BSE Smallcap index hits new high; HLE Glascoat zooms 108% in a month

Shares of smallcap companies were in focus in Friday’s trade as the S&P hit a new high of 21,411, up 1 per cent, on the back of a strong rally in power, textiles, jewellery, industrial machinery, chemicals and packaging stocks.

The smallcap index surpassed its previous high of 21,389 touched on March 3, 2021. In comparison, the S&P BSE Sensex was up 0.73 per cent and the S&P was up 0.82 per cent.

Shares of Vascon Engineers, Mahanagar Telephone Nigam Limited (MTNL), BGR Energy Systems, Reliance Power, Olectra Greentech, 3i Infotech and OnMobile Global from the smallcap index were locked in their respective upper circuit filters on the BSE today.

In the past one month, the has outperformed the market by surging 9 per cent as compared to a 4.7 per cent gain in the and a 0.53 per cent rise in the benchmark Sensex.

HLE Glascoat has seen its market price more-than-double, up 108 per cent, during the month. Adani Total Gas, Hindustan Copper, MTNL, Ramky Infra, Reliance Power, IFCI, Jindal Poly Films, Greaves Cotton, MMTC, Saregama India, NBCC and Indian Overseas Bank have surged between 50 per cent and 94 per cent during the period.

Among the individual stocks, Apollo Pipes soared 20 per cent to Rs 883, also its 52-week high on the BSE in intra-day trade today. The company which is among the top 10 leading piping solution providing firms in India, reported an encouraging performance during the December quarter, led by a robust uptick in consumption in the domestic

Looking ahead, the management said the various pro-growth measures undertaken by the government, especially in the rural, infrastructure and agricultural space, should lead to better demand and consumption of the company’s products in the domestic market over the medium-to-longer term.

too hit a 52-week high of Rs 84.70, up 14 per cent, in intra-day trade on the back of two-fold jumped in trading volumes. The stock of textiles company has gained 24 per cent in seven days after its board on March 3 approved raising of borrowing of up to a maximum of $100 million (approximately Rs 750 crore) in one or more form of instruments.

Shares of were locked in the upper circuit for the second straight day, up 10 per cent at Rs 23.95, also its fresh 52-week high on the BSE. In the past 12-trading days, the market price of the stock has more-than-doubled, up 101 per cent, on reports that the government has identified real estate and land assets of state-owned telecom services provider to kick off the ambitious PSU asset monetisation programme.

Jindal Polyfilms hit a new high of Rs 849.70, up 9 per cent, in intra-day trade today, soaring 73 per cent during the first nine trading days in the month of March. The firm is exploring the sale of a significant minority stake to raise as much as Rs 1,000-1,200 crore as the BC Jindal group company looks to take advantage of frenzied investment activity in the packaging industry, a media report said.

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