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“When it comes to the target price our SOTP on RIL is close to Rs 3,000 and the way we are valuing each of these businesses is we take the common normalised earnings growth as well as normalised margins rather than being carried away by what is happening in the near term. While the cracks on petrol and diesel and GRMs are extremely volatile, instead of giving these peak earnings a peak multiple, we are taking a more calibrated view.”

In the NSE list of stocks with a market cap of over Rs 3,000 crore, six stocks crossed their previous 5-year high values at close on November 28.

Time period given by analyst is 2 quarters when Mishra Dhatu Nigam price can reach defined target.

A total of 61,653 shares changed hands on the counter till 11:58AM (IST).

The stock traded at a P/E multiple of 63.04, while the price-to-book value ratio stood at 34.39.

As of 30-Sep-2022, promoters held 63.97 per cent stake in the company, while FIIs held 8.23 per cent and domestic institutional investors had 11.66 per cent.

The Relative Strength Index of the stock stood at 47.46 on Monday.

“I do not think we can keep getting PE expansion at the expense of earnings growth. So, earnings growth is one of the key factors. The other key factor would be any kind of move towards peace in Russia and Ukraine because that will bring down oil prices very quickly and help the building programme in Ukraine which will be good for Europe and good for some Indian companies ”

Global brokerage firm Morgan Stanley has maintained its overweight rating on HAL with a target price of Rs 3,216 on the stock as the management has manufacturing order visibility of Rs 1.2 lakh crore over next 3-5 years and valuations are compelling.

Sectorally, buying was seen in FMCG, utilities, power, consumer durables, and healthcare stocks while some selling was visible in auto space.