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The quota reserved for qualified institutional buyers (QIBs) was subscribed 87.56 times while the one reserved for non-institutional investors (NIIs) and retailers was subscribed 17.5 times and 5.53 times, respectively.

A total of 185,017 shares changed hands on the counter till 01:20PM (IST)

“From the second or third quarter onwards, we believe that the management commentary of most IT companies would start cautioning us that the demand environment has started to slow down. From cues we are picking from US companies, some are hinting towards a cut in IT spends and with lag, it will reflect in the commentary of most of the IT companies in Q2 and Q3.”

High growth with margin expansion is likely to be a challenge, said the note. A double-digit contribution margin in food delivery will be a tough task. The global investment is of the view that Blinkit will only delay its path to profitability. Going forward, the capital allocation should be monitored carefully.

“ If we get a 5-10% kind of correction, then markets will come into a better zone. Sectorally, we might get better opportunities into sectors we could outperform going forward. September-October tends to be months which have historically seen deeper corrections led by various factors. If the markets have gone up substantially prior to that, these two months are something we need to watch out for.”

Both sides signed an agreement for the all cash deal on Friday afternoon. The initial term of the MOU shall be till completion of the acquisition October 31, 2022, which may be extended by mutual agreement.

The BSE market capitalisation stood at Rs 275.61 lakh crore, down Rs 4.91 lakh crore in two sessions over Rs 280.52 lakh crore as of August 18.

One can expect the US Fed to continue its aggressive rate hike plans. The market estimates a minimum of 50 basis points and a max of 75 basis point hike in the Fed’s September meeting, he added.

The Nifty Realty index was trading 1.67 per cent down at 442.9.

While shareholders approved the remuneration of Sharma as well as that of Paytm President and group chief financial officer Madhur Deora but the support was not similar to the level seen for their re-appointment.