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Shares of Indian Overseas Bank (IOB) were the top gainers in today’s trade as the stock surged 13% to Rs 29.75 apiece. Meanwhile, shares of Union Bank of India, Bank of India and Bank of Maharashtra rose over 8%. PNB, Indian Bank, UCO Bank, and Central Bank of India advanced over 5% each.

The stock trades at 10/8.7x its FY2023/FY2024E EV/EBIDTA.

A healthy balance sheet, low working capital and strong revenue/PAT CAGR of ~31%/~47% over FY22-25E justify its rich valuation. Recent correction is a good buying opportunity for long-term investors.

“Being contrarian at any point in time is going to help as will value investing. So if there is value in auto, there is going to be growth and these are the companies which are going to drive the shift to EV as and when it comes. Over the next one year, pharma as a sector is going to throw up a lot of opportunities.”

On Friday, when the FIIs sold Rs 706.84 crore worth of Indian stocks, domestic institutional investors were busy making the most of the correction. NSDL data shows that DIIs were net buyers to the tune of Rs 3,399 crore on Friday.

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Promoters held 74.93 per cent stake in the company as of September quarter, while FIIs owned 0% stake and DIIs held 13 per cent.

Post the completion of this acquisition, Advent intends to explore the merger of its portfolio company, Cohance Lifesciences with Suven, to build a leading end-to-end CDMO and merchant API player servicing the pharma and specialty chemical markets, it said.

“Tech Mahindra would be my stock pick in IT. It’s alliance with British Telecom hits a very sweet spot and Tech Mahindra perfectly fits the bill with hardly any downside. Autos are very under owned and the cycle from motorcycle to scooter to Alto and Ertiga is all about aspiration. Samvardhana Motherson International is the mother of all as far as the OEMs go.”

Heavyweight Fast Retailing, owner of the Uniqlo brand, rose 2.0% and chip-making equipment maker Tokyo Electron gained 2.22%. Air-conditioning maker Daikin Industries climbed 1.39%.