21 stocks from BSE Smallcap index rally over 50% in October

GM Breweries, IFB Agro Industries, Sanwaria Consumer, HEG, Gujarat Borosil, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Saregama India, Balaji Amines and Bhansali Engineering Polymers were among 21 stocks from the S&P BSE Smallcap index, which rallied over 50% in the month of October.

The S&P BSE Smallcap index hit a new high of 17,625, surging 9% thus far in the current month. The index is set to post its biggest monthly gain in past 19 months. Earlier, in March 2016, the smallcap index had rallied 10% in a single month.

By comparison, the S&P BSE Midcap and the benchmark S&P BSE Sensex gained 8% and 6%, respectively during the current month.

Balaji Amines rallied 16% to Rs 515 on the BSE in intra-day trade today, after its board approved the investment in Balaji Speciality Chemicals Private Limited. The company said the said acquisition will help it expand its product portfolio and target domestic and export markets.

Meanwhile, Balaji Amines recorded 34% jump in net profit at Rs 29.16 crore in September quarter (Q2FY18) against Rs 21.73 crore in Q1FY17. The stock rallied 51% in past one month from Rs 337.

Sanwaria Consumer saw its market value appreciated by 220% from Rs 7.39 to Rs 23.69 on Tuesday. The company had reported three-fold jumped in its net profit at Rs 21.04 crore in Q2FY18. It had profit of Rs 6.59 crore in the same quarter last year.

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