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Morgan Stanley maintained an overweight rating on ITC with a target price of Rs 415 post Q3 results.Q3 earnings were ahead of Morgan Stanley and consensus estimates. “A strong beat on Cigarettes, Hotels, and FMCG businesses was a key positive. Strong results and positive implications from the Budget augur well,” Morgan Stanley said.

Companies in the automobile, cement, capital goods, fast moving consumer goods, and consumer discretionary sectors got some respite on the cost front as prices of several commodities and other inputs eased in the quarter.

The brokerage tweaks its FY23/FY24E earnings estimates to factor in lower credit costs.

The stock traded at a P/E multiple of 30.52, while the price-to-book value ratio stood at 2.55.

Vi quickly needs to clear dues of vendors like Indus Towers and expand its existing 4G network. It also needs to finalise 5G gear supply contracts with the likes of Ericsson and Nokia for rolling out next-gen networks and stem rapid subscriber losses.

This turned the Street bullish on the stock and it reflects in the performance. So far in the current financial year, the stock has gained more than 30% compared with the Nifty Bank index which has risen 14% in the same period.

We expect the strong business growth momentum to continue across divisions. In cigarettes, we believe a pragmatic tax regime not only acts as fodder for volume growth from illicit but also increases its predictability premium.

Star Cement, incorporated in the year 2001, is a Mid Cap company (having a market cap of Rs 4623.82 Crore) operating in Cement sector.

From the Sensex pack, Infosys, HUL, Nestle, HCL Tech and Asian Paints were the top laggards, falling over 1%. Wipro, Tata Steel, TCS, Sun Pharma and Kotak Bank also opened with cuts.

“Under the National Food Security Act, now food is being given for free. Even the Rs 3 or Re 1 per kilo which the beneficiary was paying, they no longer need to pay. States need not pay the transport and logistical expenses also. MGNREGA is a demand-driven programme. At the Budget time, I give a certain amount and as the demand goes up, we increase it.”