• These stocks were Purvankara, TCNS Clothing, Ugar Sugar Works, Equitas Small Finance Bank and Punjab & Sind Bank. These five stocks have registered a strong rally ranging between 9% to 17% in early deals. 2 of them have also seen new 52-week highs.
While the broader Indian markets continued in a bearish tone ahead of the RBI's monetary policy results on Tuesday, however, this was not the case with smallcap stocks. While, on the BSE, the Smallcap index was trading between flat to marginally up, there was a list of five stocks which outperformed the markets. These stocks were Puravankara, TCNS Clothing, Ugar Sugar Works, Equitas Small Finance Bank and Punjab & Sind Bank. These five stocks have registered a strong rally ranging between 9% to 17% in early deals. 2 of them have also seen new 52-week highs.
Currently, BSE Smallcap was trading flat at 29,986.16. Early on, the index crossed the 30,000-mark as it touched a high of 30,037.51. Most of the stocks in this basket were in the green.
However, the Sensex was trading at 62,578.87, down 255 points or 0.41%. The benchmark has hit an intraday low of 62,390.07. Broadly speaking, the markets witnessed selling in a basket with IT and metal stocks being the worst hit.
Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “There are two trends emerging in the current economic scenario. The US economy remains strong, as reflected in jobs data, labor market conditions and ISM services. But the market views these positive numbers with concern as this bullish outlook could persuade the Fed to remain hawkish. Indian macros indicate a steady recovery with faster tax collections, impressive credit growth and falling crude oil. Partly the market resilience in India comes from retail optimism and DII investment. This is likely to continue despite increased valuations."
Strategist at Geojit suggests that the strategy of buying on dips has worked well this year and investors can continue with this strategy."
The RBI will announce the country's December 2022 monetary policy for FY23 on Wednesday.
Here's how the above mentioned five smallcap stocks performed on Tuesday:
1. Purvankar:
Purvankara is one of India's largest real estate developers, headquartered in Bangalore, with over 60 properties across 9 cities.
The stock is set to trade above ₹100 and is currently at a 3-month high.
On Dalal Street, the stock is up nearly 17% so far in early deals, hitting a day's high of ₹113.30. Till the time of writing this news, the stock was trading at ₹111.60 on BSE with a gain of 15.23%. Its market cap is around ₹2,642 crore. This will be a rally in Purvankar shares for the second consecutive day.
The last time Purvankar shares were above the ₹100 mark was on September 23, 2022.
The stock has gained at least 45.4% since its 52-week low of ₹77.90 per share, recorded in March last year.
2. TCNS Clothing:
The small-cap has rallied at least 9.80% so far in early deals and the shares touched a day's high of ₹624.
Currently, the shares are trading at ₹613, up ₹44.70 or 7.87% on BSE. The market cap of the company is a little over ₹3,783 crore.
From its 52-week low of ₹493.65 that was recorded on June 20, 2022, the stock has rallied over 26% so far.
TCNS Clothing is India's leading women's branded apparel company. TCNS Clothing operates under three brands W, Aurelia and Wishful.
3. Ugar Sugar Works:
Ugar Sugar Works is a multi-bagger with three-digit volume gains in percentage terms in just one year. On Tuesday, the stock hit a fresh 52-week high of ₹99 on the BSE.
Overall, the stock gained up to 9.82% on Dalal Street in early deals today. Currently, the stock was trading at ₹96.50 on BSE with a gain of 7.04%. Its market cap is over ₹1,075 crore.
The stock was close to the ₹26 level a year back on December 6. Since then, the stock has gained a whopping 275% on the BSE till date.
Ugar Sugar Works is the flagship organization of Shirgaonkar Group of Companies. With an experience of over 75 years, the company is involved in manufacturing White Crystalline Sugar.
4. Punjab & Sind Bank:
The government-backed bank also touched a new 52-week high of ₹27 per share in early deals on BSE. Overall, the stock has jumped 7.9% on the exchange.
Currently, the shares of the bank are trading at ₹26.85 on BSE, up 7.19%. Its market cap is around ₹18,198 crore.
In one year, the small-cap stock has jumped nearly 67% on BSE. Remarkably, from its 52-week low of ₹12.50, the stock has emerged as a multi-bagger with gains of at least 116% on the exchange.
In Q2FY23, the bank reported a net profit of ₹278 crore, a growth of 27% due to a decline in bad loans. In Q2 a year ago, the bank's net profit was around ₹218 crore. Meanwhile, the total income stood at ₹2,120.17 crore
No comments:
Post a Comment