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While the brokerage believes near-term performance would remain under pressure due to business volatility, cost inflation and withdrawal of Aurore merger, sharp correction in stock (down 34% from Q3 result and 49% in last 6 months) has priced in most concerns.

IndusInd Bank’s scrip rose to a high of Rs 1,025.95 as against Rs 978.20 at previous close on the BSE.

The Nifty IT index fell by about 13 per cent in April, and the weakness in the sector could well continue in the month of May as well, suggest experts.

The stock trades at PER of 25.9x on FY24E EPS. The brokerage has maintained ADD Rating on the stock and values the stock at 28x on FY24E earnings, arriving at target price of Rs 3,078/share.

Being the only listed pure-play credit card issuer with significantly higher profitability than Banks and NBFCs (in good times as well as bad times), SBI Cards would continue to command a premium valuation. It has reiterated BUY rating on stock with 12-month target price of Rs 1,260.

The US dollar index, which measures the currency against a basket of six major rivals, was last at 103.44 versus 103.28 at previous close.

On the technical charts, the 200-day moving average of the stock stood at Rs 526.04.

Promoters held 50.73 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 19.6 per cent and 8.53 per cent, respectively.

Biocon, incorporated in the year 1978, is a Large Cap company (having a market cap of Rs 44314.15 crore) operating in Pharmaceuticals sector.

For the period under review, GHCL registered a rise of 76.63 per cent to Rs 1,273.27 crore as against Rs 720.88 crore during the previous quarter ended March 2021, reports said.