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The Dow Jones Industrial Average gained 171 points, or 0.56%. The S&P 500 climbed 0.57%, and the Nasdaq Composite added 0.34%.

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The brokerage derived its target price on the company by applying a 15x PE multiple to the Mar-24CL earnings estimate, a 16 per cent discount to the five-year average multiple. However, the brokerage sees delays in project execution, and lower-than-expected order book inflows could pose risks to estimates.

Short-term support for Nifty is seen at 17,500-odd levels, which happens to be the 34-day EMA. Resistance for Nifty is seen at 18,100 odd levels. For the last 6 weeks, Nifty has been in a tight consolidation zone. Breakout from the 17,500-18,100 range would give directional movement in Nifty.

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Omnichannel furniture seller Pepperfry is looking to file its draft initial public offering (IPO) papers with the Securities and Exchange Board of India (Sebi) between October and December, and aims to list on the stock exchanges next year, according to a person aware of the matter."They are looking to file the draft red herring prospectus (DRHP) in the subsequent quarter," the source said, adding that the company would take a final call by November.

Nazara has multiple (sub-scale) growth segments but lacks a strong core to drive synergies and put the flywheel in motion, making the long-term compounding growth narrative unclear, added the brokerage.The stock has risen over 15 per cent in the past 1 month after the WildWorks acquisition and Google’s decision to allow Rummy and Fantasy Sports apps on Play Store.

“Standalone gross margin expanded by 320 bp YoY to 37.9 per cent in 1QFY23 due to a moderation in tea prices, which led to an 80bp expansion in EBITDA margin to 14.8 per cent. However, gross margin is 290 bp lower than 1QFY21 levels due to a surge in tea prices, led by lower production during that period,” the report added.

According to the trading plan filed by the company under Insider Trading Regulations, Agarwal intends to execute the trade in multiple tranches between May 10, 2023, and August 31, 2023.

The Nifty Realty index was trading 0.37 per cent down at 455.5.