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Gold and silver settled on a weaker note in the international markets on Friday. Gold February futures contract settled at $1,928.00 per troy ounce, down by 0.10%, and silver March futures contract was settled at $23.725 per troy ounce, down by 1.23%.

The brokerage believes that with focus on ramping down/exiting loss making segment and improving services segment profitability, Sterlite will likely see a healthy earnings momentum ahead.

Promoters held 0.0 per cent stake in the company as of 31-Dec-2022, while FII and DII ownership stood at 25.29 per cent and 15.19 per cent, respectively.

Despite the current market share price of Adani Enterprises going below the FPO price band of Rs 3,112-3,276, the conglomerate has said that it will neither change the dates nor the price band. The Rs 20,000 crore FPO, which began last week, ends tomorrow.

“Every week on average, our portfolio makes about Rs 1,100 crore. This Sunday also, that number was achieved. Next Sunday it will be the same, the following Sunday it will be the same. We believe that it will become clear to investors that this short-term volatility will be addressed as we go through over the next few months.”

The company reported a stronger core topline and efficiencies drove earnings. The company raised earnings estimates by 5-6% and see 26% CAGR profit over FY23-25. The growth trajectory remains strong, said Jefferies.

The stock hit a 52-week high of Rs 168 on 2nd February 2022 but it failed to hold on to the momentum. The stock bounced back after hitting a low of Rs 93 back in June 2022.

On the technical charts, the RSI of the stock stood at 24.49.

The rupee forecasts highlight the downside risk for the Indian currency, which analysts surveyed by Bloomberg expect to end the quarter at 82 against the dollar. While the Bloomberg JPMorgan Asia Dollar index has rallied more than 7% since the start of November, the rupee has only appreciated 1.5%.

“Today the market will be completely dominated by the movements in Adani stocks. The statement from Adani Enterprises that the FPO is on schedule and that there is no change in the price band is hugely important. This can be interpreted as a reflection of the confidence of the management in the success of the FPO,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.