“We think that the size of the foreign exchange reserves is huge even though it has come down in the last few months. But it is still quite substantial and at a current account deficit expectation of 2.7% of GDP for FY23, we believe the INR may not breach 79 in a hurry and even if it does breach it,we expect it to pull back from a lower position fairly rapidly.”

The allocation is subject to the approval of shareholders through postal ballot. The Board has fixed July 1, 2022 as record date to determine the eligibility of shareholders to receive bonus shares.

The rupee touched a fresh record intraday low of 77.69/$1 in early trade Tuesday. So far in 2022, the domestic currency has weakened 4 per cent against the US dollar.

Investors bid for 478.4 million shares compared with the total 162.1 million on offer. Apart from retail and institutional investors, a clutch of foreign investors and several domestic mutual fund houses had bid for its anchor book.

The board of directors has approved issuance of bonus shares as well as migration of the company from the SME segment to main board at BSE. The issuance of bonus shares will be in the ratio of 3:1 (3 shares for every 1 share held in the company).

"It appears that the index has embarked on a sustainable pullback rally, whose initial target appears to be into the bearish gap zone present in the 16,484-651 range registered on May 6. The near term trend shall remain positively biased as long as the index sustains above 15,900 level," said Mazhar Mohammad of Chartviewindia.in.

Our consolidated revenues for the quarter grew by 5.5% and EBITDA margins expanded to 50.8%, underscoring our focus on all-round delivery. The mobile business revenues were up 9.5% as we saw the full flow-through of tariff increase. Airtel continues to have the highest ARPU at Rs 178,” said Gopal Vittal, MD and CEO, India & South Asia.

“China Covid lockdowns have impacted the April numbers for all OEMs. A decline of almost 11% plus is also giving an indication of how severe the situation is. We are hearing that starting this Sunday, May 22 onwards, there will be a gradual relaxation plan in China where the more intense lockdowns will be restricted and areas where the case counts have gone down, are opening up and productions will also begin.”

On the technical charts, the 200-day moving average of the stock stood at Rs 2283.91.

At its May meeting, the Reserve Bank of Australia (RBA) considered hiking interest rates by 40 basis points but decided to move by 25 basis points to 0.35% in an attempt to mark a return to "normal operating procedures".