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“We saw that post-pandemic, two very major shifts happening in the Indian economy which is going to create massive amounts of wealth over the next 5-7-10 years. One of them is manufacturing. The second shift is that every company globally and locally is forced to spend a lot more money on technology than they have ever spent. This is a five- ten-year trend where the spend on manufacturing and IT is going to increase and these are the structural opportunities.”

The stock traded at a P/E multiple of 37.38, while the price-to-book value ratio stood at 3.81.

“Indian equities are still attractive as the structural drivers like higher capital spending on infrastructure and asset-building projects that are multipliers for growth pickup in manufacturing and services activities are in place,” Anil Rego, Founder and Fund Manager, Right Horizons, said.

On the technical charts, the RSI of the stock stood at 54.38.

The net interest income (NII) growth was healthy with a positive outlook on margins. The net interest margins (NIMs) exhibited mixed trends with stable to improving trajectory for large private/PSU banks while small/mid-size banks posted a decline.

The pan-European STOXX600 fell for a third straight session, down 0.2% to hover near one-month lows. Energy was one of the only few sectors in the black, rising 1% as crude prices rose on concerns over tight supply.Benchmark gas prices in the European Union surged 13% overnight to a record peak, having doubled in just a month to be 14 times higher than the average of the past decade.

A total of 46,607 shares changed hands on the counter till 01:30PM (IST).

Meanwhile, between 2017-2022, 4,000 smallcaps remained smallcaps. Just 26 smallcaps turned midcaps and only one smallcap turned large cap. The average return by those that remained smallcaps during this period was 5.3 per cent annually; the ones that became midcaps delivered 40 per cent return oan average while the only smallcap that became largecap delivered 55.8 per cent return annually.

“IT would be one industry where we will see a lot of concentric circles when it comes to talent mobilisation and that is the way forward. It is not just about saving costs, it is essentially getting a higher return on investment. That is how the future would look and one can stay relevant and ahead of the competition.”

“The sharp decline in India is also due to some profit taking by DIIs who have been sustained sellers in recent days. Profit booking is normal since the market had risen too fast (Nifty rallied 18 per cent from the June lows) in 2 months,” he said.