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Shares in the firm, a joint venture between the group controlled by Asia’s richest person Gautam Adani and Singapore’s Wilmar International Ltd., have outperformed 121 Asian initial public offerings worth over $100 million this year. Almost two-thirds of the region’s new listings are in the red as rising interest rates and the war in Ukraine take a toll.

Data showed five out of these six stocks also outperformed the BSE Sensex in the last one year. Analyst estimates on five of these stocks suggest upsides of up to 58 per cent.

Promoters held 60.51 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 11.28 per cent and 0.86 per cent, respectively.

A total of 5,003 shares changed hands on the counter till 11:57AM (IST).

Analysts said sugar prices have skyrocketed in international markets as a result of the drought in Brazil. The world was hoping India, which is the second-largest exporter, would fill the gap. To an extent, the country has taken the mettle and thus margins of all sugar export companies in India have surged as well. But, now the government action may play spoilsport, said some analysts.

The company has reserved 50 per cent of the net offer for qualified institutional buyers (QIBs), whereas non-institutional buyers (NIIs) will get 15 per cent allocation. Remaining 35 per cent shares will be given to the retail bidders.

As of 31-Mar-2022, promoters held 0.22 per cent stake in the company, while FIIs held 47.86 per cent and domestic institutional investors had 15.44 per cent.

“The larger cap space, which has seen immediate corrections after the entire selling, will provide more stability to the portfolio. So go for a 50-60% allocation to a largecap, multicap or a flexicap fund. Midcaps and smallcaps could see further volatility. Go into mid and smallcaps with a three-year view. I would recommend 15-20% allocation in the mid and smallcap space.”

The Relative Strength Index of the stock stood at 51.84 on Thursday.

Higher short-term US interest rates and bond yields raise the opportunity cost of holding bullion, which yields nothing. Gold is, however, seen as a safe-haven asset during financial crises.