Overview
- Shares fell for a sixth session on Dec. 29, down about 4% to Rs 11,821, the lowest level since August 2024, leaving the stock roughly 33% lower for 2025.
- A fresh CLSA note cut the target price to Rs 15,880 from Rs 18,800, trimmed FY26–FY27 EPS estimates by 16–17%, and flagged flat year-on-year revenue in Q3 FY26, while maintaining an overweight stance.
- Morgan Stanley kept an Underweight rating with a Rs 11,563 target, pointing to extended IT hardware import norms that allow licensed imports and raise growth uncertainty for domestic manufacturers.
- Investors remain focused on Press Note 3 approval for Dixon’s Vivo joint venture, with CLSA highlighting potential EPS risk if expected smartphone volumes are delayed.
- Technicals show the stock below key moving averages with an RSI near 28, while market data cited a market cap around Rs 74,000 crore and light turnover in the session.