Fri, Jul 5, 2024 11:11 AM
Tech layoffs: Microsoft’s 3rd round of job cuts this year likely in product
A Flip by Riya Sharma
The Indian stock market's Nifty and Bank Nifty indices are trending upward, with support at 24200 and 52000, respectively. A break above 24400 could lead to a rally towards 24600/24800. Three stocks are recommended for buying: 📌BHEL at ₹316 with a target price of ₹340, 📌CDSL on dips around ₹2250 with a target price of ₹2600, and 📌Borosil at ₹500-515 with a target price of ₹580.
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Nvidia and Microsoft, two megacap stocks, have seen significant growth in 2024. Nvidia's market cap has surged $2.7 trillion, largely due to demand for artificial intelligence (AI) and graphics processing units (GPUs). Microsoft has also performed well, integrating AI into its software and boasting diverse business segments. With Nvidia's price-to-sales ratio at 39x and Microsoft's at 14x.
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Biotech stocks 📌Ascendis Pharma (ASND) and 📌Citius Pharmaceuticals (CTXR) offer significant upside potential, according to analysts. ASND's Skytrofa revenue grew 106% year-over-year, and its TransCon PTH drug has a multi-billion euro commercial opportunity. The stock has a Strong Buy consensus rating and a $183.38 average target price, suggesting a 35% gain.
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