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Reuters
30-07-2025
- Business
- Reuters
India's Larsen & Toubro jumps as investors cheer earnings beat
July 30 (Reuters) - Shares of Larsen & Toubro ( opens new tab jumped on Wednesday, as investors cheered the Indian infrastructure giant's quarterly results, which topped expectations due to accelerating order growth. The stock, which rose by as much as 4.5% rupees to 3,652.70 rupees, was the top percentage gainer on the benchmark Nifty 50 index (.NSEI), opens new tab, which was trading flat, and also boosted the infrastructure sub-index (.NIFTYINFR), opens new tab, which rose 0.6%. Nine analysts raised their price targets on the shares after the results, data compiled by LSEG showed. The company has begun fiscal year 2026 with "strong order inflow" and the management has pointed to a considerably robust prospect pipeline for the rest of the year, which gives "strong order inflow visibility", brokerage Emkay Research said. L&T's long-term business prospects remain promising given that infrastructure development is one of Indian government's pivotal themes to revive the economy, said Antique Stock Broking. The shares are rated "buy" on average by 29 analysts, according to LSEG data. The median price target is at 4,070.50 rupees.
Reuters
25-07-2025
- Business
- Reuters
Rupee slides for third straight week as tariff deadline, Fed decision near
MUMBAI, July 25 (Reuters) - The Indian rupee fell to a one-month low on Friday, and logged its third straight weekly decline, pressured by outflows from local stocks and caution among investors ahead of a news-heavy week dominated by tariffs and central bank decisions. The rupee closed at 86.5150 against the U.S. dollar on Friday, down 0.4% on the week. The local currency hit a low of 86.6250 earlier in the session, its weakest level since June 23. India's benchmark equity indexes, the BSE Sensex (.BSESN), opens new tab and Nifty 50 (.NSEI), opens new tab, fell about 0.9% each, weighed down by a fall in global equities alongside worries over weak corporate earnings and a delayed U.S.-India trade deal. Dollar sales from local private banks, likely on behalf of exporter clients, helped limit the rupee's losses, a trader at a Mumbai-based bank said. The dollar index was up 0.2% at 97.7 while Asian currencies declined by as much as 0.7%. Next week is poised to be eventful, with trade talks between U.S. and China, monetary policy decisions from the U.S. Federal Reserve and Bank of Japan, the reciprocal tariff deadline, and key U.S. economic data expected to keep traders on their toes. The odds of a rate-cut by the Fed are near-zero but investors will keep an eye on commentary from the Fed Chair and whether the decision is unanimous. "We maintain our view that the impact of tariffs will be transitory and that it will be appropriate for the FOMC to resume cutting interest rates gradually in September (by 25bp) with another 25bp cut in December," ANZ said in a Friday note. The chances of a rate cut in September are currently around 60%, per CME's FedWatch tool. Evolving rate cut expectations will also be in focus locally as cooling inflation has prompted calls for at least one more interest rate cut this year. The RBI slashed rates by 100 bps over the first half of the year.
Reuters
25-07-2025
- Business
- Reuters
Weak local stocks, positional adjustments push rupee to one-month low
MUMBAI, July 25 (Reuters) - The Indian rupee declined to its weakest level in a month in early trading on Friday, pressured by a fall in local equities as well as investors cutting their very near-tenor bullish bets on the currency, traders said. The rupee fell to 86.5775, its lowest level since June 23, before paring losses to last quote at 86.51, down 0.1% on the day as of 10:10 a.m. IST. India's benchmark equity indexes, the BSE Sensex (.BSESN), opens new tab and Nifty 50 (.NSEI), opens new tab fell about 0.5% each, dragged by losses in Bajaj Finance due to asset quality concerns. Regional equities and currencies were mostly lower as well with the offshore Chinese yuan, a closely tracked peer of the rupee, down 0.2%. Interbank was holding onto modest long positions on the rupee overnight, which were cut in early trading, pushing the currency lower, a trader at a private bank said. In the near-term, expectations are that the rupee could go "another leg lower," to 86.80 before reversing course. Investors and traders are also hunkering down for a week likely to be dominated by news flow surrounding the August 1 U.S. tariff deadline, policy decisions by the Federal Reserve and the Bank of Japan, alongside key U.S. data prints. For the dollar, "what seemed like a new uptrend to start the month has nearly all but unwound. Lot of event risk next week, before the market switches into August-mode," BofA Global Research said in a note. The dollar index is on course to end the week down by about 1% after rising over the last two weeks and was last quoted at 97.6. Meanwhile, analysts polled by Reuters expect the Reserve Bank of India to keep policy rates unchanged in August but note that the central bank is likely to lower it again by year-end. Almost half of the polled analysts forecast that interest rates would be lower than previous forecasts at the year-end as falling inflation has prompted calls for at least one more rate cut this year.
Reuters
22-07-2025
- Business
- Reuters
Blinkit parent Eternal jumps 15% on quick-commerce strength
July 22 (Reuters) - Indian online delivery firm Eternal ( opens new tab jumped nearly 15% on Tuesday after the parent of Zomato and Blinkit reported robust quarterly revenue, lifting expectations for continued growth in its quick-commerce business. Blinkit, which promises everything from salt to iPhones in under 10 minutes, is widely seen as the front-runner by analysts despite growing pressure from players such as BigBasket, Flipkart, Swiggy ( opens new tab and Amazon (AMZN.O), opens new tab. "We overestimated the competitive threat," analysts at Jefferies said, citing the unit's growth, improved margins and expectations of higher growth in the future. At least ten brokerages hiked price targets on the stock after results, while at least four upgraded ratings, data compiled by LSEG showed. The median price target on the stock has risen to 311 rupees from 287.5 rupees a month ago, the data showed. Shares of the company rose 14.6% to 311.25 rupees as of 9:42 a.m. IST and were the top gainer on benchmark Nifty 50 index (.NSEI), opens new tab, which trading flat. Shares of rival Swiggy were up 5.3% on the day. Eternal's food delivery business, Zomato, is its profitable arm and has historically contributed the larger share of revenue, but Blinkit is closing the gap fast. Analysts at Nuvama said Blinkit "outshines on growth", as Eternal's quick commerce business posted a 127% on-year rise in net order value at 92.03 billion rupees ($1.07 billion), surpassing growth at its food-delivery business for the first time. ($1 = 86.2270 Indian rupees)
Reuters
15-07-2025
- Business
- Reuters
India's HCLTech slides on lower annual operating margin forecast
July 15 (Reuters) - Shares of HCLTech ( opens new tab fell as much as 4.3% on Tuesday, a day after India's No. 3 software services provider lowered its annual operating margin forecast, dampening hopes of a rebound in client spending across the sector. HCLTech was the top loser on benchmark Nifty 50 index (.NSEI), opens new tab and the Nifty IT index (.NIFTYIT), opens new tab, which were up 0.6% and 1%, respectively, as of 11:11 a.m. IST. At least eight brokerages cut their price targets on the stock after the IT firm reduced its operating margin forecast for fiscal year 2026 to a range of 17% to 18% from a previous projection of 18% to 19%. At least six brokerages downgraded the stock, data compiled by LSEG showed. The average rating of 41 analysts is "hold". Tariff-related uncertainty in the United States -- the biggest market for India's $283 billion IT sector -- has dashed hopes for a rebound in client confidence and spending. A survey, opens new tab in May showed two in five tech executives had deferred discretionary projects. HCLTech's consolidated net profit for the June quarter fell 9.7% on-year to 38.43 billion rupees ($447 million) even as its revenue beat analysts' average estimates. The company's order bookings for the quarter stood at $1.81 billion, compared with $1.96 billion a year ago, and its operating margin declined 80 basis points to 16.3%. CEO C Vijayakumar said in a post-earnings call that the company will undertake further restructuring in the ongoing fiscal year. Analysts said the restructuring costs will spill over to the second quarter and pressure margins. Analysts at Emkay Global said "the margin cut disappoints", while Antique Stock Broking said the drop in margins was "a bigger surprise". Industry leader, Tata Consultancy Services ( opens new tab, earlier this month, missed quarterly revenue estimates, driven by a dip in four of its six verticals. ($1 = 85.9200 Indian rupees)
