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Analysts said Grand Vitara will target the competitive mid-size SUV segment, which is currently dominated by Hyundai Creta and Kia Seltos, along with other models such as Skoda Kushaq, MM XUV 700 and MG Astor. This segment on an average sells 35,000 units per month and continues to see strong preference from consumers, they said.

A total of 8,622 shares changed hands on the counter till 01:25PM (IST).

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“If one takes a slightly longer view of one-three years, which a lot of investors are comfortable with because of tax considerations, then returns from this point onwards would be fairly good. So nothing to be afraid of given that a large chunk of the volatility is perhaps behind us.”

On the technical charts, the RSI of the stock stood at 55.23.

IT, which was the undisputed leader of the rally in 2020 and 2021, is struggling now on concerns of the probable US recession impacting tech demand. The metals rally has fizzled out following the sharp correction in metal prices. Financials, in spite of their good performance, have been impacted by the relentless FPI selling.

The Nifty IT index was trading 0.66 per cent up at 28333.25.

The stock picked up momentum after the PSU stock saw its total revenue from operations growing 90.5 per cent YoY to Rs 3,140.61 crore in the quarter ended June 2022 compared to Rs 1,648.67 in June 2021.

The board meeting is scheduled for Monday, 25 July 2022 to consider a proposal for bonus shares and standalone as well as consolidated unaudited financial results of the company for the quarter ended 30 June 2022.

A total of 74 shares changed hands on the counter till 11:42AM (IST)