Tue Jan 07 06:10:00 UTC 2025: **Market Movers and Brokerage Calls: IGL, Titan, Zomato, and More**

**Mumbai, India** – Indian markets saw significant activity today, with several key stocks attracting analyst attention. Brokerage firms issued a range of calls, providing insights into various sectors.

**Energy:** Citigroup issued a buy recommendation for Indraprastha Gas Limited (IGL), setting a target price of ₹450 per share. This follows BPCL’s announcement that its board approved the listing of Maharashtra Natural Gas Ltd (MNGL), a joint venture with IGL, BPCL, GAIL, and the Maharashtra State Government. The listing is expected to unlock value for MNGL and potentially GAIL’s other unlisted CGD investments. CLSA upgraded Oil and Natural Gas Corporation (ONGC) to a “high conviction outperform,” targeting ₹360 per share, citing increased domestic oil and gas output and potential benefits from the removal of windfall tax.

**Consumer Discretionary:** Citigroup gave a neutral call on Titan Company, setting a target price of ₹3,600 per share. While Q3 saw strong growth in jewellery (excluding bullion), driven by festive demand, growth in other segments was mixed. Jefferies downgraded Zomato to “hold,” cutting its target price to ₹275 per share from ₹335, citing concerns about increased competition and potential discounting in the quick commerce sector.

**Real Estate and Cement:** Nomura maintained a buy rating on Macrotech Developers, setting a target of ₹1,600 per share, based on strong Q3 performance. The firm also commented on the cement sector, noting price increases and recommending UltraTech, Shree Cement, Ambuja, and Ramco, while giving neutral and reduce calls on Nuvoco and ACC respectively.

**Retail:** Equirus initiated a long call on Arvind Fashions, setting a target price of ₹753 per share, anticipating improved profitability from recent corrective actions.

**Crypto Market:** While not detailed in the provided text, the headline mentions updates on crypto market gainers and losers are available. Additionally, information regarding India’s Largest Regional Retail Option Traders Summit (BOTS) organized by Traders Gurukul is mentioned, offering further investment opportunities information.

**Disclaimer:** This news article summarizes various brokerage calls and market observations. Investment decisions should be made after consulting with qualified financial advisors. The views expressed are those of the cited brokerage firms and do not reflect the views of this publication.

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