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June 24, 2025

Daily Morning Report Date: 24.06.2025
NIFTY OUTLOOK: 24971.90 FII: -1874.38 cr DII: 5591.77 cr
As discussed yesterday, market behaviour remained on expected lines. Nifty opened negatively, slipped to our support at 24865 (made a low of 24825), and bounced back to touch 25057 before closing at 24971.90.
A spinning top candlestick on the daily chart indicates volatility and indecision in market direction.
For upside, if Nifty crosses 25035, bulls may attempt to push it toward 25098–25161. If demand increases, it may test 25225.
On the downside, a decisive break below 24908 may lead to further decline toward 24845–24783. If supply pressure increases, it may test 24720.
Bank Nifty OUTLOOK:
SPOT: 56059.35 PCR: 0.84 Max CE OI: 56000 Max PE OI: 56000
On 23rd June 2025, Bank Nifty closed at 56059.35, down 0.34% from the previous day.
The index moved 454.30 points during the session, hitting a high of 56233.55 and a low of 55779.25.
Technical View on Daily Chart:
Key support and resistance levels are 55740 and 56520 respectively.
Intraday Strategy:
Go Long above 56190 with a stop loss of 56100 and a target between 56350–56500.
Go Short below 55950 with a stop loss of 56050 and a target between 55800–55600.
The RSI is at 55.30; below 30 is considered oversold, above 70 overbought.
Bank Nifty Day SMA Analysis:
Bank Nifty is trading above all 8 SMA levels (5, 10, 20, 30, 50, 100, 150, 200).
One bullish candlestick pattern was identified.
• Inside Uptrend
Macros.
1. Dollar index @ 97.735
2. Vix @ 19.83
3. Crude @ 68.69
4.10 years US bond @ 4.341
Note:
U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he called "THE 12 DAY WAR." Reuters reported that Tehran had agreed to the ceasefire, citing a senior Iranian official, though no official confirmation has come from either Iran or Israel.
However, media reports suggest fighting is still ongoing. Trump also indicated that both sides will complete their “in-progress, final missions” before the ceasefire takes full effect.
Despite the ceasefire announcement, Iran has once again retaliated in Israel. The situation remains fluid, and today’s developments will be crucial in determining the actual status of the ceasefire.
Contributed by
Ashok bhandari : INH000019549
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S&P Global Ratings raises forecast for India’s GDP growth to 6.5% for 2025 from 6.3% previously, assuming a normal monsoon, lower crude oil prices, income-tax concessions and monetary easing - CNBCTV 18
@beatthestreet10
IRAN FOREIGN MINISTER Says Israel launched war on Iran, not the other way around - NDTV PROFIT
As of now, there is no agreement on any ceasefire or cessation of military operations
No intention to continue our response if Israel stops aggression no later than 4 am Tehran time
The final decision on the cessation of our military operations will be made later
@beatthestreet10
JP Morgan On BEL
Maintain Overweight; Hike target price to Rs 490 from Rs 445
Steady stream of orders & elevated geopolitical risk to lead to outperformance
Margins may not go down anytime soon
Diversified business should lead to consistent performance
Civilian and export opportunities provide optionality
Jefferies On Defence
India's defence spend rose 25% year-on-year in March 2025 to achieve the FY25 revised estimate of 3% growth
FY26 defence capex started on a strong note with 122% year-on-year rise in April
Post 'Operation Sindoor' in May 2025, government focused on putting India-made defence equipment on the global stage for higher export opportunity
HAL, Data Patterns are our top picks followed by BEL
@beatthestreet10
Jefferies On Dr Reddy
Maintain Underperform with target price of Rs 1,010
Despite price increase in Russia and India, the global generics business saw 7% year-on-year decrease in sales prices
This could be attributed to price erosion in the US, Europe, and select RoW markets
Field force expansion in India and Russia continues
Jefferies On Consumer Fin
May 2025 Ind Credit Card Spend Growth Moderated MoM
Card Volume Growth Stable At 7.5% YoY
SBI Card Spend Up 23% YoY, Market Share Rose To 17%
Card Volume Growth For SBI Card At 10% YoY, Cautious On New Additions
Axis Gained MoM Spending Share; HDFC Bank & ICICI Bank Lost Share
Retain Hold On SBI Cards
Emkay On Metro Brands
Reiterates BUY with target price of Rs 1,400
Leveraging its strong balance sheet and best-in-class retail pedigree
Prudently plugging portfolio gaps and remains a platform of choice for third-party brands looking to enter India
Metro's long-term financial discipline grants confidence that Metro deserves superlative valuations
MARATHON NEXTGEN : Launches QIP to raise Rs 900 crore
Indicative Issue Price - Rs 555 - 12% discount to CMP
Company to issue 1.6 crore equity shares – 31.7% of pre-issue equity
Funds to be used for investment in subsidiaries, debt repayment and acquisition of land or development rights
Investment In Subsidiaries - Rs 160 crore
Debt repayment – Rs 340 crore -
Acquisition of land and/or development rights -Rs 300 crore
Jefferies On Aviation
Recent Air India Boeing 787 crash comes at a critical juncture in the company's 5-yr turnaround journey
Believe IndiGo is well-positioned to consolidate leadership especially in the high-frequency domestic and the emerging regional international routes
Believe near-term market share gains, especially in premium short-haul and metro-heavy corporate travel, could accrue to IndiGo
S&P Global Ratings raises forecast for India’s GDP growth to 6.5% for 2025 from 6.3% previously, assuming a normal monsoon, lower crude oil prices, income-tax concessions and monetary easing - CNBCTV 18
HSBC On Aurobindo Pharma
Maintain Buy; Cut target price to Rs 1,290 from Rs 1,415
Believe Aurobindo remains prepared to sustain its US sales growth despite potential US tariffs and Revlimid cliff
Expect scale-up of supplies from new plants and resumption of Pen G plant to drive growth
Resumption of operations at the Pen G plant a likely catalyst
HSBC ON ARGO INPUTS
Early Sowing Trends Encouraging, Likely To Continue With Monsoon Pick-up In H2 June
Fundamentals Positive, Supporting Strong H1FY26 Outlook If Rainfall Holds
Maintain Buy On UPL & Dhanuka Agritech, Hold On Bayer Corp & Reduce On Rallis India
Kotak Inst Eqt on KPIT Tech
Sell, TP Rs 1000
Co provided mid-qtr update:
deal pipeline remains strong in Europe, but outlook in US & Asia remains uncertain
deal conversion timelines remain elongated & much slower than expected
rev conversion from closed deals progressed at a slower-than-expected rate
some cannibalization of programs due to reprioritization & constrained budgets.
Cut FY2026-28E earnings by 3-4%.
JPM on KPIT Tech
OW, TP Rs 1500
Cos mid-qtr update not encouraging
deal rampups at a much slower pace vs what was expected in April
pipeline conversion to deals is also going slow
Cut organic growth by 4% in FY26
Also cut FY26-28E CAGR from 16.5% to 14.5%
Jefferies On Consumer Fin
May 2025 Ind Credit Card Spend Growth Moderated MoM
Card Volume Growth Stable At 7.5% YoY
SBI Card Spend Up 23% YoY, Market Share Rose To 17%
Card Volume Growth For SBI Card At 10% YoY, Cautious On New Additions
Axis Gained MoM Spending Share; HDFC Bank & ICICI Bank Lost Share
Retain Hold On SBI Cards
Sources says Hyundai's Chennai plant ops not impacted due to ongoing wage negotiations with workers - CNBCTV 18
Hyundai & co's recognised workers union UUHE likely to arrive at an agmt on long-term Wage settlement soon
CPI(M) affiliated Centre of Indian Trade Unions has demanded that their union- HMIEU - should be recognised by co
Alert: HMIL spokesperson says, currently engaged in ongoing discussions with union representatives recognized by Labour Department Tamil Nadu government
NUVAMA ON JSPL
(CMP: ₹909)
MAINTAIN BUY
TARGET PRICE : ₹ 1,193
JSPL's EBITDA Set To Nearly Double By FY27
Volume CAGR To Rise To 19% Over FY25-27 Vs 1% Over FY22-25
FY27 EBITDA Boosted By Lower CoP, Better Mix & Stable Steel Prices
JSPL Earnings To Outperform Peers Over FY25-27
Strong Balance Sheet Supports Outlook
Recent Stock Correction Offers Entry Opportunity Amid Seasonal Weakness
GS on Page Ind
Initiate Buy, TP Rs 52000
Co’s outer wear segment to recover, aided by EBO network acceleration & new on-trend launches
Poised for return to sustainable mid-teens growth after a long disruptive period
CLSA on FSN ECOM (Nykaa)
Initiate O-P, TP Rs 229
While stk expensive(@125x, FY27CL PE), see its underperformance since listing as overdone
Nykaa’s improving profitability should lead to higher investor confidence
Expect Ebitda margins to expand 310bps between FY25-FY28CL
Morgan Stanley On SBI Cards
Maintain Equal-weight with target price of Rs 775
May spend market share increased month-on-month to 17.1%
May spending increased 10.1% month-on-month for SBI Cards
Could be a benefit from acceleration in corporate spending
ADANI ENT : Adani Airports secures $1 billion financing from global investors for mumbai international airport - NDTV PROFIT
This is India's first investment-grade private bond issuance in airport industry
ACME Solar: commissions full 300 MW solar project in Sikar, raising operational capacity to 2,890 MW.
Also completes maiden 50 MW wind project in Gujarat, marking entry into wind energy.
Total portfolio now stands at 6,970 MW, including 4,080 MW under development.
HSBC on Phoenix Mills
Hold, TP Rs 1850
Multiple refreshes in legacy malls set to impact FY26 earnings but set the scene for growth into FY27-28
Longer term, metamorphosis into a successful mixed-use developer will be key to stock performance
HSBC on Ujjivan SFB
Buy, TP Rs 61
NDR takeaways ;
Investors were interested in evolving trends in mfi, diversification strategy & path to universal banking license
Management reiterated its focus on growing secured loans, strengthening collections, & staying in investment mode
PIRAMAL ENTERPRISES:
Motilal Oswal maintains *Neutral* with a revised target of ₹1,250 (from ₹1,085).
PIEL plans to halve its wholesale loan book in a year. Earnings stability expected to improve. Modest FY27E RoA/RoE of 1.9%/8%. NIM expansion, opex moderation, and stable asset quality seen. Lending business valued at 0.8x FY27E P/BV.
Iran's IRIB: New Iran missile barrage launched towards Israel
BIOCON:
Biocon Biologics and NCSM launch a Patient Assistance Program in Malaysia to expand access to biosimilars for underserved cancer patients.
Initial rollout includes Trastuzumab, with Pegfilgrastim and Bevacizumab to follow. The MoU was signed during Malaysia’s National Cancer Congress 2025, reinforcing Biocon’s global healthcare and ESG commitments.
TITAGARH RAIL SYSTEMS:
Antique maintains *Buy* with a target of ₹1,099 (26x FY27E EPS).
TRSL eyes growth via passenger rail systems, with execution momentum building from 2HFY26. Freight segment supply issues to ease by July 2025. New ventures include wheelsets (from FY27), shipbuilding expansion, and safety-signaling systems with Italy’s Mermec. JV with RK Forging under evaluation.
TAMILNADU PETROPRODUCTS:
India imposes a 5-year anti-dumping duty on LAB imports from Iran and Qatar.
As the sole domestic LAB manufacturer, TPL stands to benefit from reduced import competition. The move may enhance its pricing power, drive volume growth, and support margin expansion, strengthening its market position and competitiveness.
QUICK HEAL ; 33 LKH SHARES EXCHANGED VIA BLOCK DEAL
VODA IDEA:
Government may offer relief to Vodafone Idea on ₹84,000 crore AGR dues, per ET report.
Options being explored include extended repayment timelines and revised interest terms. The move aims to safeguard government investment and avert Vi’s collapse, as the company faces significant repayment obligations in the near future.
OMCs UP MORE THAN 3 % ON SHARP FALL IN CRUDE OIL ( DOWN 7 % OVERNIGHT )
QUICK HEAL + 3.8 % AFTER BLOCK DEAL
Market opens higher, frontline indices up nearly 1% each after #IsraelIranCeasefire announcement by Trump
OMCs jumps; ONGC, OIL start in the red
VIP IND:
Multiples PE and 360 One may acquire a 26% stake in VIP Industries, likely triggering an open offer, per Mint report.
The potential deal is linked to the Piramal family’s exit. It reflects strong investor interest in the premium luggage segment and may drive governance, growth, and operational changes.
QUICK HEAL ; 33.19 Lk Shares (6% Eq) Worth Rs 120.2 Cr Change Hands At Rs 362/sh In Block Deal Window
KPIT FALLS 5 % ON NEGATIVE MANAGEMENT COMMENTARY
NTPC : 0.90 % EQUITY EXCHANGED VIA BLOCK DEAL
DEFENCE STOCKS TRADES LOWER
VODAFONE IDEA: CENTRE MULLS OPTIONS TO GIVE VI RELIEF ON ₹84,000 CRORE DUES - THE ECONOMIC TIMES
TATA TECH:
Goldman Sachs maintains *Sell* with a target price of ₹550, implying 22% downside.
The brokerage expects a tepid deal conversion environment and near-term growth moderation, delaying business recovery to later in FY26. A weak Q1 performance is anticipated, reflecting ongoing challenges in execution and client decision cycles.
Market trades higher, Nifty hits highest level in 2025
Sambhv Steel Tubes IPO Details and Business Highlights
About
Incorporated in 2018, Sambhv Steel Tubes Ltd manufactures finished products, including ERW black pipes and tubes (hollow section) and Galvanized iron (GI) pipes, using intermediate products such as sponge iron, blooms/slabs, and hot rolled (HR) coil.
Key Points
Product Portfolio:
SSTL is engaged in the manufacturing of electric resistance welded (ERW) steel pipes and structural tubes (hollow sections), including ERW black pipes, pre-galvanized (GP) pipes, Cold Rolled Full Hard (CRFH) pipes, galvanized iron (GI) pipes, and steel door frames. These products are manufactured using in-house produced intermediate materials such as sponge iron, blooms/slabs, hot rolled (HR) coils, cold rolled (CR) mild steel coils, and GP coils.
User Industries:
Housing and infrastructure, water transportation, agriculture, automobile, telecommunications, oil and gas, engineering, solar energy, fire-fighting systems, and support structures of conveyors.
Production Facilities:
The company's manufacturing units are
located in Raipur (Sarora (Tilda) Facility)
and in District Raipur, Chhattisgarh (Kuthrel Facility). These are ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 50001
:2018 certified and have an installed
capacity of 16.98 Lac MTPA
Expansion:
As of March 31st, 2025, the company increased the installed capacity of:
a) Sponge iron to 2.80 Lac MTPA
b) HR coil to 3.90 Lac MTPA
c) ERW and GI pipes to 3.50 Lac MTPA
d) Captive power plant to 25 MW
e) Allocated the installed capacity of blooms /slabs for mild steel to 3 Lac MTPA
Upcoming Greenfield Expansion:
On June 9th, 2025, the company approved
to commission a Greenfield manufacturing facility located in Village Kesda, Chhattisgarh.
The facility will be operated by its subsidiary, Sambhv Tubes Pvt Ltd, and is projected to
add an installed capacity of approximately
1.20 million MTPA of finished products,
to be implemented in three phases.
Capacity Utilization - FY25:
Sponge Iron ~89.03%,
Blooms/ Slabs ~85.08%,
Bloom/ Slabs with argon oxygen ~47.08%, Narrow width HR coils ~57.87%,
Narrow width HR coils (Stainless Steel)~42.15%,
Cold rolled coils ~17.96%,
ERW black pipes and tubes ~70.55%,
Pre-Galvanized (GP) pipes ~36.99%
Distribution Network:
The company has 37 distinct distributors,
with two distributors distributing through
6 branches in 15 states and 1 UT, taking the
total distributor network to 43. These distributors in tur,n distribute the finished products to over 700 dealers in India. The company has a presence in Chhattisgarh, Maharashtra, Gujarat, Haryana, Rajasthan, Uttar Pradesh, Madhya Pradesh, and Telangana
Market Share:
In FY24, the company had a 2% market share in the domestic ERW pipes segment in terms of sales volume.
Region wise Revenue Split - FY24:
West India ~30.05%,
North India ~21.96%,
East India ~7.53%,
South India ~7.52%
Revenue Contribution - FY24:
Distributors ~63.83%,
Direct Customers ~36.17%
IPO & Listing:
The company came up with an IPO of its Equity Shares, aggregating to Rs. 540 Crore, and lists on BSE and NSE on July 2nd 2025
Guided to grow: Inside the FY26 playbooks of India’s fast-growing companies:
https://upstox.com/news/upstox-originals/earnings/guided-to-grow-inside-the-fy-26-playbooks-of-india-s-fast-growing-companies/article-174729/
MCX:
ICICI Securities maintains *Add* and raises target price to ₹8,800 from ₹6,138.
Upbeat on strong volume growth and new product launches. FY27 EPS estimate revised to ₹190.9 from ₹146.6. Options premium ADTV rose 33% YoY to ₹4,130 crore; futures ADTV surged 50.5% to ₹40,700 crore in FY26.
TATA TECH Management Says Deals Anticipated To Close At The Beginning Of Q1 Are Being Signed Now
Expected Significant Deal Signing In Q1
Economic Uncertainty At Macro Level Will Continue To Play A Part

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