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The stock traded at a P/E multiple of -65.68, while the price-to-book value ratio stood at 3.36.

"We expect front-loaded policy support to prevent growth from falling significantly below 5% in 2022. This includes the MLF rate cut today. More generally, we expect strong infrastructure spending, robust credit growth, and support for the real estate sector this year." said Louis Kuijs, Head of Asia Economics at Oxford Economics.

Assuming the government manages to pull of the stake sale in LIC, the step could lead to receipts of around Rs 80,000 crore to Rs 1 lakh crore, equity analysts said. This would still leave a shortfall of around Rs 70,000 crore from the Budgeted target for the current financial year.

“HCL Tech seeing a very strong momentum. As we continue to give visibility of both hiring and booking, it should give a very good perspective on what to expect in the future.”

Singapore is a popular location for cryptocurrency companies due to a comparatively clear regulatory and operating environment and is among the forerunners globally in developing a formal licensing framework.

“We are not seeing an across-the-board price hike over the next few months unless things take a turn for the worse.”

The Relative Strength Index of the stock stood at 74.78 on Monday.

Analysts do not see any change in capital gain tax on equity as equity taxation was introduced recently and the government would want to maintain continuity.

“Earnings are plateauing at very high levels which translates into very strong free cash flow generation and this in turn allows the companies to reduce debt very sharply.”

The stock quoted a 52-week high price of Rs 1063.75 and a 52-week low of Rs 620.55.