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NMDC closed down over 1 per cent. National Aluminium, and Welspun Corps were other big losers of the day. Nifty Metal eventually ended down 0.55 per cent.

The Bengaluru-headquartered company reported Rs 588 crore in revenues and Rs 61 crore in net profit in the Jan-March 2022 quarter.

“In Q1, companies will probably see the largest margin pressure in 16-18 quarters. The situation should significantly ease from Q2 onwards as we see some of the supply chain getting eased out and we see price hikes being passed on over a slight delay of a quarter or so. So, yes, Q1 will probably see the worst margins across sectors.”

The Bengaluru-based company forecast a 1-3% growth for its IT services business for the ongoing quarter which began in April, and double-digit growth during FY23

A Bearish Engulfing pattern, having placed within a broader range movement, is less of a significance, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

The company expects revenue from its IT Services business to be in the range of $2,748 million to $2,803million in the June 2022 quarter. This translates to a sequential growth of 1 per cent to 3 per cent.

“The startups have to make sure while going for an IPO to leave enough on the table for the incoming investors while at the same time not short charge the current shareholders. It is a fine dividing line. Also, corporate governance is important for everyone including start-ups. It is never too early to be well governed.”

An official of one of the lead managers said 50 per cent of the offer is reserved for QIPs, including anchor investors. He said 35 per cent is being reserved for retail investors, 15 per cent for high networth individuals and ten per cent for policy holders.

The government is selling over 22.13 crore shares in LIC at a price band of Rs 902-949 apiece in the initial public offering, which opens on May 4 and closes on May 9. LIC would start trading on stock exchanges on May 17.

“Today a shift is happening towards sectors and stocks where the risk reward of investing is in place and there is growth ahead. By risk reward, I mean companies are available at 15% free cash flow yield or 10% free cash flow yield. Should I buy that versus companies where 40% growth is baked in and fully priced in? As the cost of capital goes up, this kind of shift will happen and is here to stay for some time.”