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“Earnings expectations over the next two years are quite reasonable. For Nifty, 15% over the next two years is certainly achievable. Now to fine tune that and to figure out whether we will get it right in the short term or not is a little bit harder. But over a two-year period, a 15% CAGR is not at all in order for an economy which is also growing sort of 12-13% in nominal terms.”

This came after the government reduced the windfall tax on diesel and aviation fuel shipments by Rs 2 a litre and scrapped completely a Rs 6-per litre levy on gasoline exports. The government also cut the tax on domestically produced crude by 27 per cent to Rs 17,000 per tonne, Bloomberg reported.

The stock quoted a 52-week high price of Rs 2749.0 and a 52-week low of Rs 1919.5.

A total of 726,961 shares changed hands on the counter till 12:28PM (IST).

With this, the shareholding of FPIs in the company has gone up from 4.42 per cent to 5.45 per cent. The number of shareholders as mutual funds also went up from just 3 to 19, taking the number of shares held by them to 74,02,309 from 68,19,790.

As of 31-Mar-2022, promoters held 63.99 per cent stake in the company, while FIIs held 16.07 per cent and domestic institutional investors had 1.83 per cent.

HUL reported a 13.85 per cent rise in its net profit to Rs 2,391 crore for the first quarter ended June 30, mainly driven by higher product prices. The FMCG major had posted a net profit of Rs 2,100 crore in the year-ago period.

“SBI in the last 15 years has not reported a ROE of 16%. But post this quarterly numbers, we would be able to see a 16% ROE reported by SBI which would be a very landmark event. That means that traditional valuation parameters that we were looking at valuing a PSU bank at 1 to 1.25 times price to book might change big time if the bank is able to report this kind of number.”

On the technical charts, the RSI of the stock stood at 58.71.

After hitting a 52-week high of Rs 298 on 17 November 2021, the stock failed to hold on to the momentum. It closed at Rs 228 on 18 July 2022 which translates into a downside of over 23 per cent.