Recommendation: Buy; Target price: Rs 2714
FPIs selling picked up sharply in the week as FPIs sold equities worth $1.25 billion in just the last 2 days of the week.
Nifty closed the week just above 19,000, but it may be tough to sustain once the short covering is done and dusted.
The company's revenue also saw strong growth, rising by 23.8%.
For the week, the CME Fedwatch remained amazingly static; and the upcoming Fed statement next week could set the tone.
Nifty closed positive this week despite pressure from banks and IT; as oil, autos and FMCG stole the limelight.
The company allocated 87,49,999 equity shares at a price of Rs 648 per share to these anchor investors.
The IPO, offering shares solely through an offer for sale, has allocated half the issue size to qualified institutional buyers, while the remainder is divided between HNIs and retail investors in a 30:70 ratio.
In a volatile week, US bond yields retreated from 5%, but the spike in gold prices shows odds are weighed against equities.
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