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“Being a good innovator in the generic world is one part of our business. It is the bulk of our business and needs to do that but we have opened up to the fact that MRNA is going to be a very significant part of how the world is going to innovate in future. We believe that some of the other therapies out there based on antibodies are equally important and we are focussing on those as well.”

The brokerage models revenue/EBITDA/PAT CAGR of 9%/24%/35% over FY22-24E. It initiates coverage on the stock with HOLD rating and SoTP-based TP of Rs 550.

​​Singapore GRM has been at a record high of USD22.6/bbl in May’22 from a loss of USD1.5/bbl in May’20 (during the COVID-19 pandemic). It stood atUSD2.1/USD18.6 per bbl in May’21/Apr’22. However, OMCs are estimated to be generating losses of INR8.8/INR12.9 per liter on petrol/diesel at prevailing benchmark prices.

​New sales bookings rose 158% YoY to INR27b (v/s our estimate ofINR23.5b) in 4QFY22, led by sustained momentum in the ultra-luxury Camellias project and strong response to its new product launches, including independent floors and luxury project – ‘One Midtown’.

​Revenue rose 17% YoY to INR14b (est. INR13.3b) in 4QFY22. Exports (CSM business) grew 11% YoY to INR11.1 b and the domestic business grew 47% YoY to INR2.8b in 4QFY22.

A total of 1,872,867 shares changed hands on the counter till 01:23PM (IST)

Overseas investors disposed a combined net total of $2.35 billion in South Korea, Thai, Indian, Indonesian and Malaysian bonds last month, data from regulatory authorities and bond market associations showed. It was the second consecutive monthly selling by foreigners in Asian bonds, according to the data.

The benchmark Nikkei 225 index gained 0.94 percent, or 251.45 points, to end at 26,911.20, while the broader Topix index climbed 0.96 percent, or 17.98 points, to 1,884.69

As D-Street seems to be caught in a perfect storm, uncertainty and volatility will likely prevail in the near term, spelling tougher times for new investors facing a correction of such magnitude for the first time. Market experts suggest that this kind of volatility was expected and one should stay invested in the market.

Promoters held 58.69 per cent stake in the company as of 31-Mar-2022, while FIIs owned 1.15 per cent, DIIs 18.28 per cent.