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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.
Several analysts have cautioned investors to stay away from the midcap and smallcap stocks for now and, instead, focus on quality stocks only
Nomura suggests that the launch of US products and stringent cost control measures could exceed current earnings estimates. Additionally, Lupin has potential limited competition opportunities in FY25 with products like gOracea, gMyrbetriq, and gSlynd, pending a favorable verdict.
The biggest loser among these stocks was HDFC Bank, declining around 6.6 percent. Other notable declines include Hindustan Unilever and Asian Paints, falling around 4.6 percent and 2.7 percent respectively. Additionally, stocks such as ITC, Axis Bank, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, Infosys, and Nestle India also saw declines ranging from 0.2 to 2.4 percent
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