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Nomura has reaffirmed its "Buy" rating on Larsen & Toubro (L&T), citing its robust order book and execution strength. Meanwhile, Choice Broking remains positive on Ajanta Pharma, driven by its specialty therapies and margin expansion.

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UPL shares surged 5% to Rs 636.45 on strong Q3 results, driven by agrochemical demand recovery. Investec upgraded UPL to buy with a Rs 700 target, while Nuvama raised its target to Rs 705. Management expects 50% YoY EBITDA growth, citing margin recovery, debt reduction, and improved business conditions.

In the Union Budget 2025-26, the government has kept its total capex outlay at Rs 11.2 lakh crore, largely unchanged from the FY25 budgeted estimates. However, the capex for FY25 has been revised downward to Rs 10.2 lakh crore. The allocation for key sectors such as Railways (Rs 2.5 lakh crore) and Roads (Rs 2.7 lakh crore) remained flat compared to the revised estimate for FY25.

Jupiter Wagons and railway stocks plunged after the Union Budget FY26 disappointed on capex growth, keeping railway allocation at Rs 2.5 lakh crore. Despite strong Q3 earnings, Jupiter Wagons fell 8%, Ircon dropped 5.6%, and other railway stocks declined. Analysts expect short-term pressure on infrastructure stocks as fiscal prudence takes priority over capex expansion.

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Vedanta shares plunged 7% to Rs 410 as the US dollar hit a record high, weakening the Indian rupee and hurting metal stocks. Trump tariffs fueled market concerns, impacting Nifty Metal stocks. Vedanta’s Q3 earnings showed a 76% YoY profit jump, while analysts see a 22% upside with a Rs 513 target price.

China s yuan hit a record low after the US imposed tariffs on China, Canada, and Mexico, sparking fears of a trade war. The US dollar surged against global currencies including the euro and the Swiss franc, while retaliatory measures were promised by affected nations. Bitcoin also dropped below $100,000, reaching its lowest in nearly three weeks.

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Hiren Ved, Director & CIO of Alchemy Capital, highlights the ongoing significance of India s manufacturing story, and how the recent Budget supports middle-class consumption. He emphasizes the balanced approach between capex, consumption, pharma, and tech sectors. The Budget s focus on discretionary consumption, especially in autos, retail, real estate, and tourism, is likely to drive positive market reactions.

Earlier in January, the company received the Establishment Inspection Report (EIR) from USFDA for its Pithampur Unit-1 manufacturing facility which manufactures both APIs and finished products.

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