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ICICI Securities has a ‘buy’ call on IndiaMart InterMersh with a target price of Rs 6,000 and on Just Dial with a target price of Rs 750

Investors can make a bid for a minimum of 230 equity shares and its multiples thereof. Anchor book will open on Thursday, December 29. The issue will conclude on January 04, 2023.

Nitin Spinners is expanding spinning capacity by ~40% over the next 12/15 months.

Shares of Indian Overseas Bank (IOB) were the top gainers in today’s trade as the stock surged 13% to Rs 29.75 apiece. Meanwhile, shares of Union Bank of India, Bank of India and Bank of Maharashtra rose over 8%. PNB, Indian Bank, UCO Bank, and Central Bank of India advanced over 5% each.

The stock trades at 10/8.7x its FY2023/FY2024E EV/EBIDTA.

A healthy balance sheet, low working capital and strong revenue/PAT CAGR of ~31%/~47% over FY22-25E justify its rich valuation. Recent correction is a good buying opportunity for long-term investors.

“Being contrarian at any point in time is going to help as will value investing. So if there is value in auto, there is going to be growth and these are the companies which are going to drive the shift to EV as and when it comes. Over the next one year, pharma as a sector is going to throw up a lot of opportunities.”

On Friday, when the FIIs sold Rs 706.84 crore worth of Indian stocks, domestic institutional investors were busy making the most of the correction. NSDL data shows that DIIs were net buyers to the tune of Rs 3,399 crore on Friday.

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Promoters held 74.93 per cent stake in the company as of September quarter, while FIIs owned 0% stake and DIIs held 13 per cent.