ITC stock nears 52-week low; slips 8% in 1 month, down 21% thus far in 2026 The stock price of ITC traded close to its 52-week low of ₹287 on Friday, marking a significant decline in the first half of 2026. Over the past month, the company’s shares fell 8 percent, underperforming the BSE Sensex’s 2.5 percent drop. As of May 29, 2026, the stock was trading at ₹288.45 on the BSE, down 1 percent from the previous day, while the broader index declined 0.6 percent. The stock’s performance has been further weighed by a 21 percent decline in 2026, compared to an 11.3 percent drop in the benchmark index. The decline in ITC’s stock price has been attributed to a combination of factors, including the challenging taxation environment for the tobacco sector and broader macroeconomic pressures. The company’s management has acknowledged the impact of steep tax hikes on cigarette sales, particularly the increase in GST rates from 28 percent of transaction value to 40 percent of retail sale price, effective February 1, 2026. These changes, coupled with the phasing out of the Compensation Cess, have led to an unprecedented rise in tax incidence on cigarettes, creating significant financial strain for the sector. ITC’s stock reached a 52-week high of ₹428.50 on June 10, 2025, but has since faced sustained pressure. The company’s Q4FY26 results highlighted a 4.5 percent implied cigarette volume growth, which exceeded expectations despite the challenges posed by the February 2026 tax hikes. However, analysts note that the market remains focused on the steep tax increases, which have led to a consensus of overestimated cigarette volume declines for FY27.#bse_sensex #itc #icici_securities #axis_securities #jm_financial_institutional_securities
Wockhardt Stock Surges 19% Amid FDA Approval for Novel Antibiotic Wockhardt's stock price surged 19% on Monday, hitting an all-time high of ₹2,420 on the BSE, following the company's announcement of U.S. Food and Drug Administration (FDA) approval for Zaynich, a novel intravenous antibiotic. The stock also rallied 75% over the past month, outperforming the BSE Sensex's 3% decline. The approval, which came after a significant rise in trading volumes, marks a pivotal moment for the pharmaceutical company, positioning it as a leader in the fight against antimicrobial resistance. Zaynich, a combination of cefepime and zidebactam, is designed to treat complicated urinary tract infections (cUTIs), including pyelonephritis, in adults. The drug targets a critical market, as over 2.8 million antimicrobial-resistant infections occur annually in the U.S., causing more than 35,000 deaths. cUTIs alone account for over 600,000 hospitalizations each year, underscoring the drug's potential to address a significant unmet medical need. The FDA's approval is expected to unlock a $9 billion market opportunity in the U.S. alone, with ICICI Securities highlighting its transformative impact on Wockhardt's profitability. The approval of Zaynich is particularly notable as it represents the first new chemical entity (NCE) fully developed and commercialized by an Indian pharmaceutical company to receive U.S. FDA approval. Wockhardt's pipeline includes six antibiotics in various stages of development, with three targeting Gram-Negative pathogens and three targeting Gram-Positive bacteria. All six drugs have been granted Qualified Infectious Disease Product (QIDP) designation by the FDA, accelerating their development and enhancing their commercial prospects. Wockhardt's financial performance has also strengthened, with the company reporting a 12.#fda #icici_securities #ockhardt #zaynich #icra
Texmaco Rail & Engineering Hosts Investor Conference Call and Secures Major Southern Railway Contract Texmaco Rail & Engineering is set to host an investor conference call for the fourth quarter of fiscal year 2026 on May 13, 2026, at 2:00 p.m. IST. The event, organized by ICICI Securities, will feature senior management including the Executive Director & Vice Chairman, Managing Director, and Chief Financial Officer. The call will be accessible via dial-in numbers across India, Singapore, Hong Kong, the UK, and the USA, with post-call recordings shared in compliance with SEBI regulations. The company has confirmed that no presentation will be made during the call, and no unpublished price-sensitive information will be disclosed. The conference call is part of Texmaco Rail & Engineering’s obligation under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015. The company will brief investors on its quarterly and annual performance for the period ended March 31, 2026. Key participants include Mr. Indrajit Mookerjee (Executive Director & Vice Chairman), Mr. Sudipta Mukherjee (Managing Director), and Mr. Kishor Kumar Rajgaria (CFO). Investors and analysts can join the call via toll-free numbers in Singapore (8001012045), Hong Kong (800964448), the UK (08081011573), and the USA (18667462133), alongside universal access numbers in India. The company has also announced a significant domestic contract with Southern Railway, securing orders worth ₹187.28 crore for the installation of interlocking systems at 183 gates across the Southern Railway network. This contract underscores Texmaco Rail & Engineering’s expertise in railway safety and signaling infrastructure, positioning it as a key player in India’s railway modernization efforts.#icici_securities #southern_railway #texmaco_rail_engineering #indrajit_mookerjee #sudipta_mukherjee
5 Stock to Sell: Brokerages Recommend Sell on Trent, Tech Mahindra, and Others Tata Elxsi reported a steady performance in its fourth quarter of fiscal year 2026, with revenue growth and margins aligning with expectations. The company’s improved execution across key segments, including continued traction from original equipment manufacturer clients, stabilization in automotive demand, and recovery in the media and communication sector, were highlighted by ICICI Securities. Despite these positives, the brokerage maintained a “sell” rating on the stock, citing a target price of Rs 4,380. This price implies a potential downside of 3.5% from current levels, reflecting caution about the stock’s near-term outlook. Persistent Systems, on the other hand, faced a slightly softer-than-expected performance in Q4FY26, with both revenue and margins falling short of estimates. BOB Capital Markets acknowledged the near-term miss but emphasized the company’s strong growth trajectory, projecting a US$2 billion revenue run rate by the fourth quarter of FY27. While the brokerage reaffirmed its belief in Persistent Systems as a growth leader in the IT sector, it retained a “sell” rating with a target price of Rs 3,611. This price suggests a potential upside of 28.7% from current levels, indicating a cautious but optimistic stance on the company’s long-term prospects. Tech Mahindra delivered a largely in-line performance in Q4FY26, according to Citigroup. The brokerage noted that the company executed reasonably well despite a challenging industry environment. However, Citigroup maintained a “sell” rating on the stock, with a target price of Rs 1,275. This price is below the current market price of Rs 1,416, signaling a cautious outlook for the near term.#icici_securities #citigroup #tata_elxsi #bob_capital_markets #persistent_systems
Powerica IPO Day 1: Check GMP, Subscription Status & Key Highlights The Initial Public Offering (IPO) for Powerica Limited commenced on March 24, 2026, with subscription open until March 26, 2026. Powerica Limited, a company engaged in manufacturing and supplying diesel and gas generator sets, as well as providing power solutions and energy equipment to industrial and commercial customers, is operating in the power backup and energy infrastructure sector. The IPO is expected to finalize its allotment process on March 30, 2026, with shares set to list on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on April 2, 2026. The IPO is a book-building issue totaling ₹1,100 crores, split into a fresh issue of ₹700 crores and an offer for sale (OFS) of ₹400 crores. The price band for the shares is set at ₹375 to ₹395 per share, with a minimum application lot size of 37 shares. The book-running lead managers for the issue are ICICI Securities Limited, IIFL Capital Services Limited, and Nuvama Wealth Management Limited, while MUFG Intime India Private Limited serves as the registrar. On the first day of subscription, the Grey Market Premium (GMP) for Powerica Limited was reported at ₹5. The subscription status as of March 24, 2026, at 11:57 AM, indicated the level of investor interest in the offering. The company plans to use the net proceeds from the fresh issue to prepay or repay outstanding borrowings and for general corporate purposes. Powerica Limited, incorporated in 1983 and headquartered in Mumbai, is a key authorized dealer of Cummins India. It offers a wide range of power backup and distributed energy solutions for industrial, commercial, and residential applications.#icici_securities #powerica_limited #iifl_capital #nuvama_wealth #cummins_india
Powerica IPO Launches Today: Key Details, Analyst Insights, and Market Expectations The initial public offering (IPO) of Powerica commenced on Tuesday, March 24, with shares priced between Rs 375 and Rs 395 per equity share. Investors can apply for a minimum of 37 shares, with subsequent multiples available. The issue will remain open for bidding until Friday, March 27. The Rs 1,100 crore IPO includes a fresh share offering of Rs 700 crore and an offer-for-sale (OFS) of up to 1.01 crore equity shares valued at Rs 400 crore. Proceeds from the fresh issue will be allocated toward debt repayment and general corporate purposes. Based in Mumbai, Powerica is a power solutions provider specializing in diesel generator sets (DG sets) for primary and backup power applications. The company offers a wide range of generator sets, with capacities spanning from 7.5 kVA to 10,000 kVA, tailored to meet the needs of various industries. Ahead of its IPO, Powerica secured Rs 329.40 crore from 17 anchor investors, allocating 83,39,239 equity shares at Rs 395 each. Key investors include SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, and others. For the six months ended September 31, 2025, Powerica reported a net profit of Rs 134.55 crore on revenue of Rs 1,474.87 crore. In the financial year 2024-25, the company achieved a net profit of Rs 175.83 crore on revenue of Rs 2,710.93 crore. At current valuations, Powerica’s market capitalization is estimated at nearly Rs 5,000 crore. The IPO reserves 50% of the net offer for qualified institutional bidders (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors. A grey market premium of Rs 5 per share has been observed, indicating a potential flat listing for investors.#mufg_intime_india #icici_securities #powerica #iifl_capital_services #nuvama_wealth_management
Sedemac Mechatronics IPO Day 2: Subscription Status and Key Highlights Sedemac Mechatronics’ initial public offering (IPO) entered its second day of subscription on March 5, 2026, with the application window remaining open until March 6. The final allotment of shares is expected on March 9, and the company is set to list on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on March 11. The IPO is a book-built offering aggregating ₹1,087.45 crore, entirely comprising an offer for sale (OFS) of 0.80 crore shares. The price band for the issue has been set at ₹1,287 to ₹1,352 per share, with a minimum lot size of 11 shares. Retail investors must commit a minimum of ₹14,157 to participate. The lead managers for the IPO are ICICI Securities, Avendus Capital, and Axis Capital, while MUFG Intime India serves as the registrar. The company’s product portfolio includes electronic control units (ECUs) designed for complex systems in real-time applications. These components are critical for managing equipment in industries such as automotive and industrial electronics. Sedemac specializes in sensorless commutation (SLC)-based integrated starter generator (ISG) ECUs for two- and three-wheelers powered by internal combustion engines. It also provides generator controllers (GCs) equipped with integrated electronic governing (eGov) technology. On the second day of subscription, the Grey Market Premium (GMP) for Sedemac Mechatronics shares was reported at ₹60, reflecting a 4.44% premium over the upper end of the price band. This indicates strong investor interest ahead of the final allotment. Sedemac Mechatronics Ltd, based in Pune, was founded in 2007 by Professor Shashikanth Suryanarayanan and former IIT Bombay students.#sedemac_mechatronics #icici_securities #avendus_capital #axis_capital #mufg_intime_india
