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Buying was seen in beaten-down sectors like IT and banking, with Wipro, TCS, and Tech Mahindra rising around 2 per cent each, while Bank of Baroda, SBI, AU Bank and Bandhan Bank added between 3-5 per cent each.

According to the dealers active in the grey markets, Paradeep Phosphates is commanding a premium of merely Rs 0.5 in the grey market, which is hinting towards at par listing for the fertilizer player.

“In the coming quarter, we are putting our sincere efforts to continue the highest level of production. Last year, for the first time in the history of the company, we produced 4,60,000 tonnes of metals. This year, we will be producing the maximum and we are making alternate arrangements for coal supply. The market is volatile and it is impossible to predict at the beginning of the year. We do it for seven months, eight months and nine months. ”

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Domestic brokerage YES Securities sees continuation in growth momentum on the back of multiple acquisitions, along with improvement in margins, and thus, has maintained its buy rating on the stock.

“In terms of buffer stocks, we have ensured that buffer stocks of wheat and rice are above requirements. We had to do some rationalisation in distribution ratio immediately after the mandi procurement got reduced and now we are in a comfortable position. Our sugar exports are projected to be in the range of about 10 million tonne, and after catering for that, we still need about two-and-a-half to three months requirement from September onwards.”

Shares in the firm, a joint venture between the group controlled by Asia’s richest person Gautam Adani and Singapore’s Wilmar International Ltd., have outperformed 121 Asian initial public offerings worth over $100 million this year. Almost two-thirds of the region’s new listings are in the red as rising interest rates and the war in Ukraine take a toll.

Data showed five out of these six stocks also outperformed the BSE Sensex in the last one year. Analyst estimates on five of these stocks suggest upsides of up to 58 per cent.

Promoters held 60.51 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 11.28 per cent and 0.86 per cent, respectively.

A total of 5,003 shares changed hands on the counter till 11:57AM (IST).