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Defence stocks surged, Nifty India Defence Index up 8.9 percent for the week., Analysts expect higher defence spending in upcoming Union Budget., MTAR Technologies' Q3 net profit more than doubled, revenue up 56.9 percent.

* Defence stocks surged, Nifty India Defence Index up 8.9 percent for the week.
* Analysts expect higher defence spending in upcoming Union Budget.
* MTAR Technologies' Q3 net profit more than doubled, revenue up 56.9 percent.

Defence stocks surged, with the Nifty India Defence Index up 8.9% this week, its best since May 2025, driven by expectations of higher capital outlay in the upcoming Union Budget and strong results from MTAR Technologies and other sector leaders.

shorts/business/defence-index-logs-biggest-weekly-rise-since-may-2025-ahead-of-budget-grse-mtar-tech-mazagon-dock-shares-rise-up-to-7

* Defence stocks surged, Nifty India Defence Index up 8.9 percent for the week.
* Analysts expect higher defence spending in upcoming Union Budget.
* MTAR Technologies' Q3 net profit more than doubled, revenue up 56.9 percent.

Defence shares advanced on Friday, with the sectoral index logging its biggest weekly gain since May 2025, amid expectations of higher capital outlay in the upcoming Union Budget on February 1.

The Nifty India Defence Index rose over 1.5 percent to an intraday high of 8,193.50. The index is up 8.9 percent so far this week, marking its strongest weekly rise since May 2025, when India-Pakistan border tensions had flared.

The rally comes ahead of the Union Budget, with analysts expecting a substantial increase in defence capital spending.

Om Ghawalkar, Market Analyst, Share.Market (PhonePe Wealth), noted "the Nifty India Defence Index is flashing strong bullish signals as it prepares for a major breakout from a Double Bottom pattern. Currently trading at 8,184, the index has gained 8% this week, significantly outperforming the broader market. This momentum is supported by a Golden Crossover, where the 10-day and 21-day moving averages have climbed above the medium-term trend, confirming a new uptrend. With a rising MACD and prices holding well above all key moving averages, the technical setup suggests that buyers are firmly in control."

"The index's strength is further highlighted by its position relative to long-term trend lines. It is currently trading comfortably above its 50-day SMA and its 200-day SMA, which indicates a robust primary trend. The recent "Golden Crossover" specifically saw the short-term averages move past the 100-day SMA, providing a clear technical "buy" signal for momentum traders looking at the medium-term horizon. Looking ahead, the index faces immediate hurdles at 8,350 and 8,450. A clean break above these resistance levels could trigger a fresh rally toward previous record highs. On the downside, the 7,300–7,400 zone provides a solid support floor, protecting against sudden volatility. As the Union Budget 2026 approaches on February 1, this pre-budget momentum highlights the sector's strength and its role as a key growth theme for investors in the current market.

Hemant Sood, Managing Director, Findoc, said "The sharp rally in defence stocks reflects strong investor expectations of a higher defence allocation in the upcoming Union Budget, driven largely by evolving global geopolitical tensions and rising security concerns. With ongoing international conflicts, markets are factoring in increased focus on defence preparedness and modernization."

"Within the sector, aerial combat technologies and drone manufacturing are likely to remain key beneficiaries, as next-generation warfare increasingly relies on surveillance, automation, and advanced combat systems. Additionally, defence PSU stocks are expected to stay in focus, given their direct linkage to government spending and execution. From a valuation standpoint, defence stocks are not excessively stretched, which further supports the ongoing momentum. Overall, a favourable budgetary push, combined with strategic importance and reasonable valuations, is driving sustained investor interest in the defence space," he added.

According to Emkay Research, recent geopolitical developments leave the government with limited flexibility, necessitating higher defence outlays. The brokerage has forecast a 12–13 percent year-on-year growth in defence spending over the next three to four years. Nuvama Institutional Equities also expects the Budget to accelerate spending in the sector.

Macquarie said India could raise defence expenditure to 2.5 percent of GDP by fiscal 2027 from 1.9 percent in the current fiscal, with a sharper focus on indigenisation. The defence index has gained 5.15 percent so far in January, compared with a 3.3 percent decline in the benchmark Nifty 50.

The Nifty India Defence Index had fallen 1.2 percent in the previous session but recovered those losses on Friday. All its 18 constituents were trading in the green.

<a href="https://www.moneycontrol.com/india/stockpricequote/pumps/dynamatictechnologies/DT05">Dynamatic Technologies</a> emerged as the top gainer, rising 8 percent to Rs 8,790 per share. <a href="https://www.moneycontrol.com/india/stockpricequote/engineering-heavy/gardenreachshipbuildersengineers/GRS01">Garden Reach Shipbuilders &amp; Engineers</a> and MTAR Technologies followed, advancing 7.37 percent and 7.19 percent, respectively.

MTAR Technologies reported a strong performance in the December quarter, supported by healthy execution across segments and operating leverage. The company’s net profit more than doubled to Rs 34.6 crore in the third quarter of FY26 from Rs 15.9 crore a year ago, while revenue rose 56.9 percent year-on-year to Rs 273.7 crore. EBITDA jumped 80.7 percent to Rs 59.8 crore, with operating margin improving to 22 percent from 19 percent in the corresponding quarter last year.

"GRSE is mirroring the Nifty Defence Index’s bullish structure, currently trading at ₹2,764. Technically, the stock is primed for an uptrend as it forms a Double Bottom pattern with strong volume accumulation. While ₹2,100 serves as a solid support floor, the stock faces its next major test at the ₹3,000 psychological resistance level. MTAR Technologies is witnessing a powerful technical breakout, surging past the critical Rs 2,700 resistance to reach Rs 2,931. This move is validated by a massive volume spike and a bullish MACD crossover, signaling that the stock has shifted from consolidation to an aggressive growth phase. Mazagon Dock Shipbuilders is showing early signs of a bullish reversal as it successfully closed above its 50-day moving average this week," added Ghawalkar.

Shares of Paras Defence and Space Technologies, Cochin Shipyard, Mazagon Dock Shipbuilders, Bharat Electronics and Hindustan Aeronautics also gained up to 3 percent.

<em><strong>Disclaimer:</strong> The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.</em>

A financial journalist with over 10 years of experience, specialising in tracking stock market movements and fundamental developments that impact investors and the broader economy. A keen observer of global financial markets, I regularly engage with leading market voices to write stories. At Moneycontrol, I focus on decoding market trends, policy shifts and economic changes, driven by a constant passion to learn, analyse, and share knowledge with my readers.

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Defence index logs biggest weekly rise since May 2025 ahead of Budget; GRSE, Mtar Tech, Mazagon Dock shares rise up to 7%

Defence shares advanced on Friday, with the sectoral index logging its biggest weekly gain since May 2025, amid expectations of higher capital outlay in the upcoming Union Budget on February 1.

The Nifty India Defence Index rose over 1.5 percent to an intraday high of 8,193.50. The index is up 8.9 percent so far this week, marking its strongest weekly rise since May 2025, when India-Pakistan border tensions had flared.

The rally comes ahead of the Union Budget, with analysts expecting a substantial increase in defence capital spending.

Om Ghawalkar, Market Analyst, Share.Market (PhonePe Wealth), noted &quot;the Nifty India Defence Index is flashing strong bullish signals as it prepares for a major breakout from a Double Bottom pattern. Currently trading at 8,184, the index has gained 8% this week, significantly outperforming the broader market. This momentum is supported by a Golden Crossover, where the 10-day and 21-day moving averages have climbed above the medium-term trend, confirming a new uptrend. With a rising MACD and prices holding well above all key moving averages, the technical setup suggests that buyers are firmly in control.&quot;

&quot;The index's strength is further highlighted by its position relative to long-term trend lines. It is currently trading comfortably above its 50-day SMA and its 200-day SMA, which indicates a robust primary trend. The recent &quot;Golden Crossover&quot; specifically saw the short-term averages move past the 100-day SMA, providing a clear technical &quot;buy&quot; signal for momentum traders looking at the medium-term horizon. Looking ahead, the index faces immediate hurdles at 8,350 and 8,450. A clean break above these resistance levels could trigger a fresh rally toward previous record highs. On the downside, the 7,300–7,400 zone provides a solid support floor, protecting against sudden volatility. As the Union Budget 2026 approaches on February 1, this pre-budget momentum highlights the sector's strength and its role as a key growth theme for investors in the current market.

Hemant Sood, Managing Director, Findoc, said &quot;The sharp rally in defence stocks reflects strong investor expectations of a higher defence allocation in the upcoming Union Budget, driven largely by evolving global geopolitical tensions and rising security concerns. With ongoing international conflicts, markets are factoring in increased focus on defence preparedness and modernization.&quot;

&quot;Within the sector, aerial combat technologies and drone manufacturing are likely to remain key beneficiaries, as next-generation warfare increasingly relies on surveillance, automation, and advanced combat systems. Additionally, defence PSU stocks are expected to stay in focus, given their direct linkage to government spending and execution. From a valuation standpoint, defence stocks are not excessively stretched, which further supports the ongoing momentum. Overall, a favourable budgetary push, combined with strategic importance and reasonable valuations, is driving sustained investor interest in the defence space,&quot; he added.

According to Emkay Research, recent geopolitical developments leave the government with limited flexibility, necessitating higher defence outlays. The brokerage has forecast a 12–13 percent year-on-year growth in defence spending over the next three to four years. Nuvama Institutional Equities also expects the Budget to accelerate spending in the sector.

Macquarie said India could raise defence expenditure to 2.5 percent of GDP by fiscal 2027 from 1.9 percent in the current fiscal, with a sharper focus on indigenisation. The defence index has gained 5.15 percent so far in January, compared with a 3.3 percent decline in the benchmark Nifty 50.

The Nifty India Defence Index had fallen 1.2 percent in the previous session but recovered those losses on Friday. All its 18 constituents were trading in the green.

Dynamatic Technologies emerged as the top gainer, rising 8 percent to Rs 8,790 per share. Garden Reach Shipbuilders &amp;amp; Engineers and MTAR Technologies followed, advancing 7.37 percent and 7.19 percent, respectively.

MTAR Technologies reported a strong performance in the December quarter, supported by healthy execution across segments and operating leverage. The company’s net profit more than doubled to Rs 34.6 crore in the third quarter of FY26 from Rs 15.9 crore a year ago, while revenue rose 56.9 percent year-on-year to Rs 273.7 crore. EBITDA jumped 80.7 percent to Rs 59.8 crore, with operating margin improving to 22 percent from 19 percent in the corresponding quarter last year.

&quot;GRSE is mirroring the Nifty Defence Index’s bullish structure, currently trading at ₹2,764. Technically, the stock is primed for an uptrend as it forms a Double Bottom pattern with strong volume accumulation. While ₹2,100 serves as a solid support floor, the stock faces its next major test at the ₹3,000 psychological resistance level. MTAR Technologies is witnessing a powerful technical breakout, surging past the critical Rs 2,700 resistance to reach Rs 2,931. This move is validated by a massive volume spike and a bullish MACD crossover, signaling that the stock has shifted from consolidation to an aggressive growth phase. Mazagon Dock Shipbuilders is showing early signs of a bullish reversal as it successfully closed above its 50-day moving average this week,&quot; added Ghawalkar.

Shares of Paras Defence and Space Technologies, Cochin Shipyard, Mazagon Dock Shipbuilders, Bharat Electronics and Hindustan Aeronautics also gained up to 3 percent.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Hindustan Zinc shares dropped 13% as silver prices crashed post-record rally., Silver prices on COMEX dropped over 8 percent, futures fell up to 15 percent, Silver ETFs also plunged, with Axis Silver ETF crashing 24 percent

* Hindustan Zinc shares dropped 13% as silver prices crashed post-record rally.
* Silver prices on COMEX dropped over 8 percent, futures fell up to 15 percent
* Silver ETFs also plunged, with Axis Silver ETF crashing 24 percent

Hindustan Zinc shares fell nearly 13% as global silver prices plunged after a record rally. Silver ETFs also dropped sharply, driven by speculation over a new US Fed Chair, a stronger dollar, and overbought market conditions impacting precious metals.

shorts/business/hindustan-zinc-shares-crash-10-as-silver-prices-tumble-9-after-record-bull-run

* Hindustan Zinc shares dropped 13% as silver prices crashed post-record rally.
* Silver prices on COMEX dropped over 8 percent, futures fell up to 15 percent
* Silver ETFs also plunged, with Axis Silver ETF crashing 24 percent

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/metals-non-ferrous/hindustanzinc/HZ">Hindustan Zinc</a> tumbled nearly 13 percent on January 30 as silver prices crashed after a record rally.

The shares of the Vedanta Group-company dropped to Rs 622.85 apiece in the afternoon trading hours of Friday. This came amid a sharp drop in silver prices in the second session.
<h3><strong>Silver prices tumble:</strong></h3>
Silver prices on COMEX dropped around 14 percent to $98.685 per ounce. This comes a day after the precious metal hit a fresh lifetime high of $119.51 per ounce.

Silver futures with March expiry meanwhile dropped 15 percent to Rs 3,39,910 per kilogram. The contracts with May and July expiries also fell 15 percent and 12 percent respectively.

The sharp fall in global prices of the precious metals comes amid speculations that the US Federal Reserve may get a more hawkish chair. US President Donald Trump said he intends to announce his pick to replace Fed Chair Jerome Powell on Friday, as speculation intensifies over who will lead the American central bank after Jerome Powell steps aside in May.

"So, a potentially less dovish Fed Chairman pick, a rebound in the dollar and gold giving way to overbought conditions have contributed to the decline in the price of the precious metal," Reuters quoted KCM Chief Trade Analyst Tim Waterer as saying.

"Rumours that Kevin Warsh will replace Jerome Powell as Fed Chair has weighed on gold during Asian trade," said Matt Simpson, a senior analyst at StoneX, as quoted by the report.
<h3><strong>Silver ETFs crash:</strong></h3>
<a href="https://www.moneycontrol.com/news/business/markets/gold-silver-etfs-crash-up-to-14-as-precious-metals-tumble-from-record-highs-should-you-buy-13799082.html">Silver ETFs mirrored that sharp decline</a> in the industrial metal. Axis Silver ETF crashed 24 percent, while ICICI Prudential Silver and Kotak Silver ETF fell nearly 23 percent. SBI Silver ETF and others fell more than 22 percent each.

Mirae Asset Silver ETF, Motilal Oswal Silver ETF, HDFC Silver ETF and Nippon India Silver ETF also plunged sharply.
<h3><strong>Hindustan Zinc share price:</strong></h3>
Hindustan Zinc is the largest producer of silver in India, and produces refined silver with a minimum 99.9 percent purity. Hence, the fall in the precious metals pushed the stock down.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-gift-nifty-suggests-a-weak-start-us-markets-mixed-asia-gains-liveblog-13798597.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Hindustan Zinc shares crash 13% as silver prices tumble 15% after record bull run

The shares of Hindustan Zinc tumbled nearly 13 percent on January 30 as silver prices crashed after a record rally.

The shares of the Vedanta Group-company dropped to Rs 622.85 apiece in the afternoon trading hours of Friday. This came amid a sharp drop in silver prices in the second session.
Silver prices tumble:
Silver prices on COMEX dropped around 14 percent to $98.685 per ounce. This comes a day after the precious metal hit a fresh lifetime high of $119.51 per ounce.

Silver futures with March expiry meanwhile dropped 15 percent to Rs 3,39,910 per kilogram. The contracts with May and July expiries also fell 15 percent and 12 percent respectively.

The sharp fall in global prices of the precious metals comes amid speculations that the US Federal Reserve may get a more hawkish chair. US President Donald Trump said he intends to announce his pick to replace Fed Chair Jerome Powell on Friday, as speculation intensifies over who will lead the American central bank after Jerome Powell steps aside in May.

&quot;So, a potentially less dovish Fed Chairman pick, a rebound in the dollar and gold giving way to overbought conditions have contributed to the decline in the price of the precious metal,&quot; Reuters quoted KCM Chief Trade Analyst Tim Waterer as saying.

&quot;Rumours that Kevin Warsh will replace Jerome Powell as Fed Chair has weighed on gold during Asian trade,&quot; said Matt Simpson, a senior analyst at StoneX, as quoted by the report.
Silver ETFs crash:
Silver ETFs mirrored that sharp decline in the industrial metal. Axis Silver ETF crashed 24 percent, while ICICI Prudential Silver and Kotak Silver ETF fell nearly 23 percent. SBI Silver ETF and others fell more than 22 percent each.

Mirae Asset Silver ETF, Motilal Oswal Silver ETF, HDFC Silver ETF and Nippon India Silver ETF also plunged sharply.
Hindustan Zinc share price:
Hindustan Zinc is the largest producer of silver in India, and produces refined silver with a minimum 99.9 percent purity. Hence, the fall in the precious metals pushed the stock down.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Tata Motors shares drop 4% as Q3 net profit falls 48% YoY to Rs 705 crore., Exceptional costs of Rs 1,643 crore impacted earnings in Q3 FY26, Brokerages gave mixed ratings; target prices range from Rs 431 to Rs 650

* Tata Motors shares drop 4% as Q3 net profit falls 48% YoY to Rs 705 crore.
* Exceptional costs of Rs 1,643 crore impacted earnings in Q3 FY26
* Brokerages gave mixed ratings; target prices range from Rs 431 to Rs 650

Tata Motors shares fell over 4% after Q3 FY26 net profit dropped 48% YoY to Rs 705 crore, hit by exceptional costs. Revenue rose 16% YoY. Brokerages gave mixed views, with target prices ranging from Rs 431 to Rs 650, citing market share and margin concerns.

shorts/business/tata-motors-shares-fall-4-after-q3-net-profit-drops-48-to-rs-705-crore-should-you-buy-sell-or-hold

* Tata Motors shares drop 4% as Q3 net profit falls 48% YoY to Rs 705 crore.
* Exceptional costs of Rs 1,643 crore impacted earnings in Q3 FY26
* Brokerages gave mixed ratings; target prices range from Rs 431 to Rs 650

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/automobile-truckslcvs/tatamotors/TML02">Tata Motors</a>, which now represent the company’s commercial vehicle business, dropped more than 4 percent on January 30 after the company reported a sharp fall in net profit for the third quarter of the financial year 2026.

The shares of the CV-maker plunged to Rs 450.55 apiece on Friday, snapping a two-session gaining streak.
<h3><strong>Tata Motors Q3 Results:</strong></h3>
Tata Motors on January 29 reported a consolidated net profit of Rs 705 crore for the third quarter of the financial year 2026. This marks a 48 percent year-on-year (YoY) fall from the Rs 1,355 crore net profit reported in the same period last year.

The earnings however were impacted by some exceptional losses. The firm incurred a one-time cost of Rs 962 crore to account for the stamp duty charges payable to various local authorities to effect transfer of registration of land acquired as part of the its demerger scheme.

Additionally, the company also incurred a one-time cost of Rs 603 crore due to the implementation of the new labour codes, which took effect last year, along with Rs 82 crore for acquisition.

Overall, the company incurred exceptional costs worth Rs 1,643 crore during the quarter.

The CV-maker’s revenue from operations meanwhile rose more than 16 percent YoY to Rs 21,847 crore during the quarter under review. Operating margin improved to 12.60 percent in Q3 FY26 from 12.07 percent in Q3 FY25, while profit margin reduced to 3.23 percent.

Tata Motors reported a 30 bps increase in consolidated EBITDA to 12.5 percent during the October-December quarter of the ongoing FY26.
<h3><strong>Motilal Oswal on Tata Motors:</strong></h3>
Motilal Oswal said that the firm’s Q3 results missed estimates, led by input cost pressures. The automaker’s Q3 profit was below the domestic brokerage’s expectations due to lower-than-expected margin at 12.8 percent.

“The key concern for TMCV has been its gradual loss of market share across key segments. Further, its recent acquisition of Iveco would expose it to the ongoing global macro uncertainties, thereby driving a potential de-rating, if demand does not improve anytime soon. We have already factored in a pickup in domestic CV demand in our estimates (we estimate 9% volume CAGR over FY25-28E). We also factor in margins to remain stable at 13% over FY25-28E,” Motilal said.

However, the brokerage added that the stock appears to be fairly valued now after a recent rally. It remained ‘Neutral’ on the stock, with a target price of Rs 431 apiece, which implies an upside potential of more than 8 percent from the stock’s previous closing price.
<h3><strong>Emkay Global on Tata Motors:</strong></h3>
Emkay Global said that the firm’s net profit beat its estimate mainly on account of lower-than-expected tax expense. “We believe the overall CV demand environment remains constructive, with double-digit growth likely to sustain till H1FY27 – TMCV should lead this multi-year upcycle in our view,” it said.

The firm retained its ‘Buy’ call on the stock, with a target price of Rs 650 apiece, which implies an upside potential of more than 38 percent from the stock’s previous closing price.
<h3><strong>JM Financial on Tata Motors:</strong></h3>
JM Financial said that rising commodity prices are expected to have impact on margins in Q4 FY26. “To partly offset this, the company has implemented a 1% price hike effective 1st Jan’26, while a potential moderation in discount intensity could provide additional support to the margins,” it said.

The brokerage kept a ‘Buy’ call on the stock, with a target price of Rs 550 apiece. This implies an upside potential of nearly 17 percent from the stock’s previous closing price.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-gift-nifty-suggests-a-weak-start-us-markets-mixed-asia-gains-liveblog-13798597.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Tata Motors shares fall 4% after Q3 net profit drops 48% to Rs 705 crore: Should you buy, sell or hold?

The shares of Tata Motors, which now represent the company’s commercial vehicle business, dropped more than 4 percent on January 30 after the company reported a sharp fall in net profit for the third quarter of the financial year 2026.

The shares of the CV-maker plunged to Rs 450.55 apiece on Friday, snapping a two-session gaining streak.
Tata Motors Q3 Results:
Tata Motors on January 29 reported a consolidated net profit of Rs 705 crore for the third quarter of the financial year 2026. This marks a 48 percent year-on-year (YoY) fall from the Rs 1,355 crore net profit reported in the same period last year.

The earnings however were impacted by some exceptional losses. The firm incurred a one-time cost of Rs 962 crore to account for the stamp duty charges payable to various local authorities to effect transfer of registration of land acquired as part of the its demerger scheme.

Additionally, the company also incurred a one-time cost of Rs 603 crore due to the implementation of the new labour codes, which took effect last year, along with Rs 82 crore for acquisition.

Overall, the company incurred exceptional costs worth Rs 1,643 crore during the quarter.

The CV-maker’s revenue from operations meanwhile rose more than 16 percent YoY to Rs 21,847 crore during the quarter under review. Operating margin improved to 12.60 percent in Q3 FY26 from 12.07 percent in Q3 FY25, while profit margin reduced to 3.23 percent.

Tata Motors reported a 30 bps increase in consolidated EBITDA to 12.5 percent during the October-December quarter of the ongoing FY26.
Motilal Oswal on Tata Motors:
Motilal Oswal said that the firm’s Q3 results missed estimates, led by input cost pressures. The automaker’s Q3 profit was below the domestic brokerage’s expectations due to lower-than-expected margin at 12.8 percent.

“The key concern for TMCV has been its gradual loss of market share across key segments. Further, its recent acquisition of Iveco would expose it to the ongoing global macro uncertainties, thereby driving a potential de-rating, if demand does not improve anytime soon. We have already factored in a pickup in domestic CV demand in our estimates (we estimate 9% volume CAGR over FY25-28E). We also factor in margins to remain stable at 13% over FY25-28E,” Motilal said.

However, the brokerage added that the stock appears to be fairly valued now after a recent rally. It remained ‘Neutral’ on the stock, with a target price of Rs 431 apiece, which implies an upside potential of more than 8 percent from the stock’s previous closing price.
Emkay Global on Tata Motors:
Emkay Global said that the firm’s net profit beat its estimate mainly on account of lower-than-expected tax expense. “We believe the overall CV demand environment remains constructive, with double-digit growth likely to sustain till H1FY27 – TMCV should lead this multi-year upcycle in our view,” it said.

The firm retained its ‘Buy’ call on the stock, with a target price of Rs 650 apiece, which implies an upside potential of more than 38 percent from the stock’s previous closing price.
JM Financial on Tata Motors:
JM Financial said that rising commodity prices are expected to have impact on margins in Q4 FY26. “To partly offset this, the company has implemented a 1% price hike effective 1st Jan’26, while a potential moderation in discount intensity could provide additional support to the margins,” it said.

The brokerage kept a ‘Buy’ call on the stock, with a target price of Rs 550 apiece. This implies an upside potential of nearly 17 percent from the stock’s previous closing price.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Gold loan financier stocks dropped up to 9% due to falling gold and silver prices., Manappuram Finance Q3 profit fell 14.5% due to microfinance stress., Record gold prices dampened demand and may lower India's gold imports this year.

* Gold loan financier stocks dropped up to 9% due to falling gold and silver prices.
* Manappuram Finance Q3 profit fell 14.5% due to microfinance stress.
* Record gold prices dampened demand and may lower India's gold imports this year.

Shares of gold loan financiers like Manappuram Finance and Muthoot Finance fell up to 9% as gold and silver prices dropped after a record rally. Profit booking, weaker microfinance results, and concerns over high prices impacted stocks and physical demand.

shorts/business/muthoot-manappuram-finance-other-gold-financier-stocks-decline-up-to-4-on-fall-in-precious-metal

* Gold loan financier stocks dropped up to 9% due to falling gold and silver prices.
* Manappuram Finance Q3 profit fell 14.5% due to microfinance stress.
* Record gold prices dampened demand and may lower India's gold imports this year.

Shares of gold loan financiers Muthoot Finance, Manappuram Finance and others fell by up to 9 percent on Friday, tracking a sharp decline in gold and silver prices amid profit booking after a recent record rally.

Shares of <a href="https://www.moneycontrol.com/india/stockpricequote/finance-leasinghire-purchase/manappuramfinance/MGF01">Manappuram Finance</a> slipped over 9 percent to an intraday low of Rs 270 per share on the NSE. The company had reported a 14.5 percent year-on-year decline in consolidated net profit at Rs 241 crore for the December quarter, impacted by a slowdown in its microfinance segment.

Global brokerage Jefferies, which has a ‘Hold’ rating on the stock with a price target of Rs 285, said lower net interest margins and higher provisions led to the earnings miss, even as gold loan growth remained strong and management undertook measures to strengthen the franchise.

PhillipCapital upgraded Manappuram Finance to ‘Neutral’ from ‘Sell’ with a price target of Rs 260, citing improving gold loan momentum and management-led restructuring. The brokerage noted that higher costs and stress in the microfinance business weighed on quarterly profit. The stock has gained around 64 percent so far in 2025, while it is down about 3.8 percent in January.

Meanwhile, shares of <a href="https://www.moneycontrol.com/india/stockpricequote/finance-investments/muthootfinance/MF10">Muthoot Finance</a> fell over 7 percent to Rs 3,924 on the NSE. IIFL Finance declined 2 percent to Rs 535.30.

The fall in gold financier stocks came amid a sharp correction in precious metal prices. On the Multi Commodity Exchange (MCX), gold futures for the February contract declined Rs 2,162, or 1.28 percent, to Rs 1,67,241 per 10 grams. In the previous session, gold had surged nearly 9 percent to hit a record high of Rs 1,80,779 per 10 grams before easing.

"After hitting record highs, gold and silver prices dropped as a rebound in the US dollar triggered aggressive profit-taking," said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd.

He said domestic prices declined more than international benchmarks in the previous session, raising price parity concerns. The dollar index rebounded from recent lows of 96, while the USD/INR pair touched a record high.

According to Modi, elevated prices had already dampened physical demand. He added that the World Gold Council noted a moderation in central bank purchases in the fourth quarter of 2025, although strong investor inflows offset the slowdown. The council has also indicated that India’s gold imports may decline this year as record prices weigh on jewellery demand.

<em><strong>Disclaimer:</strong> The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.</em>

Muthoot, Manappuram Finance, other gold financier stocks decline up to 4% on fall in precious metal

Shares of gold loan financiers Muthoot Finance, Manappuram Finance and others fell by up to 9 percent on Friday, tracking a sharp decline in gold and silver prices amid profit booking after a recent record rally.

Shares of Manappuram Finance slipped over 9 percent to an intraday low of Rs 270 per share on the NSE. The company had reported a 14.5 percent year-on-year decline in consolidated net profit at Rs 241 crore for the December quarter, impacted by a slowdown in its microfinance segment.

Global brokerage Jefferies, which has a ‘Hold’ rating on the stock with a price target of Rs 285, said lower net interest margins and higher provisions led to the earnings miss, even as gold loan growth remained strong and management undertook measures to strengthen the franchise.

PhillipCapital upgraded Manappuram Finance to ‘Neutral’ from ‘Sell’ with a price target of Rs 260, citing improving gold loan momentum and management-led restructuring. The brokerage noted that higher costs and stress in the microfinance business weighed on quarterly profit. The stock has gained around 64 percent so far in 2025, while it is down about 3.8 percent in January.

Meanwhile, shares of Muthoot Finance fell over 7 percent to Rs 3,924 on the NSE. IIFL Finance declined 2 percent to Rs 535.30.

The fall in gold financier stocks came amid a sharp correction in precious metal prices. On the Multi Commodity Exchange (MCX), gold futures for the February contract declined Rs 2,162, or 1.28 percent, to Rs 1,67,241 per 10 grams. In the previous session, gold had surged nearly 9 percent to hit a record high of Rs 1,80,779 per 10 grams before easing.

&quot;After hitting record highs, gold and silver prices dropped as a rebound in the US dollar triggered aggressive profit-taking,&quot; said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd.

He said domestic prices declined more than international benchmarks in the previous session, raising price parity concerns. The dollar index rebounded from recent lows of 96, while the USD/INR pair touched a record high.

According to Modi, elevated prices had already dampened physical demand. He added that the World Gold Council noted a moderation in central bank purchases in the fourth quarter of 2025, although strong investor inflows offset the slowdown. The council has also indicated that India’s gold imports may decline this year as record prices weigh on jewellery demand.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Paytm shares fell 4.5 percent after Q3 FY26 results despite reporting net profit, Q3 revenue rose over 20 percent YoY; UPI GMV up 35 percent in nine months, Brokerages gave mixed ratings; Citi, Jefferies 'Buy', CLSA 'Underperform'

* Paytm shares fell 4.5 percent after Q3 FY26 results despite reporting net profit
* Q3 revenue rose over 20 percent YoY; UPI GMV up 35 percent in nine months
* Brokerages gave mixed ratings; Citi, Jefferies 'Buy', CLSA 'Underperform'

Paytm shares fell 4.5% after Q3 FY26 results showed a net profit of Rs 225 crore and 20% revenue growth. Brokerages gave mixed ratings, citing concerns over regulatory incentives, with target prices ranging from Rs 1,000 to Rs 1,450 per share.

shorts/business/paytm-shares-fall-4-even-as-firm-swings-to-black-in-q3-here-s-what-brokerages-say

* Paytm shares fell 4.5 percent after Q3 FY26 results despite reporting net profit
* Q3 revenue rose over 20 percent YoY; UPI GMV up 35 percent in nine months
* Brokerages gave mixed ratings; Citi, Jefferies 'Buy', CLSA 'Underperform'

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/online-services/one97communicationspaytm/OC03">Paytm</a> dropped nearly 4.5 percent to a four-month low on January 30 after the company released its results for the October-December quarter of the financial year 2026. Brokerages have mixed views for the stock.

The shares of the fintech platform dropped to Rs 1,115.60 apiece, the lowest level seen by the stock since September 30.
<h3><strong>Paytm Q3 Results:</strong></h3>
Paytm on January 29 reported a consolidated net profit of Rs 225 crore for Q3 FY26, as against a net loss of Rs 208 crore for Q3 FY25. The firm’s revenue from operations meanwhile grew more than 20 percent year-on-year (YoY) to Rs 2,194 crore during the quarter under review, as against Rs 1,828 crore in the year-ago period, led by higher payments GMV, merchant subscriptions, and distribution of financial services revenue.

EBITDA grew to Rs 156 crore, with EBITDA margin at 7 percent, despite higher promotional expenses for consumer growth and full impact of new labour code, the company said. It reported consistent gain in UPI consumer market share for 3 consecutive quarters, with Paytm’s consumer UPI GMV rising 35 percent in last nine months, as against industry GMV growth of 16 percent during the same period.
<h3><strong>Brokerages on Paytm:</strong></h3>
Citi maintained its 'Buy' rating on the stock, but cut its target price to Rs 1,375 apiece from 1,500 apiece. The latest target price implies an upside potential of nearly 18 percent from the stock’s previous closing price of Rs 1,168.1 apiece.

The international brokerage said that withdrawal of regulatory incentives will weigh on near-term EBITDA. Th stock had earlier seen a sharp decline amid concerns around Payment Infrastructure Development Fund (PIDF) that was extended until December 2025.

The initiative by the Reserve Bank of India (RBI) aimed to encourage deployment of digital payments acceptance infrastructure like soundboxes and POS devices, through incentives. Notably there has been no update yet as to whether the scheme will be extended beyond 2025.

After the shares saw strong volatility following the reports, Paytm issued a clarification. It said that it received Rs 128 crore as incentive under the scheme for the six months ended September 30, 2025.

"In the scenario that the current Scheme is not extended or replaced, we expect to significantly offset the impact over time through a combination of higher revenues and more targeted sales efforts," it added.

CLSA kept an 'Underperform' call on the stock, with a target price of Rs 1,000 apiece. This marks a 14 percent downside potential from the stock’s previous closing price of Rs 1,168.1 apiece. The international brokerage said that the firm’s Q3 results were in line with estimates.

However, it cut profit before tax estimates by 3-5 percent due to loss of PIDF income, which was partly offset by lower ad spend.

Jefferies kept a 'Buy' call on the stock, with a target price of Rs 1,450 per share. This implies an upside potential of more than 24 percent over the stock’s previous closing price. The international brokerage said that the firm’s Q3 results were slightly ahead of estimates.

JM Financial said that Paytm as continued its track record of delivering better than expected profits for another quarter.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-gift-nifty-suggests-a-weak-start-us-markets-mixed-asia-gains-liveblog-13798597.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Paytm shares fall 4% even as firm swings to black in Q3: Here's what brokerages say

The shares of Paytm dropped nearly 4.5 percent to a four-month low on January 30 after the company released its results for the October-December quarter of the financial year 2026. Brokerages have mixed views for the stock.

The shares of the fintech platform dropped to Rs 1,115.60 apiece, the lowest level seen by the stock since September 30.
Paytm Q3 Results:
Paytm on January 29 reported a consolidated net profit of Rs 225 crore for Q3 FY26, as against a net loss of Rs 208 crore for Q3 FY25. The firm’s revenue from operations meanwhile grew more than 20 percent year-on-year (YoY) to Rs 2,194 crore during the quarter under review, as against Rs 1,828 crore in the year-ago period, led by higher payments GMV, merchant subscriptions, and distribution of financial services revenue.

EBITDA grew to Rs 156 crore, with EBITDA margin at 7 percent, despite higher promotional expenses for consumer growth and full impact of new labour code, the company said. It reported consistent gain in UPI consumer market share for 3 consecutive quarters, with Paytm’s consumer UPI GMV rising 35 percent in last nine months, as against industry GMV growth of 16 percent during the same period.
Brokerages on Paytm:
Citi maintained its 'Buy' rating on the stock, but cut its target price to Rs 1,375 apiece from 1,500 apiece. The latest target price implies an upside potential of nearly 18 percent from the stock’s previous closing price of Rs 1,168.1 apiece.

The international brokerage said that withdrawal of regulatory incentives will weigh on near-term EBITDA. Th stock had earlier seen a sharp decline amid concerns around Payment Infrastructure Development Fund (PIDF) that was extended until December 2025.

The initiative by the Reserve Bank of India (RBI) aimed to encourage deployment of digital payments acceptance infrastructure like soundboxes and POS devices, through incentives. Notably there has been no update yet as to whether the scheme will be extended beyond 2025.

After the shares saw strong volatility following the reports, Paytm issued a clarification. It said that it received Rs 128 crore as incentive under the scheme for the six months ended September 30, 2025.

&quot;In the scenario that the current Scheme is not extended or replaced, we expect to significantly offset the impact over time through a combination of higher revenues and more targeted sales efforts,&quot; it added.

CLSA kept an 'Underperform' call on the stock, with a target price of Rs 1,000 apiece. This marks a 14 percent downside potential from the stock’s previous closing price of Rs 1,168.1 apiece. The international brokerage said that the firm’s Q3 results were in line with estimates.

However, it cut profit before tax estimates by 3-5 percent due to loss of PIDF income, which was partly offset by lower ad spend.

Jefferies kept a 'Buy' call on the stock, with a target price of Rs 1,450 per share. This implies an upside potential of more than 24 percent over the stock’s previous closing price. The international brokerage said that the firm’s Q3 results were slightly ahead of estimates.

JM Financial said that Paytm as continued its track record of delivering better than expected profits for another quarter.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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