Stock Market Live Updates 15th September 2025: Sensex, Nifty trade flat; investors eye Fed meet

UBS on LTmindtree

Initiate Neutral, TP Rs 5830

While like Cos recent healthy deal wins & strong positioning for upcoming GenAI cycle, are also concerned about its growth underperformance to mid-cap peers, its ability to achieve margin targets, and high client concentration risk

Also wrestle with whether LTIM should be considered a mid cap or a large cap, as it has characteristics of both, & market cap is currently c16% above Tech Mahindra’s

Valuations also straddle two categories (28x vs large caps at 20-22x, and mid-caps at 30-40x).

UBS on Mhpasis

Initiate Buy, TP Rs 3370

Like largely due to potential recovery in revenue growth in near term, which is not entirely priced in.

Headwinds from a large customer (DXC), subsidiary (Digital Risk, DR) & vertical-specific issues have largely eased

Expect revenue growth should accelerate (UBS FY25-28E CAGR of 10% vs 2% in FY22-25)

Current valuations, although at a premium to three-year average, price in a 7-8% revenue CAGR over FY25-30, vs est. of 11% for that period.

UBS on Persistent

Initiate Buy, TP Rs 6730

Like Persistent for its

1) strong execution (India’s fastest growing IT services company in FY20-25,

2) among the highest market share gains over the past five years, per Gartner,

3) resilient margins, which are up around 600bps over the same period (most peers: range-bound or declines),

4) focused exposure to product engineering and low exposure to legacy services,

5) strongest positioning (versus mid-tier and large-cap peers) for upcoming GenAI cycle

Current val (around 44x 1yr fwd PE) price in flattish margins & a 14-15% revenue CAGR, which seem pessimistic

Jefferies on Spirit Cos

Initiate Buy on USL – TP Rs 1570

Initiate Buy on Radico – TP Rs 3500

Initiate Buy on Allied Blenders – TP Rs 620

Spirits category offers premiumisation led strong growth potential, with double-digit top-line CAGR across cos & a meaningful room to expand margins.

Radico (top pick) leads on growth (>35% EPS Cagr), while UNSP offers favorable risk-reward after >20% stock correction

ABD is a dark horse, with meaningful upside but execution holds key

Key risks: Adverse regulatory events in key states, weakening of consumer demand, & inflation in key commodities (ENA, glass)

DAM Cap on Northern Arc

Initiate Buy, TP Rs 335

Stock trading at an attractive valuation of 0.9x on FY27e book & 6.8x on FY27e earnings

Increasing share of direct to customer lending, coupled with easing interest rate environment would ensure margin expansion.

In addition to this, fund management & placement business would enhance fee income going ahead and thereby RoAs could enhance further

Expect asset quality headwinds (particularly MFI) to also abate from 2H of FY26 and expect a normalcy from FY27 onwards.

Culmination of all these factors will ensure healthy improvement in earnings & thereby return ratios

Expect earnings CAGR of 39% over FY26-FY27E

HSBC on Autos

Led by GST-driven price cuts, factor in 200-300bp higher CAGR over next 4-5 years across Auto segments

Share prices are up 6-17% since GST revisions announced on 15 August, so are now likely to track earnings growth

Growth could be front-end loaded, leading us to lift our FY27/28 EPS estimates 4-14% across cos

Prefer Maruti – BUY, TP raised to Rs 17000, 

Hyundai – Buy, TP Raised to Rs 2800, 

TVS – BUY, TP Raised to Rs 4000

M&M – Buy, TP Raised to Rs 4000

Ather – Buy, TP Raised to Rs 600

Nomura on Autos

GST cuts – Early signs of demand recovery

Upgrade to higher segments may accelerate

Prefer M&M, Hyundai, TVS and Ashok Leyland

Channel checks with dealers suggest that the GST cuts have already translated into a sharp pickup in customer activity on the ground

Inquiries have risen meaningfully across both two-wheeler and passenger vehicle showrooms

Incred on Autos

GST Rate Cuts & Cess Withdrawal Seen As Biggest Stimulus For Auto Sector In Recent History

Could Trigger 2-3 Year Cyclical Recovery

Raise Domestic Auto Vol Forecasts By 300 bps To 11% For

FY26 & 500 bps To 15% For FY27, Led By PVs

Upgrades: Apollo Tyres, Escorts Kubota, M&M & Tata

Nuvama on BSE

From expiry war to tenure tweaks

Following SEBI chair Tuhin Kanta Pandey’s remarks, a discussion paper on increasing the tenure of index options is expected

Market is abuzz with likely contours of the paper and potential changes to derivative expiry days/periods

Other alternative actions such as increasing the contract sizes and tightening intraday/EOD exposure limits may also be tweaked

In this respect, we reckon that limiting expiries may be most damaging to earnings of exchanges

We have modelled in five possible scenarios, throwing up cuts in BSE’s FY27E earnings in a range of 19.8% to 38.5%

We maintain ‘BUY’ on BSE with a target price of Rs2,820 (45x Sep-27E EPS + value of CDSL)

Will revisit our numbers once clarity emerges on the matter

Jefferies on India Strategy

Weak FPI positioning & large India underperformance

This implies that any potential good news on India-US trade can cause a sharp market upswing

But beyond that, returns might be muted given the potentially large equity supply & high PE / weak earnings

Strong domestic buying should prevent downside though

A sideways market would be great for bottom-up ideas Changes In Model Portfolio

Addition/Weight Increase – Bajaj Finance, Radico Khaitan and GMR Airports

Deletion/Weight Decrease – Bandhan Bank, ITC & Infosys

Move IT to Underweight by trimming the weight of Infosys as AI adoptions weakens the growth outlook and recent upmove captures gains

Overweight on lenders is maintained, with Bajaj Finance replacing Bandhan

Bajaj Finance could capture any post GST cut consumption upside

Add Radico Khaitan, which is a fast growing spirits franchise

GST uncertainty on ITC makes us remove the same

Add some weight on GMR as it is evolving into a diversified consumer platform from being a utility airport operator.

CLSA on Bandhan Bk

High Conviction O-P, TP Rs 220

Conf Feedback

Management was cautious about near-term asset quality while being optimistic about future loan growth

Overall loan growth is projected to be in low teens for FY26 & in mid-single digit for MFI.

Management also acknowledged that MFI asset quality recovery has been slow & expects it to improve in 2HFY26

There is still some lagged impact of June repo cuts that is yet to play through, thus some more pressure on yields is yet to be realised

That said, management acknowledged that pressure on NIMs will be partly offset by: SA rate cuts and share of wholesale deposits reducing in the near term and by a higher CASA ratio over longer term

CLSA on Samvardhana Motherson

O-P, TP Raised to Rs 124

Conf Feedback

Co now aiming to 5x revenue in next five years along with maintaining its long-term ROCE target intact at 40%

Despite global car market remaining stagnant due to geopolitical, macro and supply chain issues, SAMIL has been able to execute a more than 2x jump in its bottom line and is looking to set steeper targets for its next five-year plan

Co looking to the non-auto segment as a major driver of profitable growth ahead

Nomura on Apollo Hospitals

Neutral, TP Rs 6856

AHEL (Apollo Hospitals Enterprise) will be acquiring a 30.58% stake owned by IFC in its subsidiary, Apollo Health & Lifestyle, for a consideration of Rs 1254 cr

With this stake increase, IFC gets an exit from AHLL after 8 years & post transaction, AHLL will become a 100% subsidiary of AHEL.

With AHEL now owning 99.42% & balance in ESOP pool, believe that just like its pharmacy business, co might be considering a separate listing of AHLL as well.

A full ownership by AHEL should result in greater

flexibility with respect to capital allocation and better operational synergies for AHLL.

JPM on Tata Tech

UW, TP Rs 570

Co announced acquisition of Germany-based Auto ER&D co ES-Tec, which specializes in ADAS, connected driving & digital engineering

TATATECH is acquiring ES-Tec for EUR 75mn ($88mn) at EV/Revenues of 2.1x.

ES-Tec had revenues of EUR 36mn ($ 42mn) in CY24 with high revenues per employee of $142K, implying high on-site nature of work & hence margins could be lower

Co, however, has mentioned that deal is EPS accretive from 1st year itself

This would add 2% to FY26 revenues & 5% to FY27 revenues

View this acquisition as a good one given ES-Tec has grown at a healthy 20% CAGR over CY22-24 and it gives TATATECH access to the German market as well as the Volkswagen account

Remain UW, though, as expect revenues to decline 4.6% CC & margins to decline 100bps in FY26, which, does not justify a 37x one year forward P/E.

GS on Havells

Maintains Buy; Hikes Target Price To ₹1,720 From ₹1,660

Well-Positioned For Growth Revival In Electrical & Durables

While Q2 will be disrupted by GST implementation uncertainty, would see any share price weakness as opportunity to build on positions in stock

While shares have not corrected much, believe earnings growth revival can drive up multiples & lead val higher

MS on CPI data

Disinflationary Pressures To Continue

Headline CPI Ticked Up To 2.1% YoY In Aug, Due To Softer Decline In Food Prices

Lower CPI Forecast To 2.5% For FY26, Building In A Benign CPI Trend And Deflationary Impact From GST

Expect RBI To Ease In Oct Policy With Risk Of Further Easing

Antique on HAL

Target Price: ₹6,360 (Maintain Buy)

Supply chain challenges easing off

HAL has received third delivery of GE 404 engine

Fourth engine expected by September end

First two Tejas MK1A jets to be delivered by October

Near-term financials may stay volatile due to supply chain execution for the large Tejas Mk-1A order

Retain positive stance—multi-year double-digit earnings growth potential 

Antique on FMCG Sector

Sequential recovery continues; dealer/distribution interactions confirm trends.

Nestle distributors show recovery in dairy & nutrition business; strong traction in beverages, chocolates & instant noodles.

ITC Foods enjoys healthy performance, cigarettes stable.

HUL sees sequential recovery; detergents impacted by heavy monsoons.

Dabur offtake remains under pressure due to beverages portfolio.

Emami witnesses healthy offtake across most categories.

Marico stable, supported by festive season (Pujo) ahead.

GCPL delivers healthy offtake in household insecticides, helped by mosquito infestations.

Colgate sees healthy offtake from general trade and successful trade schemes + price hikes.

GST cut expected to drive volume growth (mid-high single digit improvement).

Preference: GCPL, Marico & Emami in consumer staples.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}