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Promoters held 54.92 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 16.53 per cent and 0.14 per cent, respectively.

In a regulatory filing by the rating agency the company informed the bourses that Ajay Mahajan has resigned as the managing director and chief executive officer (MD and CEO) of the company citing personal reasons. Following the development, CARE Rating tumbled 18 per cent to Rs 450 on Wednesday, its new 52-week low, before trading at R 458.35 at 11.45 am. The scrip had settled at Rs 548.60 on Tuesday.

The footwear manufacturer is eyeing to raise Rs 1,400.16 crore via its initial stake sale, which is entirely an offer for sale from the promoters and existing shareholders. The issue was subscribed 1.24 times by the end of day 1.

As of 31-Mar-2022, promoters held 51.45 per cent stake in the company, while FIIs held 19.49 per cent and domestic institutional investors had 9.06 per cent.

Aditya Birla Sun Life’s share price dropped to a low of Rs 520 as against Rs 540.65 at previous close on the BSE. The stock was last trading 2.6 per cent lower.

Nirmal Bang Institutional Equities expects HUL to post a volume decline of 4 per cent YoY after seven quarters as it feels that the market growth has softened. It sees a 7.1 per cent YoY growth in sales. This is after including the nutrition business. This brokerage sees profit rising 4.3 per cent YoY to Rs 2,194 crore.

“Bajaj Finance is a great franchise but it is quoting at seven times price to book on an FY23 basis and where growth is not looking good and more importantly, over the next one or two years, there is going to be a compression in margins. Our clear cut takeaway is to move out from Bajaj Finance and move into something like ICICI Bank or AU Bank where one is getting a good franchise at a reasonable valuation.”

Despite weakness in the broader markets, the largest domestic company rallied 2 per cent to Rs 2,827.10 apiece, its new all-time high.

Nomura said companies whose earnings could disappoint the least were Torrent Pharma, Gland Pharma, Zydus Lifesciences and Dr Lal Pathlabs.

“We have not really been able to get insides into the cash flow about the business model of many of the companies and most importantly, why should there be such a high valuations for the companies in the utility space or in the consumer space when you already have incumbent players doing equally good and quoting at a 30-40% discount?”