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The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 129 ringgit, or 2.21%, to 5,969 ringgit ($1,426.63) a tonne by the midday break, extending gains for a fifth consecutive session.

The stock quoted a 52-week high price of Rs 332.6 and a 52-week low of Rs 194.25.

​​The issue is entirely an offer for sale (OFS) of up to 29,373,984 by existing shareholders and promoter group entities. The company will not receive any proceeds from the issue.

“We are at a historically oversold level. These are the levels from which investors should definitely look at buying opportunities. For traders, it is a nightmarish market currently because we are seeing major gap ups and gap downs but for investors with the 12-month, 18-month, 24-month horizon, this is a very good time for risk reward base buying in many of the sectors.”

Global markets typically rebound from war and disaster, and they are likely to do so this time, too. But Russia’s nuclear arsenal raises the risks beyond calculation.

“Avoid companies which cannot generate return on capital (ROC) or return on equity (ROE) above cost of capital for a considerable period of time. Also, stay away from companies where there is a huge cyclicality across the board and they do not have pricing power. Also, if you can stay away from companies which have very high valuation and low floating stocks.”

The insurance behemoth has filed a draft paper for its share sale with the market regulator. The market is expecting approval soon and public bidding will likely start by mid-March.

As of 31-Dec-2021, promoters held 0.0 per cent stake in the company, while FIIs held 8.67 per cent and domestic institutional investors had 1.17 per cent.

A total of 36,452 shares changed hands on the counter till 01:44PM (IST)

The stock traded at a P/E multiple of 52.68, while the price-to-book value ratio stood at 2.01.