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The stock quoted a 52-week high of Rs 141.75 and a 52-week low of Rs 101.6.

The brokerage believes Reliance is a key beneficiary of energy inflation and an improvement of every $1 in its annualized refining margin will add about $400-450 billion to its consolidated EBITDA.

As of 31-Mar-2022, promoters held 54.8 per cent stake in the company, while FIIs held 23.54 per cent and domestic institutional investors had 12.8 per cent.

“We see an enormous growth opportunity for Jain Irrigation standalone in India. Through growth and through internal accruals, the rest of the debt will get serviced from Indian cash flows over the next two to three years. That is our target before 2025.”

The stock has shown resilience in the last few months. It fell a little over 3 per cent in a week but rallied more than 26 per cent in a month, and over 16 per cent in the last 3 months, Trendlyne data showed.

On the technical charts, the 200-day moving average of the stock stood at Rs 628.78.

The brokerage house said aluminium price has sharply corrected from its peak on the back of expected demand slowdown globally and pick - up in aluminium output from China has further adversely impacted LME prices. It added that the demand environment across the can segment is expected to remain robust given its counter cyclical nature and sectoral supply constraints.

A total of 7,860 shares changed hands on the counter till 12:53PM (IST).

NSDL was incorporated in 1996 after the Depositories Act came into force. The company is likely to raise Rs 4,500 crore from the primary markets at a valuation of Rs 16,000-17,000 crore.

NSE data shows that the number of new investors registered on the stock exchange stood at 20.41 lakh in October 2021. Since then, with each passing month new registrations are getting lower. In April 2022, the latest data of which is available, new registrations stood at 13.29 lakh after falling 10 per cent on a month-on-month basis.