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Mahindra Logistics reported a 4% increase in volumes for its MLL Express business during the quarter. As for warehouse management, Mahindra Logistics continues to show a strong presence with 19 million square feet of warehouse space under its purview within the 3PL business.

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The stock quoted a 52-week high price of Rs 576.55 and a 52-week low of Rs 336.55.

The Nifty IT index was trading 0.28 per cent down at 30762.25.

I think we had a very good quarter two. We stick to our book growth guidance of 17 to 18%. So as I mentioned earlier, first we will catch up with disbursement and then the book growth would follow.

A total of 3,825 shares changed hands on the counter till 11:47AM (IST)

The decline was mainly attributed to a fall in advertising spending by businesses amid rising interest rates. Indian broadcasters are grappling with slowing advertising spending as businesses clamp down on discretionary investments to rein in costs amid high inflation and aggressive interest rate hikes.

Sanjiv Bhasin, Director of IIFL Securities, is bullish on largecap stocks and recommends overweighting the Nifty and Bank Nifty due to factors such as falling yields, a weakening dollar, and falling oil prices. He believes there will be a significant amount of pent-up buying in the range of 19,100 to 19,300. Bhasin also shares three stock ideas for the longer term: ABSL AMC, Devyani International, and Idea. He believes these stocks have the potential for significant growth and urges investors to take advantage of the current weakness in the market.

Short term traders can look to buy the stock on dips for a possible target of Rs 800-850 in the next 3-4 weeks, suggest experts.