Larsen & Toubro has been downgraded by UBS, while analysts have differing opinions on ITC's recent performance.

Nomura has recommended buying ITC at a target price of ₹555 per share, citing strong sales in Q2 despite margin pressures in various segments. Cigarette volume grew by 3% year-on-year, exceeding the estimated 2.5%, but margins contracted by 145 basis points. FMCG growth was reported at 5.4%, in line with expectations, but margins declined by 37 basis points.

Morgan Stanley has an overweight rating on ITC, with a target price of ₹554 per share. Key positives in Q2 include strong net cigarette revenues and robust momentum in the hotel business, as well as a rebound in the agricultural sector. However, challenges remain with weak home consumption, rising food input inflation, and issues in the tobacco leaf market. The paper segment continues to negatively impact the company's performance.