Side counters are flying high on the bourses, with 128 stocks trading at two-year highs or better. On top of that, prices of 52 stocks hit an all-time high in the course of the last week.
These high flyers are mostly from the B, B1, Z and T groups and only three scrips are from the elite A group. Not a single Sensex stock figures in this list.
Indeed, over the last three months, as many as 490 stocks that account for 26 per cent of the total number of traded stocks have scaled three-month highs. Only six Sensex stocks have been able to secure a place in this list, though 35 A group stocks find an honorable mention.
Interestingly, the high flyers come from all groups, which seems to suggest that operators are carefully picking up stocks with a strong 'growth story' or some positive developments in the pipeline.
Of the 490 stocks that peaked to three-month highs, 191 are from the B group, 227 are from the B1 group, 26 are from the Z group and 11 are from the T group. The remaining 35 are from the A group.
India Acrylics, a T group stock, for example, rose to a two-year high of Rs 10.94 yesterday on the back of a series of developments in the last six months. First, the promoters increased their stake by pumping in Rs 5.80 crore (Rs 58 million).
Next, the company anounced an ambitious Rs 48.84 crore (Rs 488.4 million) capital expenditure plan and, later, the company reported a quarterly profit of Rs 17 crore (Rs 170 million) in the quarter ended June 2004, against a net loss of Rs 5.10 crore (Rs 51 million) in the same quarter last year.
Aban Lloyd Chiles Offshore hit the roof today with an all-time high price of Rs 1,125. On April 28, 2004 the company, along with Prize Petroleum, had entered into an agreement with ONGC for the development of three marginal fields, namely, Hirapur, Khambel & West Bechraji in Gujarat.
Radico Khaitan soared to an all-time high of Rs 173 after operators latched on to the company's capital expenditure programme. In March the company availed itself of $10 million in external borrowings to fund its expansion programme and to repay existing loans. The fresh borrowings reduced the average cost of the company's borrowings.
Ongoing construction activities heightened the growth prospects of construction companies such as Nagarjuna Construction, Madhucon Projects, Hindustan Construction, Era Construction and IVRCL.
Nagarjuna Construction hit a two-year high of Rs 222.90, Era Construction peaked to a two-year high of Rs 86.95 and Madhucon Projects up scaled an all-time high of Rs 222.60.
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