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A total of 21,675 shares changed hands on the counter till 10:51AM (IST)

Jefferies initiated a buy rating on Medanta (Global Health) with a buy rating and a target price of Rs 550. Medanta is a top-notch healthcare provider with strong brand equity, the brokerage said.

The stock quoted a 52-week high price of Rs 278.1 and low of Rs 181.15.

Besides, a high net debt/EBITDA of 2.3x (FY24E) relative to peers is also a concern.

Further, farm income is expected to grow higher on the back of a good Rabi crop season. And inflation pressures are showing signs of easing. Moreover, the persistent COVID-led restrictions in China and major slowdown in Europe has forced companies globally to look for alternate sources and this became a major boon for India.

The Relative Strength Index of the stock stood at 34.55 on Friday.

As of 30-Sep-2022, promoters held 46.74 per cent stake in the company, while FIIs held 15.97 per cent and domestic institutional investors had 15.78 per cent.

“A better way to play pharma would be through hospital stocks. Then we also have these domestic-oriented pharma companies like JB Chemicals or Eris Lifesciences and then the pharma MNCs. Those also are a secular growth story at this point of time because spending on medicine is going to keep on increasing as healthcare possibilities expand.”

“I prefer the stock market and start-ups which have been doing well. I have not dabbled into cryptocurrency, NFTs etc because I am not such a fan of anything that does not feel real. I am a little traditional in that sense. It is a bit of wisdom combined with gut and that in my opinion is the best recipe where experts do what they do and at the same time, they run it past me and my father. Eventually it is about guts.”

Tesla CEO Elon Musk said on Thursday he will not sell more Tesla stock for another two years.nWhile speaking in a Twitter Spaces audio chat, Musk said he foresees the economy will be in a "serious recession" in 2023 and demand for vehicles will be lower.