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As of 30-Jun-2022, promoters held 0.0 per cent stake in the company, while FIIs held 8.68 per cent and domestic institutional investors had 2.1 per cent.

A total of 8,762 shares changed hands on the counter till 01:50PM (IST).

A higher-than-expected U.S. Consumer Price Index report for July could spook markets, which are already expecting a high chance of a 75 basis point interest rate hike by the Federal Reserve next month.Rate-sensitive tech stocks shed 0.5%, to lead sectoral declines as euro zone money markets now fully price in a half-point interest rate hike by the European Central Bank in September.

The logistics services provider reported a net loss of Rs 399 crore for the quarter ended June 30, a more than three-fold increase from the same period last year. The net loss was Rs 129 crore in the first quarter last year.Revenue from contracts with customers rose by 33 per cent on a yearly basis to Rs 1,746 crore during the quarter. Revenue from services in Q1 FY23 increased by 30 per cent to Rs 1,746 crore from Rs 1,344 crore recorded in Q1 FY22.

The earnings before interest, tax, depreciation and ammortisation (EBITDA) was at Rs 370 crore, a growth of 3% YoY. The EBITDA margins for the quarter expanded 130 basis points to 26.6% in Q1FY23 compared to 25.3% in Q1FY22.

Incorporated in 1999, Avalon is an end-to-end electronic manufacturing service solutions provider and counts Kyosan India, Zonar Systems Inc, Collins Aerospace, e-Infochips, The US Malabar Company, Meggitt (Securaplane Technologies Inc) and Systech Corporation as some of its key clients.

“We need to do a lot to make the companies understand what extra costs they will have to pay. All that takes time. We are thinking that within the next 1-2 months or maybe a quarter, the bottom line will improve even for the past quarter. I think in the coming one-three months, the money will come in. It will all come into the bottom line.”

Despite the recovery in the broader market, the primary space has been out of favour for a while and there is not much buzz of more issues hitting the street in the near term either.

“Financials is one sector which we have been very positive on and there should be a good rally from here onwards. There is still some steam left in the PSU banks as well as private sector large banks like ICICI, HDFC Bank and PSU banks like Bank of Baroda and Canara Bank.”

On the technical charts, the RSI of the stock stood at 48.79.