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The stock has been in an uptrend since then. It rose more than 18% in a month, and over 20% in the last three months. The stock rallied over 30% in the last 6 months.The momentum pushed the stock closer to overbought levels; hence, some consolidation could be on the cards.

"Sharp correction in international diesel prices to ~$115 from the recent peak of USD 170/bbl has improved the marketing segment profitability outlook. Also, ban on the import of Russian oil products from Feb-23 will likely support refining product spreads. Global recessionary pressure along with high-interest rates will keep oil prices range-bound, despite increased demand from China," he said.

"Logically speaking, given that markets have also become normal, given the context that there is talk of global recession and we need very healthy capital markets, it should not get distorted. Having said this, if the time frame changes and for LTCG tax, long term goes from one year to two years, I do not see a meaningful impact on the markets."

Larsen & Toubro (L&T) on Monday reported a 24% year-on-year (YoY) rise in its profit after tax to Rs 2,553 crore for the quarter ended December 31, 2022. >> For more such web stories click on the ET icon below.

The stock traded at a P/E multiple of 8.61, while the price-to-book value ratio stood at 3.37.

The Relative Strength Index of the stock stood at 50.97 on Tuesday.

GCPL continues to have a healthy balance sheet and are also net cash positive, Sitapati said, adding,"we are on track in our journey to reduce inventory and wasted cost and are deploying this to drive profitable and sustainable volume growth across our portfolio through category development."

So far, the 413 companies listed on the BSE SME platform raised Rs 4,580 crore from the market and the total market capitalisation of these companies as on January 30th, 2023 is Rs 64,000 crore.

A total of 210,545 shares changed hands on the counter till 02:14PM (IST).

The Indian rupee weakened to 82 versus the U.S. currency in late afternoon trade, with traders citing stop losses being triggered as the dollar index jumped.