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"Once the election is over, and the policy pronouncements or till at least a sense of that emerges, Sterling Pound may not be able to regain ground. The Euro is also struggling to stabilise due to the European gas crisis as the supply of gas is only to the tune of 20 per cent of capacity from Russia’s Nord Stream1," it said.

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Among the biggest drags was French catering and food services group Sodexo, down 1.9%, after Jefferies cut the stock to "hold" from "buy" to factor in a cautious recessionary scenario over fiscal year 2023-2024.The benchmark is set to end the week about 0.3% weaker, as gains in commodity-linked oil stocks and miners as well as food & beverage stocks were offset by declines in real estate and retail shares.

Promoters held 48.76 per cent stake in the company as of 30-Jun-2022, while FII and DII ownership stood at 20.71 per cent and 9.82 per cent, respectively.

The stock quoted a 52-week high price of Rs 1674.0 and a 52-week low of Rs 1070.95.

“I personally believe also that the most happening place has to be India unless something happens that we do not know of. We have added 110 hotels to our pipeline in the last five years and it took us 115 years to get to the first 110. It is not that we had some secret formula. It is just because growth is happening and we are well positioned to take advantage of it. This trend is going to continue.”

Business activity indicators in the euro zone and an inflation gauge in the United States are also on tap, while rate cuts may be looming in China.

“Consumer discretionary, speciality chemicals and engineering are some of the pockets where earnings can grow and which has a potential to re-rate because these businesses throw good free cash flow and so that ROE expands. So there is a case for a PE multiple to expand too in these pockets. ”

A total of 33,832 shares changed hands on the counter till 02:11PM (IST)

For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 952.31 crore.