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Promoters held 29.33 per cent stake in the company as of 31-Dec-2022, while FII and DII ownership stood at 47.94 per cent and 10.2 per cent, respectively.

“The three legs to think about the market are de-rating of asset prices, risk to earnings and financial risk. I would not worry about the Adani case changing the way foreign investors would look at investing in India. They have been doing it for 30 years. They have seen scandals come and go and in this particular case, we still do not know what the end result might be.”

Indonesia business continues to witness sequential improvement in the performance which augurs well in the coming years.

For most companies in the automobile, capital goods, chemicals, consumer staples, consumer discretionary, cement, and metals and mining, raw material cost in the quarter rose faster than revenue on a year-on-year basis.

The Nifty Auto index was trading 0.51 per cent down at 13082.3.

The stock quoted a 52-week high of Rs 2194.0 and a 52-week low of Rs 1513.3.

Vardhman Textiles, incorporated in the year 1973, is a Mid Cap company (having a market cap of Rs 8940.65 Crore) operating in Textiles sector.

A total of 18,187 shares changed hands on the counter till 11:43AM (IST).

Multiply the lease income by 7x in the next 5 years. Latter will entail $2 billion in capex and debt could treble in the interim. Success in the unfolding cycle could deliver strong returns, said the note.

The stock traded at a P/E multiple of 76.29, while the price-to-book value ratio stood at 5.36.