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“Maybe the market has to pause for breath, maybe it corrects downwards, maybe it goes sideways but certainly not the end of the story. It is really the beginning of a full economic cycle.”

The quota of retail bidders was subscribed 5.99 times, whereas a portion of HNI investors was subscribed merely 6 per cent. However, institutional investors did not make any bids till the time of writing this report, NSE data suggested.

“The markets are taking a breather and quite rightly so. But one should not think that it is the end of a bull market or anything of that sort. That day will come but definitely not in the next 12 months at least. ”

Emkay Global has retained its sell call on the stock due to slower growth, ongoing concerns around asset quality and subpar return ratios when compared with other public sector banks. It has valued the stock at Rs 35.

As of 30-Sep-2021, promoters held 51.5 per cent stake in the company, while FIIs held 7.21 per cent and domestic institutional investors had 3.92 per cent.

As per the data provided by National Stock Exchange (NSE), investors made bids for 74,69,725 equity shares as of 12.20 pm, against the total issue size of 1,14,64,664 equity shares. The retail portion was subscribed 1.89 times, whereas NII and QIB quota did not see any bids till the time of writing this report.

“A mistake can be made by anyone, why only government companies? Many times, private companies make mistakes even more glaring than this”

The Relative Strength Index of the stock stood at 50.69 on Monday.

Both the bottomline and topline of the company were aided by a low base in the year-ago quarter and improvement in demand in the said quarter.

The stock quoted a 52-week high price of Rs 5121.4 and low of Rs 2226.0.