India, Oct. 1 -- Diversification into new business segments can help small-cap companies reduce dependence on their core operations while creating additional avenues for growth. Several companies are now leveraging their existing capabilities to enter emerging and high-demand industries. Here are five small-cap stocks expanding into new business segments.

1. Symphony - Entering Air Conditioners, BLDC Fans and Air Purifiers The company that is well-known for manufacturing air coolers, Symphony Limited, is expanding into room air conditioners, BLDC ceiling fans, and air purifiers in a phased manner. The company will expand into these categories by an asset-light strategy, and the entire new portfolio of products will roll out in the fourth...