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​​The stance of monetary policy remained accommodative while focusing on withdrawal of accommodation, Das said.

“Even if put a gun to my head, I have to put a range – somewhere between plus 0% and 20% upside. That is what I am looking at in terms of this stock. The reason for this is that the government is selling 3% stake in this and so there will be more to come. As the one-year period goes away, that fear will also start building in the stock. ”

For the quarter ended 31-12-2021, the company has reported a Consolidated Total Income of Rs 212.00 Crore, down -7.42 % from last quarter Total Income of Rs 229.00 Crore and down -5.78 % from last year same quarter Total Income of Rs 225.00 Crore. Company has reported net profit after tax of Rs 21.00 Crore in latest quarter.

Promoters held 74.99 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 8.83 per cent and 6.25 per cent, respectively.

“Traders are speculating if the MPC (Monetary Policy Committee) has met over the last few days. However, there is a lot of confusion. There has been no fresh negative development to prompt an off-policy rate hike. Moreover, in the recent past, rate actions have been announced at 10 am when the markets opened.”

The BSE Sensex was trading 745 points or 1.31 per cent lower at 56,231. Nifty50 was trading lower by 230 points at 16,839. The index had reclaimed the 17,100 level in the early trade.

The size of the issue is up to Rs 50 crore along with an option to retain over subscription of up to Rs 650 crore, aggregating up to Rs 700 crore, it added.

The Relative Strength Index of the stock stood at 45.15 on Wednesday.

The forex market was closed on Tuesday on account of Id-Ul-Fitr.

The Burman group, through various entities, had made a Rs 604.76-crore open offer to acquire around 1.89 crore shares of Eveready Industries, representing 26 per cent of the expanded voting share capital, at a price of Rs 320 per share, payable in cash.