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"The portfolio is 40% invested in India, with a 27% exposure to China and another 11% allocated to Taiwan and Korean technology. The Indian exposure was a positive last quarter though the China exposure was clearly a negative. There is also a 24% allocation to energy, resources and gold. The portfolio remains primarily geared to the domestic demand story in India,” Wood said.

The Nifty IT index is still overvalued when compared to the pre-COVID levels. Even after the recent correction, stocks such as Mphasis, Mindtree, and Persistent Systems are trading at a 33-45% premium to their 10-year average.

Promoters held 48.03 per cent stake in the company as of 30-Jun-2022, while FII and DII ownership stood at 25.0 per cent and 13.48 per cent, respectively.

The benchmark Brent crude contract was at $94.30 per barrel, after rising over 7% in last four sessions. Rising oil prices remain a major overhang as India is one of the largest importers of the commodity and higher prices have a direct impact on inflation.

It has compounded earnings by ~20% for an elongated period of time. In the jewellery industry, which is organising at a rapid pace, it is clearly at the vanguard in terms of growth among organised players. Its runway for growth is long, with a market share of ~6%. Unlike other high-growth categories, the competitive intensity from organised and unorganised peers in jewelry is considerably weaker," the brokerage said.

In the spot market, the highest purity gold was sold at Rs 51,838 per 10 grams while silver was priced at Rs 60,670 per kg on Thursday, according to the Indian Bullion and Jewellers Association.

UltraTech Cement Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 181068.79 Crore) operating in Cement sector.

Centrum Broking initiated coverage on Venus Pipes with a target of Rs 764. Venus Pipes is in process of increasing capacity by 2.8x to 33.6ktpa as well as backward integrating by Q1FY24E, which will aid margin expansion.

A total of 2,364 shares changed hands on the counter till 11:11AM (IST).

On the back of improving sentiments driven by easing out of semiconductor supply, gross margin improvement and successful new model launches, auto stocks have been on a high in the last few months. With a rally of around 65% each, TVS Motor and Tube Investments have been the top gainers in the Nifty Auto pack in the last 6 months. M&M is up 53% while Eicher Motors has rallied over 40%.