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The portion meant for qualified institutional buyers received 17.57 times subscription, while non-institutional investors category was subscribed 2.52 times and retail individual investors 1.14 times.

“Investors should wait for some more dip in the metal sector and once the situation settles down, they should start accumulating fundamentally good scripts for long term gains,” said Mohit Nigam, Head - PMS, Hem Securities.

“JSW Steel recently commissioned a 5 million tonne capacity expansion at Dolvi; another 5 million tonne is under implementation and will get commissioned in the next financial year. These projects will continue and whatever is going on right now will be implemented. We will take a call on future plans based on how it unfolds.”

“I do not think any sensible fund manager anywhere in the world sits and plays PE expansion. It is suicidal to do so. Finance 101 teaches us the value of a business, free cash flows discounted. If the free cash flows are growing at a decent rate and our share price action is moving at the same rate, I am not going to lose sleep about this whole PE story.”

German annual inflation data, due at 1200 GMT, is expected to have risen to 8%, according to Refinitiv data, having hit a four-decade high of 7.8% last month.

Promoters held 41.94 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 31.87 per cent and 11.86 per cent, respectively.

Ethos raised Rs 472.29 crore via its primary stake sale, which was open for subscription between May 18-20 as the company sold its shares in the range of Rs 836-878 apiece.The issue was overall subscribed 1.04 times, with the quota for QIB investors getting 1.06 times subscription whereas the HNI portion fetched 1.48 times bids.

The Relative Strength Index of the stock stood at 55.11 on Monday.

“The traditional auto companies have done reasonably well. So the cyclicality will continue. The question is that the management should recognise that EVs will be there in the future and will become bigger and bigger. I believe both M&M and Maruti managements now recognise that they are working on it although any real action from them in terms of a big play will still be a couple of years down the line.”

PayMate is looking to raise Rs 1,500 through the primary route, which includes issuance of fresh equity shares worth Rs 1,125 crore. The remaining Rs 375 crore will consist of an offer for sale (OFS) by existing shareholders and promoters.