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We like the company’s strategy of penetration-led growth, focus on the international market, increasing distribution reach, timely capacity addition to supporting the growth, new product launches, and acquisition of the Kohinoor brand. We expect Adani Wilmar to benefit from the recent uptick in demand," it said.

The Relative Strength Index of the stock stood at 43.64 on Thursday.

On the technical charts, the 200-day moving average of the stock stood at Rs 1563.15.

A total of 567,085 shares changed hands on the counter till 01:22PM (IST)

The Nifty Auto index was trading 0.31 per cent up at 13276.45.

The brokerage maintains its REDUCE rating on the stock with target price of Rs 7.5/share based on EV/EBITDA of 9.5x on FY24E.

However, the telecom operator continued to lose subscribers. Its subscriber base as of December 31 was 228.6 million, compared with 234.4 million a quarter ago. The total number of data subscribers for the company was steady at 135.3 million at the end of the December quarter

Net crude realisation, adjusted for windfall tax of USD 10.2/bbl (or INR29.4bn), was higher at USD 75.8/bbl (vs. JMFe of USD 73.1/bbl). OVL’s production continues to be weak but earnings has partly recovered.

Mutual funds have increased their holdings in auto ancillary makers across the board for three quarters in a row. Foreign institutional investors and retail investors too, have raised their ownership in some of the names.One stock that has seen buying across the investor fraternity is Sona BLW Precision Forgings

Given the multiple near-term levers, enviable biosimilars pipeline, strengthening of leadership teams, favourable valuation and marquee investors backing, JM strongly believes the company is well poised to turn the tide in its favour.