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Mazagon Dock OFS: Mazagon Dock Shipbuilders shares plunged 13% to hit an intraday low of 2,207.30 on the BSE on Monday, following the government's decision to exercise the oversubscription option and offload an additional 1.18% stake in the company via its ongoing offer for sale (OFS).
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We expect as economic conditions stabilize and corporate earnings improve, there could be a sharp rebound in stock prices. Mid and small cap is also expected to benefit from India's economic recovery and government initiatives like the PLI scheme, Atmanirbhar Bharat and PM Gati Shakti, which are boosting sectors such as infrastructure, manufacturing, defense, and renewable energy.
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In aggregate the valuations for the midcap are not too far away from long period averages while small caps are still away from their own mean. But as always there are differences across sectors. I do not see major froth building in a hurry and expect opportunities to be available on a bottom basis across both cohorts for investors looking at the next few quarters.
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