The scheme is aimed at facilitating investment by retail investors in gilts by improving ease of access and providing a direct portal for individual investors.

Short covering was seen in the November futures of both the Nifty50 and the Nifty Bank index during the session that helped benchmark indices close higher.

The company saw a decline in Covid-19 related admissions and vaccinations. The volumes dropped significantly during the quarter, it said.

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.