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According to the regulatory submission, the project has to be completed within 24 months, with a trial run of 12 months after the completion of the project. The agreement will be signed in due course.

The Nifty Pharma index was trading 0.47 per cent down at 13126.3.

Promoters held 50.0 per cent stake in the company as of 30-Jun-2022, while FII and DII ownership stood at 34.83 per cent and 2.71 per cent, respectively.

The price action suggests that the stock saw value buying at lower levels, and it again rallied to Rs 843 (November 2021). Thereafter, the stock traded between Rs 450 and Rs 850 from November 2021 to August 2022.

A bigger than expected earnings decline could further complicate the picture for U.S. stocks. The S&P 500 is down about 21% this year, with few investors expecting the volatility to end until there are clear signs the Fed is getting the upper hand in its battle against inflation.

On the technical charts, the RSI of the stock stood at 59.94.

"Hero MotoCorp has been losing market share and despite continuous positive commentary by the management over the last many months, the numbers have actually been disappointing. So, from a stock perspective, I do not think much will happen."

​Indian equities turned negative on a YTD basis in September after continued FII selling and as market participants fretted over the global economic recession. Nonetheless, historically, October has been the best month for benchmark Indian indices and in just three trading sessions so far this month, Sensex has turned flat for the year 2022.

"In the short-term, particularly for the month of October, we see markets to remain volatile with a positive bias as corrections will be well supported at lower levels. Strong support for Nifty50 is placed at 16,500-16,300 zones and as long as these hold, we expect recovery towards 17,350-17,500 zones, which will be a strong hurdle for the bulls."

Promoters held 0.0 per cent stake in the company as of 30-Jun-2022, while FII and DII ownership stood at 37.27 per cent and 32.58 per cent, respectively.