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After seeing record high FII outflows in June ($30.7 billion year-to-date), the number has tapered for July so far. RBI has been intervening aggressively in the spot and forwards market to ensure orderly depreciation of rupee, BofA Securities said.

Amit Jatia, Vice-Chairman of Westlife Development, said, “Our business performance in the last three quarters is a testament to the robust strategy we have been following as well as the trust and love we have managed to build for our iconic brand. We are proud to report our strong performance which reinforces the strength and resilience of our company."

The Nifty Pharma index was trading 0.49 per cent down at 12598.7.

“One can have a standalone debate on whether the compensation of a particular CEO of a particular organisation is justified or not, but there is a problem linking it to that of an entry level salary. Let me explain why. This alludes to the fact that India has a huge employability issue and a skill issue at the entry level.”

The stock quoted a 52-week high of Rs 2379.0 and a 52-week low of Rs 1513.3.

Share of the pharma major fell about 4 per cent in the first one hour of the trade on Friday. Experts see concerns over the US business, as well as, pressure on operating performance as key drags. Despite near-term headwinds, most brokerage firms maintained their rating and target prices but slashed earnings per share (EPS) estimates for FY23-24.

Gold prices gained after US Federal Reserve chair Jerome Powell signalled the central bank could slow the pace of rate hikes in coming months, said ICICIDirect in its morning report.

A total of 993,156 shares changed hands on the counter till 11:37AM (IST).

Long-term investors can look at buying the stock now or on dips for a possible target of Rs 1,710. Overall, the asset under management rose (AUM) 13 per cent to Rs 2,62,350 crore from Rs 2,31,560 crore YoY, with debt-equity mix of 73:27.

As of 30-Jun-2022, promoters held 60.51 per cent stake in the company, while FIIs held 11.03 per cent and domestic institutional investors had 1.01 per cent.