Mumabi: Even as benchmark indices Sensex and the Nifty50 display a sluggish trend, this is turning out to be another good session for smallcap stocks.
Scores of smallcap stocks have rallied sharply over the past few weeks and the BSE Smallcap index (up 0.55% at present), which hit a new high at 17,069.13 this morning, has gained more than 5600 points or about 50% in about 11 months.
Jaiprakash Power Ventures hits 10% upper circuit
It's an electrifying start for power stock Jaiprakash Ventures on Tuesday, on reports the company has received non-binding bids for acquisition of about 35% stake in the company.
The stock rose to Rs 8.80, hitting the 10% upper circuit, reacting to news that five bidders have put in non-binding bids for a stake in Jaiprakash Power. The stock had touched a low of Rs 3.45 on 9 November 2016.
India Power Corporation, Resurgent Power, Brookfield Asset Management, Bain Capital Assets and JSW Energy are the bidders.
Resurgent Power is a joint venture between Tata Power and ICICI Ventures. JSW Energy has bid in partnership with Piramal.
Meanwhile, Edelweiss Asset Reconstruction Company has bid for the debt of the sustainable portion of the company.
In the quarter ended June 2017, Jaiprakash Power Ventures posted a net loss of Rs 19.02 crore, much lower than net loss of Rs 196.16 crore in the year-ago quarter. For the quarter ended March 2017, the company had reported net loss of Rs 229.82 crore.
Aries Agro vaults again on high volumes
Shares of Aries Agro is in demand once again. Extending its recent gains, the stock rallied again and hit a new all-time high of Rs 243.60 on NSE (Rs 242.65 on BSE) this morning, gaining about 18%. At Rs 238.50, the stock is now up 14.7% from its previous closing price.
On BSE, the Aries Agro counter has clocked a volume of nearly 5 lakh shares so far in the session, as compared to average daily volume of about 1.63 lakh shares. On the National Stock Exchange, the counter has clocked a volume of more than 2.8 lakh shares so far today. In about 11 months (since it touched a low of Rs 105 in mid-November 2016), the stock has gained a whopping 132%.
