In an otherwise sluggish market, this smallcap stock emerged as the top BSE gainer by locking at 20 per cent upper circuit!

Shares had a significant rally in the last five trading sessions, soaring by about 44 per cent!

The Indian benchmark indices started the session lower amid mixed global cues and they continued to fall sharply as a result of substantial losses in metals and real estate stocks. BSE Metals plunged more than 2 per cent, while BSE Realty was one of the session's worst performers.  

With 1,052 shares rising on the BSE and 2,302 shares declining, the advance-decline ratio strongly remained in favour of declines. Broader indices also dropped in line with the main indices. Ashoka Metcast attracted investors with its strong ascent in an otherwise lacklustre market.  

On an intraday basis on Wednesday, shares of Ashoka Metcast, the top BSE gainer, surged and were locked at a 20 per cent upper circuit at Rs 14.47 per share on the BSE. Shares traded with a surge in volume and reached a new 52-week high.  

Shares had a significant rally in the last five trading sessions, soaring by about 44 per cent and were up 84 per cent over the past six months. The company has a modest market capitalisation of Rs 36 crore. Promoters owned 53.65 per cent of the company, while non-institutional investors owned the remaining 46.35 per cent stake.  

With a significant promoter holding and moderate levels of profitability, the stock has a low PE ratio when compared to its competitors. The company is currently engaged in trading and manufacturing of structural steel products like TMT bars, angles and channels etc.   

Keep a close eye on this stock for the upcoming sessions.