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Rites, incorporated in the year 1974, is a Mid Cap company (having a market cap of Rs 9193.95 Crore) operating in Services sector.

The big deal announcement by Dalmia Bharat has been attractively valued at $73 per tonne which is much below the replacement cost of dollar 120 per tonne. So the acquisition is attractively valued.

“I see stability in the dairy prices and the market. There may be a small increase but the situation is tight in dairy supply because demand is much more than what the organised sector is able to meet. The pre Covid level was much higher than the pre Covid level. It is good for the long term of the dairy industry and for farmers as well as consumers like you.”

The stock traded at a P/E multiple of 103.66, while the price-to-book value ratio stood at 19.49.

Alec Young, chief investment strategist at MAPsignals, said that while “retail might have it right,” the professionals’ caution is warranted because consumer price index data will be released Tuesday, a day before the Federal Open Market Committee rate decision and both have driven big market moves.

The stock quoted a 52-week high of Rs 5324.9 and a 52-week low of Rs 3365.9.

A total of 174,656 shares changed hands on the counter till time (IST).

The Relative Strength Index of the stock stood at 43.34 on Tuesday.

Mutual funds owning shares of Medanta chain of hospitals operator Global Health includes Axis Mutual Fund, Franklin Templeton, Kotak, Motilal Oswal and HDFC AMC. Shares of the hospital stock are trading higher by over 34% from its IPO issue price of Rs 336.

“Earlier Tatas had shelved the plan of giving private equity investors a stake in Tata Technology. Maybe the reason to take it public could be that on one hand, in both aviation as well as in the autonomous vehicle segment or EV segment, they have seen technology development which could be leveraged across Indian peers.”