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The company will issue 15,50,000 warrants on a preferential basis to promoter Bajaj Finserv, and this will be convertible into the equivalent number of shares. The warrants can be converted into equity shares within a period of 18 months from the date of allotment.

The stock quoted a 52-week high price of Rs 8681.2 and low of Rs 5708.1.

Nifty stocks that are trading at a significant discount to their historical averages are ONGC (-45%), BPCL (-41%), Tata Steel (-38%), Apollo Hospital (-31%), and Eicher Motors (-28%). As a sector, PSU banks are trading at a P/B of 1.1x, at a 30% premium to its historical average of 0.8x while the consumer sector’s P/E of 41.7x implies a 4% premium to its 10-year average of 40x. Similarly, technology is trading at a P/E ratio of 23.2x, an 18% premium to its long-term average of 19.6x.

Valiant Labs is an active pharmaceutical ingredient (API/bulk drug manufacturing company, with a focus on producing Paracetamol. APIs serve as raw materials for manufacturing finished dosage forms or formulations.

The six-member monetary policy committee of the Reserve Bank of India will announce its decision on key interest rates on Friday. Traders are also awaiting US weekly unemployment data later in the day.

The monetary policy action was on the expected lines, and therefore, equities remained steady post the announcement. The Sensex was trading 324 points or 0.49% higher at 65,955.89, while the Nifty was steady above the 19,600 mark.. The Nifty Bank index also was trading 0.3% up at 44338.10 points.

CLSA maintained a sell rating on Vodafone Idea with a target price of Rs 7. There is a continued share loss even in priority circles.

Promoters held 51.31 per cent stake in the company as of 30-Jun-2023, while FII and DII ownership stood at 20.91 per cent and 16.45 per cent, respectively.

Bandhan Bank Ltd., incorporated in the year 2014, is a banking company (having a market cap of Rs 40424.44 Crore).