Intraday spotlight: This smallcap metal stock is about to hit the upper circuit of 20 per cent

The company was a leading gainer in A group.

Sunflag Iron & Steel Co Ltd, engaged in manufacturing mild-steel and alloy steel products, has jumped by over 19.5 per cent from its previous close of Rs 84.30. The stock opened at Rs 83.10 and has made its day high of Rs 101 which is also its fresh 52-week high. As of 2:35 pm today, the stock was trading near Rs 100.80 on the BSE. It was today’s top gainer from the A group and the stock is so close to hitting the upper circuit of 20 per cent at Rs 101.15.    

When the markets continue to tumble in line with global markets, due to expected slowdown in IT and fear of interest rate hikes, this steel manufacturing stock has rallied exceptionally. The BSE Metal index is buoyant today up by 0.2 per cent. For the quarter ended December, the company reported a growth of 7.4 per cent in revenues and a decline of 9.8 per cent in net profit on a YoY basis.    

Sunflag Iron & Steel Co. Ltd. belongs to the Sunflag Group which has diversified business interests in Steel, Synthetic Yarns Fabrics and non-wovens textiles, spanning across the globe. The stock has a 52-week high and low of Rs 101 and Rs 58.70, respectively.