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The Nifty Realty index closed 1.01 per cent down at 443.1.

The 30-share pack Sensex climbed 696.81 points or 1.22 per cent to close at 57,989.30. Its broader peer NSE Nifty rose 197.90 points or 1.16 per cent to 17,315.50.

The recent stock correction is a reflection of the risk-off on consumertech and a miss on customer addition last quarter, which the brokerage believes isa one-off and will reverse as management focus on growth remainsclear.

The stock traded at a P/E multiple of 58.54, while the price-to-book value ratio stood at 9.07.

Promoters held 41.94 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 39.77 per cent and 9.54 per cent, respectively.

A total of 69,697 shares changed hands on the counter till 02:04PM (IST)

The brokerage believes PSYS is well-positioned to continue driving industry-leading growth and surprise the Street on its growth trajectory.

IIFL said that the company is looking to cut the debt to $5 billion, within three years, largely via up-streaming of cash from Vedanta. It noted that Vedanta can pay nearly $2 billion dividend annually, including pass-through of Hindustan Zinc dividend receipts within six months, as a policy.

Analysts at the brokerage house believe that the stock is perfectly priced now. They have a ‘neutral’ rating with base case March 2023 target price at Rs 367 on the stock, which is nearly 6 per cent below the last closing price.

Maruti has multiple new models lined up for launch in the coming 12-18 months. If these are successful and helpthe company gain share, there would be upside to our vol. assumptions.