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From the April high of 18,115 for Nifty50, a 14 per cent correction would mature at 15,580, the brokerage said.

The firm reported a 55.44 per cent decline in its consolidated net profit to Rs 111.08 crore in the fourth quarter ended on March 31, 2022. It had posted a net profit of Rs 249.33 crore in the January-March quarter a year ago.

“Realisations have further improved compared to the exit price of the quarter largely necessitated by the unrelenting increase in fuel prices. Demand sentiment as well is fairly buoyant, helping sustain the price revision,” Sagar Cements’ Joint Managing Director Sreekanth Reddy was quoted as saying in PTI’s report.

Net interest margin, a key profitability measure, improved marginally at 2.87 per cent for the reporting quarter against 2.34 per cent in the year-ago quarter. Net interest income for the quarter stood at Rs 4255 crore showing a 28 per cent year-on-year rise.

Promoters held 66.33 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 16.62 per cent and 2.0 per cent, respectively.

“There is a big theme playing out here. Not only has the real estate cycle improved, but even the home improvement or a home refurbishment theme, which lied low for the last couple of years has come out. Our second theme – a bit contra – is insurance. We have been very bullish on insurance. ”

Firstsource Solutions Ltd., incorporated in the year 2001, is a Mid Cap company (having a market cap of Rs 7562.35 Crore) operating in IT Enabled Services sector.

A total of 4,310 shares changed hands on the counter till 11:52AM (IST).

The Relative Strength Index of the stock stood at 36.58 on Thursday.

“April was the month when maximum adjustment happened between retail prices in India and global crude oil prices and that would be another factor likely to push inflation closer to 7.5%. Core including petrol and diesel is likely to be at around 6.8%, up from 6.3% in the previous month.”