News

CITI on L&T Technology Services

Sell, Target Price ₹4015 on L&T Technology Services

Reported weak 1QFY26—revenues were lower, while margins were in line.

1) Reiterated double-digit FY26 revenue growth based on backlog orderbook and healthy pipeline of deals;

2) headcount –2.6% QoQ / flattish YoY (including acquisition);

3) management indicated that 2H will likely be better than 1H based on multiple client conversations & another quarter of large deal wins over $200mn

Morgan Stanley on L&T Technology Services

Equal Weight, Target Price ₹4500 on L&T Technology Services

Results were in line with our expectations. LTTS has done well on deal wins in the past three quarters and is hopeful of revenue conversion going forward. Margin recovery could be gradual. We view no major negative surprises with a near-term positive bias, even though our PT implies limited upside.

HSBC on L&T Technology Services

Hold, Target Price ₹4790 on L&T Technology Services

1QFY26 revenue & margins missed estimates, 2Q likely to be weak as well; recent strong deals to drive better 2H

Expect strong Sustainability momentum to continue, Tech should improve as well; Mobility could struggle near term

LTTS among best ER&D capabilities, but weaker organic growth vs peers near term

Japan’s exports declined for the second consecutive month, pressured by ongoing US tariffs — adding to concerns of a technical recession following an earlier economic contraction.

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SN Subrahmanyan, Chairman and Managing Director of Larsen & Toubro, saw his FY25 remuneration rise nearly 50%, driven by stock options. Meanwhile, L&T reported a 15% rise in net profit and a 16% increase in revenue, but stock returns remained muted.

Kotak Institutional Equities on Thermax

Shares of Waaree Energies are in the spotlight on Thursday, July 17, after the company announced it has cancelled its planned acquisition of Kamath Transformers Private Limited.

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CLSA on Tech Mahindra

High Conviction O-P, TP ₹2020

HSBC on Tech Mahindra

Buy, TP ₹1900

Nomura on Tech Mahindra

Buy, TP ₹1810

Jefferies on Tech Mahindra

U-P, TP ₹1400

MS on Tech Mahindra

UW, TP ₹1555

Nomura on Glenmark

Neutral on Glenmark Pharma, Target Price ₹1500

Analyst meet takeaways

Commentary largely in line with expectations

Stock run-up (up 16% vs. NIFTY down 1%), post ISB 2001 deal, has adequately captured value unlocking

Think stock performance from hereon should largely depend on performance of base business.

Improvement in US operations will be key

In India, EM and Europe, the company intends to grow on the back of innovative brands

Nomura on L&T Technology Services

Reduce, Target Price cut to ₹3600 on L&T Technology Services

1QFY26– misses revenue forecasts

Deal wins strong, pipeline is robust

FY26E guidance of double-digit revenue growth is ambitious

EBIT margin to remain under pressure in 2Q; might see steady recovery over FY26-28F

Lower FY26-28F EPS by 1-4%; stock currently trades at 30x FY27F EPS

Gold steadied after a volatile session on Wednesday as traders assessed the outlook for Jerome Powell’s tenure as Federal Reserve chair after more speculation that President Donald Trump may axe him.

Dixon Technologies has transferred its entire stake in DTSPL in exchange for an 8.75% equity stake in its joint venture (JV) company.

The company has signed a business transfer agreement with the JV to shift its lighting business through a slump sale.

Meanwhile, Signify has invested ₹140.3 crore in the JV for a 49.12% stake and has also transferred its Vadodara-based LED business.

THURSDAY CUES

DII Net Buy 1,223.55  Cr in Cash mkt

FII Net Sell 1,858.15 Cr in Cash mkt

Stocks in Focus

Results Today

Wipro, Axis Bank, LTIMindtree Ltd, Jio Financial Services, 360 ONE WAM, Indian Hotels, Polycab, Waaree Renewable

Mutual Funds trimmed their holdings in companies such as PFC, HUDCO, SBI, and private sector names like TCS and JSW Infra in June, according to Nuvama Alternative & Quantitative Research data.

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Big Bank earnings may be over in the US, but they begin in India now, with Axis Bank kickstarting proceedings later this evening. Wipro and Jio Financial Services are some other Nifty 50 index names reporting today.

Brent rose toward $69 a barrel after shedding more than 2% over the previous three sessions, while West Texas Intermediate was near $67. US government data released on Wednesday was mixed, with a climb in distillate inventories but a drop in nationwide crude holdings.

Key Levels & Cues Before Market Opens

Shares in Japan and South Korea declined while MSCI’s broader gauge of Asian equities was flat. A gauge of the dollar edged up 0.1% after weakening in the prior session. Treasuries dipped marginally with yields on the 10-year rising almost 1 basis point to 4.46%.

 #CNBCTV18Market | #GIFTNifty higher, trading at a premium of more than 20 pts from Nifty Fut Wednesday’s close, indicates a start in the green for the Indian market pic.twitter.com/ZF7nPvmvjU

— CNBC-TV18 (@CNBCTV18Live) July 17, 2025

US President Donald Trump said he would send letters to more than 150 countries notifying them of tariff rates and that the levies imposed could be 10% or 15% as he forges ahead with his trade agenda.

“We’ll have well, over 150 countries that we’re just going to send a notice of payment out, and the notice of payment is going to say what the tariff” rate will be, Trump told reporters on Wednesday at the White House.

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