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"In the case of technology companies, most of them have guided for the fact that 80% to 90% of the surplus will be distributed to shareholders, so there are two ways. One is to give out a dividend. The second is to do a buyback."

Going beyond merely buying and selling crypto tokens, the company is offering a unique investment opportunity to earn passive income. The users can invest via simple rupee deposits, which get converted to stable cryptocurrencies generating returns.

The partially convertible rupee opened at 74.41 against the greenback as against 74.34 at previous close. So far in the day, the Indian currency moved in a band of 74.11-74.47 versus US dollar.

Pine Labs serves over 150,000 merchants in India, the Middle East and Southeast Asia. The company has expanded both organically and via acquisitions including consumer fintech platform Fave last year.

The market breadth has deteriorated more than it did in earlier phases of correction with just about 16 per cent of the Nifty500 index now above the 50-day moving average. This, analysts believe, is a red flag for trend continuation.

The stock traded at a P/E multiple of 70.67, while the price-to-book value ratio stood at 6.64.

Promoters held 43.51 per cent stake in the company as of 30-Sep-2021, while FII and DII ownership stood at 34.97 per cent and 2.03 per cent, respectively.

Amid the emerging electric vehicle (EV) boom and demand for automotive component makers, the marquee investor bought an additional stake in Talbros Automotive Components.

Analysts are also estimating a 20-25 per cent jump in profits for the entire Nifty50 universe

"China is uninvestable, that is not how investing is done that you do not know the rules of the game."