The BSE Smallcap index hit a new high on Thursday after a strong rally in public sector banks (PSBs), housing finance companies (HFCs), fertilisers and auto ancillaries stocks led by Amtek Group companies.
At 10:43 am; the S&P BSE Smallcap index was up 0.57% at 15,518, hitting a record high of 15,527 in intra-day trade today.
At 10:43 am; the S&P BSE Smallcap index was up 0.57% at 15,518, hitting a record high of 15,527 in intra-day trade today.
Coromondel International, Gujarat Narmada Valley Fertilisers & Chemicals (GNFC), Gujarat State Fertilisers Company (GSFC) from the fertilizers, GIC Housing Finance and Can Fin Homes from HFCs, Igarashi Motors and Subros from auto ancillary hit their respective record highs.
Indian Overseas Bank, Bank of Maharashtra, Uco Bank, Andhra Bank, Vijaya Bank and Dena Bank from PSB have rallied by up to 7% after Cabinet approved new non-performing assets (NPA) policy to deal with stressed assets.
Amtek Auto, Castex Technologies and Metalyst Forgings from the Amtek Group were up in the range of 5% to 7% on BSE.
Indian Overseas Bank, Bank of Maharashtra, Uco Bank, Andhra Bank, Vijaya Bank and Dena Bank from PSB have rallied by up to 7% after Cabinet approved new non-performing assets (NPA) policy to deal with stressed assets.
Amtek Auto, Castex Technologies and Metalyst Forgings from the Amtek Group were up in the range of 5% to 7% on BSE.
V-Mart Retail has soared 10% to Rs 1,059 in intra-day trade, after the company posted a net profit Rs 4.99 crore in March quarter against Rs 48 lakh in year ago quarter.
Everest Industries was up 8% to Rs 271 after the company engaged in cements & cements products business posted a net profit of Rs 14.09 crore in March quarter against a loss of Rs 14.04 crore in December quarter. It had reported profit of Rs 11.89 crore in March 2016 quarter.
Coromandel International was up 4% to Rs 385, extending its 7% surge in the past two trading days. The company reported a 25% YoY fall in revenues, mainly owing to the correction in fertiliser prices and weak fertiliser sales in the South due to poor rains.
However, EBITDA and PAT surpassed our and consensus estimates on higher EBITDA margin (12.1% versus 9.0% estimate), led by fall in raw material (RM) and better performance of fertiliser business. PAT, at Rs 140 crore, zoomed 57% YoY/29% QoQ, aided by lower interest expense, said analysts at Edelweiss Securities in result update.
The brokerage firm maintains ‘buy’ rating on the stock with a target price of Rs 393. It expects PAT to clock 22% CAGR over FY17-19, driven by volume growth in complex fertilisers, debottlenecking in agrochemicals, superior margins and lower interest costs.
Everest Industries was up 8% to Rs 271 after the company engaged in cements & cements products business posted a net profit of Rs 14.09 crore in March quarter against a loss of Rs 14.04 crore in December quarter. It had reported profit of Rs 11.89 crore in March 2016 quarter.
Coromandel International was up 4% to Rs 385, extending its 7% surge in the past two trading days. The company reported a 25% YoY fall in revenues, mainly owing to the correction in fertiliser prices and weak fertiliser sales in the South due to poor rains.
However, EBITDA and PAT surpassed our and consensus estimates on higher EBITDA margin (12.1% versus 9.0% estimate), led by fall in raw material (RM) and better performance of fertiliser business. PAT, at Rs 140 crore, zoomed 57% YoY/29% QoQ, aided by lower interest expense, said analysts at Edelweiss Securities in result update.
The brokerage firm maintains ‘buy’ rating on the stock with a target price of Rs 393. It expects PAT to clock 22% CAGR over FY17-19, driven by volume growth in complex fertilisers, debottlenecking in agrochemicals, superior margins and lower interest costs.
| COMPANY | LATEST | ALL TIME HIGH | PREV HIGH | PREV DATE |
| APAR INDS. | 813.05 | 831.00 | 827.00 | 02-May-17 |
| ARIHANT SUPER. | 166.40 | 171.05 | 169.70 | 28-Apr-17 |
| CAN FIN HOMES | 2864.55 | 2897.00 | 2873.95 | 03-May-17 |
| CEAT | 1663.85 | 1680.75 | 1668.85 | 03-May-17 |
| COROMANDEL INTER | 385.50 | 387.00 | 384.00 | 21-Apr-17 |
| FUTURE LIFESTYLE | 292.50 | 297.70 | 294.75 | 05-Apr-17 |
| G N F C | 317.65 | 321.45 | 319.90 | 02-May-17 |
| G S F C | 136.35 | 138.85 | 135.50 | 03-May-17 |
| GIC HOUSING FIN | 579.30 | 593.40 | 555.95 | 03-May-17 |
| I G PETROCHEMS | 417.00 | 440.00 | 414.50 | 28-Apr-17 |
| IGARASHI MOTORS | 912.10 | 948.00 | 873.00 | 03-May-17 |
| JK PAPER | 114.55 | 117.00 | 114.60 | 03-May-17 |
| KIRLOSKAR OIL | 399.00 | 405.00 | 404.80 | 07-Apr-17 |
| MOLD-TEK PACK. | 290.35 | 300.00 | 290.00 | 27-Apr-17 |
| MOTIL.OSWAL.FIN. | 898.10 | 906.00 | 890.85 | 26-Apr-17 |
| PHILLIPS CARBON | 460.00 | 465.65 | 461.00 | 03-May-17 |
| SUBROS | 245.40 | 248.00 | 239.75 | 19-Apr-17 |
| SURYA ROSHNI | 288.00 | 290.05 | 280.00 | 28-Apr-17 |
| THIRUMALAI CHEM. | 982.15 | 1010.00 | 984.00 | 02-Nov-16 |
| TIME TECHNOPLAST | 125.85 | 139.80 | 136.60 | 03-May-17 |
| TOUR. FIN. CORP. | 98.95 | 102.00 | 101.45 | 03-May-17 |
| TRANSPORT CORP. | 260.75 | 262.15 | 256.90 | 03-May-17 |
| V-MART RETAIL | 1003.90 | 1059.10 | 972.40 | 26-Apr-17 |
| VOLTAS | 425.10 | 427.80 | 424.90 | 30-Mar-17 |