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This rating increase is made even as the brokerage cut its price target on the stock to Rs 980 from Rs 1,030 earlier.

Despite near term margin pressure due to rising raw material costs, Morgan Stanley analysts believe the new profit cycle is intact, and they expect earnings to compound at 22 per cent annually (24 per cent previously) over the coming two years.

“The future of the Congress is quite grim. Some people are asking whether Congress will split? That is silly. The party is a party of the Gandhi family. Without the Gandhi family, the party would be called the Janata Party which is how Janta Party originally was. The days of the Congress are getting over and so rather than BJP versus Congress, we will see BJP versus regional parties.”

The current exodus has hit a record, exceeding the foreign outflows seen during the 2008 global financial crisis, according to Bloomberg Intelligence analysts Nitin Chanduka and Kumar Gautam.

Promoters held 29.33 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 52.41 per cent and 6.64 per cent, respectively.

The Relative Strength Index of the stock stood at 42.89 on Thursday.

A total of 12,794 shares changed hands on the counter till 01:39PM (IST)

The stock quoted a 52-week high price of Rs 604.0 and low of Rs 322.1.

“In case of reopening trade, I personally would prefer to be in hotel stocks, rather than in airline stocks. Both EIH, IHCL are in the same pocket. The others are situational and the numbers need to be looked at. Lemon Tree is another favourite. There are enough in the space if one wants to buy and I am not concerned about that.”

“From an investor perspective, either one should be prepared to look at it over the next five years and forget about any near term fluctuations or one can sit on the side. My own position would be to wait for it to settle down and see how it goes. We will probably get stuff which is more expensive from where it is and if everything goes well, we would also have sidestepped some volatility in case it does not.”