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“On opex, decline in employee cost was led by lower pension provisions and FB expects cost–income (C/I) to reduce by ~200bps in FY23 over FY22. Plan is to add 30-40 branches per annum. The bank expects C/I to settle near 49% in FY24. Slippages were controlled at Rs 3.9 billion while recoveries were healthy at Rs 3.3 billion.

The logistics solution provider intends to establish its strong presence in the African region in various areas like port logistics, container yard, shipping, and more, which would boost the profitability and topline of the company.

A total of 783,039 shares changed hands on the counter till 01:19PM (IST).

Tata Communications, commanding a m-cap of around Rs 33,490 crore is a midcap company. The company is a digital enabler that equips the fast-growing digital economy. The company offers services to 300 of the Fortune 500 companies given its expertise in cloud, IoT, collaboration, security and network services.

“The Avenue Supermarts stock has held up because many of the funds, PMSs, Mutual Funds who hold the stock do not sell and to that extent, the stock sustains. But I do not think such valuations can sustain. The 20-25% growth stocks trading at 100-110 valuation will never sustain. In the next couple of years’ returns from this stock will be below par in my view.”

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 1,011.23 crore on Friday, according to exchange data. FIIs have pulled out nearly Rs 7,500 crore from the Indian equity markets in the first two weeks of October on concerns of monetary policy tightening by the US Federal Reserve and other central banks globally, which could hamper global economic growth.

Physical gold buying improved in India last week as prices cooled ahead of Dhanteras and Diwali festivals later this week, while Chinese premiums stayed elevated amid robust demand. In the spot market, the highest purity gold was sold at Rs 50,438 per 10 grams while silver was priced at Rs 56,042 per kg on Friday, according to the Indian Bullion and Jewellers Association.

On the technical charts, the RSI of the stock stood at 44.62.

With HDFC Bank’s multiple 30% lower than in the past, improving core PPOP growth and a good start to its deposit mobilisation journey, we believe it is at the end of its underperformance period," global brokerage firm CLSA said.While the ramp-up in deposit mobilisation will remain a steep task, its current standalone valuation at 2.4x FY24CL book and consolidated valuation of 2.1x FY24 book are undemanding, and incremental risk-reward is favourable, it said.

The Nifty Pharma index was trading 0.25 per cent up at 12982.8.