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The Nifty Bank index closed 0.55 per cent up at 41577.1.

The brokerage expects IEIL’s Revenue/EBITDA/PAT to grow at 17/14/15% CAGR over FY22-FY25E, led by increased execution of orders.

"The negative outlook is due to expected moderation in financial flexibility of the Adani Group in case of any adverse outcome or observations in on-going regulatory and legal scrutiny directed by Honourable Supreme Court of India in connection with various allegations against Adani group companies," CARE said in a report.

“Hopefully, at some point in time during the year, we will start seeing an end of the rate hiking cycle of the last year or so. Hopefully, with growth expectations moderating, we will get into a situation where earnings growth will start meeting expectations and the extraordinary amount of capital expenditure that the government is putting into the ground will start to have a knock-on effect on aggregate demand.”

The Relative Strength Index of the stock stood at 38.26 on Thursday.

While the buyers and sellers were not known immediately, it was earlier reported that Clear Wealth Consultancy Services was planning to sell its stake in the company

On the technical charts, the 200-day moving average of the stock stood at Rs 7624.13.

As of 31-Dec-2022, promoters held 0.0 per cent stake in the company, while FIIs held 18.89 per cent and domestic institutional investors had 12.55 per cent.

The stock quoted a 52-week high price of Rs 919.5 and low of Rs 595.85.

The worst hit stocks in the sector are contract manufacturers of electronic appliances Amber Enterprises and Dixon Technologies. While Amber Enterprises has nosedived more than 42% so far in FY23, Dixon has lost about 31%.