BSE Smallcap index hits new high; Vimta Labs, Necter Lifesciences zoom 20%

December 01
14:16 2017
The S&P BSE Smallcap index hit a new high of 18,411 in early morning trade on Friday on back of strong rally in pharmaceuticals, information technology (IT), restaurants, auto ancillary and consumer discretionary stocks. The index surpassed its previous high of 18,324.83, touched on November 29, 2017 in intra-day trade on the BSE.

At 01:06 PM; the S&P BSE Smallcap index was trading at 18,331 points, outperforming the market by gaining 6.1% from its recent closing level low of 17,273 on November 15, 2017. On comparison, the S&P BSE Midcap and the S&P BSE Sensex were up 4.1% and 1.2%, respectively, during the period.

Vimta Labs, Necter Lifesciences, Morepen Laboratories, TRF, VIP Clothing, Steel Strips Wheels (SSWL), Kirloskar Brothers, Coffee Day Enterprises, Nitco, Sasken Technologies and JVL Agro Industries from the smallcap index surge more than 10% today.

Total 38 stocks from the index including Tata Metaliks, Time Technoplast, Symphony, Shankara Building Products, PSP Projects, ADF Foods, Eveready Industries, Finolex Cables, IFB Industries and Lumax Industries hit their respective new highs.

Vimta Labs was locked in upper circuit of 20% at Rs 164, after the pharmaceutical company reported nearly doubled net profit at Rs 4.33 crore in September quarter (Q2FY18). It had profit of Rs 2.04 crore in the same quarter year ago.

SSWL hit a record high of Rs 1,101, up 16% in intra-day trade, extending its Thursday’s 4% gain on the BSE, after the company said it is in advanced stage of discussions to finalize long term contracts with multiple European customers and expects to close them by early next year.

The company also said it has bagged fresh exports order for its Truck wheels plant in Chennai. The total order size is close to 6,000 truck wheels to be supplied over period of 12 months. The supplies will begin from the current month.

Shankara Building Products too hit a new high of Rs 2,176 on the BSE in intra-day trade. The stock soared 33% in past four trading days from Rs 1,631 on Monday. The company on Wednesday after market hours announced the opening of its 122nd store under the ‘Shankara Buildpro’ brand at Jawahar Autonagar, Vijayawada.

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