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“Consumption has slowed down in terms of earnings momentum, both on the staple side as well as discretionary side. But it will be a big beneficiary of the capex cycle eventually. But for this moment, I think the industrial space, the financial space which is linked to the cycle, we are seeing significant confidence in the earnings momentum sustaining.”

"The world is having a shortage of good quality growth stories in emerging markets and India stands out on a relative basis and absolute basis. Elections in India will be a big macro event that will be watched closely, especially by many foreign investors who may decide on country-specific allocations around the middle of 2024."

The bulk of the proceeds from the QIP will be used to pare down debt furthermore providing us capital to pursue the fast-growing solar EPC markets in India and abroad, the company said in a statement, adding that the QIP witnessed a strong response from both domestic mutual funds and global FIIs.

The breakout has opened room for the stock to head higher and may even breach 1100 levels to hit fresh record highs in the next 2-3 months, suggest experts.

“Tactically, bond makes the most sense. In India, I have been of the view that credit carry is most attractively valued. But if you are a sort of vanilla equity investor, there is nothing that you cannot cheer about right now from a macro point of view. Tactically within equity, tech would perhaps purely for rate reasons would do the best in the next six months.”

Brokerage firm SPARK initiated coverage on Arvind with a buy rating, HSBC upgraded Colgate Palmolive India to a buy from hold earlier while it downgraded Nestle India to hold. Centrum Institutional Research initiated coverage on Ugro Capital with a buy rating.

“Because there is cash waiting to be invested in the market across local and global investors, we will have to keep in mind that despite headwinds corrections will be shallower and the rise could be higher. The one big worry for markets will be policy stability. Today, the market is discounting continuity on governance and continuity of policies. If there is any change over there, then certainly there could be some reaction.”

Thermax Ltd. key Products/Revenue Segments include Sale of services, Export Incentives, Scrap, Commission, Royalty Income for the year ending 31-Mar-2023.