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The company also operates under the names Total, Charms, Charminar, Editions, Special, and Moments, which make it the second-largest cigarette manufacturing company in India.

“Over FY22-24E, Nifty earnings are seen growing at 14.9% CAGR. Keeping the same PE multiple, we now value Nifty at 20,000 i.e. 21x PE on FY24E EPS of Rs 950. On the forward earnings front, the BFSI space witnessed healthy earnings upgrades (led by corporate banks) while marginal upgrades were witnessed in the FMCG, IT & oil & gas space,” ICICI Direct said.

The stock with a market capitalisation of more than Rs 2,000 crore hit a 52-week high of Rs 81 on November 18, 2022. It has rallied more than 7% in a week, and over 20% in a month, data showed.

Pravesh Gour, Senior Technical Analyst, Swastika Investmart said the company has been incurring losses for the last two years, and according to the IPO objective, the funds raised will be used to pay off liabilities.

“Bank Nifty is again showing some upside momentum. But for a decisive breach above 42,800 only we should go for fresh longs, otherwise declines to 42,400 is a better buying opportunity in Bank Nifty and for Nifty, 18,200 on decline should be a buying opportunity for targets of 18,400 from here.”

The stock quoted a 52-week high price of Rs 301.55 and a 52-week low of Rs 181.15.

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Promoters held 60.51 per cent stake in the company as of 30-Sep-2022, while FII and DII ownership stood at 11.03 per cent and 1.01 per cent, respectively.

A total of 34,236 shares changed hands on the counter till 01:51PM (IST)

“There are two-pronged growth strategies for Inox Green; one is naturally the organic growth which will come in from all the new turbines which are set up at Inox Wind level and second is the inorganic growth opportunities in the unorganized sector. We are looking at a lot of these companies.”