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The Relative Strength Index of the stock stood at 51.04 on Wednesday.

The BSE Sensex was trading 160 points, or 0.20%, lower at 80,191. The Nifty50 was down 33 points, or 0.14%, trading at 24,399 around 9:20 am.

The stock quoted a 52-week high price of Rs 234.15 and a 52-week low of Rs 107.55.

We are also hearing this that the excise duty on CNG may be considered for rationalisation by government because the other tax that is there on CNG is basically state VAT.

Promoters held 0.0 per cent stake in the company as of 31-Mar-2024, while FII and DII ownership stood at 13.36 per cent and 6.43 per cent, respectively.

On the technical charts, the RSI of the stock stood at 49.15.

The banking sector may see disappointing earnings due to challenges in net interest margins and rising provisions, says Dipan Mehta, Director, Elixir Equities. FMCG and traditional consumption stocks are under pressure, while airline companies like IndiGo show positive long-term prospects. Electric two-wheelers, particularly from Ola Electric, are expected to disrupt the industry.

The Nifty Auto index was trading 2.35 per cent down at 25217.8.

M&M shares fell 6% due to XUV700 price cuts. Countering peer discounts and weak sales, cuts could lower earnings but increase volumes. AX7, AX7L trims are 50-60% of 6,000-8,000/month volume. Axis Capital sets a target price at Rs 3,150. Domestic brokerage firm estimates 2-3% impact on overall EBITDA. Cuts affect EBITDA by Rs 300-350 mn/month for four months.

The upcoming Hyundai Motor India IPO could be priced at different levels, ranging from Rs 1,265 to Rs 1,988 per share. With plans to raise $3.5 billion, the company aims to capitalize on the low-penetrated Indian car market. Valuation concerns compared to global peers have been highlighted by experts.