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“All commodity prices are falling and effectively speaking, inflation in India has already peaked. Commodity prices are coming down globally as well as the RBI’s high FX reserves provide protection to the rupee. As the numbers begin to roll down, both the equity and the bond markets will be convinced that inflation is yesterday’s story, at least for India.”

Goel and his spouse Seema Goel raised stakes in Nahar Spinning Mills. At the end of the June quarter, Goel held 17,64,000 shares or 4.89 per cent stake, up from 17,56,400 shares or 4.87 per cent stake. His wife, on the other hand, upped her stake to 6,16,000 shares or 1.71 per cent from 6,12,000 shares or 1.70 per cent. The Goel duo has been holding this stock at least since the June quarter of 2021.

At the interbank foreign exchange market, the local currency opened at 79.95 and witnessed an intra-day high of 79.82 and a low of 79.96 against the US dollar in the day trade.The local unit finally settled at 79.91 a dollar, up 8 paise over its previous close.In the previous session, the rupee had settled at a record low of 79.99 against the US dollar

“The rupee is obviously depreciating against the US dollar but do note that it is appreciating against every other currency whether it is the Euro, the British Pound, the Yen and so on and I think on a weighted basis it is appreciating.”

Economic growth in top metals consumer China slowed sharply in the second quarter, expanding 0.4% year-on-year and missing expectations, as widespread lockdowns to curb record COVID cases hit industrial activity and consumer spending.

“We are constantly prodded by customers to go ahead and do acquisitions. We are still careful, we try to make sure that we understand the thing very well and then take a measured call and then take the asset over. Yes, that delays it a bit, but there are a tremendous number of requests for us to take over companies.”

​The estimates and target cut are due to weak underwriting. It also expects the industry to witness strong competition and high claim inflation hit the market.Another foreign broker, Morgan Stanley, remained underweight on Canara Bank, with a target price of Rs 240 on the counter, signalling a 15 per cent upside.

“Between October 2021 till today, by and large we have been buyers. We have been buying into the market on the correction in stocks where we believe valuations are fair. We have advised our customers that this is the time to be equal weight to the equity allocation, be marginally overweight largecap, be marginally underweight small and midcap but invest in every correction with a longer term view. ”

The stock traded at a P/E multiple of 13.0, while the price-to-book value ratio stood at 1.3.

“Value is beginning to emerge with Nifty at the 15,000-15,500 range. FY24 EPS is likely to be closer to Rs 1000. It was upward of Rs 1027, it has corrected a bit more. The earnings have come down in last quarter and this quarter probably we would see some more correction. But we do not see a significant correction or downgrade in Nifty earnings for FY24.”