A total of 56,456 shares changed hands on the counter till 02:07PM (IST)

The Relative Strength Index of the stock stood at 57.31 on Thursday.

“So long as there is growth, do not get too perturbed about higher PE multiples and ride this particular growth. Do not think in terms of booking profits and trying to buy them at corrections.”

The migration of Indian techies from Boston to Bengaluru is the biggest ever thing that has happened in the last 20 years, says Raamdeo Agrawal.

There is no analyst coverage on the stock. However, fundamentally, the company has high profit margins and low debt levels. As per Refinitiv database, its return on equity stood at 50 per cent for FY21.

On the technical charts, the 200-day moving average of the stock stood at Rs 895.63.

“Pent-up demand is over. The festive season will show the true level of demand now. The lower starting level in India is reflecting in better numbers and better rebounds than what people have anticipated, but the big picture is there is still a little bit of catching up to do.”

Jhunjhunwala has in the past expressed bullishness on the prospects of state-owned banks, which over the past decade have been crippled by non-performing loans.

Promoters held 0.0 per cent stake in the company as of 30-Jun-2021, while FII and DII ownership stood at 40.14 per cent and 31.48 per cent, respectively.

The stock quoted a 52-week high of Rs 6984.95 and a 52-week low of Rs 3362.05.