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Many analysts are cautious about high valuations amid looming demand slowdown but say there are enough stock picking opportunities in the broader market as several pockets have not participated in the rally.

The company will issue these warrants to promoters, non-promoters investors including qualified institutional buyers (QIBs). However, the issuance of these warrants is subject to approval of shareholders of the company.

“Various government initiatives are helping not only the private sector, but also the public sector businesses. Going forward also, on a macro basis, the opportunity seems to be very strong, be it for the banking sector or defence or railways. One should be looking to hold on to these stocks to get decent returns even next year.”

As of 30-Sep-2022, promoters held 51.14 per cent stake in the company, while FIIs held 17.72 per cent and domestic institutional investors had 20.94 per cent.

A total of 23,220 shares changed hands on the counter till 01:01PM (IST).

Muted demand and higher costs hit their profitability hard enough that the operating profit per tonne for the sector dropped to a decade-low in the September quarter. The rise in costs outpaced the growth in realisations for most of the companies in the previous quarter.

TII signed a share subscription agreement and a shareholder agreement with X2Fuels for the subscription of 10,753 shares, which is to be issued to TII for an aggregate consideration not exceeding Rs 6.15 crore, the company said in a BSE filing.

“Russia is the second largest producer and holds a very big sway in terms of where the price goes. It is going to come on December 5. All eyes would be on that for the near term direction and if we do see that then I can see a bit of a lift from here. Technically, we are also at a major low. If the $85 level actually holds and we get a spike, then prices can get quite heavy to the top side.”

The stock quoted a 52-week high of Rs 554.05 and a 52-week low of Rs 455.8.

The outlook of IT companies business-wise is steady but not too great. Fed’s tightening of interest rates has been the tightest compared to previous course corrections. This could impact the IT companies from India, in case there is a massive correction in the US.