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On the technical charts, the RSI of the stock stood at 45.34.

​And for that, whatever is likely to be done will be good for the industry and good for everyone. I am sure so many good things are in the open and the industry will continue to grow as it is growing now.

“A 8-9% volume growth is enough to generate a 15-16% type of a top line growth in terms of revenues and that could lead to 20% type of a growth at the profit level. That is keeping a lot of players interested in the auto industry. These are mildly cyclical businesses as well. We are seeing a good cyclical upswing in the auto industry.”

The market capitalization of BSE-listed firms in India reached a record high of Rs 295.72 lakh crore ($4 trillion) driven by optimism in equities. The benchmark Sensex also hit an all-time high, gaining 499.42 points or 0.78% to reach 64,414.84. The rally led to an increase in the market capitalization of BSE-listed companies to Rs 2,95,72,338.05 crore ($400 billion). Major gainers included Infosys, Tata Consultancy Services, Mahindra & Mahindra, IndusInd Bank, HCL Technologies, Tech Mahindra, Maruti, Wipro, HDFC Bank, and HDFC.

As of 31-Mar-2023, promoters held 0.8 per cent stake in the company, while FIIs held 15.38 per cent and domestic institutional investors had 9.9 per cent.

The Indian rupee is set for its largest monthly gain against the US dollar since January, thanks to continuous foreign equity inflows. The rupee has remained stable around the 82 level despite challenges presented by the Chinese yuan and the hawkish US Federal Reserve. In comparison, other Asian currencies such as the offshore yuan, Thai baht, and Indonesian rupiah have experienced losses or little change. The expectation of more rate hikes by the US Federal Reserve has also led to a stronger dollar index and increased odds of rate hikes in the coming months.

Shares of HDFC Asset Management Company (AMC) surged nearly 15% to reach a 52-week high on Friday after the Securities and Exchange Board of India (Sebi) decided to postpone the overhaul of TER regulations. Over 38 lakh HDFC AMC shares were traded on the NSE, valued at Rs 855.98 crore. Sebi stated that it would release another consultation paper on the issue. The mutual fund industry had opposed the proposal, citing potential negative impact on their businesses. Other AMC stocks such as UTI AMC and Aditya Birla Sun Life AMC also gained on the news.

A total of 27,651 shares changed hands on the counter till 12:41PM (IST).

On Friday, both Sensex and Nifty 50 clocked 0.8% gains and scaled lifetime highs of 64,475.72 points and 19,123.20 points, respectively.

The stock traded at a P/E multiple of 6.55, while the price-to-book value ratio stood at 0.83.