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The ECB raised interest rates to a record high earlier this year but unexpectedly benign inflation data over the past few months has all but ruled out further policy tightening, shifting the debate to how fast it will reverse course.

“We have been able to grow a little from 15.4% to 16.7% in H1. But this is coming more from the operational efficiencies point of view. And also a very little from probably I can say, there is an advantage currently where the raw material prices are at most low. This is the advantage we have been able to get in H1. ”

Happy Forgings has set a price band of Rs 808-850 per share for its maiden public offer, which opens on December 19. The issue will be available for the public to bid on until December 21.

“At current levels, one should look to go long on Mahindra & Mahindra Finance, look for a target of 315 on the upside, with a stop loss at 264 on the downside. The second stock is Piramal Enterprise, PEL. Again, as we speak, the stock is making new high but again at current levels, one can look to go long for a target of Rs 985 and if 985 is taken out.”

Two major factors have driven PSU wealth creation, according to Motilal Oswal — turnaround in two banks, and growth in the defense sector.

“Having multiple mutual funds and then also having a full stock portfolio and all that, what will happen is it will make the portfolio unmanageable and at the same time it is not going to give you any better diversification or better returns for all the effort that you will be putting in. It is better to go for an appropriate index fund,”