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United States topped the charts with an estimated realized gain of $49.95 billion, followed by the United Kingdom (UK) with estimated realized gains of $8.16 billion. The US topped the UK by about a wide margin of 575 per cent.

“I do not think there is a lot of money to be made here from current levels for most of the FMCG names given the fact that valuations are too expensive, there are still a lot of issues on the demand side and profitability will continue to be under pressure given raw material related price increases.”

As benchmark indices have slipped below crucial support levels, he said the Street is worried about a bunch of fundamental factors. Inflation, geopolitics, slowing growth and the decline in corporate margins could be on top of that list.

The company did not announce the record date but said bonus shares will be issued within two months from the date of board approval i.e. by June 27, 2022. The company will now seek shareholder approval for the same.

With 65 per cent gross margin, even for value players such as McDonald’s (Westlife Development), pricing power is also higher than staples peers, it said adding that Jubilant Food continues to be its top pick with a target price of Rs 730, followed by Devyani International (target price: Rs 210) and Restaurant Brands Asia (Burger King India) (target price: Rs 150).

A total of 19,765 shares changed hands on the counter till 01:08PM (IST).

“Right now, a huge global multi-commodity price cycle is pushing everything up. These things will not be solved very easily because I cannot bring new copper mines or new aluminium mines on stream very very quickly and with the number of green concerns that we have, the number of years it takes to get a new license is quite substantial. So the producers are unable to react very quickly to shortages.”

The US dollar index, which measures the currency against six major rival currencies, was last at a near-two-decade high of 103.44 as against 103 at previous close.

LIC IPO will open for subscription between May 4 (Wednesday) to May 9 (Monday).

What makes a few analysts worry more is the prevailing stock valuations, which they find expensive after a 28 per cent rally on the counter this year. For them, most positives have been baked in the stock price.