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The brokerage said it notes that the company has Rs 10 billion of cash on books as of March 2022 which it plans to utilize for inorganic growth. Absure (dealer assisted car buy and sell model) will take time to scale-up given lack of high quality used car dealers.

"India is not banning crypto outright like the initial rumors suggested and actually taxing it is a good first step. However, 30 per cent tax on the gains is steep and will need to be revised in the future. Also, the other aspects need clarity for Indian web3 founders to build products in India without worrying about the law. These need to be better defined in order to retain this talent in India and not see what happened during Web 2.0."

The global cryptocurrency market cap was trading stronger at the $1.82 trillion mark, rising more than 5 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 40 per cent to $100.69 billion.

The brokerage sees the risk-reward quite favorable for the stock but would still maintain ADD rating on the stock. It would look to upgrade this to Buy once it sees either signs of inflation subsiding or rural growth picking up, which should be strong re-rating triggers for the stock which looks set to outgrow peers in the medium-term.

The spot price of gold has dropped about Rs 2,500 per 10 grams since April 18, 2022, whereas silver has tumbled almost Rs 8,800 per kg in the same period under review.

"m.Stock is creating a completely new category in the broking industry, we are creating a segment which will now be called zero cost broking. That is where our USPs also come from, pricing is now going to be looked at very differently. Beyond the flat per order pricing which most of the current players follow, we offer lifetime free investment & trading across segments at a small account opening fee of just Rs 999."

The stock is currently trading at 16.7x / 10.1x FY23E/24E earnings. However, on account of steep correction in the stock price (down 28% in 3 months), it has upgraded rating to BUY with a revised TP of Rs 520 (earlier TP of Rs 541) valuing it at 14x (its 5-year average PE) on FY24E earnings.

“We feel very confident of growing from here in terms of building our lending book. At the same time, the bulk of our lending book is floating rate and therefore it is able to transmit the prices and lastly, as a converter between savers and borrowers I am glad that savers will now get a better deal than they did in the last few years with negative real interest rates.”

A total of 18,406 shares changed hands on the counter till 10:35AM (IST)

Investor wealth, as suggested by the BSE market capitalisation, jumped Rs 3.19 lakh crore to Rs 262.80 lakh crore from Rs 259.60 lakh crore. About three stocks rose on BSE for every one that declined. Some 63 stocks hit their 52-week highs; 135 in total hit their upper circuit limits.