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Promoters held 0.0 per cent stake in the company as of 30-Sep-2022, while FII and DII ownership stood at 17.35 per cent and 21.19 per cent, respectively.

Money managers do expect the banking pack to remain on the top of the betting list in 2023 as a recovery in the domestic economy will see the sector leading earnings growth for India Inc.

On Friday, telecom and retail stocks led the losses among the major sectors on the STOXX 600. Shares of economically sensitive banks, which have been pummelled in the past week, rose 0.1%.

Besides, some more domestic institutional investors like Mirae Asset Mutual Fund, ITI Mutual Fund, Fidelity Funds India, Kotak India Mid Cap Fund, PI Opportunities Fund, Bajaj Allianz Life Insurance Company, etc. have also bought fresh stakes in the FMCG firm.

The stock traded at a P/E multiple of 90.62, while the price-to-book value ratio stood at 5.36.

Differential spreads stable between private and PSU banks. Private banks have traditionally commanded a greater share of higher yielding assets v/s their PSU counterparts due to their dominance in unsecured loans.

Some $321 billion worth of U.S. and European speculative-grade debt is due for refinancing over the next 12-14 months. Defaults may double in 2023, if interest rates and corporate borrowing costs rise further, S&P Global Ratings reckons.

The volatility in equities and other asset classes seen in 2022 was primarily driven by inflation which forced central banks, particularly the US Federal Reserve, to hike interest rates like never before. Even though inflation has cooled down from the multi-decade highs, the battle is far from over is the message sent out loud by global central banks, including the Reserve Bank of India.

ICICI Direct has buy call on Garden Reach Shipbuilders & Engineers with a target price of Rs 584. The current market price of Garden Reach Shipbuilders & Engineers Ltd. is Rs 491.7.

“On the growth outlook, we think it is going to get a bit more challenging for India. The best is kind of over in terms of growth and we are going to see growing headwinds. One particular one is external headwinds. We do think Indian and Asian exports are going to turn down quite sharply and that will have some knock-on effects on capex.”