Shares of InterGlobe Aviation, the operator of budget carrier IndiGo, rallied as much as 5% to their day’s high of Rs 4,634 on the NSE on Monday despite reporting a net loss of Rs 2,536 crore for the fourth quarter of FY26, compared with a net profit of Rs 3,067 crore in the corresponding period last year. Revenue from operations, however, edged up 1% year-on-year (YoY) to Rs 22,438 crore.

The airline said its operational performance during the quarter was affected by disruptions linked to the ongoing conflict in the Middle East. Capacity, measured in available seat kilometres (ASKs), increased 3.4% YoY to 43.6 billion.

Passenger traffic stood at 31.6 million during the quarter, marking a marginal decline of 1.1% from a year earlier. EBITDAR, excluding foreign exchange impact, stood at Rs 6,435 crore, down from Rs 6,862 crore in the corresponding quarter last year. The EBITDAR margin narrowed to 28.7% from 31%.

IndiGo shares: Should you buy, sell or hold?

Goldman Sachs maintained its Buy rating and target price of Rs 5,200, implying an upside of 18% from current levels. The Wall Street major said the airline did not provide full-year FY27 capacity guidance, while elevated costs continue to remain an overhang. Goldman Sachs highlighted that the broader Indian aviation sector, barring IndiGo, continues to face weak profitability and balance sheet stress. The brokerage has retained its valuation at 10x FY28 estimated EV/EBITDAR.

Jefferies maintained its Buy rating but lowered its target price to Rs 5,380 (22% upside) from Rs 5,500. The brokerage said the airline delivered a weak but largely in-line performance in the fourth quarter and expects the near-term outlook to remain challenging amid elevated cost pressures. For the first quarter, IndiGo has guided for mid-teen growth in unit revenue, largely driven by higher pricing, with demand so far remaining resilient enough to absorb part of the cost increases. Jefferies believes operating conditions will remain difficult in the near term, though the environment is likely to be even more challenging for peers.

Motilal Oswal maintained its Buy rating on IndiGo with a target price of Rs 5,600, implying an upside potential of 27%. The brokerage said that despite near-term challenges from Middle East airspace disruptions, elevated fuel prices, rupee depreciation and higher damp-lease exposure, it remains positive on the airline’s long-term growth strategy.
It believes IndiGo is well positioned to benefit from India’s strong domestic aviation demand and steadily expanding international network. Looking ahead, Motilal Oswal expects a gradual normalisation of international operations, a reduction in Pratt & Whitney-related aircraft groundings, ongoing fleet additions, and the deployment of A321XLR aircraft on international routes to support an earnings recovery.JM Financial maintained its Add rating with a target price of Rs 5,000, noting that capacity growth remained subdued due to the Middle East conflict. IndiGo reported ASK growth of 3.4% year-on-year to 43.6 billion in Q4FY26 and has guided for 3-4% ASK growth in Q1FY27, with most of the increase expected to come from domestic metro and leisure routes.

The brokerage expects this, coupled with mid-teen PRASK growth on a favourable base, to support a recovery in unit economics. Capacity was significantly impacted by the West Asia conflict, with around 18% of total capacity affected and more than 160 daily international flights disrupted in March 2026. However, the airline indicated that capacity recovered to around two-thirds of normal levels in May and expects full normalisation by the end of June. JM Financial also highlighted that the number of grounded aircraft remains in the 40s but is likely to decline to the 30s by year-end, which could provide a meaningful boost to both capacity and costs.

Elara Capital maintained its Buy rating and target price of Rs 6,020, arguing that the stock’s roughly 25% decline over the past six months due to flight disruptions, the Middle East conflict, higher crude oil prices and rupee weakness has created an attractive opportunity. The brokerage believes the market is overly focused on near-term challenges while overlooking the benefits of a prolonged industry-wide capacity shortage.

It highlighted that domestic advance fares are up around 17% year-on-year, while international advance fares have risen nearly 40%. Elara also noted that IndiGo reported an adjusted profit of Rs 25 billion in Q4FY26 despite a non-cash foreign exchange loss of Rs 48 billion. Additionally, competitor capacity reductions have been deeper than IndiGo’s, supporting the airline’s market share gains and pricing power. While the brokerage has lowered its FY27 EBITDA estimate by 7% to account for higher crude oil and rupee assumptions, its FY28 estimates remain broadly unchanged.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Thailand’s minimum capital requirements for foreign investors depend on factors such as industry, ownership structure, and licensing. These requirements impact incorporation, ownership, licensing, and business expansion, with thresholds governed by the Foreign Business Act.

Foreign investors must carefully assess these thresholds to ensure compliance and avoid potential legal complications. Additionally, specific industries may have higher capital requirements or restrictions on foreign ownership, particularly in sectors deemed sensitive or vital to national interests. Understanding these regulations is essential for strategic planning, securing necessary permits, and establishing a sustainable business presence in Thailand.

Thailand’s Approach to Minimum Capital Requirements

Thailand does not set a universal minimum capital threshold for foreign investors, making the requirements flexible depending on the industry and business activity. However, minimum capital impacts key aspects like company registration, ownership structure, regulatory approval, taxation, banking access, and future expansion plans. The level of required capital varies based on specific operational and legal considerations.

Foreign investors should carefully evaluate the capital requirements in their targeted industry to ensure compliance with Thai regulations. For certain sectors, particularly those restricted under the Foreign Business Act, higher minimum capital may be mandated to obtain necessary licenses or permits. Additionally, meeting the appropriate capital threshold can influence a company’s credibility with financial institutions, ease of securing loans, and overall operational stability. Strategic planning around capital allocation is essential to align with both short-term regulatory needs and long-term business goals in Thailand.

Influences on Capital Requirements

The Foreign Business Act (FBA) plays a significant role in shaping Thailand’s capital policies for foreign enterprises. Businesses engaged in restricted sectors typically need to maintain at least THB 2 million (US$54,000) in registered capital, with certain activities requiring a Foreign Business License and a minimum of THB 3 million (US$81,000). These thresholds depend on the business nature, licensing, and foreign ownership levels.

Determining Factors for Foreign Investment

Foreign ownership percentage is crucial in defining applicable requirements. Companies classified as foreign under Thai law may face stricter approval processes and higher capital demands compared to Thai majority-owned firms. Joint ventures are common, especially where local participation offers strategic advantages, though authorities scrutinize nominee arrangements lacking real economic or operational involvement by local shareholders.

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Read the original article : Thailand Minimum Capital Requirements for Foreign Investors: What Determines Your Investment Threshold?

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Market volatility took center stage following a sharp late-Friday sell-off triggered by MSCI rebalancing and global cues. While cautious sentiment prevails, Anand James, Chief Market Strategist at Geojit Financial Services, highlights critical Nifty support levels that could prevent further damage. In this exclusive interview, he breaks down the June series rollover data, IT sector resilience, and top stock picks.Edited excerpts from a chat:

The sell-off seen in the last 30 minutes on Friday has scared traders as to what could be in the offing on Monday morning. What do you think?
IMD’s below-normal monsoon forecast and uncertainty over US-Iran talks in the backdrop gave an ominous feel to the drop that unfolded towards Friday’s close. However, the steepness of the fall is apparently due to MSCI rebalancing, with futures and options segment appearing reluctant to match such move. Nevertheless the large red candle registered on Nifty’s chart needs to be acknowledged, and we will start the new week on a cautious note. That 23500 was defended, gives us reason to be optimistic, but slippage past the same, or inability to reclaim the 10 day SMA near 23750 will confirm bearishness calling for 22800.

Nifty has been seeing profit booking at higher levels in last few weeks. What does the rollover data indicate for the June series?
The rollover data for June series suggests a cautious to mildly negative undertone despite selective strength. Nifty’s rollover dropped to 69.98% in May, below the 3-month average of 73.05%, indicating reduced willingness to carry forward positions, likely reflecting profit booking at higher levels. Similarly, Bank Nifty rollover moderation points to some cooling in conviction within the heavyweight banking segment.

Market breadth has weakened as well, with only 52% of stocks closing positive vs 91% in April, highlighting broader profit-taking pressure. While strong rollovers in select sectors like Oil & Gas, Metals, Power and Infra signal pockets of resilience, weakness in Pharma, Healthcare, and Transportation suggests lack of uniform participation.
Although long buildup was visible in Telecom, Capital Goods, and Pharma, the early trend in June appears cautious. Importantly, banks-despite prior long build-up-have started the June series on a weak footing, with heavyweights like SBI and HDFC Bank under pressure, which could weigh on Nifty due to their high index weight.
Nifty IT is showing signs of resilience even during sell-off. What are the charts indicating at?
The Nifty IT index is showing early signs of a trend reversal after a prolonged corrective phase. On the daily chart, the formation of an inverted head and shoulders pattern suggests a base-building process, with prices currently hovering near the neckline zone around the 29,500-29,600 region. A sustained move above this level could confirm a breakout and trigger momentum towards higher resistances.
On the higher timeframe, the weekly MACD is on the verge of a bullish crossover, indicating a potential shift from bearish to positive momentum. This aligns with improving price structure and supports the medium-term recovery thesis.

From a longer-term perspective, the monthly candlestick is forming a pin bar Doji, typically seen near inflection points, highlighting rejection of lower levels around the 27,000-28,000 zone and signaling demand absorption.

However, confirmation is key. Immediate support lies near 28,000, while a decisive breakout above the neckline could open upside towards 31,000-32,000. Failure to sustain above key resistance may keep the index range bound.

HFCL was among the top gainers of the week. Do you see signs of the momentum continuing in the week ahead?
Long wicked candle on Friday, with a close above upper bollinger band point to a mix of strong trending nature and emerging cautiousness. Oscillators appear reluctant, but are yet to confirm an impending collapse. With these in the backdrop, longs may be held on to, but ideally with a stop loss placed near 168.

Natco Pharma fell 14% on Friday after weak Q4 results. Do you see signs of bottom-fishing emerging in the coming week?
Yes. The single day red candle which has resulted in a break of structure, is likely to be followed by bottom fishing and a pull back rally that could extend 3-4%. However, we do not see enough signs to indicate that such pull back attempt could sustain.

Give us your top ideas of the week.

INDIANB (LTP: 833)
View: Buy
Target: 930
SL: 790

Indian Bank continues to maintain a structurally strong uptrend on the weekly chart, characterised by a series of higher highs and higher lows since early 2024. The recent profit booking since April seems to have found a support near 800 healthy consolidation after a sharp rally, with the stock holding firmly above the 780-750 support zone, which now acts as a strong demand base.

Despite the recent pullback from near 1000 levels, the correction appears time-wise rather than price-destructive, suggesting profit booking rather than trend reversal. The presence of a rising support trendline reinforces the bullish structure.

Momentum indicators are cooling off from overbought levels, which is constructive in a trending market. The RSI is stabilising near the mid-zone, providing room for a fresh upside leg, while MACD is approaching levels where a potential bullish crossover on lower drawdown could emerge.

SHYAMMETL (LTP: 973)
View: Buy
Target: 1080
SL: 930

Shyam Metalics is exhibiting a strong bullish breakout from a descending trendline on the weekly chart, indicating a potential resumption of the broader uptrend after a period of consolidation. Price has decisively moved above the 950-960 resistance zone, which also coincided with prior swing highs, adding conviction to the breakout.

The structure reflects higher lows formation, suggesting steady accumulation. Momentum indicators are turning supportive with RSI trending upward above the mid-zone, while MACD has delivered a bullish crossover with rising histogram, reinforcing improving momentum. Weekly Supertrend breakout adds to positivity. Volume expansion near the breakout area further validates buyer participation and strengthens the breakout reliability. Additionally, price holding above short-term supports near 930 indicates a favorable risk-reward setup.

As long as the stock sustains above the breakout zone, it is well-positioned to extend its upward move towards the 1080 target.

Quarterly review

• The fund underperformed the ICE BofA 1–3 Year BB U.S. Cash Pay High Yield Index benchmark for the quarter.

• Duration and curve positioning detracted from performance during the period, while quality allocation, sector allocation, and

Nifty remains in a broad consolidation phase, with support clustered around 23,200–23,300 and resistance near 23,750–24,050, leaving traders watchful for a decisive breakout. While the broader structure stays constructive and buy-on-dips strategies are favoured, sentiment is tempered by repeated hurdles and late-week volatility, keeping the index range-bound with a cautiously positive undertone.

DHARMESH SHAH
HEAD OF TECHNICAL RESEARCH AT ICICI SECURITIES

Where is Nifty headed this week?
The index is undergoing a healthy consolidation in the 23,800-23,200 zone that has set the stage to gradually head toward the 24,500 level in the coming weeks. Strong support is placed at 23,200. Some of the key observations are: Banking, auto, capital goods sectors have set a higher base while the IT sector is showing signs of revival near its decade-long support line. Brent crude oil has broken down below its one-month rising trendline support. Stocks above 50-day and 200-day SMAs within Nifty 500 rose to 68% and 45%. Nifty Midcap index broke out of a three-week consolidation to hit new record highs. Small-cap index bounced off its 52-week EMA base and sits 8% below all-time highs. Trading strategy: Decline towards 23,300-23,400 (Nifty Spot levels) should be used as a buying opportunity for a target of 23,900.

TOP BETS FOR THE WEEK
Tata Power: Buy at Rs 410-424, stop loss at Rs 392, target Rs 470
The stock is rebounding after retesting the April 2026 breakout area of Rs 415. As per the change of polarity principle, the previous resistance is now acting as a strong support, offering a fresh entry opportunity with a favourable risk-reward setup. Sona BLW Precision Forgings: Buy at Rs 600–610, stop loss at Rs 588, target Rs 660.

The stock has witnessed a cupand-handle breakout retest pattern, indicating inherent strength. It is now forming a higher-base formation while sustaining above its cluster of moving averages, signalling a revival of structure in the larger-degree time frame

TANMAY SHAH
RESEARCH HEAD, SIHL

Where is Nifty headed this week?
Nifty remains in a broad consolidation range of 23,200–24,050 with a positive undertone, as long as it sustains above the crucial 23,200 support on a closing basis. Traders can adopt a buy-on-dips strategy with stops at 23,250 and targets near 24,200, though a decisive close below 23,200 would weaken the bullish structure and trigger profit-booking.

Trading strategy: Traders with a moderately bullish outlook may consider a Bull Call Spread for the 9th June expiry by buying the 23,700 Call and simultaneously selling the 24,050 Call. The strategy offers a favourable risk-reward profile of nearly 1:2 while limiting downside risk, making it suitable for the current range-bound yet positive market setup.

TOP BETS FOR THE WEEK:

L&T: Buy at CMP Rs 4,074, stop loss at Rs 3,950, target Rs 4,240- 4,400.

L&T trades firmly above its key moving averages, with a rising RSI and a bullish weekly structure, indicating a favourable risk-reward setup at current levels.

Indian Energy Exchange: CMP Rs 128.31, stop loss at Rs 124.50, target Rs 134-139.80.

The stock has formed a bullish double-bottom near its 50-day moving average, backed by strong volumes.

SUDEEP SHAH
HEAD – TECHNICAL AND DERIVATIVE RESEARCH, SBI SECURITIES

Where is Nifty headed this week?
Nifty remains trapped in a broad consolidation phase, with the monthly chart reflecting indecision through a bearish candle and near-term sentiment tilting slightly bearish after Friday’s late sell-off, though indicators still lack trend strength. The immediate hurdle lies at 23,750–23,800, while support at 23,300– 23,250 is crucial—below which a slide to 23,000 is possible, whereas a move above 23,800 could revive short-term bullish momentum.

Trading strategy: Since the Index is trading in a broader range with volatility, we advise traders to go long on Nifty only on a breakout above 23,800 with a stop loss at 23,500 for a target of 24,250.

TOP STOCKS FOR THE WEEK

Nuvama Wealth Management: CMP Rs 1,554, stop loss at Rs 1,480, target Rs 1,690-1,750.

The stock continues to display a strong price structure, trading above key moving averages across timeframes and reflecting sustained bullish momentum. After a healthy consolidation, it has broken out with buying visible on dips, while relative strength against peers and the broader market remains favourable.

Syrma SGS Technology: CMP Rs 1,088, stop loss at Rs 1,045, target Rs 1,160-1,180.

Syrma remains in a strong uptrend, outperforming peers in the EMS space and holding firmly above key moving averages with sustained buying interest on dips. Momentum indicators stay supportive, and improving relative strength versus the broader market points to further upside potential.

In the Nifty200 pack, eight stocks’ close prices crossed below their 200 DMA (Daily Moving Averages) on May 29, according to stockedge.com’s technical scan data. Trading below the 200 DMA is considered a negative signal because it indicates that the stock’s price is below its long-term trend line. The 200 DMA is used as a key indicator by traders for determining the overall trend in a particular stock. Take a look:

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