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The company has reserved 50 per cent of the net offer for qualified institutional buyers (QIBs), whereas non-institutional buyers (NIIs) will get 15 per cent allocation. The remaining 35 per cent shares will be given to the retail bidders

A total of 21,616 shares changed hands on the counter till 11:31AM (IST)

“The beauty of this market is one does not have to sit in cash. Now there are opportunities. I am not recommending but I am just giving you what my portfolio has. It has things like the IndiGrid Trust, Power Grid Trust, real estate REITs which are giving quarterly returns, the share prices are good, people are buying because the asset values are going up at the end of the day.”

Stocks that were in focus include names like Dr Lal PathLabs, which was down more than 6 per cent, Metropolis Healthcare fell more than 9 per cent, and MRPL rose nearly 10 per cent.

The auto major with a market capitalisation of Rs 2.2 lakh cr bounced back after hitting a 52-week low of Rs 6,540 back in March 2022 but has remained volatile since then.

"I believe that in the latter half of 2022, if inflation comes under control and if the situation in eastern Europe doesn’t worsen anymore could support equity markets. It will be important to keep an eye on how the consumers (countries in this case) deal with the shortfall in agricultural products from Ukraine & Russia and what the decline in Russian fossil fuel exports to G7 countries would mean to energy supply and energy prices."

Manappuram Finance (Manappuram) reported yet another weak quarter, with net profit declining by 42.4% YoY on account of subdued growth in gold loan AUM and 19.6% YoY decline in NII.

“Going forward, the outlook looks very strong for HDFC twins, ICICI, Axis, SBI, all top four or five banks. My view is it is the right time to build on all these five-six banking stocks. Maybe in the next couple of weeks, we will see some kind of stabilisation in FII selling as well. My view is the market will just stabilise and we will see some kind of bounce backs in all these financials.”

“ITC is a completely different story compared to what an HUL or a Tata Consumer is. All the three components of ITC business have been doing well and that is creating excitement in the market. On the other hand, the fate of other consumer goods companies to a great extent depends on what happens to rural consumption.”

VIP’s share price has grown by ~3x over the past five years (from Rs 195 in May 2017 to Rs 590 levels in May 2022). Luggage being a proxy play to the travel & tourism industry was among the worst impacted sectors owing to pandemic in FY21/22.