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Equity markets across Asia were also trading mixed after the US Federal Reserve hiked interest rates by 25 basis points (bps) in their latest committee meeting which was in line with market expectations.

The brokerage believes that the company is on track to meet its FY23 guidance of revenues growing 100% YoY to Rs8.0bn at an EBITDA margin of 50%.

As of 31-Dec-2022, promoters held 0.0 per cent stake in the company, while FIIs held 6.74 per cent and domestic institutional investors had 3.33 per cent.

Hindustan Aeronautics is engaged in carrying out the design, development, manufacture, repair and overhaul of aircraft, helicopters, engines and related systems like avionics, instruments and accessories primarily serving the Indian defence programme.

Ceat, incorporated in the year 1958, is a Mid Cap company (having a market cap of Rs 5705.08 Crore) operating in Tyres sector.

A total of 26,529 shares changed hands on the counter till 12:08PM (IST).

On the technical charts, the RSI of the stock stood at 57.77.

The Relative Strength Index of the stock stood at 50.31 on Thursday.

The brokerage maintains BUY on reasonable valuation and steady growth visibility in the gas transmission business given the government’s target to increase the share of gas in India’s energy mix to ~15% by 2030 (vs. ~6.5% currently).

While domestic equities have rebounded sharply from the levels they were trading before the nation went into a lockdown in March 2020, there are several stocks which have failed to sustain the recovery and are in fact, trading below the Covid levels.