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“The critical thing I am watching out for is where the TCS margins are because for the last two-three quarters, most of these companies have been able to hold on to margins pretty well despite inflation and huge attrition in the entire IT industry. So margin performance will be critical for stock price performance. ”

A total of 38,314 shares changed hands on the counter till time (IST).

The stock traded at a P/E multiple of 10.96, while the price-to-book value ratio stood at 0.92.

In a note to clients, the brokerage said the likely H1FY23 strength should be used to pare positions if overweight (OW), especially in expensive tier-2 IT companies, even as it feels that the sector enjoys relative earnings resilience in the near-term against certain domestic sectors.

Promoters held 59.47 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 26.51 per cent and 2.45 per cent, respectively.

“The next year I am expecting them to do a turnover of Rs 2,100 crore with a profit of Rs 225 crore. Siyaram Silk is now a very high ROC company of close to 30%. Even if one gives it a value of 13-14 times one year forward, a decent amount of upside can be expected from the stock. I will recommend this as an investment for at least one year.”

“Generally there is an optimism in the market which is looking beyond the near term risk factors and I think that is reflected in the fact that people are moving out of safer balanced hybrid categories into more riskier equity category. This month, gross flows into open ended equity has been Rs 46,000 crore versus Rs 33,000 crore, a 37% increase.”

Rakesh Jhunjhunwala held 17,35,425 equity shares or 7.37 per cent stake in the company as of March 31, 2022, equivalent to his holding in December 2021 quarter.

“In the passenger vehicle segment, Maruti is holding the fort as of now and has so far reported decent volume growth. That could be the only stock to look good in the entire auto space. One of the largest beneficiaries of reopening trade in the hospitality industry is Indian Hotels and in the retail segment it is Aditya Birla Fashion.”

Barring the US-dollar pegged stablecoin, all other major crypto exchanges were trading with cuts during early hours. Avalanche tanked 8 per cent, whereas Solana, Cardano and XRP tanked 4 per cent each.