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IIFL downgraded Sanofi India to Reduce from ADD earlier with a target price of Rs 8,125. The stock continues to underperform domestic market growth. New launches remain limited and muted volume growth is seen in the top 3 therapies.
The Nifty breadth remained slightly in favour of bulls with 25 stocks trading in the green, 23 in the red while two remained unchanged. The top gainers were UltraTech Cement, HCL Technologies, Grasim Industries, Tata Consultancy Services (TCS) and Eicher Motors while the top Nifty losers were ONGC, Axis Bank, Power Grid, BPCL and Bharti Airtel.
Global brokerage firm UBS raised the target price on Tata Consultancy Services (TCS), the largest Indian IT services company, to ₹4,700 per share from the earlier target price of ₹4,050 per share.
Technology spending in the banking, financial services and insurance sector is expected to bounce back as monetary policy begins to loosen globally, but unless client budgets increase significantly, the risk of revenue-growth disappointments remains.
TCS share price: UBS said that the market is not completely taking into account the impact of the large deal ramp-up and scope of margin improvement through utilisation, pyramid restructuring etc.