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The open interest in metal stocks is close to multi-year lows. Hindalco and JSW Steel have one of the lowest OI.

A total of 2,269 shares changed hands on the counter till 10:10AM (IST).

The stock quoted a 52-week high price of Rs 142.25 and a 52-week low of Rs 78.7.

Besides, a number of board meetings are scheduled for today. Advani Hotels will meet to decide on an interim dividend. Also, Shree Securities will meet to consider stock split, while Murudeshwar Ceramics’ board will meet to mull issue of warrants.

The government received bids for 5,55,10,454 shares in the OFS from institutional investors against the offer size of 1,80,00,000 for the category, according to the data on the BSE website. This gave the government an opportunity to use the greenshoe option of 1,80,00,000 additional shares.

"India’s corporate profits are sub Rs 10 lakh crore if you add them all up. If you add up the listed universe, it is substantially lower. In fact, it used to be Rs 5 lakh crore a year back and now may be a little bit more than that. The next 5 or 10 years are going to make this multifold both because new companies will list and also because of financialisation and GST coming into play and changing things."

The S&P BSE Sensex fell more than 800 points while the Nifty50 closed below 18,500 levels on Thursday.

Promoters held 46.86 per cent stake in the company as of 30-Jun-2022, while FIIs owned 10.1 per cent, DIIs 14.69 per cent.

Hardly any analyst ETMarkets spoke to sees Nifty slipping below the 18,000 mark in the next one year. The most optimistic of bulls are expecting the index to even zoom past the 20,000 mark. Global brokerage BofA Securities has built a base case Nifty target of 19,500 while Morgan Stanley sees the Sensex at 68,500 in 2023.

“Whenever PSUs come out with OFS, that puts pressure on the stock price and often the stock does not perform for some time. That could be a trend now and this year especially given that many of the PSU companies have done so well and a lot of retail investors have gotten into many of these stocks and the capacity to buy afresh might be less.”