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The global brokerage has told investors to remain defensive in the near term and focus on domestically exposed companies that could benefit from easing cost pressures. Its preferred sectors in the near term include healthcare, fast-moving consumer goods, autos and financials.

The rupee’s drop to a record low of 80 a dollar reflects demand and supply dynamics, the people said, asking not to be identified sharing private deliberations.

Kacholia now holds a 1.42 per cent stake in La Opala against a 1.05 per cent stake in the March 2022 quarter. Following the news, the stock was trading around 6 per cent higher at Rs 291.15 on NSE.Having fallen over 37 per cent from its 52-week high of Rs 456.50, the stock has gained about 17 per cent in the last one-month period.

The stock quoted a 52-week high price of Rs 332.6 and low of Rs 181.15.

P-notes are issued by registered Foreign Portfolio Investors (FPIs) to overseas investors who wish to be a part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.According to the Securities and Exchange Board of India (Sebi) data, the value of P-note investments in Indian markets.

“We have lost some reserves but please remember that in earlier occasions, we had much less reserves than we are holding today. We are in a very comfortable situation and in that sense, rupee depreciation is a given because of the global factors and not local factors. I am hoping that oil stabilises below $100 and therefore the rupee also stabilises.”

The oil and gas company is now trading below its crucial 50, and 200-DMA on the daily charts in July which is a sign of caution. Short-term traders can go short on the stock for a possible target of Rs 2,200 in the next 1 month, suggest experts.

However, the shares of the company were trading lower on Tuesday even after the announcement. The scrip dropped about 5 per cent to Rs 516.25, before pairing the gains. It had settled at Rs 532.7 on Monday.

The Relative Strength Index of the stock stood at 63.03 on Tuesday.

Recently, Kotak Institutional Equities initiated coverage on PB Fintech with a target price of Rs 700 per share, signalling a 33.5 upside from the current market price. It believes that high multi-year growth will lead to consistent market share gains, thus improving the unit economics and drive operating leverage over time.