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“What we are seeing right now is a rerating of the auto business and that is happening because of the successes that we are seeing on the SUV side plus an implied valuation coming out of the new EV business with an investment from DIIs which valued the new business at $9 billion. It is the effect of that which is driving the stock price up because the auto business was really completely undervalued.”

“We are equally confident about the rest of the year and in fact the next few years going forward because of fundamental aspects of the Indian economy and the relentless surge that we will see towards becoming a more affluent nation. Also, the pooja season is coming into Q2 this year as opposed to being in October last year. So we expect the growth run of Q1 to continue.”

A total of 20,754 shares changed hands on the counter till 01:19PM (IST)

Morgan Stanley has also raised its revenue estimates by 5-9 per cent on the stock. "Our price target increases to Rs 785 given the roll-forward of valuations by 6 months, higher earnings, and slightly higher valuation multiples (EV/revenue) at US peer firms," it said.

The stock quoted a 52-week high price of Rs 3533.3 and low of Rs 2334.35.

As of 30-Jun-2022, promoters held 62.55 per cent stake in the company, while FIIs held 11.85 per cent and domestic institutional investors had 7.07 per cent.

Paytm is confident of achieving operating profitability by September 2023 quarter. Loan disbursals through Paytm saw a 779 per cent YoY growth to Rs 5,554 crore.Shares of Paytm have rallied more than 60 per cent in less than three months, from its 52-week low of Rs 511. However, the stock is still 62 per cent below its issue price of Rs 2,150.

Morgan Stanley maintained its overweight rating on Titan Company post the June quarter results with a target price of Rs 2621 which translates into an upside of 7 per cent from Rs 2432 recorded on 5 August.The company reported a healthy blend of growth and profitability and Q1 was ahead of estimates and consensus, it said.

The 10-year U.S Treasury yield jumped 16 basis points on Friday as stronger U.S. economic data strengthened bets of a 75 basis points rate hike by the Federal Reserve in September.

That compared with profit of 761.5 billion yen in the same period a year earlier. ($1 = 135.2000 yen)