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The brokerage has recently raised FY23E earnings by 8% for BoB, however, with asset quality risks abating and steady credit growth outlook, there is likelihood of further earnings upgrade.

Promoters held 53.51 per cent stake in the company as of 30-Jun-2022, while FII and DII ownership stood at 42.2 per cent and 2.24 per cent, respectively.

Expect lower sales volume QoQ owing to subdued demand until Nov-22. Realisation is likely to be down by Rs2,000/t QoQ. Limited benefit of lower coking coal prices due to DRI route and partial self-sufficiency. Overseas subsidiaries are unlikely to show higher volumes.

Overnight, the tech-heavy Nasdaq led gains for all of the three main U.S. stock indexes, with investors taking cheer after Federal Reserve Chair Jerome Powell refrained from talking about interest rate policy in his first public appearance of 2023.

Consolidated revenue is seen rising nearly 19% on year, and 4% sequentially to Rs 37,890 crore, according to the average of estimates given by 10 brokerages.

The Relative Strength Index of the stock stood at 54.64 on Wednesday.

The stock traded at a P/E multiple of 37.27, while the price-to-book value ratio stood at 9.65.

In the fiscal year 2022 (FY22), the stock brokerage firm Zerodha’s net profit increased 87% to Rs 2,094.3 crore from Rs 1,122.3 crore in FY21, while operating revenue jumped to Rs 4,963.7 crore from Rs 2,728.9 crore in the same period, according to its audited financial statement filed with the Ministry of Corporate Affairs (MCA).

After beating most Asian and emerging market peers last year, India’s $3.4 trillion stock market is already overshadowed in 2023 as China’s reopening attracts global funds to the North Asian market after a record selloff.