Employees exercising stock options can now pledge shares for funds during trading window closures, thanks to a Sebi clarification. This provides regulatory comfort for bona fide transactions, aiding employees who rely on financing to exercise vested options. However, lenders invoking pledged shares will still face contra-trade restrictions.
ITC’s tobacco business is going cheap but Kotak Institutional Equities thinks market has it wrong
Kotak Securities estimates ITC’s tobacco business is valued at just 11X forward earnings, suggesting potential undervaluation. The brokerage sees stronger growth in non-tobacco businesses and