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“One needs to focus on what one is going for while investing in midcaps and smallcaps; whether one is investing into leaders in a smaller segment or into challengers in the larger segment. One needs to keep in mind all these aspects, whether you are investing in the leaders in a smaller segment or in the challengers or the consolidators.”

On the technical charts, the RSI of the stock stood at 49.77.

Adani Enterprises has a solid asset base and good cash flows despite there being debt on the balance sheet. Adani Wilmar has delivered stellar returns. Even as the space is getting overcrowded, there is room for upside," said Bathini.

The Nifty Bank index was trading 0.19 per cent down at 43170.75.

A total of 9,733 shares changed hands on the counter till 10:25AM (IST)

Then with no break in July, the markets will observe a holiday on the occasion of Independence Day on August 15. Post that on September 19, markets will be shut for Ganesha Chaturthi.

Over the cost of the acquisition of the stake, the Tata group FMCG arm said it is for a consideration value of Rs 43.65 crore plus the adjustment amount.

Stocks that were in focus include names like FACT which was up nearly 10%, Bharat Dynamics which gained more than 2%, and Hikal which gained more than over 3% on Thursday.

The company’s board meeting is to take place to consider and approve the migration process from SME to the main board of the stock exchange(s) in terms of Regulation 277 and other applicable provisions of SEBI.

The “SEBI needs to move faster, and strengthen its investigation mechanism,” said Harish Kumar, a partner at Luthra and Luthra Law Offices India. Inability to ensure compliance can result in erosion of shareholder wealth and faith in the market.