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Majority of the brokerages are positive on Adani Wilmar IPO and have suggested investors to bid for the IPO citing its reasonable valuations, growth plans for the future, robust product line, sound balance sheet and strong parentage.

The drugmaker said its consolidated net profit declined by 16 per cent to Rs 249 crore for the quarter ended December 2021. The company had posted a net profit of Rs 297 crore in the October-December period of 2020-21 fiscal.

“Other than bank stocks, textile stocks like Gokaldas Exports and Vardhman Textiles and rebound stocks like Inox and PVR are looking good to us.”

The rupee weakened against the US dollar on Thursday as the Federal Reserve, late Wednesday, said that it would likely raise interest rates in March in order to tamp down on hardening inflation in the world’s largest economy. Following the US Federal Open Market Committee’s two-day meet which ended Wednesday, Fed Chair Jerome Powell also said that the central bank would seek to wrap up asset purchases by March.

With the Fed ramping up its efforts to tame inflation in the US, domestic traders feel that the central bank could raise interest rates by a greater quantum than was earlier expected, with some fearing a 50-basis-point rise in March itself. In December, the Fed had signalled three rate hikes of 25 bps each in 2022.

The Relative Strength Index of the stock stood at 54.2 on Thursday.

APL Apollo Tubes Ltd., incorporated in the year 1986, is a Mid Cap company (having a market cap of Rs 21556.59 Crore) operating in Metals - Ferrous sector.

A total of 48,117 shares changed hands on the counter till 10:56AM (IST).

The stock quoted a 52-week high price of Rs 141.75 and a 52-week low of Rs 86.7.

According to the various reports, Lupa India, the investment company set up by Uday Shankar and James Murdoch, is in the final stages of picking up a 39 per cent stake in Viacom 18.