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The stock was last trading at Rs 22.30, up 2.76% from its previous close

Sealmatic mechanical seals are supplied to industry leaders in oil & gas, refinery, petrochemical, chemical, pharmaceutical, fertiliser, power, mining, pulp &, paper, aerospace, marine, and other industries

Promoters held 37.63 per cent stake in the company as of 31-Dec-2022, while FIIs owned 17.28 per cent, DIIs 24.26 per cent.

Shares of Adani Enterprises, which reported a consolidated net profit of Rs 820 crore for the quarter ended December against a net loss of Rs 11.63 crore a year ago, were trading 1.3% higher today at Rs 1,773. The Nifty stock is, however, trading around 58% lower than its 52-week high price of Rs 4,189.55

“Maybe we are in the middle of this good credit cycle and after a couple of quarters can take a relook and look at financials. Within financials, we are looking at sub-sectors which have not done well. Take MFIs. They have been laggards since Covid but now we are seeing green shoots there and valuations are not as expensive. ”

The brokerage maintains Buy on Va Tech Wabag (Va Tech) with an unchanged PT of Rs. 420, considering a robust order pipeline with improving margin profile and attractive valuation.

The stock quoted a 52-week high price of Rs 2242.4 and a 52-week low of Rs 1513.3.

“The highest R&D spends will always happen in biologics because the highest cost of R&D spend is in clinical trials. As we move forward, there are indications that we can shrink the clinical trials to smaller and smaller cohorts as the regulatory agencies and the markets become more mature in terms of biosimilars. We expect the R&D spends to reduce from current levels.”

Some investors believe that the elevated valuation could sustain strong local flows. There were questions from investors on whether the underperformance led by the China reopening was now behind," said Kunal Vora, Head - India Equity Research, BNP Paribas India.

As of 31-Dec-2022, promoters held 14.72 per cent stake in the company, while FIIs held 23.76 per cent and domestic institutional investors had 28.0 per cent.