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Promoters held 74.36 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 15.39 per cent and 3.05 per cent, respectively.

The partially convertible rupee was trading at 77.78/79 per dollar after touching a record low of 77.81. The previous life low of 77.7975 was touched on May 17.

A total of 64,588 shares changed hands on the counter till 12:13PM (IST).

The stock quoted a 52-week high of Rs 7595.25 and a 52-week low of Rs 3733.25.

“The aim of higher interest rates is to slow the economy. Let us be quite clear about this. Do not do it just for the hell of it! You are trying to slow the economy and to that extent, slow demand. What is very clear is that the world over, this is happening and therefore slowing of the economy is not an accident. ”

Promoters held 37.4 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 17.83 per cent and 0.03 per cent, respectively.

BLS has agreed to acquire 100 per cent equity shares of ZMPL for an equity consideration of Rs 120 crore, including an entire stake of 63.94 per cent held by the main promoter Anurag Gupta, reports said.

Traders holding the stock can maintain their positions while fresh money can be deployed now or on dips for a target of Rs 2,110 in the next 1-2 months, suggest experts.

The partially convertible rupee was last at 77.73/$1, unchanged from the previous close. The 77.73/$1 level was the record closing low that the domestic currency settled at on May 19.

Sharing his outlook, he said that this is the market where valuations are fair and are in line with the historical average valuation. Investors should maintain neutral or equal weight asset allocation.