GLOBECIVIL

** 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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** Shares of pipes and fittings manufacturer Astral ASTL.NS rise 2% to 1,410.6 rupees

** Co's Kanpur plant commences commercial production from October 6

** ICICI Direct analysts say facility is aimed at expanding footprint in key northern India market

** Stock rated "buy" on avg by 25 brokerages; ASTL median PT at 1,500 rupees - data compiled by LSEG

** YTD, ASTL down nearly 15% vs peer Supreme Industries' SUPI.NS about 9% decline

(Reporting by Manvi Pant in Bengaluru)

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** 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)

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** 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)

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** UBS raises rating on India's Dixon Technologies DIXO.NS to "buy" from "neutral" earlier, hikes price target to Street high of 23,000 rupees ($259.39) from 13,000 rupees

** New PT reflects a ~27% upside on last close

** DIXO shares rose as much as 1.7% to 18,471 rupees, hitting their highest level since early January

** UBS says co's backward integration into non-semiconductor smartphone components will likely aid 110-basis-point improvement in EBITDA margins by FY28

** Expects co to deliver $11 billion revenue by FY28; sees components' expansion, steady exports, new verticals as strong growth prospects beyond FY28

** Brokerage says co's pace of inorganic growth, based on recent JVs, underscores DIXO's ability to unlock new growth drivers

** Estimates FY25-28 revenue CAGR of 36% and PAT CAGR of 46%

** Stock rated "buy" on avg, median PT at 18,311 rupees - data compiled by LSEG

** YTD, DIXO up ~2%

($1 = 88.6700 Indian rupees)

(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;))

Updates

** Metal stocks .NIFTYMET up 1%, set for fourth consecutive day of gains, as Nomura reiterates bullish stance on India's steel sector citing sustained domestic, global tailwinds

** Nomura notes China's anti-involution policies to cut production 9% y/y in rest of 2025

** While demand remains tepid in China and exports still remain at record levels, aggressive production cuts should provide some support - Nomura

** Maintans "buy" and raises PT for JSW Steel JSTL.NS to 1,300 rupees from 1,220 rupees and Jindal Steel JINT.NS to 1,150 rupees from 1,080 rupees

** Both up almost 2.5% on Tuesday

** Motilal Oswal says Tata Steel's TISC.NS Indian capacity expansion and European ops restructuring support earnings growth despite near-term global challenges

** Keeps "neutral" on TISC, 180 rupees PT; stock up almost 1%

** YTD, subindex up 16%, JSW and TISC gain 25%, JINT up 11%

(Reporting by Manvi Pant and Urvi Dugar in Bengaluru)

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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

(([email protected];;))

** 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;))

** India's Nifty auto index .NIFTYAUTO trades 1.1% higher, leading gains among 16-major sub indexes

** Benchmark Nifty 50 index .NSEI rises 0.4% over U.S.-India trade negotiations optimism and ahead of the Federal Reserve's rate decision .BO

** Mahindra and Mahindra MAHM.NS climbs 1.2%, followed by Maruti Suzuki MRTI.NS and TVS Motor TVSM.NS, up ~1% and 1.2%

** Auto companies are seeing early signs of demand recovery on improved sentiment ahead of goods and services tax cuts, analysts at Nomura said

** The cuts have translated into immediate benefits for buyers and firms are reporting stronger enquiries, surge in bookings and an improved outlook for festive demand - Nomura

** MAHM is Nomura analysts' top pick

** The auto index is up ~18% so far in 2025 vs 6.5% rise in Nifty 50

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Jefferies starts coverage on Indian alcoholic beverage makers, United Spirits UNSP.NS, Radico Khaitan RADC.NS and Allied Blenders ALLE.NS with "buy"

** Stocks rise between 1% and 2.5%

** Jefferies sets price target for UNSP and RADC at 1,570 rupees and 3,590 rupees, respectively; sets Street High PT on ALLE at 620 rupees

** PT on UNSP, RADC, ALLE at ~20%, 25%, ~14% premium on last close

** Brokerage says the spirits sector offers premiumization-led strong growth potential; sees double-digit revenue CAGR across firms with room for margin expansion

** RADC is top pick for Jefferies, on the back of leading EPS CAGR growth over FY25-28; adds UNSP has likely favorable risk reward, ALLE has meaningful upside underway

** Estimates 20% EBITDA CAGR for RADC, ALLE and 13% for UNSP

** UNSP, RADC, ALLE rated "buy" on avg - data compiled by LSEG

** YTD, UNSP down ~19%; RADC, ALLE up 12%, 28%, respectively

(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;))

** Shares of Indian textile firms jump after U.S. President Donald Trump says his administration is continuing negotiations to address trade barriers with India

** Trump and Prime Minister Narendra Modi will likely talk in "upcoming weeks," raising hopes of a deal after weeks of discord

** Welspun Living WLSP.NS leads gains, up 8.6%, followed by Gokaldas Exports GOKL.NS, up 6.8%

** Vardhman Textiles VART.NS, Arvind ARVN.NS, KPR Mill KPRM.NS rise 5%, 3.3% and 2.1%, respectively

** Alok Industries ALOK.NS, Trident TRIE.NS and Indo Count ICNT.NS up 5.4%, 5.3% and 5.5%, respectively

** WLSP, GOKL, ICNT, TRIE derive 40%-70% of their revenues from the U.S.; the country is the biggest market for India's garment exporters

(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 consumer electronics retailer Aditya Vision ADIV.NS decline 6.5% to 457.85 rupees, set for worst day in nearly 7 months

** ADIV shares traded hands in eight block deals at price range of 459.85-462.55 rupees per share - data compiled by LSEG

** Block deals at 5.5%-6.1% discount on last close

** Stock on track to log busiest trading session on record, volume at 25.2x 30-day avg

** ADIV down 10% so far in 2025

(Reporting by Manvi Pant in Bengaluru)

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** Indian miner Hindustan Zinc HZNC.NS gains 4.8% to 439.25 rupees; set for best day in nearly 3 months

** Spot silver XAG= rose 2% to $40.44 per ounce, the highest since September 2011 GOL/

** Silver metal operations contributed ~19% to HZNC's June-quarter revenue

** Stock top pct gainer on Nifty metal index .NIFTYMET, which is up 1.2%

** About 5.8 million shares traded, 3.2x the 30-day avg

** YTD, stock down ~1%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Jefferies replaces Aditya Birla Real Estate AITE.NS with automaker Mahindra & Mahindra MAHM.NS in long-only India equity portfolio rejig

** AITE is up 183% since the investment in July 1, 2021 - Christopher Wood, Jefferies' global head of equity strategy, writes in GREED & Fear report

** New 4% weighting in MAHM based on passenger vehicles market share gains on new launches, favorable SUV demand shift - referring to Jefferies' Aug 27 note

** Adds, MAHM was No. 2 auto parts maker in Q1FY26 with 15% market share, behind Maruti Suzuki MRTI.NS

(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 supermarket chain operator Patel Retail PAER.NS surges about 18% on first day of trading

** Stock opened at 300 rupees, 17.7% higher than issue price of 255 rupees; last up 13.8%

** Its 2.43 billion rupee (~$28 million) IPO was subscribed 95.7 times, led by demand from qualified institutional buyers

** Co valued at 9.69 billion rupees as of 10:11 a.m. IST

** IPO consists of fresh issue of up to 8.5 million shares and sale of up to 1 million shares by existing shareholders

** Proceeds from the issue will be used for repayment of debt, working capital requirements and other corporate purposes

($1 = 87.5060 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Indian lender Yes Bank YESB.NS gains as much as 4.8%; last up 2.3% at 19.8 rupees

** Japan's Sumitomo Mitsui Banking Corporation (SMBC) SUMFDS.UL gets Indian central bank nod to buy up to 24.99% of Yes Bank

** SMBC inked deal to buy 20% stake in YESB for $1.6 billion in May; Reuters reported in July, citing sources, that SMBC was seeking approval to buy an additional 4.9% in YESB

** Stock set for best day since early June

** YESB is rated "sell" on avg, median PT is 17 rupees - data compiled by LSEG

** Stock is up 1.1% so far in 2025

(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)

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** 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;))

** Shares of Cohance Lifesciences COHA.NS decline 6.8% to 918.7 rupees; on track for biggest intraday pct drop since August 2022

** Pharma co posts a 35% drop in first-quarter consol net profit; rev jumps ~13% but expenses are also up 22%

** About 327,000 shares traded, 1.7x the 30-day avg

** Year-to-date, stock down ~19%

** Despite Q1 results, stock rated "strong buy" on avg, median PT is 1,235 rupees

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** India's Bluestone Jewellery and Lifestyle's IPO BLUT.NS fully subscribed on final day of bids

** IPO subscribed 1.14 times as of 1:27 p.m. IST; portion set aside for qualified institutional buyers subscribed 1.58x

** Shares reserved for retail investors subscribed 1.05 times

** IPO priced at 492-517 rupees per share

** Bidding closes at 5:00 p.m.

** IPO consists of shares worth 8.2 billion rupees for fresh issue; shareholders offloading 13.9 million shares

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** P N Gadgil Jewellers PNGD.NS gains 5.6% to 579.3 rupees; eyes best day in more than a month

** Co's Q1 consol net profit surges 96% y/y; rev up 2.8%

** Spot gold XAU= prices rose 5.5% in the quarter, driving strong results for Titan TITN.NS, PC Jeweller PCJE.NS earlier this month

** Stock was trading ~1.5% higher ahead of results

** YTD, PNGD down 13%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))