A rally in small businesses on Thursday saw one in six traded shares frozen on the upper circuit of the Bombay Stock Exchange (BSE) in an otherwise weak market.
Of the 3,666 stocks traded on the BSE, as many as 592 were stuck in the upper levels of the circuit and there were no sellers on the counter, data from the exchange showed.
Up to 63 percent or 382 shares belong to the BSE X (157) and XT (225) group. Equity securities of companies that are only listed / traded on the BSE and meet certain parameters are classified in separate sub-segments called “X” and “XT”. At the time of review, all securities entering the segment of trading for trading (“DT” or “T” groups) are classified under the “XT” sub-segment, the ESB said.
A total of 30 stocks from the S&P BSE Smallcap index were locked in the upper circuit. The list includes Tata Teleservices (Maharashtra), Suzlon Energy, Zee Learn, Zee Media Corporation, 63 Moons Technologies, Arvind SmartSpaces, BGR Energy Systems, Nahar Spinning Mills and Rajratan Global Wire.
At 2:25 p.m., the S&P BSE Smallcap and S&P BSE Midcap indices were trading flat, against a drop of 0.91 for the Sensex.
Five stocks – CSL Finance, Vardhman Holdings, Garment Mantra Lifestyle, GP Petroleums and ARRS Infrastructure Projects – are stuck in ESB’s top 20% circuit. A total of 26 stocks are frozen in the 10 percent channel, while 442 stocks are stuck in the 5 percent channel on BSE, the data shows.
Among individual stocks, Nitin Spinners was frozen in the upper circuit by 5% at Rs 290.50. The textile company’s stock is trading near its all-time high of Rs 295 reached on August 3, 2021. Currently, the stock is traded under the T group, which represents securities that are settled on a trade basis as a measure. monitoring.
In the past six months, the stock has risen 101%, compared to a 13% rise for the S&P BSE Sensex. The company is a leading manufacturer of cotton and blended yarns, knitted fabrics, raw and finished fabrics.
On December 30, 2021, the company’s board of directors approved the capacity expansion for a total project cost of Rs 950 crore. The expansion is expected to be completed within the next 20 months with the aim of strengthening the company’s position in the market and reaping the benefits of a growing market opportunity in international and domestic markets, Nitin Spinners said.
The company further said that the Indian cotton industry is well positioned to take advantage of improving global demand and the China + supply chain strategy adopted by global majors.
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