ITC shares gained 1.88 percent in morning after global brokerage house CLSA retained buy call on the stock and raised price target to Rs 400 from Rs 390 earlier due to unchanged in tobacco taxes. It implies more than 38 percent potential upside from Thursday's closing levels.
In the last 18 months, GST Council had more than 13 meetings but has not made any change in tobacco taxes, the research house said.
With elections now around the corner, further GST tax changes seem unlikely, according to CLSA.
Market Update Equities have extended their gains, with the Sensex rising nearly 100 points, with the Nifty trading near 10,850-mark.
The Sensex is up 96.35 points or 0.27% at 36202.85, and the Nifty up 23.00 points or 0.21% at 10844.60. The market breadth is narrow as 805 shares advanced, against a decline of 635 shares, while 80 shares were unchanged.
TCS falls Share price of Tata Consultancy Services (TCS) was down 1.7 percent in the early trade on Friday on the back of Q3 numbers announced by the company on January 10.
BUZZING STOCK Shares of Himachal Futuristic Communication (HFCL) gained 5.8 percent intraday Friday after company won orders worth Rs 502 crore.
The company has received the purchase orders worth Rs 502.73 crore approximately from Larsen & Toubro and a consortium led by ITI for creating OFC Network Infrastructure under BharatNet Phase-II project in Andhra Pradesh and Maharashtra respectively.
Market opens It is a flat start to the market on Friday morning, with the Nifty holding 10,800-mark.
The Nifty IT index is down around half a percent, with TCS dragging around 1 percent. Banks, consumption and metals were the other big gainers. The Nifty midcap index is up one-tenth of a percent.
The Sensex is up 48.99 points or 0.14% at 36155.49, while the Nifty is higher by 9.10 points or 0.08% at 10830.70. The market breadth was positive as 301 shares advanced, against a decline of 115 shares, while 32 shares were unchanged.
Yes Bank and ITC are the top gainers, while TCS, Power Grid, and Bharti Airtel lost the most.
Rupee Update: The Indian rupee opened flat at 70.42 per dollar on Friday versus Thursday's close 70.41.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session, with Nifty is around 10,850 level
The Sensex is up 125.95 points at 36232.45, while Nifty is up 39.70 points at 10861.30.
Shares of TCS gained 1.5 percent in the pre-opening trade after company reported a 2.6 percent sequential growth in December quarter profit at Rs 8,105 crore, with constant currency revenue growth of 1.8 percent QoQ meeting analyst expectations on Thursday
Crud Update: US oil prices edged down on Friday as concerns over economic growth were rekindled after talks fell short of offering concrete steps to end the Sino-US trade conflict, although OPEC-led production cuts bolstered sentiment in crude markets.
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Source: Moneycontrol
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