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A total of 2,056 shares changed hands on the counter till 10:25AM (IST).

Brent has softened considerably to ~USD75/bbl in May’23YTD from USD96/bbl in FY23, which bodes well for the stock. BPCL trades at 1.3x FY24E PBV, and we value the stock at 1.2x FY25E P/BV to arrive at our TP of INR 360.

As far as PNB is concerned, first, you see our provisional coverage ratio which was around 81% in the last year March 22 has improved to 86.90%, this is giving the comfort to us.

The stock quoted a 52-week high price of Rs 10760.4 and low of Rs 5708.1.

Vivriti Asset Management has secured debt financing from the International Finance Corporation and an anchor commitment from M&G Catalyst for its asset-backed securities fund, which has a target size of $250m. The Vivriti India Retail Asset Fund has already raised $106m from the two investors. Over the 10-year period, the fund will funnel international capital towards non-banking financial companies specialising in small- and medium-sized enterprise finance, used vehicle finance and microfinance.

On the technical charts, the RSI of the stock stood at 77.48.

​So the growth in the bank credit is not going to corporates, manufacturing or infrastructure sector. It is actually going to the individuals which is actually getting leveraged. So I do not see this as a very strong growth indicator.

Shares in Adani Group rose for a third straight day, with the flagship Adani Enterprises stock increasing by 10%. Adani Wilmar trailed closely with a spike in the share price. In addition, all 10 stocks were trading in positive territory at the beginning of the day. The surge came after a Supreme Court-appointed expert committee ruled out any regulatory failure by Adani Group firms. Investors view Adani Ports & Special Economic Zone as the best long-term investment followed by Ambuja Cement.

Coforge, incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 26725.60 Crore) operating in IT Software sector.

The brokerage believe that 30% earnings CAGR over FY23-25E, strong return ratios (RoE of 22%, ROCE of 26% and RoIC of 31% in FY25E), and healthy balance sheet will help KJC maintain premium multiples.