ISEC

Updates

** Shares of Protean eGov Technologies PROO.NS down 20% to 1,143.2 rupees, set to log their worst day on record

** The IT solutions firm said its proposals for bidding have been ruled out under design, development and ops of the IT department's PAN 2.0 project

** ICICI Securities said PROO was leading contender for the project and the development "comes as a negative surprise"

** Adds, this creates uncertainty for its PAN business outlook; the segment contributes to 50% of its overall revenue

** Brokerage Equirus Securities downgrades stock to "sell" from "add"

** Adds, while impact in FY26 would be muted, it is expected to lead to a 75%-100% collapse in the segment's revenue stream in the next 2-to-3 years

** Slashes FY27 profit after tax estimates by 58%, says segment has been key driver of co's profitability and free cash flow for over a decade

** Stock down ~26% so far in 2025

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

April 22 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• ICICI SECURITIES PARTNERS WITH TCS

• ICICI SECURITIES PARTNERS WITH TCS TO UPGRADE ITS RETAIL TRADING PLATFORM

Source text: [ID:]

Further company coverage: TCS.NS

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April 15 (Reuters) - ICICI Securities Ltd ICCI.NS:

• MARCH-QUARTER CONSOL PROFIT 3.81 BILLION RUPEES

• MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 13.98 BILLION RUPEES

Source text: ID:nBSE1wQYdJ

Further company coverage: ICCI.NS

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Corrects syntax in paragraph 1

By Haripriya Suresh

BENGALURU, April 4 (Reuters) - India's $283-billion IT sector should brace for a rough year ahead as tariffs are likely to stoke inflation in its key U.S. market and force clients to cut spending, analysts said.

Although President Donald Trump did not impose direct tariffs on IT services, Indian firms are expected to feel the heat as clients, especially in manufacturing, logistics and retail sectors, adjust to the new levies.

That could slow deal cycles, delay existing projects and hurt revenue growth, analysts said. Bernstein and ICICI Securities rushed to cut their ratings on the Indian IT sector soon after the tariff announcement.

The tariffs come at a time the sector was counting on Trump to revive client confidence and discretionary spending after years of weak revenue growth.

The U.S. accounts for more than half of India's $190 billion software exports, making the sector sensitive to shifts in spending confidence among businesses in the world's largest economy. J.P.Morgan on Friday lifted global and U.S. recession odds to 60% after Trump's tariff announcement.

"With a rising risk of U.S. recession and uncertain decision-making, we think chances of fiscal 2026 being a complete washout are rising," J.P. Morgan said in a note on Friday, without giving specific numbers.

At least six analysts expect Indian IT firms to issue a "conservative" annual revenue growth forecast when quarterly results start next week.

Companies with a greater exposure to discretionary spending are expected to bear the brunt of any tariff-fueled slowdown.

"Discretionary IT spend will likely see an impact across the industry verticals. Companies to get impacted will typically be the high-growth companies in the large caps and some of the mid-caps where the exposure usually is much higher on the discretionary side," BNP Paribas analyst Kumar Rakesh said.

He added the impact of a potential slowdown could be apparent by the September quarter.

India's Nifty IT index .NIFTYIT fell 3.6% on Friday to take its losses for the week to 9.15%, the steepest weekly fall for the index in more than five years.

(Reporting by Haripriya Suresh; Editing by Dhanya Skariachan, Sonia Cheema and Saumyadeb Chakrabarty)

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** The medium-term demand outlook for India's hotel sector remains positive, ICICI Securities says

** Brokerage expects the hotels in its coverage universe to report double-digit RevPAR growth in Q4, as they did in Q3

** Sees annual recurring revenue CAGR of 6–8% over FY24–27, with 100-200 bps jump in occupancy in FY25 and FY26

** Reiterates "buy" on Indian Hotels IHTL.NS, Chalet Hotels CHAL.NS and Lemon Tree Hotels LEMO.NS

** Shares of IHTL, CHAL and LEMO ended 2%-3% higher on the day

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

** Telecommunication services provider Tata Communications' TATA.NS shares rise 8.3% in biggest one-day gain since July 2022, to 1,488.70 rupees

** ICICI Securities double upgrades stock to "buy" from "hold"; raises PT to 1,840 rupees from 1,690 rupees

** Sees strong pile-up of potential deals for co; previously muted order book shows early signs of growth

** Says with Red Sea cable cut issue now behind and double-digit FY25-YTD order book growth, co's data revenue growth will likely swell

** Adds, co also to benefit from adoption of cloud systems and AI

** Avg rating of six analysts, including ICICI, is a "hold"; their median PT is 1850 rupees - data compiled by LSEG

(Reporting by Aleef Jahan in Bengaluru)

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Feb 14 (Reuters) - ICICI Securities Ltd ICCI.NS:

• SEBI: SETTLEMENT ORDER IN MATTER OF ICICI SECURITIES LIMITED

• SEBI: SETTLEMENT ORDER IN MATTER OF ICICI SECURITIES LIMITED

• INDIA'S SEBI: ICICI SECURITIES PAYS 8 MILLION RUPEES TO SETTLE WITH THE MARKET REGULATOR

• INDIA'S SEBI: ICICI SECURITIES SETTLE WITH SEBI FOR SOME VIOLATIONS RELATED TO MARGIN TRADING FACILITY, OTHERS

Source text: [ID:]

Further company coverage: ICCI.NS

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Jan 20 (Reuters) - ICICI Securities Ltd ICCI.NS:

• DEC-QUARTER PROFIT 5.03 BILLION RUPEES

• DEC-QUARTER TOTAL REVENUE FROM OPERATIONS 15.86 BILLION RUPEES

Source text: ID:nBSE9Lw0P0

Further company coverage: ICCI.NS

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** Shares of Power Finance Corporation PWFC.NS and REC RECM.NS rise as much as 5.6% and 4.9%, respectively

** ICICI Securities resumes coverage on PWFC with "Buy" rating, TP of 550 rupees; initiates coverage of RECM with "Buy" rating, TP of 600 rupees

** Both public sector power financiers to lead the charge in India's energy transition funding, with Central Electricity Authority estimating about 43 trillion rupees ($496.8 bln) of capex towards generation and transmission by 2032 - ICICI Securities

** Brokerage says power financing sector has enough macro tailwinds for the ensuing years in which PWFC and RECM each have ~20% market share

** Sees loan CAGR of ~14% and ~17% over FY24–27 for PWFC and RECM, respectively

** In 2024, PWFC rose 17.2% while RECM gained 21.3%

($1 = 86.5625 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

Jan 7 (Reuters) - ICICI Securities Ltd ICCI.NS:

• ICICI SECURITIES LTD - SEBI PASSES SETTLEMENT ORDER AGAINST CO

• ICICI SECURITIES - CO PAYS 4 MILLION RUPEES TO SEBI FOR SETTLEMENT

Source text: ID:nBSE2PrNsj

Further company coverage: ICCI.NS

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Corrects milestone in last bullet to 2021, from 2020

** Shares of JSW Energy JSWE.NS jump 5.3% to 659 rupees

** Energy producer acquires units of renewable power producer O2 Power in $1.47 bln deal

** ICICI Securities double-upgrades stock to "buy" from "hold", saying the deal is "value-accretive" and complements JSWE's renewable energy portfolio (raises PT to 720 rupees)

** Motilal Oswal maintains "buy", PT of 810 rupees and highlights O2 Power's "high-quality assets"

** Motilal estimates deal will unlock 57 rupees/shr in value, once completed, while ICICI estimates 75 rupees/shr

** Analysts tracking JSWE rate it "buy" on avg - LSEG data

** Stock up 61% YTD, on track for best year since 2021

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Epack Durable EPAC.NS climbs 4.2% to 497.7 rupees

** Brokerage ICICI Securities starts with "buy"; sets TP of 555 rupees - 16.2% premium to Tuesday's close

** Says home appliances maker's room air conditioners (RAC) segment posed for robust growth; strong capacity additions will help co capitalise on demand tailwinds

** Adds EPAC's entry into small and large domestic appliances will lead to higher margins and buck seasonality-led impact in RAC segment's profitability

** Expects 52.2% CAGR over FY24-27

** Stock sees most active session in over a month, with volumes at 2.5x the 30-day avg

** EPAC up 125% since listing on Jan. 30

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Nov 8 (Reuters) - ICICI Securities Ltd ICCI.NS:

• APPROVED APPOINTMENT OF T.K. SRIRANG AS MANAGING DIRECTOR, CEO

• MANAGING DIRECTOR, CEO VIJAY CHANDOK RESIGNS

Source text: ID:nBSE1QQBtD

Further company coverage: ICCI.NS

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** Shares of CreditAccess Grameen CRDE.NS shed 5.4% to 928.80 rupees

** Stock set for seventh straight losing session, if losses hold

** Microfinance institution's Q2 consol net profit slumped 46.7% Y/Y

** CRDE's track record of better-than-industry performance was derailed in Q2 due to high credit costs, ICICI Securities' analysts say

** Prolonged stress from disruption in loan repayments, tight cashflow and transient impact of heavy rainfall in some geographies to hurt FY25 earnings - ICICI Securities

** At least 10 analysts have cut PT on "buy"-rated stock since results, median PT is 1,214 rupees vs 1,650 rupees last month - LSEG data

** Stock down ~42% YTD

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Shares of Mahindra and Mahindra Financial Services Ltd MMFS.NS fall as much as 8% to 259.20 rupees

** NBFC reported a 57% rise in Q2 profit to 3.69 bln rupees ($43.9 mln), but missed analysts' estimate of 4.82 bln rupees, according to data compiled by LSEG

** Jefferies blames profit miss on higher provision, net interest margin was dissapointing due to loan mix shifts and trade advances to dealers before festive season; retains "Hold" and 315 rupees PT

** Emkay reiterates "Buy" and TP of 360 rupees; rise in credit cost reflecting seasonality in co's business, owing to rural self-employed customer segment

** ICICI Securities expects credit cost to improve materially in H2FY25; maintains "ADD" rating, lowers TP to 320 rupees from 330 rupees

** Mean rating of 33 analysts is "hold"; their median PT is 312.50 rupees - LSEG data

** MMFS last down 4%, adding to YTD losses of 2.3%, vs 23% gain in Nifty midcap 100 index .NIFMDCP100

($1 = 84.0650 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Oct 22 (Reuters) - ICICI Securities Ltd ICCI.NS:

• SEPT-QUARTER CONSOL PROFIT 5.29 BILLION RUPEES

• SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 17.07 BILLION RUPEES

Source text for Eikon: ID:nBSE4mrR4z

Further company coverage: ICCI.NS

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Oct 10 (Reuters) - ICICI Securities Ltd ICCI.NS:

• NCLT SANCTIONED SCHEME OF ARRANGEMENT BETWEEN ICICI BANK, CO

• NCLT DISMISSED APPLICATIONS BY QUANTUM MUTUAL FUND, MANU RISHI OBJECTING SCHEME

Source text for Eikon: ID:nNSE5rsCm8

Further company coverage: ICCI.NS

(([email protected];;))

** ICICI Securities initiates coverage of Adani Energy Solutions ADAI.NS with "buy", sets TP at 1,318 rupees

** Says earnings growth may be driven by new transmission opportunities, growth in Mumbai DISCOM and co's existing smart meter wins

** Adds India's plans to bid 1.6 trln rupees ($19 billion) for transmission assets and 1.2 trln rupees for smart meters to boost growth in the sector

** Rivals Tata Power TTPW.NS and Power Grid Corp PGRD.NS rated "hold", CESC CESC.NS "buy" and Torrent Power TOPO.NS "sell" on avg - LSEG

($1 = 83.7700 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

Sept 18 (Reuters) - ICICI Securities Ltd ICCI.NS:

• SHAREHOLDER HAS E-FILED APPEAL BEFORE NCLAT AGAINST ORDER OF NCLT

Source text for Eikon: ID:nBSE1tkYq9

Further company coverage: ICCI.NS

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** Shares of Signatureglobal (India) SIGT.NS rise as much as 2.1% to 1,440.1 rupees

** ICICI Securities hikes PT on stock to 1,905 rupees from 1,707 rupees; new PT at a 35% premium on stock's last close

** Brokerage retains "buy" rating, adds that real estate firm may clock 19% sales booking compound annual growth rate over FY24-27 on strong launch pipeline

** Expects co's annual sales booking to range between 100 bln rupees ($1.19 bln) and 120 bln rupees over FY25-27

** Says co has firmly established its presence across Gurugram, sees next level of growth to come from other prominent National Capital Region (NCR) markets

** Adds co's possible foray into new markets is a key monitorable

** Broader domestic markets slump with benchmark Nifty 50 index .NSEI down 0.4% .BO

** Stock up ~3% YTD

($1 = 83.9310 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Aug 22 (Reuters) - ICICI Securities Ltd ICCI.NS:

• ICICI SECURITIES LTD - RECEIVED TWO ORDERS PASSED BY HON'BLE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

• ICICI SECURITIES - ORDERS IN CONNECTION WITH SCHEME OF ARRANGEMENT AMONGST ICICI SECURITIES, ICICI BANK

• ICICI SECURITIES LTD- NCLT DISMISSED, DISPOSED OF APPLICATIONS FILED BY SOME OF SHAREHOLDERS

• ICICI SECURITIES- FIRST ORDER SANCTIONING SCHEME BETWEEN ICICI SECURITIES LIMITED, ICICI BANK

Source text for Eikon: ID:nBSE57JbB7

Further company coverage: ICCI.NS

(([email protected];))

BENGALURU, Aug 21 (Reuters) - An Indian company tribunal has dismissed objections raised by minority shareholders of ICICI Securities ICCI.NS regarding its delisting plans, Bar and Bench reported on Wednesday.

ICICI Bank ICBK.NS, which holds a roughly 75% stake in ICICI Securities, won shareholder approval to buy out the remaining stake in March in a share-swap deal worth $622 million, making the brokerage its whole-owned subsidiary and delisting it from the exchanges.

However, some shareholders including Quantum Mutual Fund and investor Manu Rishi Guptha filed petitions opposing the delisting with the National Company Law Tribunal (NCLT).

The applications argued that the delisting would affect minority shareholders, citing the undervaluation of ICICI Securities' shares, according to the report.

ICICI Securities, the NCLT, Manu Rishi Guptha and Quantum Mutual Fund did not immediately respond to Reuters' request for comments.

ICICI Securities argued that the petitioners lacked the shareholding required - either 10% of equity or 5% of outstanding debt - to press their case as per the provisions of the Companies Act, and sought the applications' dismissal, the Bar and Bench report added.

Quantum and Guptha own 0.08% and 0.002% stake in ICICI Securities, respectively, according to a report.

Prior to the shareholder vote, ICICI Securities had received backlash from some unhappy retail investors, with local media reporting that ICICI Bank had attempted to sway votes in favour of the delisting.

ICICI Securities' shares, which have risen about 11% since the shareholder nod, were trading down 5.2% at 1:51 p.m IST.

(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman )

(([email protected]; +918447554364;))

** Shares of Mazagon Dock Shipbuilders MAZG.NS shed 8% to 4724.75 rupees

** Stock has lost ~13% in three sessions so far since ICICI Securities on Friday said that it is "overvalued"

** Brokerage keeps "sell" rating; says margins likely to taper off once new contracts are executed

** ICICI's new TP of 1,165 rupees is lowest among three brokerages covering the stock and 77% lower than stock's close on Wednesday (Thursday was a trading holiday)

** MAZG rated "hold" on average - LSEG data

** Despite the three-session drop, the stock is still up 90% YTD

(Reporting by Hritam Mukherjee and Bharath Rajeswaran in Bengaluru)

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By Jayshree P Upadhyay

MUMBAI, Aug 12 (Reuters) - The chief of India's markets regulator, Madhabi Puri Buch, who is under attack from Hindenburg Research following its accusations against the Adani Group, is renowned as a no-nonsense leader who is used to difficult situations.

The first woman at the helm of the Securities and Exchange Board of India, Buch has a tough, businesslike approach to her work, people who know her say.

On Saturday, Hindenburg alleged she had a conflict of interest in the Adani matter because of a previous investment in an offshore fund used by the Adani Group.

Buch countered saying the investments pre-date her term at SEBI and that all necessary disclosures were made.

She termed Hindenburg's allegations as an attempt at "character assassination" following the regulator's enforcement action and "show cause" notice to the U.S. based shortseller for violating Indian rules. A show cause notice signals an intention to take disciplinary action if satisfactory explanations are not provided.

If Buch made the requisite disclosures and met the compliance requirements, nothing more should be expected of her, said Hetal Dalal, chief operating officer at Institutional Investor Advisory Services, a proxy advisory firm in India.

“Nevertheless, the allegations made by Hindenburg have made her and SEBI vulnerable," Dalal said. "A regulator must ring fence itself from the public onslaught."

Buch was appointed to the top post at SEBI in March 2022 after spending five years as a whole-time member, the second highest position at the regulator. She completes her three-year term in March next year.

A career banker, Buch spent her early working years at India's second largest private lender, ICICI Bank, later heading its broking arm ICICI Securities. She also dabbled in private equity as part of the Singapore office of Greater Pacific Capital.

She is known by SEBI insiders as a demanding leader whose decisions are led by data. Buch is a frequent speaker at industry forums, armed with data-packed presentations.

She has faced pushback on a number of issues partly due to her style of operating but also because she has attempted to shake the status quo, according to industry insiders.

She has enforced stricter disclosures on corporations for related party transactions and on foreign investors for concentrated holdings in India stocks, public documents show.

She planned to lower fees for India's $770.77 billion mutual fund industry, but the proposal was put on hold because of opposition by asset management firms, Reuters reported.

Buch was also forced to stagger the implementation of optional same day settlement for India's stocks after opposition from foreign investors.

Most recently, she has proposed tighter rules to cool the frenzy in India's options markets.

"Ever since Ms. Buch has taken charge as chairperson, the pace of regulatory changes has increased," said Shriram Subramanian, founder of Ingovern Research Services, a proxy advisory firm in India.

Subramanian, however, said the changes had been done in a "consultative manner".

Buch has faced opposition within SEBI too in her attempts to professionalise the organisation, including by raising performance targets, said five SEBI officials declining to be named as they were not authorised to speak to the media.

A few junior employees staged a 'silent protest' earlier this month against some of these HR policies. “There is a general sense of mistrust and discontent,” said one of the five officials.

An email sent to the SEBI spokesperson was not answered immediately. Messages and calls to Buch since Saturday were not answered. A message to her official email address went unanswered too.

Hindenburg's allegations may prove to be Buch's toughest challenge yet with the matter taking a political turn and opposition political parties calling for a parliamentary probe and asking her to resign.

"The integrity of SEBI, entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its chairperson," Indian opposition leader Rahul Gandhi said on social media platform X.

The government has been silent on the matter so far.

Ravi Shankar Prasad, spokesperson of the ruling Bharatiya Janata Party, said: "Instead of giving a response to the SEBI show cause notice, Hindenburg has issued this report, which is a baseless attack. SEBI and the family (of Buch) have responded, we don't have anything to add to that"

($1 = 83.9550 Indian rupees)

(Reporting by Jayshree P. Upadhyay, writing by Ira Dugal, Editing by Raju Gopalakrishnan)

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By Bhakti Tambe, Jayshree P Upadhyay and Dhwani Pandya

MUMBAI, Aug 7 (Reuters) - Adani Enterprises Ltd ADEL.NS is likely to launch a $1 billion share sale by mid-September, three sources with direct knowledge of the matter told Reuters, in the latest attempt by Indian billionaire Gautam Adani to restore his empire's fortunes.

The share sale will be the second by an Adani group company this year after one from its power transmission unit last week.

The offering of existing shares will mark Adani Enterprises' return to equity markets after the flagship company scrapped a $2.5 billion share sale in February last year, after U.S.-based short-seller Hindenburg Research accused the Adani group of improper use of offshore tax havens and stock manipulation.

Adani has denied any wrongdoing.

An Adani group spokesperson has not responded to an email request for comment.

"The bankers to the deal have been briefed by Adani officials and are targeting to launch the share sale by late August or early September. Right now $1 billion is being worked upon, though the bankers have approval for a higher fund raise," said the first of the three sources, who declined to be named as the plans are private.

The board approved a potential fundraising of up to $2 billion in May.

The funds will be raised through a so-called Qualified Institutional Placement (QIP), a process used by listed Indian companies to raise funds from large institutions. The company will soon reach out to investors, the sources said.

The Adani group has hired ICICI Securities, SBI Capital Markets and Jefferies to facilitate the share sale. The banks have not responded to requests for comment.

"Adani Enterprises wants to attract certain U.S. investors that are focused on infrastructure but have never looked at India," said the second source.

Adani Energy Solutions QIP last week got bids from utility-focused U.S. investors, sovereign wealth funds from the United Arab Emirates and Qatar, and Indian mutual funds. The issue received bids for six times as many shares as were on offer.

"After the success of Adani Energy QIP, Adani has the confidence that there will be strong demand for the group's flagship company as well," said the third source.

Adani Enterprises also plans to launch its first-ever public issue of bonds in the coming weeks to raise up to 6 billion rupees ($71 million). It decided not to proceed with a debut retail bond offering of up to 10 billion rupees last year.

($1 = 83.9222 Indian rupees)

(Reporting by Bhakti Tambe, Jayshree P Upadhyay, Dhwani Pandya in Mumbai; Editing by Mark Potter)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))

** Shares of Coal India COAL.NS rise as much as 3.4% to record 539.90 rupees

** India's top coal producer reported Q1 results above estimates on Wednesday, helped by higher sales volumes and lower costs

** COAL among top gainers on benchmark Nifty 50 .NSEI index

** Motilal Oswal ("buy", PT: 600 rupees) says COAL's outlook remains positive and lists it as top pick among metals and mining stocks, while raising FY25 profit estimates by 11%

** ICICI Securities ("add", PT: 565 rupees) sees FY25 earnings growing due to firmer e-auction prices, cost control

** Analysts tracking COAL rate it "buy" on avg; four analysts raise their PT on COAL after results - LSEG

** Around 18.8 mln shares traded, 1.8x 30-day avg volume

** COAL extends YTD gains to 42% vs Nifty 50's 15% rise

(Reporting by Nandan Mandayam in Bengaluru)

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Repeats story published on July 19 with no changes to text

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

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By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

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** Hatsun Agro Product HAPL.NS shares up as much as 18% to highest since Nov 2021

** Arun icecream maker on Monday posted 63% surge in Q1 profit, while rev rose 10.4% on strong sales volume and higher margins

** See margin expansion to continue through FY25 on lower input prices, utilisation of low-priced skimmed milk product

inventory, ICICI Securities said in a note

** ICICI raised FY25/26 earnings by 4.4%/4% to factor in the better-than-expected results

** Including day's gain, stk up 4.3% YTD vs 79% gain in rival Heritage Foods HEFI.NS and 31% rise in Dodla Dairy DODL.NS

(Reporting by Sethuraman NR in Bengaluru)

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Adds details on IPO, company from paragraph 2 onwards

BENGALURU, July 1 (Reuters) - Indian health insurer Niva Bupa has filed for an initial public offering (IPO) to raise up to 30 billion rupees (nearly $360 million), draft papers showed on Monday.

The company, majority owned by British United Provident Fund (Bupa), said it will issue fresh shares worth up to eight billion rupees as part of the offering.

It aims to use the proceeds from that sale to strengthen its balance sheet and for operating expenses.

Existing shareholders Bupa Singapore Holdings and Fettle Tone, will sell shares up to 22 billion rupees, Niva Bupa added.

As of the end of fiscal 2024, the company's borrowings stood at 2.50 billion rupees, unchanged for the third straight fiscal. Its total income, which comprises net premium income, investment income and other income, rose 44% year-on-year.

ICICI Securities, Morgan Stanley, Kotak Mahindra Capital and Axis Capital were among the book-running managers to Niva Bupa's IPO.

The insurer is set to go public in India's booming IPO market.

More than 100 companies have raised around $4 billion in IPOs so far this year, more than double the amount raised by this time last year, per LSEG data, with the domestic equity market at an all-time high on the prospect of healthy economic growth.

($1 = 83.3950 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

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