Mkts slide: How have smallcaps fared?

The markets are falling like nine pins and small caps are also facing a similar fate. Spice Telecommunication is down about 14%. Jaipan Industries is down about 5%. Karuturi Global and Networth Stock Broking are two stocks that have been falling down on very high volumes.
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Oct 06, 2008, 09.21 PM | Source: CNBC-TV18

Mkts slide: How have smallcaps fared?

The markets are falling like nine pins and small caps are also facing a similar fate. Spice Telecommunication is down about 14%. Jaipan Industries is down about 5%. Karuturi Global and Networth Stock Broking are two stocks that have been falling down on very high volumes.

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Mkts slide: How have smallcaps fared?

The markets are falling like nine pins and small caps are also facing a similar fate. Spice Telecommunication is down about 14%. Jaipan Industries is down about 5%. Karuturi Global and Networth Stock Broking are two stocks that have been falling down on very high volumes.

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The markets have crashed below the 12000 mark and small caps too have borne the brunt of the onslaught. Small caps are seeing a very bad advance-decline ratio with one stock advancing to about seven declines. Small cap stocks like Spice Telecommunication is down about 14%, Jaipan Industries is down about 5%.  Karuturi Global and Networth Stock Broking  have been falling down on very high volumes. 

 

However, there are some small caps that are holding up in the market; Gremach Infra is up about 8% and Kinetic Engineering up 5%.

 

Here is a verbatim transcript of Archi Damania ’s comments on CNBC-TV18. Also watch the accompanying video.

 

Small caps are seeing a very bad advance-decline ratio with one stock advancing to about seven declines. 20 Microns was listed in the small cap space today. It is not a very exciting listing. There was a block deal on that stock and about 8 lakh shares changed hands in early trade. There was also a block deal in Monnet Ispat and the stock is down about 5%, 4 lakh shares changed hands.

 

Spice Telecommunication is down about 14%. Today, is the last day for open offer for this stock.

 

Jaipan Industries is down about 5% but this stock has been running up very strongly in the past one month, it saw about 80% gains in one month. The board is meeting today to raise funds through FCCB and they will also consider a bonus.

 

Karuturi Global and Networth Stock Broking are two stocks that have been falling down on very high volumes. Karuturi Global is down about 13%. The total number of shares traded in the first hour of trades is more than its average. Networth Stock Broking is down about 17% in today’s trade.

 

The small cap metals space has not been spared; MSP Steel , Rohit Ferro , Lloyds Steel , and Uttam Glava are all down below 5%. In the real estate small caps space, MVL is down about 7%, and Landmark Properties is down 5%.

 

It is very difficult to pick gainers in this market. However, two stocks are holding up in the market. Gremach Infra is about 8% up and has been flying high since the announcement of its stake sale in its Mozambique subsidiary. Kinetic Engineering is up 5% after they announced that they would be rolling out gear boxes for the Tata Nano project.

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