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The fund house also booked profits in ITC and sold 1.6 crore shares of the FMCG company. The stock has been an outperformer for a while even as the overall market has tanked. It also remains an overwhelming favourite among analysts.

The issue, which opened for subscription on Friday, May 20, will close for bidding on Tuesday, May 24. The company is selling its shares in a lot size of 58 equity shares in a price range of Rs 243-256.

The Relative Strength Index of the stock stood at 52.65 on Friday.

“Companies like Infosys, TCS, HCL Tech are looking compelling from an investment perspective and given the cash flows that they have, the balance sheet strength that they have and the kind of buyback that they have announced, the risk reward is turning far more favourable. We would be using this dip as some sort of accumulation opportunity for investors.”

A total of 13,702 shares changed hands on the counter till 01:54PM (IST)

“In addition to financial and legal due diligence, a lot of investors have started now doing intellectual due diligence of the founders on integrity and what they are building. So it is time for behaviourial change to happen on the VCs side and which is now happening and we will see that happen.”

Promoters held 74.99 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 8.83 per cent and 6.25 per cent, respectively.

A total of 8,402 shares changed hands on the counter till 12:12PM (IST).

The stock with a market capitalisation of more than Rs 37,000 cr hit a 52-week high of Rs 5,958 on 4 January 2022 but the trend went sideways post that. It has fallen over 36 per cent to hit Rs 3,773 on 18 May 2022.

Biocon’s share price climbed to a high of Rs 334.70 as against Rs 322.95 at previous close on the BSE.Abevmy is a recombinant humanized monoclonal antibody that selectively binds to human vascular endothelial growth factor (VEGF) and neutralizes its biologic activity. Abevmy (bBevacizumab), inhibits the formation of tumor