HCC faced resistance at its multi year resistance at 47-48 and is now in a corrective phase. Rally from 30-47 was very sharp in sync with the madness in small and midcap space. Rights issue has been talked about in the latest concall. Business wise they are doing most of the things they have been promising, but these kind of stocks will need strong market tailwinds to move up significantly, till the time the actual business transformation happens and growth returns.
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