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“I do not think any sensible fund manager anywhere in the world sits and plays PE expansion. It is suicidal to do so. Finance 101 teaches us the value of a business, free cash flows discounted. If the free cash flows are growing at a decent rate and our share price action is moving at the same rate, I am not going to lose sleep about this whole PE story.”

German annual inflation data, due at 1200 GMT, is expected to have risen to 8%, according to Refinitiv data, having hit a four-decade high of 7.8% last month.

Promoters held 41.94 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 31.87 per cent and 11.86 per cent, respectively.

Ethos raised Rs 472.29 crore via its primary stake sale, which was open for subscription between May 18-20 as the company sold its shares in the range of Rs 836-878 apiece.The issue was overall subscribed 1.04 times, with the quota for QIB investors getting 1.06 times subscription whereas the HNI portion fetched 1.48 times bids.

The Relative Strength Index of the stock stood at 55.11 on Monday.

“The traditional auto companies have done reasonably well. So the cyclicality will continue. The question is that the management should recognise that EVs will be there in the future and will become bigger and bigger. I believe both M&M and Maruti managements now recognise that they are working on it although any real action from them in terms of a big play will still be a couple of years down the line.”

PayMate is looking to raise Rs 1,500 through the primary route, which includes issuance of fresh equity shares worth Rs 1,125 crore. The remaining Rs 375 crore will consist of an offer for sale (OFS) by existing shareholders and promoters.

Nomura has downgraded JSW Steel to reduce from neutral and lowered target price to Rs 500 from Rs 667, saying that profitability could remain under pressure in the near term as export duties stall price increases at a time of rising cost inflation.

Wall Street closed sharply higher on Friday as signs of stubborn inflation and consumer resiliency sent investors into the long holiday weekend with growing optimism that the U.S. Federal Reserve will be able to tighten monetary policy without tipping the economy into recession.

Although ZEE launched more than 90 new shows in FY22, its network share was down by 20 bps sequentially to 17.1 per cent - a second-consecutive quarter of decline. Some industry participants have removed channels from free Dish, which should impact ad revenues in the near term," said Emkay Global.