Shares of Steel Authority of India (SAIL) surged 5 per cent in early trade on Tuesday after the state-owned steelmaker reported a strong Q3FY26 results.

The stock surged as much as 5 per cent to ₹156.05 before settling at ₹154.36 on the NSEup from the previous close of ₹148.67.

SAIL posted a standalone net profit of ₹441.70 crore for the quarter ended December 2025, sharply higher than ₹125.80 crore in the year-ago period. Revenue from operations rose 12 per cent year on year to ₹27,371.39 crore in Q3FY26 compared with ₹24,489.63 crore in Q3FY25.

Brokerages said the rally was driven by improving volume momentum and expectations of better realizations in the coming quarters, although views diverged on valuation and balance-sheet risks.

Motilal Oswal said that despite muted net sales realisation, SAIL delivered decent earnings in the quarter, aided by healthy volumes.

The brokerage expects performance to improve further in the March quarter on the back of recovering steel prices and better volumes supported by inventory liquidation.

It raised its FY27 EBITDA estimates by 2 per cent, citing improving prices and operating leverage, and upgraded the stock to buy with a target price of ₹175.

Emkay Global also struck an optimistic tone, saying Q4 upside strengthens the investment case.

It expects the market to respond favorably to the Q3 results, particularly after cumulative post-quarter price hikes of ₹4,000–5,000 per tonne, which could lift EBITDA to around ₹7,000 per tonne in the March quarter.

While higher coking coal costs may cap some of the benefit, Emkay reiterated buy rating and ₹175 target price, calling SAIL one of its key picks in the ferrous space.

HDFC Securities, however, remained more measured and maintained its add rating with an unchanged target price of ₹150.

The brokerage pointed out that while total and own sales volumes rose 16 per cent and 5 per cent year on year, weak pricing in flat steel weighed on margins, pulling down EBITDA per tonne to ₹4,500 sequentially and compressing it slightly on a year-on-year basis.

HDFC expects SAIL to deliver steady growth over FY25–28, aided by a recovery in steel prices and higher production from ramp-ups.

Nuvama Institutional Equities adopted a cautious stance despite stronger-than-expected operating profit in the quarter. It noted that adjusted EBITDA of ₹22.9 billion beat estimates, supported by higher volumes that partly offset softer prices, while net debt declined sequentially to ₹248.5 billion.

However, the brokerage flagged that ongoing expansion plans could keep leverage elevated over the medium term. Although it raised its earnings assumptions to factor in higher prices and volumes, Nuvama maintained a reduce rating while lifting its target price to ₹111. Meanwhile, Kotak Securities maintained sell call at a target price of ₹105.

With steel prices showing signs of recovery and volumes improving, SAIL’s quarterly performance has sparked renewed investor interest, even as analysts remain divided over the sustainability of margins and the impact of future capital expenditure on the balance sheet.

Published on February 3, 2026

Shares of GAIL (India) Rose sharply in early trade on Tuesday despite a steep year-on-year decline in December-quarter profit, before paring gains later in the session.

The stock settled 1.5 per cent positive at ₹162.80, climbing to ₹166.49 on the NSE from its previous close of ₹160.39.

The state-run gas utility reported a 58.5 per cent fall in standalone net profit for the quarter ended December 2025 to ₹1,602.57 crore, compared with ₹3,867.38 crore in the same period last year.

Revenue from operations slipped about 2.5 per cent to ₹34,075.81 crore in Q3FY26 from ₹34,957.76 crore a year earlier.

Brokerages attributed the weaker earnings primarily to softness in gas trading margins and continued pressure in the petrochemicals segment, partly offset by better performance in gas transmission.

JM Financial said GAIL’s standalone EBITDA at ₹26.6 billion came in below its estimate and consensus due to sharply lower profitability in gas trading and a steep fall in petchem earnings.

This was partially cushioned by stronger gas transmission EBITDA, helped by lower operating costs and slightly higher volumes, as well as better-than-expected performance in the LPG pipeline business.

The brokerage maintained its buy call while revising its target price to ₹205, citing expectations of steady growth in transmission volumes and sustained trading profitability over the medium term.

HDFC Securities, retained a buy rating at ₹196, even though the reported EBITDA and adjusted profit after tax were below its estimates. It said GAIL’s ability to defend gas marketing margins amid rising gas costs and a recovery in transmission volumes underpins its positive stance, while noting that petrochemical profitability remained a drag during the quarter.

Motilal Oswal reiterated its buy at target price of ₹190, projecting a 19 per cent compound annual growth in profit over FY26–28. The brokerage expects this to be driven by higher gas transmission volumes, improved performance in the petrochemical business as new capacity comes on stream and spreads recover, and healthy profitability in the trading segment. It also forecast return on equity stabilizing above 12.5 per cent and strong free cash flow generation over the period.

Nuvama Institutional Equities, however, struck a cautious note, highlighting delays in tariff hikes and a prolonged downcycle in petrochemicals. The brokerage said GAIL’s Q3 EBITDA missed consensus expectations mainly because of weaker petchem earnings, while transmission volumes were flat year on year. It cut its FY27 and FY28 estimates and maintained a reduce rating with a target price of ₹151.

Published on February 3, 2026

Emerald Jewel Industry India Ltd., one of the country’s largest jewelry manufacturers, is weighing an initial public offering that could raise as much as $300 million, according to people familiar with the matter, potentially paving the way for India’s biggest listings in the sector.

The Coimbatore-based company has appointed Axis Bank Ltd., Motilal Oswal Investment Advisors Ltd. and SBI Capital Markets Ltd. as advisors for the proposed share sale, the people said, asking not to be identified because the discussions are private. Additional advisors may be added at a later stage, they said.

The offering is expected to include a mix of primary shares and a secondary sale by existing investors, with the transaction likely to take place later this year, some of the people said. Key details, including the timing, structure and size of the deal, may still change, they added. Representatives for Emerald Jewel and the banks did not respond to requests for comment.

The European Union gave duty-free access to gems and jewelry exporters from India as part of a broad trade deal signed last month, making the industry a potential winner. India’s largest jewelry IPO to date remains the listing of Bluestone Jewelery And Lifestyle Ltd. last year, which raised 15.41 billion rupees ($170 million), according to data compiled by Bloomberg. Kalyan Jewelers India Ltd. raised 11.75 billion rupees in its 2020 offering.

Representatives for Emerald Jewel Industry and the banks declined to comment.

Share sales in India surged to a record last year, and the pipeline remains strong, with several large deals expected in 2026. These include a potential listing by Jio Platforms Ltd., which could rank as the country’s biggest-ever IPO.

Founded in 1984 by K. Srinivasan, Emerald operates retail jewelry stores under the JewelOne brand across southern India. The company has more than 5,000 employees, runs 13 retail outlets across multiple states, works with 82 distributors nationwide, and operates design centers in Coimbatore, Mumbai, Delhi and Dubai, according to its website.

Published on February 3, 2026

Gold prices up across India | Photo Credit: VIJAY SONEJI

Gold prices in India have seen an upward trend today, February 3, with a mild increase across all major cities. The price of both 22-carat and 24-carat gold has risen compared to yesterday’s rates. This report provides a detailed, city-by-city breakdown of today’s gold prices.

Gold Rate in India

The average price for 22-carat gold in india today is ₹13,960 per gram, marking an increase of ₹20. For 8 grams, the price is ₹1,11,6280, up by ₹160. The 24-carat gold price stands at ₹14,658 per gram (up by ₹21) and ₹1,17,264 for 8 grams (up by ₹168).

Gold Rate in Mumbai

In Mumbai, the price for 1 gram of 22-carat gold today is ₹13,960 per gram, marking an increase of ₹20. For 8 grams, the price is ₹1,11,6280, up by ₹160. The 24-carat gold price stands at ₹14,658 per gram (up by ₹21) and ₹1,17,264 for 8 grams (up by ₹168).

Gold Rate in Chennai

Chennai’s gold rates have also seen a jump. A gram of 22-carat gold is priced at ₹14,030, a rise of ₹80. An 8-gram piece costs ₹1,12,240, up by ₹640. For 24 carat goldthe price is ₹14,732 per gram, an increase of ₹84, and ₹1,17,856 for 8 grams, up by ₹672.

Gold Rate in Hyderabad

Hyderabad’s 22-carat gold price is ₹14,030 per gram, an increase of ₹80. The 8-gram price is ₹1,12,240 up by ₹640.

The 24-carat gold rate is ₹14,732 per gram, up by ₹84, and ₹1,17,856 for 8 grams, up by ₹672.

Gold Rate in Delhi

In Delhi, the price of 22-carat gold is ₹14,010 per gram (up by ₹20) and ₹1,12,080 for 8 grams (up by ₹160). The 24-carat gold price is ₹14,711 per gram, a jump of ₹21, while 8 grams costs ₹1,17,688, up by ₹168.

Gold Rate in Ahmedabad

Ahmedabad’s gold prices also reflect the national trend. The price for 1 gram of 22-carat gold is ₹14,014, an increase of ₹20, and ₹1,12,112 for 8 grams, up by ₹160. For 24-carat gold, the price is ₹14,715 per gram (up by ₹21) and ₹1,17,720 for 8 grams (up by ₹168).

Gold Rate in Kolkata

In Kolkata1 gram of 22-carat gold is priced at ₹14,060, up by ₹20, and 8 grams at ₹1,12,480, up by ₹160. The price for 24-carat gold is ₹14,763 per gram, an increase of ₹21, while 8 grams is priced at ₹1,18,104, up by ₹168.

Gold Rate in Bengaluru

Bengaluru also witnessed a rise in gold rates. The price of 22-carat gold is ₹14,020 per gram (up by ₹20) and ₹1,12,160 for 8 grams (up by ₹160). The 24-carat gold price is ₹14,721 per gram (up by ₹21) and ₹1,17,768 for 8 grams (up by ₹168).

Gold Rates Courtesy: bankbazaar.com

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Published on February 3, 2026