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Earlier in July, Nomura had picked 12.5 lakh shares of the company at Rs 214 per share. So far in the calendar year, the stock has given a fabulous return of about 140 per cent. In the last 3 years, the stock has advanced around 469 per cent.

For the day, the index closed at 17,312.90, down 246 points or 1.4 per cent.

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Bank of Baroda, incorporated in the year 1911, is a banking company (having a market cap of Rs 64383.46 Crore).

Domestic brokerage JM Financial, which initiated coverage on the stock with a Buy rating, values the stock at 4x Sep’24e P/BV to arrive at a target price of Rs 400. This signals an upside potential of up to 32 per cent.

The scrip rose 1.3 per cent to hit a high of Rs 2,653.3 on BSE, as soon as Ambani started his speech. The stock, however, slipped into the red as the speech progressed.

“I think today’s opening is a reflection of what has happened in Jackson Hole. How it will pan out in the future will depend on the way guidance will come in as we go about the market. Let us hope that it remains around these levels. Maybe it will not depreciate too much but I cannot say that it will not.”

For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 248.76 crore, up 6.15 per cent from last quarter total income of Rs 234.34 crore.

“We like the auto pack. We are pretty bullish on Mahindra and Ashok Leyland. . In consumption, Crompton Consumer is definitely good and there are many more names but because of our coverage, we are restricted to a few. The third space is manufacturing which is shaping up well. That is the space where one should continue to focus the portfolio.”

In the international market, gold was quoting lower at USD 1,721 per ounce, while silver was flat at USD 18.62 per ounce."Gold prices extended fall pressured by stronger dollar and hawkish Fed," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.