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IT stocks came under pressure on Monday after US Federal Chair Jerome Powells comments suggesting a slowdown in interest rate cuts. Powell highlighted persistent inflation and a strong economy, allowing the Fed to approach decisions cautiously. Indian IT stocks, sensitive to US market moves, saw declines of up to 5%, with major companies like LTIMindtree and Wipro hit hardest.
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Emkay Global downgraded Honasa Consumer, the parent company of Mamaearth, to 'SELL' from 'BUY' and slashed its target price by 50% to Rs 300 after the company reported its first quarterly loss in five quarters due to weak demand and distribution challenges.
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Hero MotoCorp share price: Hero Motocorp's shares surged 5% after reporting a 14% rise in Q2 net profit, reaching 1204 crore. Revenue grew 11% to 10463 crore, driven by record revenue from parts and accessories. Analysts are optimistic, citing rural market recovery, new launches, and strong brand equity as key growth drivers.
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