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“We take comfort in the board’s assertion that the company has an effective mechanism for succession planning for the orderly succession of directors and senior management personnel. We raise concerns that he (Sharma) is not liable to retire by rotation, and that he will get board permanency if he continues in a non-executive capacity following the end of his term as managing director,” IIAS said.

Global oil prices also gained, with the benchmark Brent crude oil contract rising for last two sessions through Thursday as the International Energy Agency raised its oil demand growth forecast for this year. The benchmark Brent contract was trading at $99.15 per barrel, after gaining over 3% in last two days.

According to the brokerage, CIL will continue to perform well on account of high thermal power demand, high international coal prices and subsequent increase in demand for domestic coal, leading to higher e-auction premiums.

A total of 13,225 shares changed hands on the counter till 11:06AM (IST).

Data on Thursday showed US producer prices unexpectedly fell in July. It came a day after news that consumer prices (CPI) were unchanged in July due to a drop in gasoline prices.

Paytm said its offline payments leadership strengthens with a total number of devices deployed exceeding 4.1 million. Consumer engagement, it said, was at its highest on Paytm Super-App with average monthly transacting users (MTU) at 77.6 million for the, up 41 per cent YoY.

"The demand may continue on Friday due to holidays in the next week. The range for the day is between 79.40 to 79.80," Bhansali said, adding that oil prices, however, are hovering near USD 100 per barrel, which is a matter of concern for the rupee and current account deficit (CAD).

“We bought Bharat Forge on the reopening trades. We have also taken some exposure in Devyani International and Westlife along with Indian Hotels. We have added some amount of Lemon Tree because that is on a good turnaround path. On the engineering side, I have taken a bet in railway wagon companies like Texmaco and Titagarh Wagons.”

The stock quoted a 52-week high of Rs 94.5 and a 52-week low of Rs 67.73.

The stock traded at a P/E multiple of 60.32, while the price-to-book value ratio stood at 11.55.