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As of 30-Sep-2022, promoters held 45.25 per cent stake in the company, while FIIs held 19.3 per cent and domestic institutional investors had 18.04 per cent.

As for Hindalco, most brokerages expect the profit decline to by 30-40%. MOSL pegs reported PAT for the company in Q3 at Rs 2,100 crore, down 31.4%. Meanwhile, KIE pegs the same at Rs 1961.9 crore (down 46.4%) and ICICI Securities at Rs 1,842.5 crore (down 49.9%).

Improvements to our EPS expectations lead us to continue ascribing an OUTPERFORM rating with a target price of Rs 1198.

The stock quoted a 52-week high price of Rs 3698.5 and low of Rs 2334.35.

Due to a recent increase in the stock price and its lower estimates, the brokerage has revised its rating to ADD with a new target price of Rs.1,207 implying a price multiple of 18 on NTM EPS of Rs.67.

On the technical charts, the RSI of the stock stood at 45.84.

The Nifty Realty index closed 0.05 per cent up at 425.15.

The stock quoted a 52-week high price of Rs 1466.0 and low of Rs 1070.95.

"Those who do not understand valuation metrics keep on buying even at high PE levels thinking that PE expansion will continue further. But the consolidation phase can be long, which means that the PE level will compress," said Kranthi Bathini, equity market strategist at WealthMills Securities.

A trader at the same bank pointed out that public sector banks bought dollars at the open, but it was difficult to confirm whether it was for their clients or on behalf of the Reserve Bank of India.