Latest Stock Market News

IndusInd Bank shares fell 3.2% after Goldman Sachs downgraded the stock to ‘neutral’ from ‘buy,’ reducing its target price by 17% to Rs 1,090. The downgrade reflects concerns over slowing revenue growth, rising delinquencies in MSME and CV loans, and a decline in asset quality. The bank’s provisions nearly doubled, further impacting its profitability outlook.

The stock has corrected a lot from the top, so there is a possibility that when PSUs bounce, this stock will also bounce but as a standalone story there is nothing exciting about it.

Nomura highlights Marico, Hindustan Unilever, and ITC as top picks after a sharp correction in consumer stocks, citing reasonable valuations. The brokerage expects volume growth, price hikes, and a gradual improvement in urban demand in 2025, despite weak short-term conditions.

The stock traded at a P/E multiple of 18.01, while the price-to-book value ratio stood at 2.87.

Metal stocks are under focus as Q3FY25 earnings approach, with brokerages recommending select picks. Non-ferrous companies like NALCO, NMDC, and Hindalco are favored for strong margins. Steel companies, including JSPL and Tata Steel, face mixed profitability outlooks. Nomura expects price hikes and lower costs to aid non-ferrous companies, while steel faces pressure from lower prices.

As of 31-Dec-2024, promoters held 60.2 per cent stake in the company, while FIIs held 25.26 per cent and domestic institutional investors had 4.08 per cent.

Delta Corp shares surged 15.4% to Rs 130.8 after the Supreme Court stayed proceedings on show cause notices worth Rs 1.12 lakh crore issued by GST authorities to online gaming companies. The stay provides relief to gaming firms, including Gameskraft and Games 24x7, as they are not required to pay the tax amount until the matter is fully heard and decided in March.

The Relative Strength Index of the stock stood at 27.67 on Friday.

TCS leaders are confident about future growth and advancements. They highlight investments in AI, talent development, and technology modernization. Growth opportunities in client decision-making, regional markets, and internal efficiency boosts from Generative AI are anticipated. Positive trends in North America banking and sizable hiring of new employees are also expected to enhance productivity.

A total of 72,505 shares changed hands on the counter till time (IST).