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"We believe that slowdown in growth rates is also baked into stock prices. We expect growth rates of 5-8% in FY2024E, down from 11-16% in FY2023E for Tier 1. A deeper recession has implications on multiples and is not fully priced in," Kotak said.

The report added that internal approvals are in and Tata has received an in-principle nod from the other big investor in the AMC - global investment management firm T Rowe Price Group, which holds around 23% stake.

A total of 6,727 shares changed hands on the counter till 01:04PM (IST).

The stock traded at a P/E multiple of 10.13, while the price-to-book value ratio stood at 2.85.

The quota reserved for qualified institutional buyers (QIBs) was subscribed 4.13 times, while the one reserved for non-institutional investors (NIIs) and retailers was subscribed 1.51 times and 1.65 times, respectively.

As per Trendlyne data, the highest target price for TaMo goes up to Rs 575, while the average target price estimate is Rs 495, an upside potential of 18.2% from the current prices. Out of the 29 analysts covering the stock, 21 have strong buy and buy ratings, two have strong sell ratings and the other six have hold ratings.

Promoters held 0.0 per cent stake in the company as of 30-Sep-2022, while FII and DII ownership stood at 17.35 per cent and 21.19 per cent, respectively.

Even as benchmark indices faced a rough last week, market analysts suggest that traders will have the option to trade on both sides of the market. Based on their recommendations, here are eight stocks that are likely to deliver a strong return in the near term.

​Graphite India, incorporated in the year 1974, is a Mid Cap company (having a market cap of Rs 7647.98 Crore) operating in Industrial Consumables sector.

On the technical charts, the 200-day moving average of the stock stood at Rs 95.07.