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In the September quarter, Kacholia added a stake in Shankara Building, Megastar Foods and Xpro India. Further, as per the latest filings, the investor holds 41 stocks with an estimated net worth of over Rs 1,919.3 crore, Trendlyne data shows.

A structural shift in the Indian economy, which has gained momentum during the last decade, is the formalization of the economy. Reforms like the GST have hit the informal sector hard. The informal sector, which thrived on tax arbitrage, is finding the going tough in the highly competitive business environment

Indian markets continued to exhibit resilience amid global volatility and gained almost 1% last week, while the rest of the world remained largely negative. The gains in the index were led by lightweight stocks from the Metal and Pharma sector, the top gainers for the week. Meanwhile, mid-cap space out performed Nifty by gaining more than 2% last week.

​On November 1 2022, the Ministry of Consumer Affairs, Food & Public Distribution issued a notification on the removal of stock limits on edible oils and oilseeds. The wholesale dealers and the big retail chain are exempted from the stock limit order with an immediate effect.

Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Infosys, State Bank of India, HDFC and ITC were among the gainers, while ICICI Bank, Hindustan Unilever Limited and Bharti Airtel faced erosion from their market valuation.

The bulls defended support on the lower end in both the indices, and the index witnessed a sharp recovery in the closing hour of the session. If the Nifty index breaks above 18,200 once, we will see a short covering towards the 18,500-18700 levels. If Nifty Bank once breaks above 41,500, we will see short covering towards 43,000 levels. The momentum oscillators are in the strong buying zone, which confirms the internal strength

Ajit Mishra, VP - Research, Religare Broking, said that markets were gradually inching higher towards record highs; however, volatility on the global front is capping the momentum so far.

“Speaking about the rationalisation, it was the toughest decision for both Byju and me to take for the company and we have spoken about it. How much we say and apologise, it is not enough. Sometimes what Byju and Divya want is not what Byju’s as a company demands. We did it because this would help us move towards path to profitability by Q4. ”

Tata Motors, Pidilite Industries, Procter & Gamble Hygiene & Healthcare, Star Health and Allied Insurance Company, Godrej Properties, Deepak Nitrite, 3M India, General Insurance Corporation of India, Piramal Enterprises, The Ramco Cements, Finolex Cables, Quess Corp, Balrampur Chini Mills, Gujarat Alkalies & Chemicals, Edelweiss Financial Services, New Delhi Television, Max Ventures and Industries.

In an interview with ETMarkets, Shah, with over 17 years of experience, said: “The underlying strength of Indian equities remains intact on account of visible CAPEX recovery, improving prospects of the asset quality of banks and various reforms undertaken by the government that started supporting economic momentum." Edited excerpts: