Latest Stock Market News

As India prepares for the Union Budget, ITC investors watch for potential cigarette tax policies. Brokerage Nuvama predicts a modest tax hike, despite urban slowdown. ITC’s cigarette business shows growth potential, but FMCG struggles. Nuvama retains a ‘buy’ rating with a target price of Rs 571, implying a 29% upside from current levels.

A total of 3,112 shares changed hands on the counter till 11:03AM (IST).

Leading brokerage firms have given mixed reviews for Tech Mahindra post-Q3 results, with predictions ranging from a 5% to 14% upside. Nomura recommends a Buy with a target of Rs 1,900, Morgan Stanley suggests an Equal Weight rating, while Citi assigns a Sell rating lowering the target to Rs 1,440.

On the technical charts, the RSI of the stock stood at 50.64.

JM Financial maintains a hold rating on Zydus Lifesciences, setting a target price of Rs 1,090. The quarterly income has dropped by 15.40% from the previous quarter but increased by 19.95% compared to the same quarter last year. Despite facing Asacol HD competition, Zydus Lifesciences’ gradual impact is anticipated, with promoters holding a 74.98% stake.

Waaree Renewable secured a Rs 277.20 crore order to establish a 105 MWp (DC) capacity ground-mounted solar project. The order, awarded by a leading wind energy company, is scheduled for completion in FY 2025-26. The company has delivered strong stock returns, with 86.04% growth over the last year and 1,388.9% over three years.

A White Marubozu is a bullish candlestick pattern in technical analysis.

ICICI Securities recommends an ADD call on HDFC Asset Management with a target price of Rs 4,400. HDFC AMC, a major player in financial services, reported significant growth in core EBITDA driven by better yields. The company showed a strong performance in equity market shares and SIP flows, suggesting optimistic future business metrics.

The Nifty future closed higher with a gain of 0.54%, reaching 23,393 levels on Monday. India VIX ended at 16.42, rising 4.2% in the previous trading session.