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Delhivery Share Price Target:&nbsp;Even after raising targets, analysts at global brokerage firm Goldman Sachs have expected a substantial downside from current levels on Delhivery shares, maintaining their stance on the largecap stock.

The brokerage has maintained a 'neutral' rating on the Delhivery Ltd stock, indicating nearly 20 per cent downside.

<h2>Why is Goldman Sachs bearish on the stock?</h2>

The brokerage noted that the recent growth acceleration at Delhivery was driven primarily by Ecom Express, but warned of structural challenges ahead. Analysts have highlighted industry headwinds, particularly as quick-commerce players continue to eat into traditional e-commerce market share.

It further flagged concerns around yield dilution, citing the rising proportion of lightweight parcels, which in its view limits the scope for significant upside in earnings.

<h2>Analysts expect up to 17% downside</h2>

The brokerage has maintained a 'neutral' rating on the stock with raising its target to Rs 390, suggesting a 17 per cent fall from Rs 375.

<h2>What other analysts make of Delhivery shares</h2>

Domestic brokerage ICICI Securities has a 'buy' rating assigned to the Delhivery stock with a target price of Rs 600.

As of August 20, the target suggests a potential upside of 27.4 per cent in the new age stock.

ALSO READ:&nbsp;<a href="http://zeebiz.com/economy-infra/news-government-committed-to-easing-logistics-boosting-market-access-for-indian-agri-and-processed-foods-commerce-secretary-359084">Government committed to easing logistics, boosting market access for Indian agri and processed foods, says Commerce Secretary</a>

<h2>Delhivery Q1 FY26 results</h2>

In its first quarter of the current fiscal year, Delhivery reported a 67 per cent YoY jump in consolidated net profit to Rs 91 crore, while revenue grew 6 per cent to Rs 2,294 crore.

During the quarter, shipment volumes rose 14 per cent YoY to 20.8 crore parcels, and the company also completed its Rs 1,407 crore acquisition of rival Ecom Express.

Nifty 50 vs Delhivery shares

When compared with Delhivery’s stock performance, the logistics player has outperformed the headline index over the last six months and one year.&nbsp;

The Nifty 50 index has more than doubled over the past five years, delivering gains of 120.29 per cent.&nbsp;

In contrast, its performance has been more subdued in the shorter term. Over the past year, the benchmark inched up by just 1.13 per cent, while in the last six months it advanced by 9.89 per cent.

Here is how the stock performed in the past five years:

<table border="0" cellpadding="0" cellspacing="0" style="width:348px;" width="348">
	<colgroup>
		<col />
		<col />
		<col />
	</colgroup>
	<tbody>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;width:64px;">Period</td>
			<td class="rtecenter" style="width:133px;">Delhivery Stock</td>
			<td class="rtecenter" style="width:151px;">Nifty 50 Index</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">6 months</td>
			<td class="rtecenter">Up 71.98%</td>
			<td class="rtecenter">Up 9.89%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">1 year</td>
			<td class="rtecenter">Up 9.22%</td>
			<td class="rtecenter">Up 1.13%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">&nbsp;</td>
			<td class="rtecenter">&nbsp;</td>
			<td class="rtecenter">&nbsp;</td>
		</tr>
	</tbody>
</table>

Delhivery Share Price Target:&nbsp;The brokerage noted that the recent growth acceleration at Delhivery was driven primarily by Ecom Express, but warned of structural challenges ahead.


This largecap stock may fall nearly 20%, says Goldman Sachs; maintains stance

Regaal Resources Stock Listing:&nbsp;Shares of Regaal Resources made a stellar debut on Dalal Street on Wednesday, August 20, listing at a premium to their issue price.

On the BSE, the stock listed at Rs 141.80, while on the NSE it debuted at Rs 141, against the issue price of Rs 102. This indicates a 38–39 per cent listing gains for investors.

[[{"fid":"385521","view_mode":"default","type":"media","link_text":null,"attributes":{"height":900,"width":1200,"class":"media-element file-default"}}]]

<h2>Trades lower post listing</h2>

However, soon after listing, the stock witnessed profit-booking. It slipped to Rs 135.70 on the BSE, a 4.30 per cent drop from the opening price, and to Rs 135.59 on the NSE, a 3.84 per cent fall.

<h2>IPO Subscription: Massive&nbsp;demand across categories</h2>

The IPO was oversubscribed 159.9 times overall, with heavy participation across categories:

QIBs: 190.9 times

NIIs: 356.7 times

Retail: 57.8 times

Zee Business Managing Editor Anil Singhvi expects the stock to list in the Rs 125–130 range. He advised short-term investors to keep a stop-loss near Rs 115 and trail it thereafter.

<h2>IPO Details</h2>

The price band was set at Rs 96–102 per share, with a minimum application size of 144 shares (Rs 13,824 for retail investors).

<h2>Anchor Investors</h2>

Ahead of the IPO, the company raised about Rs 92 crore from anchor investors.

(This story will be updated shortly.)

Regaal Resources Market Debut: Shares list at 39% premium; trades lower over opening price

Vikran Engineering IPO, Upcoming IPO:&nbsp;Vikran Engineering Limited (VEL), an engineering, procurement, and construction (EPC) firm, is set to launch its initial public offering (IPO) on Tuesday, August 26, 2025, with the subscription window closing on Friday, August 29, 2025.

The company has fixed a price band of Rs 92 to Rs 97 per equity share of face value Rs 1 each. Investors can bid for a minimum of 148 equity shares and in multiples thereafter.

<h2>Vikran Engineering IPO: Issue size, structure</h2>

The IPO comprises a fresh issue of shares worth Rs 721 crore and an offer for sale (OFS) of Rs 51 crore by promoter Rakesh Ashok Markhedkar, taking the total issue size to Rs 772 crore.

Proceeds from the fresh issue will be used primarily as follows:

Working capital requirements amounting to Rs 541 crore and general corporate purposes

<h2>What does the company do?</h2>

According to a CRISIL report, Vikran Engineering has outpaced industry averages in revenue growth between FY23–25.

The company operates across energy, water, railways, and solar EPC segments, offering turnkey services including design, supply, installation, testing, and commissioning.

IPO allocation structure

The offer is being made through the book-building process, with:

Up to 50 per cent reserved for qualified institutional buyers (QIBs)

15 per cent for non-institutional investors (NIIs)

35 per cent for retail individual investors (RIIs)

<h2>Who are BRLMs, registrar</h2>

The IPO is being managed by Pantomath Capital Advisors and Systematix Corporate Services, while Bigshare Services Private acting as the registrar.

<h2>Vikran Engineering's financial performance</h2>

Revenue from operations grew 16.53 per cent, from Rs 785.95 crore in FY24 to Rs 915.85 crore in FY25. Net profit rose 3.99 per cent, from Rs 74.83 crore in FY24 to Rs 77.82 crore in FY25.

<h2>Vikran Engineering order book</h2>

As of June 30, 2025, the company has successfully executed 45 projects across 14 states, worth Rs 1,919.92 crore and 44 ongoing projects across 16 states, with a total order book of Rs 5,120.21 crore, including confirmed orders of Rs 2,442.44 crore.

<h2>Vikran Engineering's clients</h2>

Vikran Engineering’s clientele includes marquee government entities such as NTPC, Power Grid, South and North Bihar Power Distribution Companies, Transmission Corporation of Telangana, Madhya Pradesh Power Transmission Company, and the State Water and Sanitation Mission. It is also engaged in projects for Assam Power Distribution Company and the Eastern Central Railway (Danapur Division).

Vikran Engineering IPO:&nbsp;The IPO comprises a fresh issue of shares worth Rs 721 crore and an offer for sale (OFS) of Rs 51 crore by promoter Rakesh Ashok Markhedkar, taking the total issue size to Rs 772 crore.


Vikran Engineering IPO to Open on August 26: Check out price band, issue size, key details

BlueStone Jewellery Stock Listing, BlueStone Jewellery Share Price: Shares of BlueStone&nbsp;Jewellery ended over 5 per cent higher on its Dalal Street debut.

On Tuesday, the stock closed at Rs 546, up 5.61 per cent, on BSE. On NSE,&nbsp;it ended at Rs 542, indicating a 4.84 rise from the issue price.

BlueStone Jewellery and Lifestyle made a muted debut on the stock markets today, with its shares listing almost flat compared to the IPO issue price of Rs 517 per share.

On the Bombay Stock Exchange (BSE), BlueStone shares opened at Rs 508.80, while on the National Stock Exchange (NSE), they began trading at Rs 510.00. This translates to a discount of about 1.3–1.6 per cent from the issue price.

<span style="font-size: 10pt; line-height: 115%; font-family: Arial, &quot;sans-serif&quot;; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><a href="https://www.zeebiz.com/markets/ipo/news-vikram-solar-ipo-rs-2000-crore-issue-to-open-tomorrow-should-you-subscribe-376614">ALSO READ |&nbsp;Vikram Solar IPO: Should you subscribe to Rs 2,000-crore issue?</a>

<h2>Trades higher after listing</h2>

However, within minutes of listing, the stock recovered and moved into positive territory, trading over 2 per cent higher at Rs 522.25 on the NSE and up 1.77 per cent at Rs 517.80 on the BSE as of 10 am.

[[{"fid":"385391","view_mode":"default","type":"media","link_text":null,"attributes":{"height":164,"width":1162,"class":"media-element file-default"}}]]

<h2>[[{"fid":"385392","view_mode":"default","type":"media","link_text":null,"attributes":{"height":97,"width":1340,"class":"media-element file-default"}}]]</h2>

<h2>Pre-listing indications</h2>

Ahead of the debut, the BSE’s pre-open session showed an indicative price of Rs 490, about 5.22 per cent below the IPO price.&nbsp;

[[{"fid":"385381","view_mode":"default","type":"media","link_text":null,"attributes":{"height":136,"width":1333,"class":"media-element file-default"}}]]

On the NSE, the pre-open indication was Rs 510, down 1.35 per cent from the issue price.

[[{"fid":"385382","view_mode":"default","type":"media","link_text":null,"attributes":{"height":144,"width":1167,"class":"media-element file-default"}}]]

&nbsp;

<h2>BlueStone Jewellery IPO subscription details</h2>

The company’s initial public offering (IPO) opened on August 11 and closed on August 13, with share allotment taking place on August 14. Subscription data showed the IPO was subscribed 2.70 times overall. The Qualified Institutional Buyers (QIBs) segment saw the highest demand at 4.28 times, while the Retail Individual Investors (RIIs) portion was booked 1.35 times. The Non-Institutional Investors (NIIs) category subscribed just 55 per cent of their quota.

<h2>What can investors/traders expect?</h2>

The subscription levels were considered modest compared to other recent IPOs. According to market commentary, the stock was expected to list close to its upper issue price of Rs 517. Some analysts had advised investors to avoid the IPO, citing valuation concerns and limited retail participation.

For those allotted shares, Singhvi&nbsp;recommended maintaining a stop-loss slightly below the issue price to manage volatility.

<span style="font-size: 7.5pt; line-height: 115%; font-family: Arial, &quot;sans-serif&quot;; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><a href="http://zeebiz.com/markets/ipo/news-gem-aromatics-ipo-details-price-band-issue-size-lot-size-bse-nse-376685">ALSO READ |&nbsp;Gem Aromatics IPO: Check out price band, issue size, key details</a>

BlueStone raised Rs 1,540.65 crore through the IPO, priced in the range of Rs 492–Rs 517 per equity share.

The issue comprised a fresh issue of 1.59 crore shares worth Rs 820 crore and an offer-for-sale (OFS) of 1.39 crore shares aggregating Rs 720.65 crore.

Axis Capital acted as the book-running lead manager, while KFin Technologies served as the registrar.

BlueStone Jewellery Stock Listing:&nbsp;BlueStone Jewellery and Lifestyle is set to make its stock market debut today, with shares listing on both the NSE and the BSE.


BlueStone Jewellery stock soars 5% on listing day

Vikram Solar IPO, Upcoming IPO, Should you subscribe Vikram Solar IPO?:&nbsp;Vikram Solar Ltd (VSL), one of India’s largest solar photovoltaic (PV) module manufacturers, is set to hit the primary markets with its Rs 2,079-crore initial public offering (IPO) opening on August 19, 2025, and it will conclude on August 21, 2025. It consists of a fresh issue of Rs 1,500 crore and an offer for sale (OFS) of Rs 579 crore.

VSL has fixed the price band between Rs 315 and Rs 332 per share, with investors able to bid in lots of 45 shares and multiples thereafter. At the upper end of the price band, Vikram Solar is eyeing a post-issue market capitalisation of Rs 12,009 crore.

Prior to its IPO launch, the company raised Rs 620.8 crores from anchor investors on Monday, August 18.

&nbsp;

<h2>Expansion-driven capital raise</h2>

The company plans to deploy the fresh issue proceeds primarily toward capacity expansion:

<ul>
	<li>Rs 769.7 crore for Phase-I investment in VSL Green Power</li>
	<li>Rs 595.2 crore for Phase-II investment in the same subsidiary</li>
	<li>Rs 135.1 crore for general corporate purposes</li>
</ul>

<h2>Vikram Solar Earnings: How has the company performed financially?</h2>

Over the last three years, Vikram Solar has shown steady revenue growth and improving profitability.

In FY23, the company reported revenues of Rs 2,073 crore, with EBITDA of Rs 186 crore and a modest profit of just Rs 14 crore. While EBITDA margin of 9 per cent and PAT margin of only 0.7 per cent.

In FY24, revenues rose to Rs 2,511 crore, a 21 per cent YoY. EBITDA more than doubled to Rs 399 crore, while profit after tax jumped to Rs 91 crore.&nbsp;

This translated into a stronger EBITDA margin of 15.9 per cent and a PAT margin of 3.6 per cent.

In the current fiscal year (FY25), the momentum continued with revenues reaching Rs 3,423 crore, up 36 per cent YoY. EBITDA improved further to Rs 492 crore, while profit after tax climbed to Rs 140 crore.

Margins were stable, with EBITDA at 14.4 per cent and PAT at 4.1 per cent, though slightly lower than the FY24 EBITDA margin due to expansion-related costs.

<table border="0" cellpadding="0" cellspacing="0" style="width:355px;" width="353">
	<colgroup>
		<col />
		<col />
		<col span="2" />
	</colgroup>
	<tbody>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;width:103px;">Particulars</td>
			<td class="rtecenter" style="width:79px;">FY23</td>
			<td class="rtecenter" style="width:87px;">FY24</td>
			<td class="rtecenter" style="width:87px;">FY25</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">Revenue</td>
			<td class="rtecenter">Rs 2,073&nbsp;crore</td>
			<td class="rtecenter">Rs 2,511&nbsp;crore</td>
			<td class="rtecenter">Rs 3,423&nbsp;crore</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">EBITDA</td>
			<td class="rtecenter">Rs 186&nbsp;crore</td>
			<td class="rtecenter">Rs 399</td>
			<td class="rtecenter">Rs 492&nbsp;crore</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">Net profit</td>
			<td class="rtecenter">Rs 14 crore</td>
			<td class="rtecenter">Rs 91&nbsp;crore</td>
			<td class="rtecenter">Rs 140&nbsp;crore</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">EBITDA Margin</td>
			<td class="rtecenter">9%</td>
			<td class="rtecenter">15.9%</td>
			<td class="rtecenter">14.4%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">PAT Margin</td>
			<td class="rtecenter">0.7%</td>
			<td class="rtecenter">3.6%</td>
			<td class="rtecenter">4.1%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">RoE</td>
			<td class="rtecenter">4%</td>
			<td class="rtecenter">20.5%</td>
			<td class="rtecenter">11.3%</td>
		</tr>
	</tbody>
</table>

<a href="http://zeebiz.com/markets/stocks/news-bluestone-jewellery-stock-shares-listing-august-19-bse-nse-376682">ALSO READ |&nbsp;</a><a href="http://zeebiz.com/markets/stocks/news-bluestone-jewellery-stock-shares-listing-august-19-bse-nse-376682">BlueStone Jewellery stock lists flat; trades 2% higher</a>

<h2>Anil Singhvi recommends subscribing to the IPO</h2>

Zee Business Managing Editor Anil Singhvi has recommended subscribing to the IPO, particularly for reasonable listing gains and a medium-term perspective.

Singhvi also highlighted the positives and negatives of the company:

Positives, according to him, include experienced&nbsp;promoters, aggressive capacity expansion (almost 4x in three years), strong domestic order book, reduced export dependency, healthy client list, profitability with cash flow generation, and a sharp reduction in debt.

Negatives: Heavy import reliance on China and Asian markets for raw materials, 77 per cent revenue dependence on the top five customers, low market share (4 per cent) in a competitive sector, a safeguard duty dispute worth Rs 148 crore, and relatively expensive valuations compared to peers.

<h2>Domestic brokerages on Vikram Solar IPO</h2>

Analysts at SBI Securities have recommended to subscribing to the issue at the cutoff price, citing that the company has a lower margin profile than its listed peers due to lack of backward integration and minimal export presence where the margins are usually 
higher by 2 per cent to 2.5 per cent. According to the brokerage, the valuation is in line with peers on an EV/EBITDA basis.

Another brokerage, Anand Rathi, has recommended applying for the IPO with a long-term perspective, highlighting that the company’s portfolio includes high-efficiency PV modules, EPC, and O&amp;M services, catering to top clients such as NTPC and Adani.

On the valuation front, based on annualised FY25 earnings, the company is seeking a P/E multiple of 85.8 times and a post-issue market capitalisation of approximately Rs 1,20,090 million, which makes the issue appear aggressively priced, the brokerage noted.

“We believe the business involves high capex, lower margins, client concentration, and exposure to global supply chains. However, its strong order book of 10.3 GW, backward integration, and government support position it well for long-term growth,” it added.

<a href="http://zeebiz.com/markets/ipo/news-gem-aromatics-ipo-details-price-band-issue-size-lot-size-bse-nse-376685">ALSO READ |&nbsp;Gem Aromatics IPO: Check out price band, issue size, key details</a>

<h2>What does Vikram Solar do?</h2>

Vikram Solar is one of India’s largest solar PV module manufacturers, with 4.50 GW installed capacity. It has more than 17 years of industry experience and is expanding aggressively into:

<ul>
	<li>Solar PV modules – aiming for 20.50 GW capacity by FY27</li>
	<li>Solar cells – setting up 12 GW in Tamil Nadu by FY27</li>
	<li>Battery Energy Storage Systems (BESS) – greenfield project starting at 1 GWh, expandable to 5 GWh by FY27</li>
</ul>

Upcoming IPO, Vikram Solar IPO:&nbsp;The company has fixed the price band between Rs 315 and Rs 332 per share, with investors able to bid in lots of 45 shares and multiples thereafter.

&nbsp;


Vikram Solar IPO: Should you subscribe to Rs 2,000-crore issue?

Upcoming IPO, CleanMax IPO:&nbsp;CleanMax Enviro Energy Solutions, India’s largest commercial and industrial renewable energy provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 5,200 crore through an initial public offering (IPO).

The IPO comprises a fresh issue of shares worth up to Rs 1,500 crore and an offer-for-sale of up to Rs 3,700 crore by promoters and existing investors. The offer includes a reservation for eligible employees, who will also receive a discount on their bids.&nbsp;The OFS portion includes:

<ul>
	<li>Rs 321.37 crore by Kuldeep Pratap Jain</li>
	<li>Rs 1,970.83 crore by BGTF One Holdings (DIFC) Limited</li>
	<li>Rs 225.61 crore by KEMPINC LLP</li>
	<li>Rs 991.94 crore by Augment India I Holdings, LLC</li>
	<li>Rs 190.25 crore by DSDG Holdings APS</li>
</ul>

<h2>CleanMax IPO:&nbsp;Funds utilisation</h2>

Proceeds from the fresh issue, estimated at Rs 1,125 crore, will be used to repay or prepay outstanding borrowings and for general corporate purposes.&nbsp;

The company may also consider a further issuance of up to Rs 300 crore in consultation with book-running lead managers.

<h2>CleanMax financial performance</h2>

CleanMax’s revenue from operations increased 12.98 per cent from Rs 1,425.31 crore in FY24 to Rs 1,610.34 crore in FY25. The company reported a net profit of Rs 27.84 crore for FY25.

<h2>CleanMax IPO:&nbsp;BRLMs, registrar details</h2>

The IPO is being managed by Axis Capital, JPMorgan India, BNP Paribas, HSBC Securities and Capital Markets, IIFL Capital, Nomura Financial Advisory and Securities, BOB Capital Markets, and SBI Capital Markets. The company has appointed MUFG Intime India as the registrar.

The IPO will follow the book-building process, with up to 50 per cent of the net offer allocated to qualified institutional buyers and between 15 per cent and 35 per cent reserved for non-institutional and retail individual bidders, respectively.

<h2>Business profile</h2>

As of July 31, CleanMax had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, with an additional 5.07 GW under advanced stage development. Since its inception in 2010, the company has specialised in providing net-zero and decarbonisation solutions to the commercial and industrial sectors.

The company serves 531 customers across 1,127 signed power purchase agreements (PPAs), with 77.28 per cent of contracted capacity in FY25 coming from repeat clients. Its solutions cover renewable power supply, energy services, and carbon credit solutions for industries including data centres, technology, cement, steel, FMCG, pharmaceuticals, real estate, and global capability centres.

The company has a strong presence in India and internationally, offering on-site solar solutions in 21 Indian states and countries, including the UAE, Thailand, and Bahrain. Its renewable energy plants are strategically located in Maharashtra, Tamil Nadu, and Karnataka.

CleanMax IPO:&nbsp;Proceeds from the fresh issue, estimated at Rs 1,125 crore, will be used to repay or prepay outstanding borrowings and for general corporate purposes.


Upcoming IPO: CleanMax files papers with Sebi to raise Rs 5,200 crore via public issue

Ashok Leyland Share Price Target: Commercial vehicle maker Ashok Leyland on Thursday reported a 19.44 per cent rise in consolidated net profit to Rs 657.72 crore for the quarter ended June 30, 2025, supported by record volumes. After this performance, are there opportunities in the future term? Analysts at global brokerages have mixed views, while revised their targets, indicating up to&nbsp;14.64 per cent upside. Read on to learn about what the analysts have made of the automobile stock:

<h2>Ashok Leyland Q1 FY26 results highlights</h2>

Consolidated revenue from operations came in at Rs 11,708.54 crore, compared with Rs 10,696.8 crore a year earlier. Total expenses were higher at Rs 10,920.53 crore, against Rs 9,994.97 crore in the same quarter last year.

The company achieved its highest-ever quarterly commercial vehicle sales, with volumes touching 44,238 units in the quarter.

<h2>What to do with Ashok Leyland stock?</h2>

Following the results, global brokerages revised their stance on the stock:

CLSA has upgraded its stance to 'accumulate' from 'hold' and increased the target price to Rs 136, suggesting an upside of 11.4 per cent from Thursday's closing. Meanwhile,&nbsp;Jefferies has kept a 'hold' call on the stock with a revised target of Rs 120, a downside of 1.7 per cent.

While JPMorgan has maintained a 'neutral' rating on the automobile, raising&nbsp;the share price target to Rs 135, indicating a return of 10.5 per cent in the future term.

Goldman Sachs has reiterated a 'buy' stance and increased the price target to Rs 140. According to the brokerage, the stock could rise up to 14.6 per cent.

Ashok Leyland Stock: Past performance

On Thursday, August 14, the Ashok Leyland stock ended 2 per cent higher at Rs 122.12 apiece on the NSE.

The Nifty Auto family stock have gained 9.88 per cent in the past six months but are down 5.15 per cent over the last one year. Over the past six years, the stock has surged 252.24 per cent.

In comparison, the Nifty50 has delivered returns of 7.35 per cent in six months, 0.24 per cent over one year, and 116.60 per cent in the past five years.

Meanwhile, the Nifty Auto index has gained 10.54 per cent in six months, slipped 4.93 per cent over one year, and advanced 203.97 per cent in the last five years.

<table border="0" cellpadding="0" cellspacing="0" style="width:329px;" width="328">
	<colgroup>
		<col />
		<col />
		<col />
		<col />
	</colgroup>
	<tbody>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;width:64px;">Period</td>
			<td class="rtecenter" style="width:97px;">Ashok Leyland stock</td>
			<td class="rtecenter" style="width:57px;">Nifty50 index</td>
			<td class="rtecenter" style="width:111px;">Nifty Auto index</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">6 months</td>
			<td class="rtecenter">Up nearly 10%</td>
			<td class="rtecenter">Up 7%</td>
			<td class="rtecenter">Up 10%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">1 year</td>
			<td class="rtecenter">
			Falls 5%
			</td>
			<td class="rtecenter">0.24%</td>
			<td class="rtecenter">Down almost 5%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">5 years</td>
			<td class="rtecenter">Up over 200%</td>
			<td class="rtecenter">Up over 100%</td>
			<td class="rtecenter">Around 200%</td>
		</tr>
	</tbody>
</table>

(Disclaimer: The views/suggestions/recommendations expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.)

Ashok Leyland Share Price Target: The company achieved its highest-ever quarterly commercial vehicle sales, with volumes touching 44,238 units in the quarter.


Should you buy/sell/hold Ashok Leyland stock after Q1 profit rises 19%?

Prime Minister Narendra Modi on Sunday inaugurated two major highway projects in the national capital region—the Delhi section of the Dwarka Expressway and the Alipur–Dichaon Kalan stretch of Urban Extension Road-II (UER-II).

At the inauguration ceremony, he was welcomed by Delhi Chief Minister Rekha Gupta, Haryana Chief Minister Nayab Singh Saini, and Union Minister Nitin Gadkari, who felicitated him on stage.

The two projects together involve an estimated investment of nearly Rs 11,000 crore.

Meanwhile, the event witnessed the presence of large crowds.

[[{"fid":"385237","view_mode":"default","type":"media","link_text":null,"attributes":{"height":743,"width":1270,"class":"media-element file-default"}}]]

Speaking at the event, Delhi CM Rekha Gupta praised the Prime Minister as a “visionary leader.”

Gupta highlighted his policies for inclusive governance, equal partnership among states, and prioritising the nation’s interest above politics.

“As the Chief Minister of Delhi, based on the administrative experience of the past five months under your leadership, I can say that you are the visionary leader of the country whose thinking includes every citizen of India. Whose policies ensure every state of India is an equal partner. Whose resolve makes every citizen of India feel secure. You are the strength that has risen above politics and placed the nation's interest above all,” Gupta said.

<h2>Dwarka Expressway – Delhi Section</h2>

The 10.1 km Delhi section of the Dwarka Expressway, built at a cost of around Rs 5,360 crore, is designed to offer multi-modal connectivity to:

<ul>
	<li>Yashobhoomi Convention Centre</li>
	<li>Delhi Metro’s Blue and Orange lines</li>
	<li>The upcoming Bijwasan railway station</li>
	<li>The Dwarka cluster bus depot</li>
</ul>

This section comprises:

<ul>
	<li>5.9 km stretch from Shiv Murti intersection to the Road Under Bridge (RUB) at Dwarka Sector-21</li>
	<li>4.2 km stretch from Dwarka Sector-21 RUB to the Delhi-Haryana border, linking directly with UER-II</li>
</ul>

The 19 km Haryana section of the Dwarka Expressway had been inaugurated earlier by the Prime Minister in March 2024.

Morevoer, Modi also inaugurated the Alipur–Dichaon Kalan stretch of UER-II, including new links to Bahadurgarh and Sonipat, developed at a cost of around Rs 5,580 crore.

The project is expected to help decongest Delhi’s Inner Ring Road, Outer Ring Road, Mukarba Chowk, Dhaula Kuan, and NH-09. It provides direct access to Bahadurgarh and Sonipat, improve industrial connectivity, and are aimed at easing the movement of traffic across the National Capital Region.

At the inauguration ceremony, he was welcomed by Delhi Chief Minister Rekha Gupta, Haryana Chief Minister Nayab Singh Saini, and Union Minister Nitin Gadkari, who felicitated him on stage.


PM Narendra Modi inaugurates two Rs 11,000-crore National Highway projects; crowd cheers

JSW Cement Stock Listing:&nbsp;JSW Cement, part of the Sajjan Jindal-led JSW Group, made a steady debut on the Indian bourses on Thursday, August 14, after its well-received initial public offering (IPO) drew strong investor participation.

On listing, the stock opened at Rs 153 on the BSE, a gain of Rs 6, or 4.08 per cent per share, over the issue price of Rs 147.[[{"fid":"384979","view_mode":"default","type":"media","link_text":null,"attributes":{"height":455,"width":1329,"class":"media-element file-default"}}]]

On the NSE, it began trading at Rs 153.50, up Rs 6.50/share, or 4.42 per cent, from the IPO price.

[[{"fid":"384980","view_mode":"default","type":"media","link_text":null,"attributes":{"height":179,"width":1164,"class":"media-element file-default"}}]]

The IPO attracted over 12.75 lakh applications, led by strong institutional participation. The qualified institutional buyers (QIB) category was subscribed 15.80 times, the non-institutional investors (NIIs) 10.97 times, and the retail segment 1.81 times.

<h2>Trading below opening price</h2>

At 10 am, the newly listed stock was trading at Rs 151.73 on the BSE, down 0.82 per cent from its opening price.[[{"fid":"384983","view_mode":"default","type":"media","link_text":null,"attributes":{"height":95,"width":1341,"style":"font-size: 13px;","class":"media-element file-default"}}]]Meanwhile, on the NSE, it traded at Rs 151.33, down 1.41 per cent.

[[{"fid":"384984","view_mode":"default","type":"media","link_text":null,"attributes":{"height":169,"width":1163,"class":"media-element file-default"}}]]

<h2>What should investors do? Is it long-term bet?</h2>

Prior to the Dalal Street debut, Zee Business Managing Editor Anil Singhvi expected the JSW Cement stock to list near or slightly above its issue price of Rs 147. He reiterated his “AVOID” call for fresh buying at listing, advising investors to consider entry only post-listing if desired.

“Short-term investors should maintain a suitable stop loss below the IPO price,” Singhvi added, while recommending market leaders such as UltraTech Cement and Shree Cement for safer bets in the sector.

<h2>IPO subscription</h2>

JSW Cement’s IPO, open from August 7 to August 11, 2025, was subscribed 7.77 times overall. Here is how the category-wise the issue fared:

<ul>
	<li>QIBs: 15.80 times</li>
	<li>NIIs: 10.97 times</li>
	<li>Retail: 1.81 times</li>
</ul>

The price band was fixed at Rs 139–147 per share (face value Rs 10). The Rs 3,600 crore issue included a fresh issue of Rs 1,600 crore and an offer for sale of Rs 2,000 crore.

<h2>Utilisation of IPO proceeds</h2>

<ul>
	<li>JSW Cement plans to allocate the fresh issue funds as follows:</li>
	<li>Rs 800 crore – new integrated cement unit at Nagaur, Rajasthan</li>
	<li>Rs 520 crore – repayment/prepayment of certain borrowings</li>
	<li>Remaining – general corporate purposes</li>
</ul>

Ahead of the IPO, the company raised Rs 1,080 crore from anchor investors on August 6.

<h2>Capacity expansion plans</h2>

The company has lined up greenfield and brownfield projects across seven locations, aiming to boost clinker capacity from 6.4 MTPA to 13 MTPA and grinding capacity from 20.6 MTPA to 41.9 MTPA by March 2025. Key projects include:

Nagaur, Rajasthan: 3.3 MTPA clinker, 3.5 MTPA grinding

Talwandi Sabo, Punjab: 2.8 MTPA grinding

Sambalpur, Odisha: 1 MTPA grinding

Vijayanagar, Karnataka: 4 MTPA grinding (brownfield)

Dolvi, Maharashtra: 4 MTPA grinding

Hatta, MP: 3.3 MTPA clinker, 1 MTPA grinding

Uttar Pradesh: 5 MTPA grinding

<h2>What cement industry demand, how it performed&nbsp;</h2>

India’s cement capacity utilisation has risen from 62 per cent in FY21 to 72 per cent in FY25 and is projected to touch 75–77 per cent by FY30. Cement demand grew from 327 MT in FY20 to 467 MT in FY25 (CAGR: 7.4 per cent), and is expected to reach 670–680 MT by FY30 (CAGR: 7.5–7.8 per cent).

Region-wise, growth drivers vary, with East India projected to lead demand expansion at 8.5–9.5 per cent CAGR through FY30, while North and Central India are also set for steady growth.

Here is a region-wise&nbsp;summary of cement demand growth:

<table border="0" cellpadding="0" cellspacing="0" style="width: 425px;" width="425">
	<colgroup>
		<col span="4" />
		<col />
		<col />
	</colgroup>
	<tbody>
		<tr height="40">
			<td class="rtecenter" height="40" style="height: 40px; width: 64px;">Region</td>
			<td class="rtecenter" style="width: 64px;">FY23</td>
			<td class="rtecenter" style="width: 64px;">FY24</td>
			<td class="rtecenter" style="width: 64px;">FY25</td>
			<td class="rtecenter" style="width: 83px;">FY26F</td>
			<td class="rtecenter" style="width: 87px;">FY26F–FY30F CAGR</td>
		</tr>
		<tr height="40">
			<td class="rtecenter" height="40" style="height: 40px; width: 64px;">North India</td>
			<td class="rtecenter" style="width: 64px;">9%</td>
			<td class="rtecenter" style="width: 64px;">12%</td>
			<td class="rtecenter" style="width: 64px;">6.50%</td>
			<td class="rtecenter" style="width: 83px;">4% – 5%</td>
			<td class="rtecenter" style="width: 87px;">6.5% – 7.5%</td>
		</tr>
		<tr height="40">
			<td class="rtecenter" height="40" style="height: 40px; width: 64px;">South India</td>
			<td class="rtecenter" style="width: 64px;">13%</td>
			<td class="rtecenter" style="width: 64px;">12.50%</td>
			<td class="rtecenter" style="width: 64px;">2%</td>
			<td class="rtecenter" style="width: 83px;">6.5% – 7.5%</td>
			<td class="rtecenter" style="width: 87px;">7% – 8%</td>
		</tr>
		<tr height="40">
			<td class="rtecenter" height="40" style="height: 40px; width: 64px;">East India</td>
			<td class="rtecenter" style="width: 64px;">16%</td>
			<td class="rtecenter" style="width: 64px;">9%</td>
			<td class="rtecenter" style="width: 64px;">5%</td>
			<td class="rtecenter" style="width: 83px;">6.5% – 7.5%</td>
			<td class="rtecenter" style="width: 87px;">8.5% – 9.5%</td>
		</tr>
		<tr height="40">
			<td class="rtecenter" height="40" style="height: 40px; width: 64px;">West India</td>
			<td class="rtecenter" style="width: 64px;">10%</td>
			<td class="rtecenter" style="width: 64px;">13%</td>
			<td class="rtecenter" style="width: 64px;">8%</td>
			<td class="rtecenter" style="width: 83px;">6% – 7%</td>
			<td class="rtecenter" style="width: 87px;">6% – 7%</td>
		</tr>
		<tr height="40">
			<td class="rtecenter" height="40" style="height: 40px; width: 64px;">Central India</td>
			<td class="rtecenter" style="width: 64px;">12%</td>
			<td class="rtecenter" style="width: 64px;">12%</td>
			<td class="rtecenter" style="width: 64px;">4%</td>
			<td class="rtecenter" style="width: 83px;">7.5% – 8.5%</td>
			<td class="rtecenter" style="width: 87px;">7.5% – 8.5%</td>
		</tr>
		<tr height="40">
			<td class="rtecenter" height="40" style="height: 40px; width: 64px;">Pan-India</td>
			<td class="rtecenter" style="width: 64px;">12%</td>
			<td class="rtecenter" style="width: 64px;">11%</td>
			<td class="rtecenter" style="width: 64px;">5%</td>
			<td class="rtecenter" style="width: 83px;">6.5% – 7.5%</td>
			<td class="rtecenter" style="width: 87px;">7.5% – 8.5%</td>
		</tr>
	</tbody>
</table>

Here is how cement utilisation has fared since FY20 and what should be expected in the future term:

<table border="0" cellpadding="0" cellspacing="0" style="width: 201px;" width="201">
	<colgroup>
		<col />
		<col />
	</colgroup>
	<tbody>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px; width: 72px;">Fiscal Year</td>
			<td class="rtecenter" style="width: 129px;">Utilisation Rate</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY20</td>
			<td class="rtecenter">66%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY21</td>
			<td class="rtecenter">62%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY22</td>
			<td class="rtecenter">65%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY23</td>
			<td class="rtecenter">69%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY24</td>
			<td class="rtecenter">73%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY25</td>
			<td class="rtecenter">72%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY26F</td>
			<td class="rtecenter">72% – 74%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY27F</td>
			<td class="rtecenter">73% – 75%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY28F</td>
			<td class="rtecenter">73% – 75%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY29F</td>
			<td class="rtecenter">74% – 76%</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height: 20px;">FY30F</td>
			<td class="rtecenter">75% – 77%</td>
		</tr>
	</tbody>
</table>

Category-wise, the qualified institutional buyers (QIB) segment was subscribed 15.80 times, non-institutional investors (NIIs) 10.97 times, and the retail category 1.81 times.


JSW Cement stock debuts with moderate gains: Should you pick it over Shree Cement, UltraTech?

Jubilant Foodworks kicked off its financial performance on Wednesday for the first quarter of the current fiscal year with a 29 per cent&nbsp;jump, riding on sales of Domino’s pizzas. But while the earnings beat expectations, global brokerages are not yet biting into a bullish view on the stock.

<h2>Jubilant Foodworks Q1 Earnings Highlights</h2>

Jubilant Foodworks on Wednesday reported a 29 per cent year-on-year (YoY) rise in standalone net profit to Rs 67 crore for the April–June quarter of FY26, compared with Rs 51.5 crore in the same quarter last year, while revenue from operations increased 18 percent YoY to Rs 1,702 crore from Rs 1,440 crore.

Earnings per share improved to Rs 1.01, and expenses grew nearly 18 percent to Rs 1,626 crore.

Store expansion

The company, which operates Domino’s Pizza in India, added 67 new Domino’s stores over the last three quarters. During the same period, one Popeyes outlet and two Dunkin’ Donuts outlets were closed.

As of June 30, Jubilant operates 2,240 Domino’s outlets, 60 Popeyes stores, 33 Hong’s Kitchen outlets, and 29 Dunkin’ stores in India.

<h2>Should you buy, sell or hold the stock after Q1 results?</h2>

Following the financial performance, global brokerages issued varied assessments of the stock

HSBC has 'Hold' Rating:&nbsp;The brokerages has upgraded its stance to 'hold' from 'reduce' along with target price to Rs 650 from Rs 600. The brokerage cited sustained like-for-like growth of 11.6 per cent in Q1FY26, though noted a slight margin miss due to increased promotional activity.

Two Brokerages Maintain 'Neutral' Recommendation:&nbsp;Analysts at Goldman Sachs and JPMorgan have maintained a 'neutral' rating, cutting target prices to Rs 675 and Rs 745, respectively.

CLSA Maintains 'Reduce':&nbsp;The brokerage has maintained a 'reduce' rating on the stock and cut target price to Rs 516 from Rs 519. It pointed out a 199 basis-point contraction in gross margins to the lowest level in over 30 quarters, along with an EBITDA miss.&nbsp; The brokerage also reduced its FY26–28 estimates by 5–11 per cent to reflect higher costs.&nbsp;

Macquarie Maintains 'Underperform':&nbsp;The brokerage has maintained an 'underperform' rating with a target price of Rs 545, noting that strong performance in Turkey offset slower-than-expected India margins. The brokerage also highlighted that discount-led like-for-like growth has not translated into margin improvement.

Citi Recommends 'Buy':&nbsp;The brokerage has recommended buying the stock for a target of Rs 820, which is raised from Rs 805.

(Disclaimer: The views/suggestions/recommendations expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.)

(This story will be updated shortly.)

Analysts have mixed views on Jubilant Foodworks stock after Q1 profit rises 29%; Citi expects 27% upside

Honasa Consumer Share Price:&nbsp;Honasa Consumer, the parent company of FMCG brands such as Mamaearth and The Derma Co, on Tuesday (August 13), reported a 2.64 per cent year-on-year increase in consolidated net profit to Rs 41.32 crore for the June quarter of FY26. The company had posted a profit after tax of Rs 40.25 crore in the same period last year.

While revenue from operations grew 7.4 per cent to Rs 595.25 crore compared with Rs 554.05 crore in Q1 FY25.

Gross profit margin improved by 48 basis points to 71.2 per cent during the quarter. Total expenses rose 8.3 per cent year-on-year to Rs 563.55 crore, while total income was up 8 per cent at Rs 619.14 crore.

On Tuesday, Honasa Consumer’s shares closed at Rs 271 apiece on the NSE, up 1.75 per cent from the previous session.

<h2>Should you buy/sell/hold Mamaearth stock?</h2>

Following the earnings announcement, global brokerages gave mixed views on the stock:

CLSA upgraded the rating to accumulate from hold and raised the target price to Rs 333 from Rs 303.

Goldman Sachs maintained a neutral stance, increasing its target to Rs 295 from Rs 275.

JPMorgan retained an underweight rating, lifting its target to Rs 235 from Rs 197.

Meanwhile, Jefferies has maintained a 'buy' rating with a target price of Rs 400, citing a positive surprise on margins. The brokerage noted that unseasonal rains impacted sunscreen sales, contributing to modest 7 per cent revenue growth, but said the company still delivered a sequential improvement in EBITDA margin, beating expectations. It added that new brands continued to grow strongly, while Mamaearth is yet to recover.

<h2>Honasa Stock Update</h2>

Shares of the midcap company rose as much as 13.68 per cent to hit a high of Rs 304.80 in early trading session on Wednesday.

Gross profit margin improved by 48 basis points to 71.2 per cent during the quarter.


Brokerages see up to 47% upside on Honasa Consumer stock post Q1FY26; surges over 10% 

Regaal Resources IPO:&nbsp;The Rs 306-crore initial public offering (IPO) of Regaal Resources opened for public subscription on Tuesday, August 12. The book-built issue comprises a fresh issue of 2.06 crore shares worth Rs 210 crore and an offer-for-sale (OFS) of 0.94 crore shares aggregating to Rs 96 crore. The IPO will remain open until August 14.

The company has fixed the price band at Rs 96–Rs 102 per share, with a minimum application size of 144 shares. This means retail investors can bid with a minimum investment of Rs 13,824.

The allotment process is expected to be completed on August 18, with a tentative listing date of August 20 on both the BSE and NSE.

<h2>Anchor investor details</h2>

On Monday, the company raised approximately Rs 92 crore from anchor investors.

<h2>Regaal Resources subscription status</h2>

On the first day of bidding, the IPO has been subscribed 5.04 times so far. As of 3:42 pm, it received bids for 10.59 crore shares against the total issue size of 2.09 crore shares.

Category-wise subscription:

<ul>
	<li>Non-Institutional Investors (NIIs): 8.28 times</li>
	<li>Retail Individual Investors (RIIs): 4.86 times</li>
	<li>Qualified Institutional Buyers (QIBs): Nearly 3 times</li>
</ul>

Should you subscribe?

Here is what&nbsp;analysts at domestic brokerages – Canara Bank Securities, Anand Rathi, Ventura Securities, and BP Wealth – have recommended:

Canara Bank Securities' analysts have suggested subscribing to the issue for investors with a higher risk tolerance seeking exposure to the agro-processing and specialty ingredients segment, saying that the company has demonstrated strong financial performance, with net profit growing from Rs 17 crore to Rs 48 crore, an impressive CAGR of 68.66 per cent.

According to the PSU brokerage, RRL's B2B business model is supported by a distinguished client base, and its operations are underpinned by sustainability initiatives. "While certain promoter-related litigations remain pending and warrant monitoring, the company’s growth trajectory, operational efficiencies, and strategic positioning make it attractive," the brokerage said.

Ventura Securities' analysts have a ‘subscribe’ rating on the IPO, expecting margins to improve with debt reduction, capacity expansion, and entry into new geographies.

Anand Rathi brokerage has suggested subscribing to the IPO with a long-term horizon. According to the brokerage, the IPO appears fully priced on the basis of annualised FY25 earnings. "The company is seeking a P/E of 21.9 times and a post-issue market capitalisation of approximately Rs 10,477 million," the brokerage noted. "We believe it has a capital-intensive nature of operations, exposure to agri cycles, and limited pricing power in a commoditised market," it said.

Meanwhile, BP Wealth brokerage also has a 'subscribe' rating, citing that at the upper price band, the issue is valued at a P/E of 16.9x based on FY25 earnings, which seems fairly valued.

<table border="0" cellpadding="0" cellspacing="0" style="width:296px;" width="296">
	<colgroup>
		<col span="2" />
	</colgroup>
	<tbody>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;width:148px;">Brokerage</td>
			<td class="rtecenter" style="width:148px;">Recommendation</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">Canara Bank Securities</td>
			<td class="rtecenter">Subscribe (Risk Taker Investors)</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">Ventura Securities</td>
			<td class="rtecenter">Subscribe</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">Anand Rathi</td>
			<td class="rtecenter">Subscribe (Long-Term)</td>
		</tr>
		<tr height="20">
			<td class="rtecenter" height="20" style="height:20px;">BP Wealth</td>
			<td class="rtecenter">Subscribe</td>
		</tr>
	</tbody>
</table>

<h2>Regaal Resources IPO important dates</h2>

<ul>
	<li>Regaal Resources IPO Open Date: Tuesday, August 12</li>
	<li>Regaal Resources IPO Close Date: Thursday, August 14</li>
	<li>Regaal Resources IPO Allotment Finalisation Date: Monday, August 18</li>
	<li>Regaal Resources IPO Tentative Listing Date: Wednesday, August 20</li>
</ul>

Regaal Resources IPO:&nbsp;The public issue comprises a fresh issue of 2.06 crore shares worth Rs 210 crore and an offer-for-sale (OFS) of 0.94 crore shares aggregating to Rs 96 crore. The IPO will remain open until August 14.


Rs 306-crore Regaal Resources IPO opens with price band of Rs 96–102; should you subscribe?

SBI Share Price Target:&nbsp;State Bank of India (SBI) has received upward revisions in target prices from multiple brokerages after the lender posted double-digit growth in first-quarter profit and reported further improvement in asset quality.

<h2>SBI Q1 FY26 earnings highlights</h2>

The PSU bank's net profit for the April–June quarter rose 12 per cent year-on-year to Rs 19,160 crore, compared with Rs 17,035 crore in the same period last year. Total income climbed to Rs 1,35,342 crore from Rs 1,22,688 crore.

Operating profit for the quarter improved to Rs 30,544 crore from Rs 26,449 crore in the previous year’s corresponding quarter.

On the asset quality front, gross non-performing assets (NPAs) declined to 1.83 per cent of gross advances, from 2.21 per cent a year earlier. Net NPAs fell to 0.47 per cent from 0.57 per cent. Provisions and contingencies, however, rose to Rs 4,759 crore from Rs 3,449 crore in the year-ago period.

The bank’s capital adequacy ratio improved to 14.63 per cent from 13.86 per cent last year.

<h2>Analysts see&nbsp;almost 21% upside</h2>

Jefferies has maintained a 'buy' call on the banking stock and raised its target price to Rs 970--suggests a&nbsp;20.87 per cent upside from Friday's closing--from&nbsp;Rs 960, citing strong earnings momentum and healthy asset quality trends. HSBC also reiterated a 'buy' stance, increasing its target to Rs 960 from Rs 950, while highlighting SBI’s consistent operating performance and balance sheet strength.

Morgan Stanley has maintained an 'equal-weight' rating on the PSU stock but raised its target price to Rs 885 from ₹850. According to the brokerage, core pre-provision operating profit (PPOP) was in line, with good asset quality and return on assets (RoA) staying above 1 per cent, partly helped by treasury gains.

CLSA reiterated its 'outperform' rating with a target price of Rs 1,050. The brokerage highlighted a 32 per cent core profit-before-tax (PBT) beat versus estimates, driven by stronger core PPOP and benign credit costs. It noted that SBI continues to outpace the sector in loan growth, with a 10 bps NIM decline in line with expectations.

Meanwhile, domestic brokerage JM Financial also maintained its 'buy' recommendation and raised its 12-month price target to Rs 950 from Rs 925--implying an upside potential of 18 per cent.

<h2>Stock surges over 2%, up more than 300% in 5 years</h2>

On Monday (August 11), shares of SBI rose as much as 2.27 per cent, hitting an intraday high of Rs 822.85 in the early hours of the trading session on the BSE, and emerged as the top gainer on the Nifty50 index. The PSU stock opened 0.30 per cent higher at Rs 807.

&nbsp;

Here’s how the stock has performed over the years:

<ul>
	<li>1 year: Up 1.03 per cent</li>
	<li>6 months: Up 12.30 per cent</li>
	<li>5 years:&nbsp;Up 317.81 per cent</li>
</ul>

(Disclaimer: The views/suggestions/recommendations expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.)

SBI Share Price Target:&nbsp;The PSU bank's net profit for the April–June quarter rose 12 per cent year-on-year to Rs 19,160 crore, compared with Rs 17,035 crore in the same period last year.

&nbsp;


Top Nifty50 Gainer: Brokerages raise SBI stock targets after strong Q1 results

Voltas Share Price Target:&nbsp;A steep decline in quarterly profit at Voltas has prompted several brokerages to lower their price targets ahead of Monday’s market opening. The Tata Group air-conditioning and engineering services company reported a 58 per cent year-on-year fall in consolidated net profit for the June quarter, as unseasonal rains and an early monsoon weighed on demand for cooling products.

<h2>Voltas Q1 FY26 performance</h2>

The largecap firm’s net profit for the April–June quarter stood at Rs 140.61 crore, down from Rs 335 crore a year earlier. Revenue fell 20.22 per cent to Rs 3,912.29 crore, compared with Rs 4,903.91 crore in the same period last year.

The unitary cooling products segment—which includes the company’s core room air-conditioner business—posted a 24.57 per cent drop in revenue to Rs 2,867.86 crore. Total expenses declined 16.11 per cent to Rs 3,792.05 crore, while total income slipped 19.6 per cent to Rs 4,020.65 crore.

<h2>Target cuts of up to 15%</h2>

Here is what analysts at global brokerages recommend:

Goldman Sachs has maintained a 'sell' rating, saying that the weaker performance in the cooling segment could persist in the near term. The brokerage cut its target price to Rs 1,100, indicating a downside of 15.44 per cent from Friday's closing.

While CLSA kept a 'hold' recommendation, stating that while Voltas’ long-term prospects remain intact, seasonal demand volatility and competitive pressures are likely to impact earnings in the short run. The brokerage has kept its targets at Rs 1,170, trimming from Rs 1,235.

In contrast, Jefferies maintained a 'buy' call with a target of Rs 1,670, pointing to the potential for recovery in demand and structural growth opportunities in India’s cooling products market.

(Disclaimer: The views/suggestions/recommendations expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.)

Voltas Share Price Target:&nbsp;The largecap firm’s net profit for the April–June quarter stood at Rs 140.61 crore, down from Rs 335 crore a year earlier. Revenue fell 20.22 per cent to Rs 3,912.29 crore, compared with Rs 4,903.91 crore in the same period last year.

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Voltas Share Price Target: Analysts expect up to 15% downside on largecap scrip after Q1 earnings miss

Regaal Resources IPO: The initial public offering of Kolkata-based agro-based company specialising in maize-based and speciality starch products--Regaal Resources--will open on Tuesday, August 12. The company has fixed price band at Rs 96 to Rs 102 per share for its public issue. The share sale will remain open for subscription until August 14, 2025.

The IPO will comprise a fresh issue of shares worth Rs 210 crore and an offer for sale (OFS) of 94.12 lakh shares by promoters, valued at about Rs 96 crore at the upper price band. The total issue size is estimated at Rs 306 crore.

<h2>Use of proceeds</h2>

The company intends to utilise Rs 159 crore from the fresh issue for repayment of debt. The remaining proceeds will be used for general corporate purposes.

<h2>Financial performance</h2>

In FY25, revenue from operations rose 52.52 per cent to Rs 915.16 crore compared to Rs 600.02 crore in FY24. Profit after tax more than doubled, increasing to Rs 47.67 crore from Rs 22.14 crore in the previous year.

<h2>Who are BRLMs, registrar</h2>

Pantomath Capital Advisors and Sumedha Fiscal Services are the book-running lead managers, and Link Intime India is the registrar of the issue. The company’s equity shares are proposed to be listed on the BSE and NSE.

<h2>Business overview</h2>

Regaal Resources manufactures maize-based starch, specialty starches, food-grade starches, and starch derivatives, with an installed crushing capacity of 750 tonnes per day.

The IPO will comprise a fresh issue of shares worth Rs 210 crore and an offer for sale (OFS) of 94.12 lakh shares by promoters, valued at about Rs 96 crore at the upper price band.

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Ankur Gupta