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According to a regulatory filing, Gopikishan Shivkishan Damani sold 10 lakh equity shares of the Chennai-based cement maker during the January-March period. Damani held 2,52,16,496 shares or 8.14 per cent stake in the company as of March 30, 2022, as against 2,62,16,496 equity shares or 8.46 per cent holding in the preceding quarter.

Investors holding the stock can remain invested while fresh money can be deployed on dips, suggest experts for a target of Rs 320-340 which translates into an upside of 13-20% from Rs 283 recorded on 13 April, suggest experts.

This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch, a release said.

“Holcim was very slow in expanding its capacities and they were losing market share in the last 10 years. But if a new player comes in, he will try to reduce his acquisition cost by doing brownfield expansion at a low cost. So, under a new management, Ambuja and ACC will become far more aggressive and that is slightly negative for the incumbent leaders like UltraTech and Shree Cement.”

“It is more of an opportunity market. Overall, I do not think that the markets will do much this year. I do not see much returns from people who are hugging the index but specific opportunities will keep on coming and that is what we have to keep on buying.”

On the technical charts, the RSI of the stock stood at 47.92.

The stock traded at a P/E multiple of 84.04, while the price-to-book value ratio stood at 7.32.

Analysts note that Zinc inventories at LME warehouses have been consistently declining and currently stand near 120,000 tonnes compared to 300,000 tonnes in April 2021. Most importantly, stocks earmarked for delivery have jumped from 14,000 tonnes in the first week of March to 75,000 tonnes or 62 per cent of total stocks as of April 12.

A total of 5,449 shares changed hands on the counter till 01:49PM (IST).

HDFC Bank, analysts said, is expected to open 150 more branches, which could be a drag on margins given that the on-balance sheet liquidity is already elevated. While remaining positive on the stock, they have lower earnings estimates for the bank by 4-5 per cent.