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A total of 628,140 shares changed hands on the counter till 02:10PM (IST).

DB Realty, which already has partnered with Bangalore-based Prestige Estates for some larger projects in JV format, saw its shares hitting 5 per cent upper circuit limit at Rs 100.90. Godrej Industries shares, on the other hand, were down 10 per cent intraday

“We are pushing for growth and if the growth comes with scale, then the margin to that extent will keep coming.”

While this is a positive step towards the adoption of technology for the future, a flat 30 per cent tax without any loss offset is alarming to a lot of investors, said Aliasgar Merchant, Developer Relations Engineer of New York-based Tendermint.

The board also approved a buyback of shares of the company’s fully paid-up equity shares for an aggregate amount not exceeding Rs 162 crore. The buyback price will not exceed Rs 550 per share, reports said.

JM Financial said the management has changed its go to market strategy to focus on the prices over volumes and is, thus, targeting increasing the proportion of trade sales to 66 per cent from 60 per cent in the December quarter.

The stock quoted a 52-week high price of Rs 606.0 and a 52-week low of Rs 379.05.

A pause in this persistent selling would also be a shot in the arm for stocks with high foreign ownership, especially financial and technology companies, due to the close relationship between performances to fund flows.

Promoters held 48.76 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 21.37 per cent and 9.56 per cent, respectively.

“ I do not think the selloff in Nasdaq is affecting the Indian IT stocks. There may be some minor links, but this is related to the fact that this sector had seen a lot of momentum which had pushed it up to unsustainable price to earnings levels and now is seeing a correction.”