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“Valuations are quite reasonable for financials and ‘value’ stocks,” Kotak Institutional Equities said.

The stock has been making higher highs and higher lows on the weekly charts which is a positive sign for bulls. It has rallied more than 40 per cent so far in 2022, data showed.

Polycab India Ltd., incorporated in the year 1996, is a Mid Cap company (having a market cap of Rs 36159.99 Crore) operating in Consumer Durables sector.

On the technical charts, the 200-day moving average of the stock stood at Rs 736.33.

The 30-share BSE Sensex was down 26.41 points at 54444.26

Gold futures on MCX were up 0.01 per cent or Rs 7 at Rs 50,966 per 10 grams. However, silver futures were trading higher by 0.41 per cent or Rs 253 at Rs 61,750 per kg.

The multiplex chain is planning to open 125 new screens across India in the current financial year as it kick-starts an ambitious growth plan after the Covid-19 disruption.

The Relative Strength Index of the stock stood at 49.52 on Tuesday.

The issue is entirely an offer for sale (OFS) by the existing shareholders of the company who will offload 85.49,340 shares with a face value of Rs 5 each. The company will not receive any proceeds from the issue.

The smallcap sugar player posted a net profit of Rs 35.49 crore for the quarter ended March 31, 2022, up nearly 900 per cent against a net profit of Rs 3.55 crore reported in the same quarter the previous year.