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At the interbank foreign exchange, the rupee opened sharply up at 78.24 against the US dollar, then inched lower to quote 78.27, registering a gain of 6 paise over the last close. In the previous session, the rupee had closed at its all-time low of 78.33 against the US dollar.

“In the second half of the year, some of commodity cost pressures are appearing to be on the way down and therefore hopefully in the second half of the year, if this trend continues, then some of the pressures on inflation would also abate and therefore the focus would move back in terms of trajectory of earnings growth.”

The stock traded at a P/E multiple of 84.8, while the price-to-book value ratio stood at 44.25.

Gold futures on MCX were trading higher, gaining almost 0.28 per cent or Rs 143 at Rs 50,766 per 10 grams. Meanwhile, silver futures advanced about 0.82 per cent or Rs 496 to Rs 60,915 per kg.

India’s retail inflation last month hit an 8-year high of 7.79 per cent, owing to high food prices. One can see the impact of inflation not only in India, but the rate of Inflation has increased around the world, across major economies.

Orient Electric Ltd., incorporated in the year 2016, is a Mid Cap company (having a market cap of Rs 5760.84 Crore) operating in Consumer Durables sector.

A total of 8,045 shares changed hands on the counter till 10:40AM (IST).

Before the pandemic, many private sector banks had turned cautious on loans to small businesses and started cutting their exposure as soon as the pandemic broke out. With government guarantees coming in and stress turning out to be less than expected, they sharply increased their market share in FY22.

Weakening U.S. economic data knocked it off that perch, and a survey released on Friday showed consumer confidence at a record low, giving another prompt for investors to cut back bets on U.S. interest rate hikes.

"For BSE 500 stocks, almost 60% of the stocks are down more than 30% from their all-time highs. Given, this we are evaluating good quality companies trading at reasonable valuations. We are looking at companies that are market leaders in their sectors and sub-sectors, have strong Balance Sheet and leverage and return ratios, and where valuations are reasonable."