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“We look at the sectors which are neglected, beaten down and are in the most neglected or untouchable zone, from money managers’ perspective. These are the areas where you will generate alpha in 2023 and maybe in this decade also. Metals will be one of the themes of 2023. The other two will be PSU and power.”

The government has been unable to proceed with the strategic disinvestment of Bharat Petroleum Corp, Container Corporation of India, and Shipping Corporation of India due to regulatory challenges and adverse market conditions.

The brokerage has reduced Bills cuts/store estimates and consequently FY23/24/25 EPS has changed by 1.3%, -7.3% and 6.8% respectively.

The stock quoted a 52-week high price of Rs 1471.2 and a 52-week low of Rs 1070.95.

The stock trading at a PE level of 13.7x comes with a dividend yield of 1.35%. The diversified conglomerate is spread across verticals like edible oil, distillery, and real estate.Last month, the company bagged Rs 285 crore order to supply 4.9 crores litres of ethanol to oil marketing companies. Additionally, the distillery unit of the company had also bagged an order to supply 1.65 crore litres of ethanol to Reliance Industries with an order value of Rs 107 crore.

Promoters held 61.9 per cent stake in the company as of 30-Sep-2022, while FIIs owned 15.69 per cent, DIIs 11.65 per cent.

A total of 204,239 shares changed hands on the counter till 01:11PM (IST)

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A total of 3,805 shares changed hands on the counter till 11:43AM (IST).

The brokerage expects Gross Margins to improve 190bps QoQ/80bps YoY due to flow through of earlier price hikes.