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A few measures can cause volatility in the equity markets. A full-fledged populist budget or a significant increase in subsidies that impact the fiscal consolidation roadmap can lead to a market correction.

Foreign Institutional Investors (FIIs) reduced their stakes in healthcare stocks in the first three quarters of FY23. Eleven stocks have given negative returns in FY23 so far, with five of them falling more than 20%.

“If you look at the current nine months financials, the ARV APIs and formulation put together contributed only 35% of revenue came from ARVs. It used to be 85% during actual times but now it is 35% and we do hope the ARV revenues contribution will be similar to what we have seen in this current financial year.”

On Tuesday, the stock was trading 0.31% higher at Rs 82.05 on NSE. So far this year, the stock is up 5.19% and the same is up 15.40% in the last six months.

Along with promoting investments, even domestic consumption needs to be supported as rural demand has been lacklustre due to rising prices and limited non-farm opportunities for quite some time.

“Certainly, PLI as well as protection can give a boost in certain sectors that get the protection and sectors that get the subsidy will undoubtedly do better. It improves the profitability for the entrepreneurs and so those sectors will do better. The question is whether manufacturing as a whole will do better, and that we have not seen. Also, it is not sustainable,” says Arvind Panagariya, Former VC, NITI Aayog.

Morgan Stanley maintained an equal-weight rating on PNB post the December quarter results with a target price of Rs 60. The global investment bank expects continued gradual improvement. PAT missed MSE, given higher NPA provisions although gradual recovery remains on track, said the note.

The Relative Strength Index of the stock stood at 44.18 on Tuesday.

The stock traded at a P/E multiple of 82.06, while the price-to-book value ratio stood at 5.36.

Adani Group has ambitious plans to double the combined capacity of ACC and Ambuja Cements to 140 MTPA in the next five years. Ambuja Cements has a cash equivalent of Rs 3,479 crore as of September 2022.