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The stock with a market capitalisation of more than Rs 63,000 crore hit a 52-week high of Rs 1241 on 28 October 2021 but failed to hold on to the momentum. It closed at Rs 806 on 24 June 2022 which translates into a downside of over 35 per cent.

Edelweiss said Medplus’s sheer scale and value proposition puts it way ahead in the league. "Its integrated supply chain, aggressive store expansion plan, increasing private label share and the potential peak of the discounting cycle should hold it in good stead," it said.

Evidence from every market cycle shows that the market does not wait for the economy to recover, it does not even need to ascertain when or how low could the bottom be for the real economy with any degree of precision.

A total of 77,641 shares changed hands on the counter till 01:30PM (IST).

“When we look at the health parameters, the fiscal and inflation numbers, the trajectory of the economy– in all those cases, India’s position is looking far better and therefore one can expect that unlike in the US, in India’s case, there’s more need to get a haircut rather than something structural.”

On the technical charts, the RSI of the stock stood at 51.01.

Ratnamani Metals & Tubes Ltd., incorporated in the year 1983, is a Mid Cap company (having a market cap of Rs 11728.73 Crore) operating in Metals - Ferrous sector.

As of 31-Mar-2022, promoters held 59.47 per cent stake in the company, while FIIs held 24.44 per cent and domestic institutional investors had 3.63 per cent.

The stock traded at a P/E multiple of 38.17, while the price-to-book value ratio stood at 3.4.

“Accenture seems to have reported very steady growth numbers and which is what the larger peers like Infosys and Wipro seem to be also echoing from the Indian standpoint. We have got our big brothers, they are leading the way. We are a midsized IT company focussing purely on digital. We are seeing growth out there in the market.”