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The company has not taken any such decision as reported in the news article; and as such, no event has occurred that would have triggered an obligation for the company to make a disclosure under Regulation 30 of SEBI Listing Regulations," it said.

"Risk appetite globally has increased and a lot of money is moving to equities. Investors have faith that central banks and governments globally will tackle macro issues relating to inflation and growth well. Corrections have been small in terms of value and time and fresh buyings are happening every fall," said Deepak Jasani of HDFC Securities.

“Singer’s new owners were looking for some Indian investors to help it grow and that is why on Tuesday there was sale of some stake by Retail Holdings (India) B.V. The new local investors including Rare Investments are financial investors but they will help chalk out plans to grow the company as well.”

Promoters held 48.76 per cent stake in the company as of 30-Jun-2022, while FII and DII ownership stood at 20.71 per cent and 9.82 per cent, respectively.

REC is a Navratna company under the administrative control of the Ministry of Power. It funds its business with market borrowings of various maturities, including bonds and term loans apart from foreign borrowings.

The stock quoted a 52-week high price of Rs 2773.0 and a 52-week low of Rs 1750.81.

The Nikkei share average rose 1.23% to 29,222.77, its highest closing level since Jan. 5. The broader Topix advanced 1.26% to 2,006.99."Strong U.S. equities lifted investor sentiment," said Takatoshi Itoshima, a strategist at Pictet Asset Management Japan. "Investors responded to the upbeat earnings of U.S. retailers."

The Relative Strength Index of the stock stood at 57.74 on Wednesday.

A total of 32,958 shares changed hands on the counter till 01:55PM (IST).

“The peak is behind us for sure but our portfolios or our thought processes/ corpuses are consistent. We have got new trade norms and within those trade norms, prices of everything that were deflationary for almost a decade will have some kind of pricing power going into the remainder of the 2020s to 2030s.”