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A total of 18,181 shares changed hands on the counter till 01:45PM (IST)

Despite a steep depreciation in rupee, pushing it to new lows, software exporters have remained out of favour. Majority of them rule out expectations of a sharp recovery anytime soon, but are bullish on the space in the long run.

The stock traded at a P/E multiple of 64.81, while the price-to-book value ratio stood at 7.49.

The Nikkei share average dropped 2.95% shortly after markets opened and closed down 2.78% at 27,818, after the Nikkei newspaper reported that the BOJ conducted a rate check in apparent preparation for currency intervention amid sharp declines in yen.

As of 30-Jun-2022, promoters held 74.03 per cent stake in the company, while FIIs held 8.42 per cent and domestic institutional investors had 5.09 per cent.

Despite a sharp selloff in the secondary market, the company has not lost ground in the unofficial market and commands a premium of Rs 220-230, which translates into an upside of about 70 per cent over its price band of Rs 314-330.

The stock traded at a P/E multiple of 55.19, while the price-to-book value ratio stood at 19.41.

Promoters held 59.45 per cent stake in the company as of 30-Jun-2022, while FII and DII ownership stood at 23.1 per cent and 4.21 per cent, respectively.

“In a scenario where people want to move out of China, their manufacturing supply chain in the environment where the energy bills in Europe are shooting through the roof, everything points to India being the only choice as a manufacturing destination. We are on the cusp of a manufacturing renaissance, a capex revival and credit growth and real estate cycle in India.”

Apollo and Keestrack have decided to work jointly and in cooperation with each other for the purpose of carrying on the business of agricultural and farming machinery and components by forming a joint venture company in India, Gujarat Apollo said in a release.