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“In any project between the time of the launch and delivery, typically there is a 50-60% price increase across the board. In ready-to-move-in inventory versus a new launch, there is a gap and a price change that happens between the two. Keeping that in mind, the average realisation has gone up by about 10-12% and the trend is continuing.”

"Even the earnings will come through, volume growth will come through, revenues will come through. I am not debating on that. We will see growth in most sectors in the country. But we will probably see multiples coming down at the same time, which means stock price returns may be very muted going forward. It is a simple fact of valuation. If your valuation is high, your chances of making money are probably low."

​So I think that is a good thing. It may last for a while. We should be open to this corrective pullback going on for some time. In terms of levels, the worst case scenario I think would be as low as 19,600, which is just around 61% of the recent rally that we saw from the low in August. It does not necessarily have to go that far, but that is like I said, the worst case scenario. In between, we will be looking at somewhere around 19,780 as an interim support if it holds.

That move comes as U.S. oil output from its top shale-producing regions is on track to fall to 9.393 million bpd in October, the lowest since May 2023, and after Saudi Arabia and Russia extended combined supply cuts of 1.3 million bpd to the end of the year.

As of 30-Jun-2023, promoters held 0.0 per cent stake in the company, while FIIs held 7.48 per cent and domestic institutional investors had 0.25 per cent.

A total of 15,233 shares changed hands on the counter till 01:39PM (IST)

"Every one of our individual businesses is at an inflection point of high growth. Peter Bains, who is a veteran when it comes to the pharma and biopharma industry in terms of his global experience, also understands the Biocon Group because he has basically played a very key role in Syngene. Through Syngene, he has understood the entire Biocon business very well."

Look at the midcaps in 2017-2018, again you had this period of excess euphoria in the market at that time, many of the midcaps struggled for the next five years after that. Again, we are seeing a period where expectations have run well ahead of the fundamentals. My best sense here would be the stock prices would correct whenever they do but I have no expertise to forecast stock prices or they will time correct over a period of time.

"The medium-term outlook for the world economy actually does not look very promising. Let me say that some of the risks we are talking about will likely play out over 12—24 months, and not 3 to 6 months. But these are things that we have to keep at the back of our mind."

Since the last meeting of the Fed, the Dow Jones Industrial Average has lost more than 2%, while the tech-heavy Nasdaq Composite has shed about 3%. On the contrary, India’s benchmark Nifty 50 has gained about 2% in the same period and scaled lifetime highs.