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​The fact that there was a lot of post Covid, front ending in many categories, which is yet to really unwind and therefore discretionary demand, except for autos continues to be challenging and then the commentary does not seem to change from whatever we have heard so far.

On the technical charts, the RSI of the stock stood at 68.94.

L&T Technology Services saw its shares rise nearly 6% following its report of a 22% rise in net profit at INR 1,170 crore for Q1 2023. Its revenue from operations also experienced a growth of 22% YoY. The company reported a 16% growth in constant currency (cc) terms, with EBIT margins at 18.5%. HDFC Securities maintained its Add rating on L&T Technology with a target price of INR 3,585 while YES Securities maintained its reduce rating with a target price of INR 3,678. Choice Broking downgraded its rating on the stock to Add with a target price of INR 3,738.

​So, there is not a great deal of upside from credit costs from here. So, earning growth will be challenged and when you are coming off such a high earnings growth in FY23, FY24 earnings growth will look a little anaemic.

The IPO​​ was subscribed 2.08 times so far on Day 3, with non-institutional investors (NIIs) and qualified institutional buyers (QIB) doing the heavy lifting. The NII part was subscribed 1.34 times while the QIB category was subscribed 5.68 times.

A total of 874 shares changed hands on the counter till 11:33AM (IST).

The stock traded at a P/E multiple of 7.11, while the price-to-book value ratio stood at 2.3.

I do not think anybody can predict margins going forward in any industry. It is just not possible. There are so many variables which are there and the world today is not a very predictable place.

Promoters held 38.14 per cent stake in the company as of 31-Mar-2023, while FII and DII ownership stood at 19.43 per cent and 8.32 per cent, respectively.

The rupee gained 8 paise to 81.66 against the US dollar in early trade on Thursday amid weak American currency in the overseas market. Forex traders said a positive trend in domestic equities, foreign fund inflows and crude oil prices below USD 80 a barrel also supported the local unit.