GLOBECIVIL

** Drugmaker Cipla's CIPL.NS stock falls as much as 4.7% to 1,367.20 rupees, lowest level since April 2025

** Last down 2.4%, top loser on Nifty 50 .NSEI, which is up 0.77%

** Tumour drug Lanreotide supply hit after partner Pharmathen's production pause; drug is major rev source for CIPL in U.S.

** Nuvama downgrades to "reduce" from "hold", cuts PT to 1,360 rupees from 1,715 rupees; says pause brings uncertainty for FY27E

** BofA Securities cuts PT to 1,420 rupees from 1,500 rupees; says co's near-term earnings, news flow could weigh on stock

** Morgan Stanley says pause creates U.S. revenue overhang; stock to underperform over next 30 days

** CIPL rated "buy" on avg by 36 analysts, median PT 1,675 rupees - LSEG data

(Reporting by Brijesh Patel in Bengaluru)

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** Co-working and workspace solutions firm Indiqube Spaces' IDIQ.NS stock rises nearly 5% to 204.05 rupees

** Co expands footprint into Odisha capital Bhubaneswar, its 17th city of operations across India

** All four analysts covering IDIQ rate it "buy"; median PT at 310 rupees - data compiled by LSEG

** Stock down 5.5% since debut in July, 2025

(Reporting by Brijesh Patel in Bengaluru)

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Updates

** HDFC Bank HDBK.NS drops 2.4% to 977.6 rupees after co's quarterly update

** Stock is the biggest percentage loser on benchmark Nifty 50 index, which is down 0.3%

** India's top private lender posted 11.9% y/y in loan growth as of December-end on Monday, while deposits increased 11.5%

** Its loan to deposit ratio (LDR), a metric that assesses whether it has enough deposits to fund loan growth, went up by 50 bps q/q to 98.5%, Suresh Ganapathy analyst at Macquarie said

** This in contrast to the bank's target to bring it below 90% by FY27

** HDBK has said it expects to grow loans in line with the industry in FY 2026, and faster than the industry in FY 2027

** "...They will have to operate at a 95%+ LDR if they have any aspirations of maintaining their loan growth above system," Ganapathy said

** HDBK rose 12.10% in 2025 vs a 10.5% rise in Nifty 50

($1 = 90.2400 Indian rupees)

(Reporting by Brijesh Patel and Nishit Navin in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

** The Nifty IT index .NIFTYIT falls 1.5%, dragged by losses in Wipro WIPR.NS and Infosys INFY.NS,

** Wipro down 4.6%, Infosys sheds 1.9%

** Analysts flag mixed results, even as the two IT firms posted better-than-expected quarterly revenue

** Wipro's Q2 operating margins fell q/q; its acquisition of Harman's DTS unit and deal ramp-up of recently won large deals will further pressure margins in near term - Jefferies

** Infosys narrowed its rev growth forecast for FY26 to 2%-3% from 1%-3%, which Jefferies analysts say implies a -1.5% to 0% compound quarterly growth rate as upper end of range remains same

** Adds, the growth rate appears weak

** UBS analysts say INFY EBIT margins stood at 21%, lower than their 21.4% estimate

** LTIMindtree LTIM.NS rose 0.4% and was the only stock in the 10-member index to trade in the green after it beat quarterly earnings view

** IT index is down ~19% so far in 2025 vs 8% rise in benchmark Nifty 50 index .NSEI

(Reporting by Manvi Pant in Bengaluru)

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** Fast moving consumer goods demand remained steady in Q2 but GST cuts transition, extended monsoon led to a temporary slowdown, Elara Capital analysts say

** The recent GST cuts will likely boost consumer demand but firms saw transitory impact on volumes in the near-term as retailers cleared existing inventory at old prices, denting sales - Elara

** Elara's preferred picks are Marico MRCO.NS, Tata Consumer TACN.NS and Titan TITN.NS, on likely pricing gains in categories including coconut oil, tea and gold

** Expects Colgate COLG.NS, Emami EMAM.NS and Varun Beverages VARB.NS to post below-average volume growth due to unfavorable weather conditions, de-stocking due to GST cuts and hightened competition

** Adds, input prices for commodities were mixed in the quarter

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of AU Small Finance Bank AUFI.NS climb 2.6% to 760.9 rupees, their highest since mid-August

** Stock among top gainers on the Nifty Bank index .NSEBANK, which is up ~1%

** Lender posts 20.8% y/y rise in Q2 total deposits, while its gross loan portfolio grows 17%

** Stock rated "hold" on avg by 24 brokerages, median PT at 773 rupees - data compiled by LSEG

** YTD, stock up 36%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** India's Nifty IT index .NIFTYIT was down 1.3%, with all 10 stocks on the index trading in the red

** U.S. tech company Accenture ACN.N beat fourth-quarter revenue estimates, but analysts say dicretionary demand remains unchanged

** Analysts at Macquarie say the common takeaway is that "demand recovery is patchy as of now"

** Heavyweights Infosys INFY.NS and TCS TCS.NS decline 1.7% and 1%, respectively

** LTIMindtree LTIM.NS was the top percentage loser, down 2%

** The muted growth guidance poses downside risks to consensus expectations of acceleration in growth in FY27 for Indian IT firms, Jefferies says

** Goldman Sachs says FY26 revenue growth expectations remain unchanged

** Adds that FY27 rev growth estimate for Indian IT firms could be at risk if discretionary demand shows no signs of improvement this year

** NIFTYIT down ~21% so far in 2025 vs a ~5% rise in Nifty 50 index .NSEI

(Reporting by Manvi Pant)

(([email protected]; +918447554364;))

** Shares of Glenmark Pharmaceuticals GLEN.NS climb as much as 1.5% to 2,048.6 rupees, last up 0.9%

** GLEN's Swiss unit wins licence for China's Jiangsu Hengrui Pharma 600276.SS innovative cancer drug trastuzumab rezetecan

** Hengrui will receive $18 million upfront, milestone payments of up to $1.09 billion

** Nomura analysts say drug will likely be largest contributor to GLEN's $350-400 million innovation drug revenue target in next 5-7 years

** Adds, drug has demonstrated good efficacy profile, with its objective response rate in non-small lung cancer patients at 74.5%

** GLEN rated "buy" on avg by 9 analysts, median PT at 2,400 rupees - data compiled by LSEG

** Stock up nearly 27% so far in 2025

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** HCLTech HCLT.NS rises as much as 1% to 1,444 rupees; last up 0.6%

** HCLT only stock in green on 10-member Nifty IT index .NIFTYIT, which is down 0.9%

** A Swedish truck and bus maker renews deal with co, signing multi-year contract for IT infrastructure, services

** No financial details disclosed

** Morgan Stanley says deal will likely aid co's total contract wins in Q2, boost confidence for HY2 FY26, build revenues on top of co's existing base

** Adds deal reaffirms co's ability to maintain scope in large deal renewals, signals improvement in co's market share

** Stock rated "hold" on avg, median PT is 1,670 rupees, per data compiled by LSEG

** YTD, HCLT falls ~25%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of lender AU Small Finance Bank AUFI.NS gain 3.7% to 731.9 rupees; set for best day since early-June

** Brokerage Motilal Oswal says AUFI's earnings to accelerate from the second half of FY26 onwards; expects loan CAGR to be sustained at 24% over FY26-28

** Says recovery in credit costs and strong loan growth will aid earnings for co

** Estimates a 33% earnings CAGR for AUFI; expects growth trends in the vehicle business to recover from Q3FY26, aided by GST tax cuts and festival demand

** Says co's NIM faces near-term pressure due to loan repricing, however, improvement in asset mix and decline in funding costs to aid margins from HY2

** Rates AUFI "buy," PT at 875 rupees - reflecting a ~24% upside on last close

** Stock rated "hold" on avg, median PT at 773 rupees - data compiled by LSEG

** YTD, stock up ~31%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Sept 19 (Reuters) - Globe Civil Projects Ltd GLOV.NS:

• GLOBE CIVIL PROJECTS LTD - SECURES 131.1 MILLION RUPEES EPC CONTRACT

Source text: ID:nBSEbzFMqJ

Further company coverage: GLOV.NS

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** UBS hikes Avenue Supermarts AVEU.NS PT to 5,600 rupees from 5,050 rupees, nearly 19% upside to last close; keeps "buy" rating

** DMart supermarket chain operator's stock up 1.4% to 4,784.7 rupees

** Brokerage cites DMart's highest discount among peers at 21%, boosting customer loyalty in middle/lower-middle income segments

** Notes value retail edge in offline stores and online platform DMart Ready after store, channel checks

** DMart opened 130 stores across India in last 3 years; UBS estimates 230-250 new outlets in next three years

** Adds, growth set to accelerate on quick-commerce foray, value retail business model

** AVEU rated "hold" by 28 analysts on avg, median PT 4,040 rupees - data compiled by LSEG

** YTD, stock up 34%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Indian construction firm NCC NCCL.NS gains as much as 4.8% to 222.31 rupees, last up 2.3%

** Co gets order worth 20.91 billion rupees ($237.3 million) to build water infrastructure, including dam structures and irrigation channels in Bihar state

** About 7.8 million shares of NCCL traded, 2.7x the 30-day avg

** Stock rated "buy" on avg, same as peer PNC Infratech PNCI.NS - data compiled by LSEG

** YTD, NCCL down ~21%, PNCI down 8%

($1 = 88.1237 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of Tata Technologies TATE.NS gain as much as 2.7% to 720.75 rupees; last up 1.4%

** Tata Tech, through its Singapore unit, acquired German auto engineering services firm ES-Tec GmbH

** Acquisition in an all cash deal valued at 75 million euros ($88 million)

** Stock hits highest level since late-July

** Analysts' avg rating on stock is "sell," median PT is 590 rupees - data compiled by LSEG

** Year-to-date, TATE down ~20%

($1 = 0.8523 euros)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** JP Morgan initiates coverage on Indian pipe makers Astral ASTL.NS and Supreme Industries SUPI.NS with "overweight," price targets at 1,700 rupees and 4,930 rupees, respectively

** Shares of ASTL up 2.1% to 1,470.1 rupees, SUPI climbs 2.2% to 4,448.1 rupees

** PTs at ~18%, ~13% premium on last close of ASTL and SUPI, respectively

** JP Morgan sees India pipe majors nearing demand recovery, on the back of strong real-estate construction activity, higher water infrastructure spends and favorable channel inventories

** Expects double-digit volume growth for ASTL, SUPI in FY25-28 vs an 8% rise in the broader industry

** Upbeat on ASTL's leadership position in the chlorinated polyvinyl chloride pipes - a type of thermoplastic pipes - segment; see SUPI's scale and distribution edge as a key positive

** Both stocks rated "buy" on avg, median PTs at 1,494.5 rupees, 4,490 rupees, respectively - data compiled by LSEG

** YTD, ASTL, SUPI down ~11%, ~5%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of power generation major Adani Power ADAN.NS gain 2.6% to 650.75 rupees

** Co bagged an order from MP Power Management Company to set up an 800-gigawatt (GW) coal power plant in Madhya Pradesh state

** Cumulative order value from MP Power Management Company to ADAN now stands at 210 billion rupees ($2.38 billion)

** Stock eyes busiest trading session since mid-Jan, volumes at 13.5x the 30-day avg

** Stock up ~23% so far in 2025

($1 = 88.1260 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Hospital operator Max Healthcare MAXE.NS climbs 1.6% to 1,171.1 rupees

** Nuvama initiates coverage with "buy" rating, PT of 1,430 rupees - implying 24% upside to last close

** Says MAXE is set for strong volume-led growth as capacity doubles by FY29; expects revenue CAGR of 20% over FY25-28

** Adds, co likely to retain leadership in North India, backed by tech-driven clinical solutions, lower attrition, strong balance sheet and healthy cash flow

** MAXE is rated "buy" on avg by 20 analysts, same as rival Apollo Hospitals APLH.NS by 26 analysts - data compiled by LSEG

** Median PT on MAXE 1,310 rupees, APLH at 8,788 rupees

** YTD, MAXE up nearly 4% vs about 8% rise in APLH

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of quick service restaurant (QSR) operators gain between 1% and 3.5%

** India announced GST cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand

** While the GST rate on QSR output remains same, lower tax on key inputs like cheese, other dairy products and chicken is down to 5% from 12%

** Jefferies says Jubilant Foodworks JUBI.NS, Devyani International DEVY.NS and Sapphire Foods SAPI.NS to benefit

** JUBI up 3.5%, while DEVY and SAPI rise 2.7% and 1.7%, respectively

** McDonald's India operator Westlife Foodworld WEST.NS climbs as much as 4.9%, last up 1.1%

** JUBI, SAPI, WEST rated "hold" on avg, DEVY rated "buy" - data compiled by LSEG

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of MOIL MOIL.NS gain as much as 8.4% to 373.9 rupees, last up 6.2%

** Stock set for best day in about six months

** Manganese ore producer reports 17% y/y growth in August production; sales grew 25.6%

** MOIL eyes busiest trading session since late-July, volumes at 3.4x the 30-day avg

** Stock up 10.5% so far in 2025

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Reliance Industries RELI.NS says it is planning to take its telecoms and digital arm Jio Platforms public by mid 2026

** RELI falls 0.4%

JIO LISTING TIMELINE A KEY POSITIVE

** Citi ("buy"; PT: 1,690 rupees) says Jio listing plans key highlight from co's annual general meeting; expects meaningful value unlocking for RELI from IPO

** J.P.Morgan ("overweight"; PT: 1,695 rupees) says IPO plans increase probability of higher tariffs, which will likely be catalyst for RELI

** Jefferies ("buy"; PT: 1,670 rupees) says listing plan could bode well for all Indian telecos as it will likely trigger tariff hikes, with estimated 20% cumulative tariff hike for Jio by FY27

** Macquarie ("outperform"; PT: 1,650 rupees) says clarity on IPO timeline a key positive for Reliance; sees multiple growth drivers for Jio

($1 = 87.5060 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of RBL Bank RATB.NS gain 4.3% to 261.65 rupees; set for best day since early-July

** Societe Generale SOGN.PA net bought 3.3 million RATB shares for 250.57 rupees apiece via bulk deal, exchange data showed

** About 28.2 million shares traded, 2.3x the 30-day avg

** Stock still down 1.9% so far in August, set to snap five straight months of gains

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of SMS Pharmaceuticals SMSP.NS jump 7.4% to 248.48 rupees; set for best day since late-April

** The U.S. FDA concluded inspection at its Hyderabad facility in Telangana state with no observations

** Stock on track for busiest trading session in two months, volumes at 7.7x the 30-day avg

** Year-to-date, stock up 4%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Indian solar module maker Vikram Solar VIKO.NS surges about 9% on first day of trading

** Stock opened at 338 rupees, 1.8% higher than issue price of 332 rupees; last up 8.86%

** Its 20.79 billion rupee (~$238 million) IPO was subscribed 54.63 times, led by 142.79x bids from qualified institutional buyers

** Co valued at 131.79 billion rupees ($1.51 billion), as of 10:28 a.m. IST

** IPO consists of fresh shares worth 15 billion rupees and shareholders offloading 5.79 billion rupees of shares

** Proceeds from the issue will be used to fund expenses and invest in subsidiary VSL Green Power

($1 = 87.5060 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of mining and infra co GOCL Corp GOCL.NS dip 3.3% to 384.25 rupees; set to snap four straight sessions of gains

** On Friday, Hinduja Capital, co's large shareholders' group offloaded 800,000 shares priced at 389.58 rupees apiece, exchange data showed

** A large shareholders' group is known as promoters or promoters' group in India

** Hinduja Capital held 72.82% stake or 36.1 million shares in GOCL, as of June 30

** Session's losses trim YTD gains to ~6%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** India's top carmaker Maruti Suzuki MRTI.NS up 10.4% so far in the week, on track to log its biggest weekly gain since March 2022

** MRTI, the country's biggest seller of small petrol cars climbed ~9% on Monday after the government's plans of sweeping tax cuts, including lower goods and services tax (GST) on small cars

** The plan includes lowering GST on small cars to 18% from 28%, among other changes; plans to be announced by Diwali festival in October

** Analysts at Nomura estimate a 5-10% boost to auto demand from the cuts

** Around 68% of MRTI's portfolio is taxed at the 29% slab and the reduction of the rate to 18% implies high upsides for the stock - Nomura

** Stock biggest weekly gainer on the auto index .NIFTYAUTO, which is up 5% in the period; index on track for best week in three months

** Share of MRTI were trading 0.5% higher on the day, while auto index was down 0.2%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of Prince Pipes and Fittings PRCE.NS climb 5.5% to 346.5 rupees; their highest level in over a month

** Motilal Oswal analysts say domestic pipes sector is at the cusp of recovery, citing a gradual uptick in prices after an anti-dumping duty on PVC pipes imports and improved demand

** Expects growth momentum to recover from Q2FY26 onwards; adds product prices have bottomed out, and non-integrated pipe firms like PRCE are likely to be key beneficiaries

** Add, PRCE margins expected to improve sequentially in Q2, to reach 12% by Q4

** PRCE posted 8% EBITDA margins in Q1FY25

** Brokerage rates PRCE "Buy", TP at 440 rupees - reflecting a 25.4% upside on last close

** Stock rated "Buy" on avg, median PT at 350 rupees - data compiled by LSEG

** PRCE is down 19% so far in 2025

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Hindustan Aeronautics (HAL) HIAE.NS rises 2.1% to 4,545 rupees

** Government approves order for 97 fighter jets worth 620 bln rupees ($7.12 bln) from HAL, local media reports, citing sources

** HAL did not immediately respond to Reuters' request for comment

** HIAE gains ~9% YTD

($1 = 87.1260 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of Deepak Nitrite DPNT.NS drop about 3% in two sessions; down 2.03% on the day

** Co posted weak quarterly results, sending shares down as much as 5.3% on Thursday

** At least 8 brokerages have cut price targets post results, while at least 5 downgraded the stock, as per data compiled by LSEG

** Mean PT of 18 brokerages on stock has reduced to 2,087.05 rupees from 2,145.58 rupees a month ago - LSEG

** Emkay Research analysts say results came below estimates with chemical prices under pressure for last 3 quarters; adds, prices remain under pressure and headwinds persist

** Analysts at PL Capital flag sustained pressure on margins hurt by cheap imports in the country

** DPNT cut FY26 capex plan to 8-10 billion rupees from 12-15 billion rupees, brokerage Ambit Institutional Equities sees this as "discouraging"

** Stock is rated "hold" on avg, median PT at 2,028 rupees - LSEG

** Year-to-date, stock down 27%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))