News

Brokerage firm Citi has issued a double downgrade for shares of Biocon.

Citi has double-downgraded Biocon to “sell” from its earlier “buy” rating and cut its price target to ₹360 from ₹430 earlier.

Price target implies a potential downside of 12% from current levels.

Mirae Asset Sharekhan + Astha Jain, Hem Securities

On Biocon

Astha Jain: Short term view is not positive. Short term, I might feel that there may be some more downside which can be seen in the stock. But in the long term, the stock can move upwards, provided if the upcoming results, that is Q3FY26 will be on the higher side. So, idea here is to wait for at least these results to come in. So, I am recommending a hold on this counter with the price target of ₹440, although I am giving a little more a higher price targets from the current level, I still believe that in the long term, definitely that will yield results. So just stay invested in this counter for the long term. Immediate target can be set at around ₹440 to ₹450 odd levels.

Somil Mehta: In the very short term, it’s not looking good at this point of time, so the buy on decline should be the strategy in the medium to long term outlook. Now the levels to watch out here on the downside would be around ₹405 in the very short term, but in the medium term outlook too ₹380-385 would be the levels I’ll look out for. And over there, I’ll be revisiting the stock. I think that will be the right time to go ahead and buy the stock, and my targets are above ₹465-470 levels. So yes, buy in medium term outlook and in the long-term outlook.

Citi has downgraded Biocon to ‘Sell’ From ‘Buy’, with a target price of ₹360/share.

L&T | Company & BAE Systems Secure Indian Army Licensed Manufacturing Contract For BvS10

HG Infra | Bags Contract Worth ₹274 Cr From DLF Cyber City Developers

– Infosys is the top contributor to the Nifty upside with 59 points

– HCLTech (22 points), TCS (20 points), ICICI Bank (18 points) and SBI (13 points) are some of the other contributors to the Nifty upside.

– Gains as much as 8% on Wednesday

– Has oscillated between gains and losses over the last four sessions

– Today’s volumes are the highest since January this year

– 8 lakh shares traded Vs 20-day average of 55,900 shares

The Nifty is back at the highest point of the day with the index crossing the intraday highs of both Monday and Tuesday.

The Nifty is now near the 26,050 mark, aided by IT stocks, and a recovery in the Nifty Bank, which is again at a record high, above the 59,100 mark.

– Supreme Court questions “friendly approach” by CBI, MCA in investigating allegations of IHFL.

– SC questions SEBI reluctance to investigate, questions “double standards”, says top court is giving Sebi jurisdiction to probe.

– SC pushes CBI to file FIR, says it will strengthen ED’s hand, directs CBI to file response to clarify stance.

– ED assures a joint meeting of officers of ED, CBI, SEBI, SFIO in two weeks.

The Nifty IT Index has further extended its gains, surging over 1000 points.

Bitcoin has plunged about 30% from its all-time high of $126,000, striking a low of $87,000 during the recent selloff. Other major tokens have also weakened.

Despite the decline, traders believe the trend is predictable. The market classifies it as “pretty cyclical” and warns that comparable crashes tend to occur every four to five years, which some investors consider good entry possibilities.

Click Here To Know More 

Russia is ready to offer unrestricted Su-57 technology transfer and says all Indian demands are ‘acceptable’

Businesses worldwide are accelerating investments in preventative healthcare as rising medical inflation threatens to push up employee benefit costs, according to new global research from Howden Employee Benefits.

Pre-Budget Consultations: FIDC’s demands include a dedicated refinance window for NBFCs on the lines of NHB.

Broking firm UBS upped its recommendation on the company and raised its price target by more than 15%, suggesting that shares of Axis Bank Ltd. may rise by 20%.

The broking has raised its price objective for the private lender from ₹1,300 per share to ₹1,500 per share, and UBS has changed its recommendation from “neutral” to “buy” for Axis Bank.

Grangemouth, UK Facility Gets MHRA GMP Certificates Following The Inspection

Jay Thakkar of ICICI Securities

One of HindCopper’s contractual employees died due to an accident at the Malanjkhand copper project.

Bondada Engineering signs a framework agreement with Adani Group

Deal for strategic design & construction partnership in renewable energy

NBCC | Successfully Sold 609 Residential Units In Greater Noida Projects, Sales Value ₹1,069.43 Cr

BSE crosses 2,900 for the first time since June 11

Apollo Hospitals off lows, rises over 1%

The shares of MCX have surged, hitting a record high.

The Sensex index is surging and has now hit the 85,000 mark

NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.