1. Nuvama Wealth Management:
Thiscapital markets company plunged 11.2% on July 4 after SEBIbarred US-based Jane Street from trading in Indian markets and seized Rs 4,843 crore over alleged manipulation in index derivatives. Jane Street, a major institutional client of Nuvama, was accused of inflating index prices near markets close to profit from options. While Nuvama was not named in SEBI’s order, the company was reportedly the broker executing Jane Street’s trades. According to analysts, this raised fears that the brokerage could lose asignificant (~40%) share of its institutional trading volumes.
However, Jane Street reportedly contributed onlyabout 7% to Nuvama’s FY25 revenue. The capital markets segment (institutional equities and investment banking) contributed 26% of total revenue in FY25.
InFY25, the company’s revenue and net profit beat Forecaster estimates by 4.4% and 1.5% respectively. Net profit surged 57.7% to Rs 986 crore, driven by 32% revenue growth, lower cost, and strong performance across wealth, asset, and investment services.
NWML’s total assets under management (AUM)grew 24% to Rs 4.3 lakh crore in FY25. This growth was supported by strong client inflows in its wealth management business and expansion in its team of relationship managers. Ashish Kehair, MD & CEO,said, “The company targets a net increase of Rs 23,000–24,000 crore in AUM from fresh client inflows in FY26.”
On July 5, the company rose 3.3% onreports that Private equity firms CVC Capital Partners, Permira, and EQT are in advanced talks with PAG to acquire its controlling 54.8% stake in Nuvama in a deal potentially valued at $1.6 billion.
Motilal Oswalhas a ‘Buy’ rating, citing strong FY25 results, robust private wealth and capital markets growth, and expects an CAGR of 18% in revenue and 19% in net profit over FY25-27.
2. Syrma SGS Technology:
This electrical products company saw its stock hit a 52-week high of Rs 685 on July 11 following the announcement of plans to invest Rs 1,800 crore in a new electronics components manufacturing facility in Andhra Pradesh. In January, the company signed a non-binding Memorandum of Understanding (MoU) with South Korea's Shinhyup Electronics to establish a joint venture for this project.
Since March, Syrma has been in discussions with the Andhra Pradesh government's Economic Development Board (EDB) for land and financial incentives for its new facility. Syrma SGS is also applying for the Government of India's Production-Linked Incentive (PLI) scheme for electronics manufacturing. The new plant is set to start operations by FY27.
For FY25, the company reported a 19.4% increase in revenue and a significant 58.3% jump in net profit, largely driven by growth in the automotive and industrial sectors. Trendlyne Forecaster projects a 4% MoM revenue growth for the first quarter of FY26, attributing it to the company's focus on higher-margin segments and operational leverage. The stock has also appeared on a screener of stocks that are overbought according to the Money Flow Index (MFI).
J.S. Gujral, the Managing Director of Syrma SGS, expressed confidence in the company's future, stating, "We expect an EBITDA above 8% and revenue growth of 30–35% in FY26." He acknowledged that the export target of Rs 1,000 crore for FY25 was missed by about Rs 200 crore due to tariff uncertainties and a sluggish economic environment in the European Union. However, based on customer guidance, he anticipates that exports will exceed the Rs 1,000 crore mark in FY26.
JP Morgan has identified India’s electronic manufacturing services (EMS) sector as a "sunrise sector" and expects Syrma to be the third-fastest growing company within its EMS coverage. The brokerage forecasts the EMS space to deliver 32% compound annual revenue growth over FY26–30, supported by increasing electronics content in products and the government's ‘Make in India’ initiative. Consequently, JP Morgan has initiated coverage on Syrma with an 'Overweight' rating and a target price of Rs 800.
3. Kotak Mahindra Bank:
This banking firm’s shares surged 4.4% over the past week following a quarterly business update for Q1 FY26. The bank reported 14% YoY growth in loans and a 14.6% increase in total deposits. Macquarie Research said, “These are better than our expectations and also better than private peers.” Low-cost CASA deposits from current and savings accounts now contribute 41% to the total deposits, a slight decrease from the previous quarter.
Higher CASA deposits, and faster repricing of term deposits boosted the bank's net interest margin (NIM) to 4.97% in Q4. However, analysts expect NIMs to come under pressure starting Q1, following the recent RBI rate cut. This is because around 60% of Kotak’s loan book is linked to external benchmarks such as the repo rate. Analysts at Macquarie forecast a 15 bps margin decline in Q1 on a QoQ basis.
Trendlyne’s Forecaster projects a 7% YoY revenue growth in the first quarter, although it expects higher provisions to eat into the net profit by 3%. As of March 2025, unsecured retail loans made up 10% of the bank's total loans, a slight decrease from the previous year. MD & CEO Ashok Vaswani highlights the bank’s efforts in Q4 “to bring down the retail microfinance book by 33% YoY.”
Deputy MD Shanti Ekambaram says “The bank will continue to focus on mortgages as it helps retain affluent customers.” During the Q4 earnings call, she highlighted that this approach has led to a rise in value per customer over the past two quarters. House loans and loans against property account for 27% of the total loan book.
BOB Capital maintains a ‘Buy’ rating on the bank with a higher target price of 2,520, which suggests a 13% upside. Analysts highlight Kotak’s healthy credit growth, led by secured loan segments, and high CASA deposits as key drivers of growth.
4. JSW Infrastructure:
This port operator rose over 2% on July 8 after announcing the win of a Rs 740 crore port infrastructure project from the Syama Prasad Mookerjee Port Authority. The project includes rebuilding one berth and upgrading two other berths at the Netaji Subhas Dock in Kolkata. This initiative aims to boost the port’s ability to handle container cargo.
The project supports JSW Infra’s broader strategy to expand its port network under the government’s push to increase the private sector’s role in running and improving ports. The company also mentioned it could begin partial operations even while construction is underway, thanks to steady cargo volumes at the Kolkata port.
In FY25, the company reported a 9% increase in cargo handled. It now plans to more than double its port capacity to 400 million tonnes per year by FY30. To support this plan, it has allocated a capex of Rs 30,000 crore for port development and an additional Rs 9,000 crore for logistics.
The company entered the logistics business in FY25 by acquiring a 70% stake in NAVKAR, a rail-linked logistics company, for around Rs 1,000 crore. This deal gave JSW Infra access to important logistics facilities, such as container stations, depots, and licenses to operate freight trains. The logistics division accounted for roughly 10% of JSW Infra's total revenue in FY25.
Rinkesh Roy, MD & CEO, said, “We are eyeing sizable revenue and profit contributions from our logistics business. We expect logistics revenue to grow by 50% in FY26.” He also said that earnings growth will be supported by the logistics segment and high-margin locations like Fujairah, which earns an EBITDA margin of about 85%. The company expects over 10% cargo volume growth each year until FY28, with higher growth likely only after new capacity becomes operational.
Motilal Oswal has a ‘Buy’ rating on JSW Infrastructure with a target price of Rs 370. The brokerage expects the company to benefit from India’s infrastructure expansion and rising demand from third-party cargo clients, despite global challenges. A strong rise in logistics revenue is also expected to help performance, with revenue and profit expected to grow at over 22% annually during FY26–27.
5. Vedanta:
Thismining company fell 8% on July 9 aftershort-seller Viceroy Research released a report flagging financial irregularities at its parent firm, Vedanta Resources (VRL), saying it “resembles a Ponzi scheme.” The report mentioned that the entire group structure is “financially unsustainable, operationally compromised, and poses a severe, under-appreciated risk to creditors.”
It notes that VRL is systematically draining Vedanta to repay its debts and is pressuring Vedanta to borrow more, thereby weakening Vedanta’s financial position.
The report also cautioned that the entire group is close to going bankrupt and is only staying afloat by constantly borrowing more money, using complicated accounting tricks, and delaying large, hidden payments it owes.
The Viceroy report said that Vedanta Resources is a "parasite" holding company with no significant operations of its own. It states that VRL’s interest and principal obligations are funded entirely through dividends and “brand fees” extracted from Vedanta, neither of which is sustainable.
While Viceroy sounds alarm bells, JP Morgan remains optimistic. In a freshnote, it dismissed Viceroy Research’s claims and said it is “not getting distracted” by the report. JP Morgan says that the allegations are a distraction and that Vedanta’s core fundamentals remain strong. The brokerage maintains an “overweight” rating on Vedanta.
The Viceroy report comes as Vedanta plans to split into five separate listed entities by September 2025. Group Chairman Anil Agarwal launched the plan in 2023 to overhaul the business following an unsuccessfulattempt to take Vedanta private in 2020.
The company’s net profit rose 253.5% to Rs 14,988 crore in FY25. Revenue grew 7% driven by higher commodity prices and a lower tax rate.
Since FY22, Vedanta Resources has reduced its debt by 44% to $5 billion. Ajay Goel, Group CFO, notes, “We aim to achieve an investment-grade credit rating and strengthen our financial position. We plan to reduce debt to $3 billion by FY27 through dividends and brand fees from Vedanta, without placing additional strain on the operating company.”
Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations
