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The Fed issued new projections showing rates peaking at 4.6% next year with no cuts until 2024. It raised its target interest rate range by another 75 basis points overnight to 3.00%- 3.25%, as was widely expected.

“From a business and growth perspective, both the Fortis businesses look pretty solid from a medium-term perspective. There are reasonably good growth drivers and to that extent, I will recommend it to investors to use this dip as more of a buying opportunity from our end.”

As of 30-Jun-2022, promoters held 29.3 per cent stake in the company, while FIIs held 49.97 per cent and domestic institutional investors had 6.42 per cent.

A total of 802,083 shares changed hands on the counter till 02:05PM (IST)

The stock traded at a P/E multiple of 42.92, while the price-to-book value ratio stood at 9.65.

“While NIM will contract (rise in leverage and share of home loans), the decline in credit cost should help deliver a 7.4 per cent ROA in FY24E, enabling a 29 per cent net profit CAGR in FY22-24E. Aptus trades at 4.5x/30x 1-year forward PB/PE vs Aavas at 5.3x/42x," noted Citi.

However, analysts on Dalal Street believe that India is nowhere close to an economic slowdown, and are convinced even on the high ticket consumption ahead of the much awaited festive season.Amusement parks, theme parks and other such recreational spots are gaining footfall simply because they have opened up after a long life threatening pandemic and have a unique experience, excitement or an adrenaline rush for the user.

“The hawkish stance of the Fed, which I personally was expecting, has catapulted the dollar index to another level. So in that case, rupee would be the collateral damage and it could go to 84 or whatever against the dollar. Then probably we have to see whether RBI again has to come in and arrest the rupee fall.”

On the technical charts, the 200-day moving average of the stock stood at Rs 1888.64.