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PSU banks, Magma Fincorp drive S&P BSE SmallCap index near record high

In the past one week, Bank of Maharashtra and Indian Overseas Bank have surged up to 67 per cent on report that the government has shortlisted four mid-sized state-run banks for privatisation

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BSE smallcap | Buzzing stocks | PSU bank stocks

SI Reporter  |  Mumbai 

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The S&P BSE Smallcap index has advanced 2.04 per cent in one week

The S&P index hit a fresh 52-week high of 20,064 points, up 1 per cent on the BSE in the intra-day trade on Thursday, on the back of continued upward movement in public sector undertaking (PSU) banks. The smallcap index is 133 points away from its all-time high level of 20,183 points touched on January 15, 2018.

Indian Overseas Bank and Central Bank of India rallied 20 per cent each while Bank of Maharashtra was up 10 per cent on the BSE today. In the past one week, these banks have surged between 64 per cent and 67 per cent on report that the government has shortlisted these mid-sized state-run banks, along with Bank of India, for privatisation.

Apart from PSU banks, OnMobile Global, Goldiam International, Magma Fincorp, Adani Total Gas, Shankara Building Products, Majesco, Greaves Cotton, HLE Glascoat, Linde India, Sadbhav Engineering, Mayur Uniquoters and HEG have rallied over 25 per cent in the past one week. The S&P index has advanced 2.04 per cent, as compared to a 1.9 per cent gain in the S&P BSE Midcap and 0.44 per cent rise in the S&P BSE Sensex during the period.

Among the individual stocks, OnMobile Global shares hit a fresh 52-week high of Rs 113.90, up 9 per cent in intra-day trade today. The stock of the telecom services provider has soared 58 per cent during the week. In the past one month, it has rallied 103 per cent after its net profit more-than-doubled to Rs 12 crore in Q3FY21 from Rs 6.5 crore in Q3FY20. Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin improved 500 bps to 12.7 per cent from 7.7 per cent.

OnMobile provides end-to-end mobile entertainment solutions that include platform, apps, content partnerships, and professional services to carriers across the globe. Based on current deployments, OnMobile has over 100 million active subscribers and an addressable base of more than 1.68 billion mobile users across several geographies.

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First Published: Thu, February 18 2021. 10:00 IST
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