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A total of 613,263 shares changed hands on the counter till 12:43PM (IST)

It would also be utilised for joint ventures and affiliates, including investment in subsidiaries, joint ventures and affiliates, for repayment of debt, towards strengthening the balance sheet of the company and for any other general corporate purposes

Overall, the company plans to raise little more than Rs 808 crore through the primary route. However, the size of the fresh equity block has been trimmed from Rs 757 crore earlier, following its pre-IPO placement plans. The issue consists of the issuance of fresh equity shares of Rs 627 crore and offer for sale (OFS) of up to 28.2 lakh equity shares by existing shareholders and promoters aggregating to Rs 181.04 crore.

“The Rs 8 decline in excise duty of petrol times the VAT rate of every state will basically be the decline automatically, and not because of any conscious decision. That is the part that has to be clarified. States like Maharashtra, Rajasthan have not consciously cut VAT rates on fuel.”

On Monday, the company announced that it accepted the resignation of Chief Executive Officer Dinesh Kumar Lodha and Chief Financial Officer Ramesh Agarwal. Both resignations will be in effect from May 31. The company reported a 25 per cent drop in the net profit to Rs 49.3 crore in the quarter ended March 31, 2022, as against a net profit of Rs 65.9 crore in the same period previous year.

As of 31-Mar-2022, promoters held 39.99 per cent stake in the company, while FIIs held 34.31 per cent and domestic institutional investors had 4.19 per cent.

Bitcoin is just not attractive to retail investors right now. Nobody really sees that potential for bitcoin to give out 10 times (return)," said Joseph Edwards, head of financial strategy at fund management firm Solrise Finance.

Revenues of the company during the fourth quarter of last fiscal increased marginally to Rs 455.5 crore as against Rs 454 crore in the similar previous corresponding period.

A total of 92,586 shares changed hands on the counter till 11:42AM (IST).

Net-net, a few brokerages tracking IHCL expect 21-28 per cent upside on the stock in the next 12 months, following a 31 percentage points outperformance over the benchmark Sensex so far in 2022.