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Stock market update: Smallcaps outpace Sensex; Uflex jumps over 10% despite a decline in Q4 profit

NEW DELHI: The BSE Smallcap index was outpacing benchmark Se..

NEW DELHI: The BSE Smallcap index was outpacing benchmark Sensex during Tuesday's trade.

Around 11:10 am, the smallcap index was 0.45 per cent up at 17504, while the Sensex was 0.05 per cent up at 35,183.

The Nifty50 index was 0.10 per cent up at 10,700 around the same time.

Shares of Shriram EPC (up 12.57 per cent), Uflex (up 11.82 per cent) and High Ground Enterprise (up 10 per cent) jumped 10 per cent in the smallcap index.

Shares of packaging company Uflex surged even as it reported a decline of 27.55 per cent in consolidated net profit at Rs 71.13 crore for the fourth quarter ended March 2018 due to increased depreciation cost.

Sakthi Sugars (up 8.05 per cent), M M Forgings (up 7.73 per cent), Camlin Fine Sciences (up 7.54 per cent), Ugar Sugar Works (up 7.14 per cent) and Arcotech (up 6.93 per cent) were also among the top gainers in the smallcap index.

On the contrary, the beleaguered Manpasand Beverages plunged 20 per cent on Tuesday, taking its slide to 40 per cent in five sessions.

The stock hurtled down as auditor Deloitte Haskins & Sells India quit days before its earnings announcement. The firm has cancelled its fourth quarter earnings scheduled for Wednesday.

Intrasoft Technologies (down 9.87 per cent), Mangalam Drugs and Organics (down 9.47 per cent), Caplin Point Laboratories (down 7.61 per cent), Shiva Texyarn (down 7.18 per cent), Madhucon Projects (down 6.30 per cent), Balasore Alloys (down 6.12 per cent) and ISGEC Heavy Engineering (down 5.69 per cent) were also among top losers in the index.

Market was cautious due to profit-taking amid weak Asian cues as uncertainty over the US-North Korea summit and a political crisis in Italy remained a concern.

In the Sensex index, 19 stocks were in the green, while 12 in the red.

Original Article


ET Markets


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