The pan-European STOXX 600 was up 0.1 per cent as of 0828 GMT, hitting a new peak in early trading.
From India’s standpoint, the combination of a strong dollar, higher yields, and quicker normalisation could impact portfolio flows into India; FII flows (debt and equity) have been very sporadic since Mar’21 after a monthly average of $3 billion during Jun’20-Mar’21.
“If inflation spikes. central banks will increase interest rates, cost of capital may increase and to that extent, expansions may slow down. If expansions slow, that is not going to help bring down steel prices,†says TV Narendran.
The stock traded at a P/E multiple of 3.09, while the price-to-book value ratio stood at 0.6.
On the technical charts, the 200-day moving average of the stock stood at Rs 2178.86.
The company may consider a private placement of equity shares aggregating Rs 400 crore. If the pre-IPO placement is undertaken, the fresh issue size will be reduced.
The IPO comprises fresh issue of equity shares aggregating up to Rs 125 crore and an offer for sale of up to 12,878,389 equity shares by promoter and existing shareholders.
Motilal Oswal Securities said the stock was trading at an attractive valuation of 19.8 times P/E on an FY23E basis.
"Asian Paints, Pidilite, Page Industries, or Titan -- all of these are part of our consistent compounder portfolio. They are pulling away radical amounts of market share. We are seeing 30-40% volume growth from the master franchises."
The stock quoted a 52-week high of Rs 171.35 and a 52-week low of Rs 91.45.
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