In another transaction, Lok Prakashan, the publisher of Gujarat Samachar--a Gujarati newspaper, bought 1,04,871 shares in Star Paper Mills at 172.94 per share.

“This year, 15-18% might require a little bit of tampering because one or two quarters might see margin pressure but our expectation is simple that this is a one-off event and we might not see the oil prices or the other commodity prices at such an elevated level for a very long time. For the next two years, 15-16% earning growth is possible.”

The Dow Jones Industrial Average rose 62.54 points, or 0.18%, at the open to 34,740.89.

The lender said during the quarter ended March 31, it assigned individual loans amounting to Rs 8,367 crore compared to Rs 7,503 crore in the corresponding quarter of the previous year. This means a jump of 11.51 per cent.

This is the second private equity investment in Belstar after Majm which had first invested in the lender in 2018.

There are ten series of NCDs carrying fixed coupons and having tenures of 24 months, 36 months, 60 months and 120 months with annual, monthly and cumulative interest options. Coupons for NCDs range from 8.50 per cent to 9.70 per cent per annum.

On the weekly time frame, Nifty50 has closed above its 20-period moving average and that the MACD has started to curl up.

The Nifty Pharma index closed 0.03 per cent down at 13579.9.

“Our four big subsidiaries have scaled up exceedingly well. Axis Finance is in my mind perhaps one of the best performing NBFCs with high ROE, no NPLs. Axis Mutual Fund has continued to go from strength to strength. Axis Capital we discussed. Axis Securities profitability has gone up 10 fold in comparison to what we had two years back. In that sense, the subsidiaries are doing very well.”

On Thursday, the yellow metal settled at Rs 51,712 per 10 grams.