ICICI Securities

ICICI Securities has reiterated a REDUCE rating on Tech Mahindra, setting a target price of Rs 1,250 amid persistent macroeconomic uncertainty and sector-specific headwinds. Although early signs of turnaround strategies are visible, the company's muted revenue performance and challenging outlook in key verticals like Communications and Manufacturing limit near-term upside potential.

ICICI Securities has reiterated a BUY recommendation on Vishal Mega Mart (VMM), maintaining a target price of Rs 140, indicating a potential upside of 32% from the current market price of Rs 106. This bullish stance is underpinned by the company’s robust private label strategy, particularly in fast-moving consumer goods (FMCG), which now contributes approximately 27% of its total revenue. Leveraging partnerships with renowned manufacturers, the company is solidifying its brand equity while optimizing margins.