BSE Smallcap index hits new high led by chemicals, cement stocks

January 04
11:16 2018
The S&P BSE Smallcap index hit a new high of 19,486 on BSE in early morning trade after a strong gain in cement, metal, pharmaceutical, public sector banks (PSBs) and chemical stocks. The index surpassed its previous high of 19,445 touched on January 1, 2018 in intra-day trade.

At 10:17 AM; the S&P BSE Smallcap index was up 0.6% at 19,451, as compared to 0.29% rise in the S&P BSE Midcap and 0.1% gain in the benchmark S&P BSE Sensex.

UCO Bank and Dena Bank from PSBs, Orient Carbon & Chemicals and Meghmani Organics from chemicals, Sagar Cements and Shiva Cement from cement and APL Apollo Tubes and Kirloskar Ferrous Industries from metals and Unichem Laboratories and Eris Lifesciences from pharmaceuticals have rallied up to 17% in intra-day trade.

Sagar Cements hits new high of Rs 1,161, up 15%, extending its Wednesday’s 11% surge on BSE. In past one week, the stock soared 38% from Rs 843 after the HDFC Mutual Fund bought an additional more than two percentage point stake in the company through open market.

“On December 29, 2017, HDFC Mutual Fund, HDFC Trustee Company Limited A/c HDFC Prudence Fund has purchased 520,000 equity shares representing 2.55% stake in Sagar Cements via open market,” HDFC Mutual Fund said in a BSE filing.

Post acquisition, HDFC Mutual Fund’s total holding in Sagar Cements increased to 7.67% from 5.12%. The name of the sellers however, not ascertained immediately.

Unichem Laboratories too hit record high of Rs 355, up 7% on BSE in intra-day trade after the company said that its board at their meeting scheduled on January 8, 2018 shall consider a proposal to buy-back the fully paid-up equity shares of the Company.

WPIL has rallied 9% to Rs 744, extending its previous day’s 2% gain, after the promoter increased its stake in the company through open market.

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