Overnight Digest: These small caps will be in focus tomorrow
Accuracy Shipping, Rajnandini Metal, Excel Industries, Rhi Magnesita India, Focus Lighting and Fixtures, SEL Manufacturing Company, Mahalaxmi Rubtech and Shree Ram Proteins made a fresh 52-week high today.
On Tuesday, Indian equity markets bucked the downward trend over the last two trading sessions and staged a decent recovery, inching higher to close in the green territory. Frontline benchmark indices Nifty 50 and Sensex climbed 3.03 per cent and 3.08 per cent, ending the session at 17,352.50 and 58,142.05 respectively. BSE Smallcap index gained 1.97 per cent, closing at 28,043.69.
The following small-cap stocks are likely to be in focus on Wednesday, February 16, 2022:
Ramkrishna Forgings – The company has informed the exchange that has successfully started dispatches of warm forging processed parts to India's leading axle manufacturer. They had done capex in 2021, which is completed and now products dispatches have started. Sample supplies will enable to garner new potential business worth Rs 75 crore in revenue over three years.
Commenting on the supply of sample quantities Lalit Khetan, Executive Director & CFO, Ramkrishna Forgings Limited has said in a filing with the exchange, “Our ability to create new products has allowed us to broaden our product and customer base. We have begun supplying samples of Warm Forging processed parts to India's leading axle manufacturer which will be followed by continuous sample submissions of various other models for process validation and the start of bulk orders as soon as possible. This process will assist us in establishing a USD 10 million business to begin with over a three-year period."
Dredging Corporation of India – The company has reported a turnaround performance for the third quarter ended December 31, 2021. Total turnover stood at Rs 241 crore which is the highest in the last 3 quarters. The company reported a profit after tax of Rs 29 crore which is the highest in the last 7 quarters. The earning per share (EPS) came in at Rs 10, which is also the highest for the last 7 quarters. The company has already earlier reported a major capital expenditure for the purchase of a 12,000 cubic hopper capacity dredger at the cost of Rs 1,000 crore.
Further, the company had earlier reported signing of MoU with National Marine Dredging Company, Abu Dhabi for strategic alliances in India & Abroad. The New management headed by Prof Dr G.Y.V Victor is exuberant for improvement of the performance which was possible through strict cost control measures & close monitoring of the contracts.
52-week High Stocks – Accuracy Shipping, Rajnandini Metal, Excel Industries, Rhi Magnesita India, Focus Lighting and Fixtures, SEL Manufacturing Company, Mahalaxmi Rubtech and Shree Ram Proteins made a fresh 52-week high today.
These small-cap stocks will likely be in focus on Wednesday, February 16, 2022.