A number of midcap and smallcap stocks that ran up on Friday and Monday have corrected over the last two days. Notable among these are Radico Khaitan and Zodiac Clothing , which have seen huge fund interest.
About 27 lakh shares of Radico Khaitan changed hands at Rs 107 on the NSE. On December 4, had bought 37.6 lakh shares, or 3.9% stake, at Rs 150. Yesterday, sold around 7.14 lakh shares. The company is currently trading at Rs 118.
Another stock that is seeing a lot of fund action is Zodiac Clothing. On Monday, had bought shares in three separate block deals. The deals were struck at Rs 601, Rs 749 and Rs 573. The stock is currently languishing at Rs 620 levels.
Ranbaxy made an open offer and acquired 2% stake in Zenotech Laboratories at Rs 160. The stock is currently trading at Rs 117.
Recently, Lok Housing promoters issued warrants to themselves at Rs 354 per share. After that peak, the stock is currently trading at Rs 225 levels.
Two stocks which have been bucking this trend and going up despite the market's movement in the last two days are Bosch Chassis and Ambalal Sarabhai . Since January 23, when news about the voluntary delisting in Bosch Chassis came in, the stock that had been on a roll has been plateauing.
It is a similar story with Ambalal Sarabhai. The company has embarked on a business restructuring plan. There are talks about the company hiving off its land to restructure the process. Since January 23-24, the stock has been on a roll and is locked in the 5% upper circuit. It is currently trading around Rs 46 levels and is down 6% on a one-month chart. If one looks at trade for the last 15 days, the stock has been on a roll.
So, this is an interesting trend, inspite of the fact that the smallcap space has moved in contrasting ways to the kind of movements that these stocks have shown.
