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“If you are giving free electricity to farmers, this is a terrible thing. It is resulting in certain bankruptcy of the Punjab Government. It has been a serious problem. Supplying highly subsidised urea at one-third the world price is bad and results in farmers using too much of urea and not enough of the others and this spoils the soil. Freebies like PM Kisan schemes is bad.”

On the technical charts, the RSI of the stock stood at 61.31.

A total of 174 shares changed hands on the counter till 10:25AM (IST).

The company aims to raise Rs 766 crore via issuance of fresh equity shares, whereas existing shareholders and promoters will offload 33,69,360 shares aggregating to about Rs 71 crore.

The Nifty Auto index was trading 0.0 per cent at 12923.75.

UPL, Bata India, Godrej Industries, Elgi Equipments, Eureka Forbes, Kennametal India, Ahluwalia Contracts, Vidhi Specialty Food Ingredients, Andhra Paper, ADF Foods and Balmer Lawrie Investments will host their AGMs today.

Nifty50 now trades at 1-year forward PE of 19x, above the long-term average of 18x. For the short term, there could be intermittent corrections considering the global scenario. Therefore, our range-bound view for the Nifty remains. However, on a medium-to-long-term basis, we continue to remain constructive on Indian equities," says Mahesh Patil, CIO, Aditya Birla Sun Life AMC

“We have no doubt that India will be the top performing market in emerging markets. Already we are seeing the underperformance of China beginning to increase our weights in the emerging market index. This will be the trigger for flows to come back into India. One more correction could be the final one. India could be looking at a great outperformance over the next three years. ”

“Stocks like Bharat Electronics, HAL, etc, continue to remain buys on any dips and there are some private sector companies which benefit due to defence capex like Bharat Forge which has made forays and which could do well. Ashok Leyland, Tata Motors are also trying for some business and they are smaller companies in this segment like Astra Microwave.”

IIAS said Paytm’s shares had fallen 63% from the issue price of Rs 2,150 per share, resulting in wealth destruction for shareholders. On Thursday, the shares closed 0.2% lower at Rs 825.50 on the BSE, about 62% below the IPO price.