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BSE Smallcap index hits 52-week high; CARE Ratings zooms 47% in 8 days

Indiabulls Real Estate, STC India, Gati, Puravankara, IG Petrochemicals, Apcotex Industries, CARE Ratings, NRB Bearings and Somany Ceramics gained up to 16 per cent in intra-day on the BSE

Buzzing stocks | Markets | BSE smallcap

SI Reporter  |  Mumbai 

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Shares of smallcap companies were in focus at the bourses on Friday, with the S&P index rising nearly 1 per cent and hitting a 52-week high level.

At 10:38 am, the S&P index, the top gainer among broader indices, was up 0.58 per cent at 15,557 points, as compared to a marginal 0.08 per cent rise in the S&P BSE Sensex. The smallcap index hit a 52-week high of 15,567, surpassing its previous high of 15,461.62, touched on September 17, 2020.

Among individual stocks, Indiabulls Real Estate, STC India, Gati, Puravankara, IG Petrochemicals, Apcotex Industries, CARE Ratings, NRB Bearings and Somany Ceramics gained up to 16 per cent in intra-day on the BSE.

Shares of Indiabulls Real Estate surged 16 per cent to Rs 63.80, rallying 32 per cent in two days after Rare Enterprises acquired 5 million shares of the real estate company via open market on Thursday.

On November 12, 2020, Rare Enterprises, owned by ace investor Rakesh Jhunjhunwala, purchased 5 million equity shares, or 1.1 per cent equity stake, in Indiabulls Real Estate via open market transaction. Rare Enterprises bought shares worth of Rs 28.86 crore at price of Rs 57.73 per share, bulk deals data available on the NSE showed.

Shares of IG Petrochemicals hit a fresh record high of Rs 378, up 7 per cent today. The stock of the commodity chemicals company soared 25 per cent in the past three trading days, after reporting a robust seven-fold jump in consolidated net profit at Rs 23.17 crore in September quarter (Q2FY21). It had profit of Rs 3.38 crore in a year ago quarter.

Meanwhile, CARE Ratings gained 7 per cent to Rs 448, surging 47 per cent in eight trading days, after reporting a nearly four-fold jump in its consolidated net profit at Rs 35.84 crore in Q2FY21 over the previous quarter. It had posted a profit of Rs 9.69 crore in Q1FY21. Revenue from operations more-than-doubled to Rs 75.87 crore from Rs 37.38 crore in the previous quarter.

The company said, in a regulatory filing, that the macro-economic environment, though improving since June due to the unlock measures, is still in the negative territory as evidenced by the growth in credit to manufacturing and services which are the quick indicators of economic activity.

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First Published: Fri, November 13 2020. 10:42 IST