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The 30-share BSE benchmark Sensex tumbled 580 pts from day's high and fell 238 points or 0.37% to settle at 63,874. The broader NSE Nifty declined 61 points or 0.32% to end at 19,079. Among Sensex stocks, Sun Pharma and M&M were the top laggards, falling over 2% each. Bharti Airtel, ICICI Bank, IndusInd Bank, and Reliance Industries also closed in the red.
The stock has a P/E of 38.27x making it the second cheapest in absolute terms among its peers.
Cyient DLM has initiated its initial public offering for subscription, with a price band of INR250-265 ($3.36-$3.55) and a proposed market capitalisation of INR2,102 crore. The entire IPO comprises fresh equity shares worth up to INR592 crore. Analysts recommend subscribing to the issue for the long term, given attractive valuations, strong growth potential and the company's focus on the entire life cycle of a product. Cyient DLM is a printed circuit board assembly solutions specialist with long-term relationships with customers such as Bharat Electronics and Thales Global Services.
Increased activity in manufacturing and defence will in turn lead to growth in banking, while higher discretionary spends would help drive the consumption sector.
DCX Systems IPO: The qualified institutional buyers' (QIBs') portion got subscribed 84.32 times, while the non-institutional investors' category received 43.97 times subscription. The quota for retail individual investors (RIIs) got subscribed 61.77 times.