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“Everything is pointing towards India becoming the only alternative to the developed world, especially the US. It is one of the large markets left where people can deploy funds and on the other hand, if it is in an inflationary environment, one is better off being in a stock than the bond.”

“In this quarter, we delivered a robust top-line growth of 15 per cent and a mid-single-digit volume growth which demonstrates the resilience of our brands and a reflection of our execution strengths across divisions and channels,” said Varun Berry, Managing Director, Britannia Industries.

The company’s board recommended a dividend of Rs 51 per share. The company has also announced a proportionate dividend of Rs 12.75 per equity share or 510 per cent for the partly paid-up ordinary shares of the company.

The Relative Strength Index of the stock stood at 40.91 on Wednesday.

Deepak Fertilisers, a high beta stock, has a market capitalization of more than Rs 7,800 crore on the BSE. It rose over 14 per cent in a month, and nearly 60 per cent in the last 6 months, data from Trendlyne showed.

“Growth is sustaining and these stocks too have corrected about 30-40% from the recent highs. Some of the QSR companies like Devyani International (Burger King) and paint companies like Indigo Paints are the ideas that we have come out with for investors which have an upside potential of more than 20%.”

A total of 7,284 shares changed hands on the counter till 11:36AM (IST)

According to BSE data, at 11:10 am investors made bids for 2,06,83,680 equity shares or 13 per cent compared to the 16,20,78,067 equity shares offered for subscription.

The majority of the companies announced their earnings for the March 2022 quarter from the commodity consumer sectors such as industrials, autos and consumption, along with services including IT and financials. The brokerage said the service sector is less impacted due to commodities but has its own cost challenges, whereas commodity consumers will continue to feel the heat of rising input costs in the subsequent quarters.

The brokerage retained SELL rating with a revised target price of Rs 1,215 (earlier Rs 1,205). Key risks to our call are a stronger-than-expected uptick in GPL’s sales volumes and double-digit price growth, it said.