The stock has made significant gains over the last five trading sessions, up about 44%.
India’s benchmark indices opened the session low amid mixed global cues and continued to fall sharply as a result of heavy losses in metals and property stocks. BSE Realty was one of the worst performers in the session.
With 1,052 stocks up and 2,302 stocks down in the BSE, the ratio of gains to losses was still trending downward. The broader index also fell in line with the major indices. Ashoka Metcast has attracted investors with its strong rise in an otherwise lackluster market.
On Wednesday’s intraday basis, shares of top BSE gainer Ashoka Metcast surged, locking at the 20% cap circuit at Rs 14.47 per share on BSE. Stocks surged in trading volume to a 52-week high.
The stock has risen significantly in the last five trading sessions, jumping about 44% and up 84% in the past six months. The company’s market capitalization is modest at his Rs 3.6 billion. The promoter owned his 53.65% of the company and the non-institutional investor owned the remaining 46.35% of his shares.
The stock’s PE ratio is low when compared to its competitors due to its significant promoter holdings and moderate level of profitability. The company is currently engaged in trading and manufacturing structural steel products such as TMT bars, angles and channels.
Keep an eye on this strain for future sessions.
