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Brokerage house Goldman Sachs maintained a buy rating on Reliance Industries (RIL), while Citigroup recommended a neutral rating on Coal India and upgraded MGL to neutral. UBS maintained a buy rating on ABB India.We have collated a list of recommendations from top brokerage firms from ETNow and other sources:Goldman Sachs on RIL: Buy | Target: Rs 3400Goldman Sachs maintained a buy rating on RIL but raised the target price to Rs 3,400 from Rs 2,925 earlier. The global investment bank sees a 17% EBITDA CAGR over FY24-27. Capex peaking in longer gestation capex businesses.New business returns are likely to be higher, and capex to EBITDA turn is faster. Returns inflection has been a key driver for RIL shares outperformance.The risk-to-reward ratio is still favorable, and the catalyst pipeline is much stronger ahead.Citigroup on Coal India: Neutral | Target: Rs 430Citigroup maintained a neutral rating on Coal India with a target price of Rs 430.The global investment bank expects disappointing e-auction price trends in Q4. Every Rs 100 per tonne change in e-auction prices impacts EPS by ~2%.Citigroup on MGL: Neutral | Target: Rs 1405Citigroup upgraded MGL to neutral from sell earlier with a target price of Rs 1,405. The management is optimistic about volume & margin outlook.UBS on ABB India: Buy | Target: Rs 7,550UBS maintained a buy rating on ABB India but raised the target price to Rs 7,550 from Rs 5,380 earlier.The company has the best quality electrification and mobility growth. Electrification and motion to drive growth and margins.More upside to consensus on margins despite recent upgrades. The earnings acceleration is sustainable, and there are plenty of our growth levers at play.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

The SME IPO of TAC Infosec opens for subscription on Wedensday, March 27 and will close on Tuesday, April 2. The company aims to raise about Rs 30 crore through the IPO and list the shares on NSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue.1) About TAC InfosecTas Security is engaged in the business of providing risk-based vulnerability management and assessment solutions, cybersecurity quantification and services of penetration testing to organizations of any scale, size, and business through SaaS model.2) Industry overviewThe IT and BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. The IT industry accounted for 7.4% of India’s GDP in FY22, and it is expected to contribute 10% to India’s GDP by 2025.3) TAC Infosec IPO sizeThe IPO is entirely a fresh equity issue of 28.2 lakh shares and through the issue, the company aims to raise Rs 30 crore.4) TAC Infosec IPO price bandThe company is offering its shares at Rs 100-106 apiece, and investors can bid for 1,200 shares in 1 lot.5) TAC Infosec IPO financial performanceFor the period ended September 2023, the company clocked revenues of Rs 5.02 crore and net profit of Rs 1.94 crore.Also Read: SRM Contractors IPO opens for subscription. Check issue size, price band, GMP and other details6) Objects of the offerThe net proceeds from the public offer will be used for the acquisition of TAC Security Inc and making it a wholly-owned subsidiary, investment in human resources and product development, general corporate purposes and public issue expenses.7) Lead managers and registrarBeeline Capital Advisors is the lead manager to the issue and Skyline Financial Services is the registrar.8) Issue structureAbout 50% of the offer is reserved for QIB investors, 35% for retail investors and the rest 15% for other investors.9) Important datesThe IPO opens on March 27 and closes on March April 2. The final allotment will likely be made on March 3. The company's shares will likely get listed on April 5.10) TAC Infosec GMPThe company's shares are trading with a high GMP of Rs 80 in the unlisted market.

Mumbai: ICICI Bank is under fire for allegedly coaxing minority shareholders of ICICI Securities (I-Sec) to support the private lender's proposal to delist the broking and investment banking arm.Shareholders of ICICI Securities claimed on social media that the bank's executives contacted them directly, asking them to vote in favour of the resolution that proposes to delist the broking subsidiary. Lawyers and market participants said such alleged actions could result in regulatory scrutiny of the voting process.The e-voting for the delisting of ICICI Securities, which started on March 22, ended on March 26.Under the scheme of arrangement, ICICI Bank aims to delist ICICI Securities, through a share swap deal. As per the terms, for every 100 shares held, public shareholders in ICICI Securities would receive 67 shares of ICICI Bank. The share swap ratio for delisting the brokerage has been opposed by a section of minority shareholders.On Tuesday, various shareholders of ICICI Securities took to social media, claiming they received phone calls from ICICI Bank executives in this matter. These individuals shared screenshots of call details and WhatsApp messages from bank staff with some of them alleging that executives asked them to share the one-time password (OTP) in the voting process.Some said the bank executives also asked ICICI Securities shareholders to share the screenshots of their voting.An ICICI Bank spokesperson did not respond to ET's queries on the matter."The fact that mid-level and junior-level executives of ICICI Bank are personally calling ICICI Securities shareholders over the weekend is a reflection and almost blatant acceptance of the injustice being inflicted by the bank on minority shareholders of ICICI Securities," said Manu Rishi Gupta, founder of MRG Capital, a Bengaluru-based investment fund, which has been one of the most vocal opponents of the delisting plan. "We have sufficient evidence to demonstrate the unlawful actions of ICICI Bank, which we will share with all regulatory authorities."Securities lawyers said rules do not explicitly bar players from influencing such decisions, but ICICI Bank may be treading in the regulatory twilight zone."PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, which prohibit deceptive practices in securities markets, and the LODR Regulations, enforcing transparent disclosure of information that impacts investor decision-making, are the key regulations that play a key role in market integrity," said Sonam Chandwani, managing partner at KS Legal & Associates. "Furthermore, the Sebi Regulations, designed to ensure fair procedures in acquisitions or delisting, and the Prohibition of Insider Trading Regulations, which guard against the misuse of confidential information, are also significant."Some said there is a possibility of market regulator Sebi looking into the matter."Seeking support for voting in a specific manner isn't explicitly regulated or forbidden but is grounded in corporate governance principles and ensuring fairness in the process," said Sumit Agrawal, founder of Regstreet Law Advisors. "Sebi possesses extensive authority to investigate such practices and, in response to any complaints, can implement heightened scrutiny on the voting process.""Omnibus provisions of SEBI Act, LODR Regulations, and Delisting Regulations are usually interpreted in favour of transparency and fairness," he added.According to a news report, ICICI Bank's largest public shareholder, Norges Fund Investment Bank, voted in favour of the resolution. Quantum Mutual Fund said recently it voted against it.On Tuesday, shares of ICICI Securities fell 1.75% to ₹738. ICICI Bank closed 0.6% lower at ₹1,084.

Mumbai: Shriram Housing Finance will receive flows worth $260 million as part of its inclusion into the Nifty on March 28, according to a brokerage Nuvama Research. UPL, which is being excluded from the benchmark index, could see outflows to the tune of $95 million. The rejig will take place on March 28, but the adjustment would happen on March 27.The weights of Mahindra & Mahindra, Bharti Airtel, and Axis Bank in the Nifty could move up as part of the index rejig, leading to a cumulative inflow of $86 million, said Nuvama. Reliance Industries, HDFC Bank, ICICI Bank, and Infosys are likely to see outflows worth $ 94 million on account of weight reductions.The NSE is bringing changes to indices including Nifty, Nifty Bank, CPSE Index, and Nifty Next 50 from March 28. The total inflows on account of the inclusions and weight increases would be $652 million, while the outflows could be to the tune of $456 million."The final changes in the indices will take effect on March 28, while the adjustments and resultant flows will occur in the last 30 minutes of trading on March 27," said Nuvama's head of alternative & quantitative research Abhilash Pagaria in a note.The highest inflows across all indices are expected from Shriram Housing Finance, HDFC Bank, and Jio Financial Services. The highest outflows are expected to be from SBI, UPL, and ICICI Bank. NTPC could see an inflow of $ 71 million due to an increase in weightage in the Nifty CPSE Index. NHPC and NLC India are also expected to witness an increase in weightage on the index. On the other hand, ONGC, Coal India, and Bharat Electronics Limited could see a reduction in weightage as part of the rejig.