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“In terms of levels, Rs 1,400, 1,430 is a very strong support for the M&M stock. I would be a contrarian here and look to accumulate in this volatility in this range. I have a stop loss placed below Rs 1,400, maybe at Rs 1,380. A rebound could very well take us back to around Rs 1,520, 1,540 on the upside.”

The stock quoted a 52-week high price of Rs 405.2 and a 52-week low of Rs 250.2.

I feel with the advent of AI and kind of services kind of things, which we are trying to do, the networking piece, which we have started, will give a boost to the margin. And I feel that it will increase by 3% to 4% going forward in a few years.

Shree Cement has announced a Rs 7,000-crore capex to create about 12 million tons of organic capacity in India. We will continue to grow very strongly in an organic way. The capex is largely funded through internal accruals. Going forward, we are not totally averse to going into the debt market.”

As of 30-Jun-2023, promoters held 74.65 per cent stake in the company, while FIIs held 8.17 per cent and domestic institutional investors had 6.86 per cent.

The stock quoted a 52-week high of Rs 101.44 and a 52-week low of Rs 65.2.

The company, which makes mortar and roofing products as well as cement, said sales fell 10.9% to 7.34 billion Swiss francs ($8.53 billion) in the three months to June 30.

The Relative Strength Index of the stock stood at 68.82 on Thursday.

A total of 4,389 shares changed hands on the counter till time (IST).

It has completed acquisition of 32.75 per cent of the paid-up share capital of Satiya Nutraceuticals through primary infusion and secondary buyouts, completed on July 26, 2023.