Indian stock markets experienced a significant downturn on Friday. Geopolitical tensions between the US and Iran, a weakening rupee, and widespread selling in financial stocks contributed to the decline. Auto and energy sectors also saw major losses.
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