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The dollar fetched 136.66 yen, barely changed from 136.77 in New York late Tuesday.Japanese stocks started in positive territory after a four-day losing streak, but the upward drive was short-lived, with all eyes on the upcoming symposium of central bankers in Jackson Hole, Wyoming.

The stock quoted a 52-week high price of Rs 50600.0 and a 52-week low of Rs 30295.6.

“There are always raw materials and other components which have been procured yearly and those are going to run through the next couple of months. One expects that in Q3 and Q4, the margins could be better than what we delivered in Q1 or what we will deliver in Q2.”

The company is planning to expand its capacity and is likely to gain incremental market share. Furthermore, the company’s likely expansion into Borosilicate glass provides a further avenue of growth.

A total of 28,605 shares changed hands on the counter till 02:00PM (IST)

Fitch also expects OMCs to incur large marketing losses in FY23 with continuing negative marketing margins as we expect crude oil prices to remain elevated until geopolitical tensions ease while rising inflationary pressure would prevent the OMCs from increasing fuel prices in the near term.

The domestic brokerage listed 13 stocks to play the multi-year theme. Financials - ICICI Bank and Axis Bank, capital goods/infra - L&T, Siemens, Cummins, and GR Infra and capacity expansion-led volume growth - UltraTech, Dalmia Bharat, Navin Fluorine, Aarti Industries, NTPC, Phoenix Mills, and Havells India.

The stock traded at a P/E multiple of 3.56, while the price-to-book value ratio stood at 0.82.

“People think the central banks are going to calm down now. We have optimism and so we are probably going to have a rally for a while. I have not sold anything. I am waiting for this big rally. Now it looks like inflation and pessimism is breaking, but just remember, this is probably the last rally.”

As of 30-Jun-2022, promoters held 48.03 per cent stake in the company, while FIIs held 25.0 per cent and domestic institutional investors had 13.48 per cent.