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However, as per Trendlyne data, the highest target price for Jindal Steel goes up to Rs 730, while the average target price estimate is Rs 510, a downside of 10% from the current market price of Rs 109. Out of the 23 analysts covering the stock, 15 have strong buy and buy ratings, two have hold ratings, and six have strong sell and sell ratings.

“We will carry forward some vulnerable triggers of 2022 in 2023 as well whether it is the war issue, higher interest rate or a slowdown or a recession curve. We are almost on the verge of recession and we are expecting a demand destruction in commodities prices whether it is crude to industrial metals or other products.”

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The stock quoted a 52-week high of Rs 451.5 and a 52-week low of Rs 312.05.

A total of 16,532 shares changed hands on the counter till 02:14PM (IST).

The IPO consists of fresh issue of Rs 60 crore and an offer for sale of Rs 327.9 crore by the founders and other investors. The company is selling its shares in the range of Rs 94-99 apiece and in lot sizes of 150 equity shares and its multiples thereof.

"With global central banks tightening policy, concerns about an economic slowdown continue ... and while the floor is firm for stocks, those worries will keep the topside heavy," Maki Sawada, a strategist at Nomura, said on a conference call with the media.

“What is playing out right now is the impact of commodity inflation. We are by and now past most of the commodity increases but we have not been able to pass on the margin on it and that I think will start evening out only when commodity prices start moving down because then you get your chance to even it out.”

In the feed grains segment, maize is the largest crop in India. India’s maize production for the kharif crop of 2022-23 declined by 2.1% year-on-year to 21.31 million MT from the previous year production of 21.95 million MT.

The board of directors considered and approved raising capital through the issuance of non-convertible redeemable unsecured Basel III compliant tier II bonds for an amount up to Rs 1,500 crore, the bank said in a regulatory filing.