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Shares of public sector enterprises have corrected by up to 22 per cent month-to-date until March 19, 2024.
Analysts attribute this steep fall to the valuation exuberance seen after a sharp run in these counters last year and suggest investors remain selective regarding the stocks in this space. The rally in public sector undertaking (PSU) stocks has been stretched and sharp, although it is somewhat justified by improvements seen in earnings, operations, balance sheets, and overall profitability.
Electrosteel Castings’ customers are spread across various sectors and geographies and caters to them through its subsidiaries across Europe, North and South America, Southeast Asia, Middle East and Africa.