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Kotak Institutional Equities maintains a sell rating on Larsen & Toubro Ltd, lowering the target price to Rs 3100 from Rs 3753 per share due to concerns over scaling down Saudi spending programs.
In the last one year, BSE Sensex has delivered a return of around 24 per cent, while the Nifty50 has gained more than 27 per cent during the period.
Fast-moving consumer goods (FMCG) companies anticipate sustained volume pressures in the January-March quarter (Q4) coupled with sluggish rural growth during the period. Brokerages estimate top-line growth to be in low single digits in the quarter. Also, the late onset of winter had an impact on demand for winter products which range from moisturisers to hot beverages.
‘Wipro is like a perpetual turnaround story’. Heard that line before? Well, the company has lagged peers. And having had eight CEOs since 2000 conveys a leadership continuity challenge. TCS, in its 55+ year history, has had fewer bosses. Pallia, therefore, has a difficult job.
The multibagger stock touched an all-time high of Rs 199.55 in Wednesday's trading session and ended 1.60 per cent higher at Rs 196.80.