 2025
• Revised rate with new GST rate rationalization to be displayed with new labelling and packaging.
• MOSL ON ULTRATECH CEMENT
• Target Price: ₹15,200 vs ₹14,600 earlier (Maintain Buy)
• Strengthened market presence in southern region via organic & inorganic expansions
• Domestic grey cement capacity to rise to 212.2 mtpa by FY27 (from 183.4 mtpa in FY25)
• On track to achieve 200 mtpa capacity ahead of schedule; next expansion phase likely soon
• Estimated capacity CAGR ~6% (FY25-28) and volume CAGR ~12% with focus on utilization ramp-up
• Market share seen rising to ~32% by FY28
• Estimated CAGR (FY25-28): Revenue ~14% | EBITDA ~25% | PAT~30%
• Consolidated volume CAGR ~12%; EBITDA/t projected at 1,157 / ₹1,252 / ₹1,286 in FY26/27/28
• Estimated cumulative OCF of ₹52,100 cr (FY26-28) vs 30,600 cr (FY23-25)
• Estimated cumulative FCF of ₹26,600 cr (FY26-28), supported by inorganic growth
• Net debt to peak at ₹17,700 cr in FY25 (1.4x EBITDA); expected to fall to ₹15,500 cr in FY26 (1.2x) and ₹10,000 cr in FY27 (0.6x)
• Sources says India-US officials likely to have an exchange of trade delegations soon - CNBCTV 18
• Indian and US trade officials likely to have an in September
• person meeting later in #September
• Strong desire on the part of India and US to fast track trade negotiations
• Trade negotiations are back on track and efforts are on to find common ground soon
• Expect both sides to hold early meetings to resolve trade related issued
• JPMorgan on Capital Goods
• Pockets of opportunity amidst a capex breather
• Capex set to grow at about 10-11% over medium term
• Stock prices factoring in a large part of that deceleration
• A 10% growth environment offers pockets of opportunity for healthy earnings growth
• Stick to growth and visibility: Prefer L&T, CG Power, Cummins and Thermax
• Trading multiples are now cheaper
• Thermax - Initiate Overweight with TP of Rs 3869
• Cummins - Initiate Overweight with TP of Rs 4649
• CG Power - Initiate Overweight with TP of Rs 840
• Praj Industries - Initiate Neutral with TP of Rs 403
• ABB - Initiate Neutral with TP of Rs 5639
• Siemens - Initiate Underweight with TP of Rs 2795
• BHEL - Initiate Underweight with TP of Rs 185
• Avanti Feeds, Shrimp Stocks : Government
• India's Seafood export sector gets major boost
• EU lists 102 New Fishery Establishments for export from India
• In 2025, 102 new establishments added to the EU-approved list for fishery exports
• Strengthens India's position as a trusted supplier of high-quality seafood
• Jubilant Ingrevia : Aiming for 3x revenue growth and 4x EBITDA growth by FY30
• https://x.com/BeatTheStreet10/status/1965274045538242574?t=WVe68ahBmdDpdbJTP3WuLw&s=19
• Urban Company - A sticky nature of business
• Derives 81% of the revenue from repeat customers
• https://x.com/BeatTheStreet10/status/1965361312159993996?t=BIHmKsgi_db-9WyvYOhQaQ&s=19
• Supreme Court will hear Trump tariffs case on fast track
• https://www.cnbc.com/2025/09/09/trump-tariffs-trade-supreme-court-.html?__source=androidappshare
• NUVAMA ON LIFE INSURANCE
• Private life insurers' individual APE growth was flat at 1.3% YoY in Aug 25
• LIC reported a 5.1% YoY decline in individual APE
• Demand slowed in Aug'25 as buyers awaited a GST rate cut
• FY26TD private insurers' individual APE market share rose to 70.4% (+216 bps YoY)
• AMLI gained +85 bps YoY market share; HDFCLIFE gained +74 bps YoY
• GST exemption to support demand in long term
• In short term, insurers must rework pricing, processes, and absorb/pass margin impact from ITC loss
• Margins likely under pressure; SBILIFE expected least affected
• Top Picks: HDFCLIFE (target price ₹920) & SBILIFE (target price ₹2,250)
• IPRU: Trading at 1.6x/1.4x FY26E/27E P/EV; Buy, target price ₹770
• MAXF: Trading at 2.3x/1.9x FY26E/27E P/EV; Buy, target price ₹1,870
• BJFIN: Hold with target price ₹2,190
• A Federal judge on Tuesday night blocked President Donald Trump from firing Federal Reserve Board Governor LisaCook as her lawsuit challenging her termination plays out - CNBCTV 18
• PM MODI Says India and the US are close friends and natural partners - CNBCTV 18
• I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership
• He adds that he’s looking looking forward to speaking with President Trump
• UBS On Pipe Companies
• Initiate Buy On Astral, Target Price At ₹1,800/Sh
• Initiate Sell On Supreme Ind, Target Price At ₹3,500/Sh
• Expect Plastic Pipe Sales Volume Recovery In H2 FY26
• Expect High Single-digit Sector Sales Volume Growth In FY27
• PVC Prices May Rebound From Bottom On China's Anti-involution Push
• PVC Prices May Rebound From Indian Measures Like BIS, Anti-Dumping Duties
• BLUE CLOUD SOFTECH : CO. SIGNS LOI TO ACQUIRE 3P VISION – DEFENSE TECH PUSH
• Deal Signed: LOI to acquire 3P Vision, a defense tech firm specializing in AI, drones & surveillance.
• ????️ Tech Capabilities:
• AI-enabled surveillance cameras for real-time monitoring.
• Autonomous drones for live threat neutralization.
• Multi-sensor integration (radar, optics, ground sensors).
• Tethered drone tech to resist jamming & GPS denial.
• Strategic Goal: Boost India’s AI-driven defense & homeland security ecosystem.
• JPM on Industrials & Electric
• India’s capex growth is now bottoming out at 10% after posting a strong 18-20% growth in years post Covid
• Deceleration in growth is due to a slowdown in government capex & due to heightened caution in private sector
• While high growth (20%+) seen post COVID-19 is unlikely anytime soon, believe 10-11% growth in capex is very much achievable & sustainable
• Prefer industrial names with stronger tailwinds & optionality (CG Power), strong & diversified end markets (Cummins India), & possibility of an uptick in margins (Thermax)
• Initiate Neutral on ABB India – TP Rs 5639
• Initiate OW on Siemens – TP Rs 2795
• Initiate UW on BHEL – TP Rs 185
• Preference in industrials is L&T, CG Power, Cummins India & Thermax
• Nomura on Cummins
• Buy, TP Rs 4500
• Cost efficiencies being ingrained in growth ethos
• Raise FY27-28F EBITDA by 2%
• Est. 18% PAT CAGR over FY25-28F with RoE of 33%
• BESS to further bolster value proposition of KKC’s product offerings
• Buoyant demand outlook; expectation of private capex revival led by GST cuts
• Jefferies On Life Insurance
• In August 2025, Retail APE Fell 1% YoY Vs July's 10% Rise
• Softer Trends For Private Players And LIC
• Weakness Due To Lower ULIP Sales And Postponement Ahead Of GST Cuts
• Axis Max Life Led With 16% YoY Growth While HDFC Life, SBI Life & ICICI Pru Weakened
• CLSA On Life Insurance
• Axis Max Life Reported Healthy Growth In Total APE While HDFC Life & SBI Life Rose 1-3%
• ICICI Pru Life Reported 9% YoY Decline In Total APE
• Expect Demand To Pick Up Once New Rates Take Effect On September 22, 2025
• NUVAMA ON BERGER PAINTS
• Target Price: ₹670 (Maintain Buy)
• Fundamentals remain intact despite Q2 blip
• Market share at 21.2%, up 230 bps since FY22
• Increased investments in value-added products to boost penetration and brand differentiation
• Accelerated urban expansion via franchise stores, contract partnerships, and on-ground teams
• Dealer sentiment cooling as euphoria around new players fades.
• Expect gradual normalisation of competitive intensity from new entrants
• Despite demand hit in Q2FY26 due to heavy rains, recovery expected from H2FY26 onwards
• CLSA on L&T
• O-P TP Rs 4320
• Conf feedback
• Optimistic on meeting its guidance in FY26, as it had a good start with 1Q E&C orders up 41 %YoY, PAT up 31% YoY and 230bps YoY ROE expansion
• Capex cycle has begun well for L&T with govt doubling capex over FY19-24 and L&T winning large projects.
• Now L&T is operating on a different plane as a global EPC company with far bigger target market (+64% YTD) to “pick-and-choose” orders helping its medium-term margin.
• A big opportunity for FY26 is spread across 12-15 large US$1bn+ projects in the Middle Eastern (ME) & India, and margin expansion guidance should address market concern
• JPM on Oil & Gas
• IGL has outperformed MAHGL noticeably post-results (c.8% outperformance over one month), yet it faces significantly larger earnings risks in near term, driven by rising domestic gas prices and a depreciating rupee.
• At current prices, unit gross margin for both IGL and MAHGL in 3Q could be c.8-10% lower than in 1Q
• This would imply a c.20% miss in FY26E earnings for IGL, but none for MAHGL.
• IGL’s (UW) recent outperformance could thus offer a good opportunity to switch over to MAHGL (N)
• JPM on Industrials & Electric
• India’s capex growth is now bottoming out at 10% after posting a strong 18-20% growth in years post Covid
• Deceleration in growth is due to a slowdown in government capex & due to heightened caution in private sector
• While high growth (20%+) seen post COVID-19 is unlikely anytime soon, believe 10-11% growth in capex is very much achievable & sustainable
• Prefer industrial names with stronger tailwinds & optionality (CG Power), strong & diversified end markets (Cummins India), & possibility of an uptick in margins (Thermax)
• Initiate Neutral on ABB India – TP Rs 5639
• Initiate OW on Siemens – TP Rs 2795
• Initiate UW on BHEL – TP Rs 185
• Preference in industrials is L&T, CG Power, Cummins India & Thermax
• ORACLE FINANCIALS SERVICES ; Global arm Oracle jumps 27%- Company now sees $144 billion in cloud infrastructure revenue in the 2030 fiscal year, up from $10.3 billion in fiscal 2025-earnings miss estimates
• Indian arm-reports of firing 100 employees
• Note-In business model there is not much correlation between the two
• TATA POWER MD TO ET NOW
• Already have 5,400 EV chargers, have plans to expand to 10,000 chargers
• 90-95% of chargers will be renewables in future
• Objective is to provide fast charger to EV users by latest EV charging hub
• We have around 1.50 lakh home chargers
• Expansion of charging points will be need-based and usage-based
• MTAR TECH: CO SECURES RUPEES 386 CR ORDERS FROM BLOOM ENERGY IN CLEAN ENERGY SECTOR
• BRIGHTCOM: CO FORMS A STRATEGIC PARTNERSHIP WITH US-BASED DEFENCE MANUFACTURER CQT WEAPON SYSTEMS TO COLLABORATE ON DEVELOPMENT OF ADVANCED DEFENCE SOLUTIONS
• KOTAK MAHINDRA BANK : LARGE TRADE
• 24.7 Lk Shares Change Hands In A Pre-Market Large Trade
• 73 Lk Shares Change Hands In Multiple Pre-Market Large Trades At ₹1,940.8 Apiece
• KOTAK MAHINDRA BANK : LARGE TRADE
• 1.6 Cr Shares Change Hands In Another Pre-Market Large Trade At ₹1,940.8 Apiece
• Anand Rathi on Dev X IPO
• https://www.business-standard.com/markets/news/dev-accelerator-ipo-review-gmp-subscription-status-details-should-you-invest-125091000135_1.html
• According to analysts at Anand Rathi, Dev Accelerator is positioning itself as a leading managed space operator in Tier-2 cities. With operations in four of the top seven Tier-1 markets and a strong presence across six Tier-2 locations, it consistently achieves high occupancy through quality service and strategic site selection.
• TEXTILES STOCKS UP AS TRUMP SIGNALS NEGOTIATIONS WITH INDIA
• KOTAK BANK UP 1.3 % AFTER BLOCK DEAL
• NIRMAL BANG ON AAVAS FINANCIERS
• Target Price: Rs 1,900 (Upgrade to Buy from Hold)
• Outlook: Expect stability and growth with CVC Capital Partners' entry
• AUM Growth Guidance: FY26 - 18%; FY27-20-22%
• Strategic Expansion: Focused on long-term growth, especially in Southern India
• Financial Health: Improving asset quality with a decrease in 1-plus DPD
• CVC Involvement: Acquired 49% stake and actively managing six projects to enhance efficiency and productivity
• Valuation: 2.6x Jun-27E ABV → Target Price Rs 1,900
• Recommendation: Following recent stock correction and expected improvement in growth and profitability, rating upgraded to Buy from Hold
• Double upgrade on Indus Tower from Kotak Inst Eqt today
• Upgrade to Buy from Sell, TP raised to Rs 400 from Rs 365
• Believe concerns around uncertainty in payout & capital allocations with its African foray are overdone
• Expect a gradual uptrend in tenancy ratio to drive 8/10.5% EBITDA/EPS CAGRs over FY2025-28E
• Indus should resume dividends (90% payout, 7% yield) in FY2026E
• Stock trades at an attractive 6.4X EV/EBITDA & 7.1% FCF yield in FY2027E
• NIRMAL BANG ON AAVAS FINANCIERS
• Target Price: Rs 1,900 (Upgrade to Buy from Hold)
• Outlook: Expect stability and growth with CVC Capital Partners' entry
• AUM Growth Guidance: FY26 - 18%; FY27-20-22%
• Strategic Expansion: Focused on long-term growth, especially in Southern India
• Financial Health: Improving asset quality with a decrease in 1-plus DPD
• CVC Involvement: Acquired 49% stake and actively managing six projects to enhance efficiency and productivity
• Valuation: 2.6x Jun-27E ABV → Target Price Rs 1,900
• Recommendation: Following recent stock correction and expected improvement in growth and profitability, rating upgraded to Buy from Hold
• GST benefits in H2 will more than offset the Nepal impact
• Asian Paints and Berger Paints remain preferred picks
• Expect mid-to-high single-digit growth in H2 for paints; Q2 growth likely to remain similar to Q1
• NUVAMA Says Expect food categories and HPC to see a boost in H2FY26 19.5
• Varun Beverages derives ~3% of its business from Nepal; expect minimal impact
• Expect a low single-digit impact at best on FMCG companies with exposure to Nepal
• Biscuits, snacks, toothpaste, and HPC are set to benefit from the GST cut
• INSURANCE STOCKS : Sources Say Insurance Co's CEOs To Meet Fin Min Officials Today From 10-11:30 am
• Insurance Cos To Present Their Demand w.r.t GST Changes - CNBCTV18
• CARTRADE TECH:
• GST REDUCTION EXPECTED TO BOOST AUTO DEMAND; OVER 25% INCREASE IN CONSUMER TRAFFIC ON CARWALE AND BIKEWALE; POSITIVE IMPACT ON TRANSACTION VOLUMES FOR NEW AND USED VEHICLES.