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Credit Suisse, which has a neutral rating on RIL, said closure of the deal was a key catalyst for RIL.

On the technical charts, the RSI of the stock stood at 33.8.

The company is selling its shares in the range of Rs 655-690 during the three-day bidding process. According to the data from NSE, the issue attracted bids for 8,50,87,716 equity shares or 10.53 times as of 11.06 am. The company offered 80,79,491 equity shares in its initial stake sale.

“The tariff hike is a significant one that Bharti has taken and it should lead to significant improvement in ARPU and as well as the cash flows in the future.”

ISGEC Heavy Engineering Ltd., incorporated in the year 1933, is a Mid Cap company (having a market cap of Rs 4088.24 Crore) operating in Engineering sector.

“Focus will more be on the tariff increases that may come in the industry from the telecom business as well as the reactions and initial reports of the Jio Next phone in terms of how well it is received. Those will be the triggers for the next six months.”

As of 30-Sep-2021, promoters held 54.92 per cent stake in the company, while FIIs held 17.83 per cent and domestic institutional investors had 0.13 per cent.

The Nifty Pharma index was trading 1.39 per cent down at 13293.6.

The stock quoted a 52-week high price of Rs 430.25 and a 52-week low of Rs 259.4.

The risk-off mood in global markets may gather strength on fresh Covid cases in Europe and lockdowns in countries like Austria. The dollar index rising above 96 is another concern while the decline in crude is a positive for India.