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“Though we have done very well relatively in terms of dollars, we have not done that well because the dollar has really hit us on a dollar return bit but now is the time for a breather for the markets. There may be a flat lining happening from here on.”

“Nifty rising to a new record of 18,614 is indicative of the underlying bullishness in the market. But the global market construct is not very favourable for the rally to continue unabated. Also, the high valuation in India is becoming a matter of concern,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

While Nifty gave a return of 9% in the September quarter of FY23, a handful of companies staged a turnaround from loss-making to profit-making on a year-on-year basis.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they bought shares worth Rs 935.88 crore, according to exchange data.

“In the reopening trade, unfortunately we do not have many listed options. Hotel is one sub segment which we do like in this travel and reopening bit. I think we like Indian Hotels. It is a much more asset light model. Obviously the prices have gone up post Covid, but they have a clear strategy of one-third EBITDA coming from the contractual versus the leased rooms and some other asset light models. ”

The stock traded at a P/E multiple of 41.16, while the price-to-book value ratio stood at 9.65.

Ashok Leyland, incorporated in the year 1948, is a Large Cap company (having a market cap of Rs 43739.36 Crore) operating in Auto sector.

The company targets industry-leading volume growth in the near future. A turnaround in east profitability is key, it said. “With volume growth/cost leadership, Dalmia is a strong mid-cap cement play,” said the note.

The Nifty Realty index was trading 0.16 per cent down at 444.5.

Promoters held 69.64 per cent stake in the company as of 30-Jun-2022, while FII and DII ownership stood at 8.29 per cent and 11.34 per cent, respectively.