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The Asian demand has cooled-off in the past two months and non-OPEC supply has picked up, so we expect some macro influence to weigh on the prices in the coming quarter.

A total of 2,800 shares changed hands on the counter till 12:43PM (IST)

The stock traded at a P/E multiple of 130.69, while the price-to-book value ratio stood at 14.26.

“Look at Bank of India, Union Bank, Canara Bank and, of course, the State Bank of India. State Bank of India still trades at only about one point time book value and the others are under book value. So, they can all trade much higher like they did a few years ago.”

According to the draft papers, the company’s offering comprises a fresh issue of equity shares (face value Rs 10 each), aggregating to an issue size of up to Rs 750 crore, through book building route. There will be no offer-for-sale component.

The Nifty Bank index was trading 0.73 per cent up at 44284.95.

The average price realisation stood at Rs 10,223 per square feet with a new sales area of 1.69 million square feet which was up 26% over the corresponding quarter of the last financial year, the exchange filing said.

The stock traded at a P/E multiple of 89.19, while the price-to-book value ratio stood at 16.59.

The upper-middle-class India, the “octopus class” of roughly a million super rich individuals, is absolutely booming. There are three massive drivers of affluence for premium India – the stock market, the SME class and global capability centres creating 4-5 million jobs not only in metros but also in the next tier cities.

Promoters held 51.14 per cent stake in the company as of 30-Jun-2023, while FII and DII ownership stood at 17.35 per cent and 19.33 per cent, respectively.