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The company’s EBITDA was at Rs 59 crore as against Rs 117 crore in the corresponding period of the previous year. "EBITDA was under pressure due to high raw material prices. EBITDA margin declined by 748 bps to 8.9 per cent in Q2FY23 from 16.4 per cent in Q2FY22," its earning statement said.

“The rolling Covid lockdowns in China are having an impact on people’s morale, economy and on the production facilities that western companies have there and more specifically. The new Chinese Politburo has created real alarm in the western world. Given that western investors have $3.5 trillion invested in China, it seems a substantial amount is going to leave that country.”

“The festive season in Q4 is expected to further aid consumption trends in this calendar year. We are confident that we can sustainably deliver healthy volume growth across all product categories going forward and further strengthen our market position in the beverage industry.

“MPL’s performance during the quarter reflects the ongoing volatility at the macroeconomic level. Despite the current macro-uncertainty, our robust business model will help us navigate the challenges successfully,” Ashwin Muthiah, Chairman of Manali Petrochemical, said.

Elecon Engineering is a multibagger smallcap with a market capitalization of around Rs 4,100 crore. Established in 1951, the company was the pioneer in manufacturing industrial geared motors and reducers, material handling equipment, mining equipment, casting processes etc. The company is among the largest manufacturers of material handling equipment and industrial gears in Asia.

The company is bringing the issue at EV/EBITDA multiple of 18x & EV/Sales multiple of 4x. Growth opportunities in existing facilities and diversification into new services, including digital health with experienced senior management team & institutional shareholder support is a decent issue, said Hem Securities.

Brokerage Axis Securities maintains a positive outlook on Indian equities for the longer term. Here are its top picks from mid and smallcap packs for November month.

Mangalore Refinery And Petrochemicals Ltd., incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 9665.58 Crore) operating in Gas & Petroleum sector.

While domestic investors have reposed faith in the market even when the market was going through a bad phase, FIIs are now once again showing signs of buying. In the last five trading sessions, foreign investors have bought Indian equities worth over Rs 12,610 crore.

The company reported a total revenue of Rs 331.7 in the July-September 2022 period, which was 37% higher than the total revenue of Rs 242 crore it reported in the same period the previous year.