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“Over the next quarter or so, during the summer, I would be cautious about the emerging markets including India, predominantly because of the likelihood of severe liquidity retrenchment from the developed market central banks. When dust settles sometime around August, September or so, we will focus on two or three themes.”

Promoters held 74.05 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 10.08 per cent and 5.65 per cent, respectively.

The blue-chip CSI300 index was down 2.34%, its biggest drop since May 6, with its financial sector sub-index lower by 1.49%, the consumer staples sector down 1.45%, the real estate index down 0.27% and the healthcare sub-index down 3.7%

Market experts have a mixed opinion on the counter. While few suggest investors to hold the stock for the long term, others are recommending to book profits on a better-than-expected listing.

Kotak Mahindra Bank Ltd., incorporated in the year 1985, is a banking company (having a market cap of Rs 373314.88 Crore).

The Relative Strength Index of the stock stood at 51.33 on Tuesday.

The quota for retail bidders was subscribed 1.88 times, whereas the allocation for non-institutional bidders was subscribed merely 20 per cent. The qualified institutional buyers made bids for 47 per cent of the quota allocated to them.

“Jubilant Ingrevia has corrected quite a lot and is expanding into a higher margin chemical business. It trades at far lower multiples than what the rest of other chemical companies. The second one is Ashok Leyland. CV sales are on the verge of taking off. Also the stock is inexpensive for its volume outlook. The third is Tata Motors.”

The issue, which kicked off earlier today, will remain open till Thursday, May 26. The company is selling its shares in the range of Rs 610-642 apiece to raise Rs 808 crore through the primary route.According to the data from BSE, the investors made bids for 9,84,952 equity shares or 11 per cent as of 11.30 am compared to 93,56,193 equity shares on offer.

A total of 613,263 shares changed hands on the counter till 12:43PM (IST)