There were a few spots of green in a sea of red on the bourses on September 9. Despite various smallcap indices plunging almost two percent in trade, there were some outperformers recording gains of over 10 percent each.
Here's a look at why these five small-cap counters defied the market trend to jump in double-digit numbers today:
Deep Industries
- Price: Day's high at Rs 476.6, gain of 20 percent
- Volume: 76 lakhs on BSE and NSE
- Market Capitalisation: Rs 3,050 crore
- What's driving the gains: The company bagged an order worth Rs 1,402 crore from Oil and Natural Gas Corporation (ONGC). The contract spread across 15 years, is for production enhancement operations in ONGC's mature Rajahmundry Asset and marks the Deep Industries' largest project to date.
- Sector: Energy industry company
- Recent Q1 numbers: For the quarter ended June, the firm recorded a total income of Rs 1,196 crore, with net profit coming in at Rs 304 crore.
Syncom Formulations (India)
- Price: Day's high at Rs 27.3, gain of 18 percent
- Volume: 8 crore on BSE and NSE
- Market Capitalisation: Rs 2,557.74 crore
- What's driving the gains: In response to the growing market demand, the firm has introduced a wider range of nutritional products designed to cater to diverse consumer needs. "This will be accompanied by an expanded marketing effort aimed at reaching a broader audience across various channels," said the company.
- Sector: Pharmaceuticals & Drugs
- Recent Q1 numbers: For the quarter ended June, the firm recorded a total income of Rs 881 crore, with net profit coming in at Rs 76.2 crore.
Renaissance Global
- Price: Day's high at Rs 132.7, gain of 15 percent
- Volume: 37 lakh on BSE and NSE
- Market Capitalisation: Rs 1,257 crore
- What's driving the gains: Heavy volumes drove the counter to extend its gains, with shares of the firm jumping 40 percent over the past month.
- Line of business: Diamond & Jewellery
- Recent Q1 numbers: For the quarter ended June, the firm recorded a total income of Rs 3,015 crore, with net profit coming in at Rs 138 crore.
Manoj Vaibhav Gems N JewellersPrice: Day's high at Rs 285, gain of 16.6 percentVolume: 27 lakh on BSE and NSEMarket Capitalisation: Rs 1,346 croreWhat's driving the gains: The firm recently shared its annual report for FY24, showing that PAT, revenue and EBITDA have all gained, while the overall net debt/equity ratio is coming down. Further, the company guided on store expansion in Andhra Pradesh and Telanganam while also expending to global markets via the e-commerce routes.Line of business: Diamond & Jewellery
Recent Q1 numbers: For the quarter ended June, the firm recorded a total income of Rs 539 crore, with net profit coming in at Rs 21.8 crore.
Balu ForgePrice: Day's high at Rs 866, gain of 12.5 percentVolume: 28 lakh on BSE and NSEMarket Capitalisation: Rs 9,051 croreWhat's driving the gains: Balu Forge recently acquired specialised assets with an additional 14,000 TPA installed capacity, expanding its production capacity. These assets are scheduled for installation and commercialization by the second quarter of FY25, taking the total production capacity of precision-engineered components to around 32,000 TPA, shared the firm in its recent annual report.Line of business: Engineering - Industrial EquipmentsRecent Q1 numbers: For the quarter ended June, the firm recorded a total income of Rs 1,242 crore, with net profit coming in at Rs 241 crore.