Select stocks excluded from ASM list surge; Kiri Ind, Bombay Dyeing up 10%

Jindal Worldwide, Emami Infra, Dhampur Sugar, Bombay Dyeing & Manufacturing, TVS Electronics and Manpasand Beverages have locked in their respective upper limit of circuit filter.

Shares of select companies that were removed from an additional surveillance measures (ASM) list have rallied by up to 10% on the BSE on Tuesday.

Total 81 companies including Kiri Industries, Adani Green Energy, Apex Frozen Foods, Bombay Dyeing & Manufacturing Company, Den Networks, Global Spirits, GM Breweries and Morepen Laboratories have been excluded from the ASM with effect from today.

The securities have satisfied the criteria for exclusion under ASM and shall be moved out of ASM framework w.e.f. October 30, 2018, the National Stock Exchange (NSE) said in circular dated October 27, 2018.

Jindal Worldwide, Emami Infrastructure, Dhampur Sugar, Bombay Dyeing & Manufacturing, Adani Green Energy, TVS Electronics and Manpasand Beverages have locked in their respective upper limit of circuit filter.

Kiri Industries, Morepen Laboratories, Olectra Greentec, V-Mart Retail, Globus Spirits, Apex Frozen and Radico Khaitan among those were up in the range of 6% to 10% on the BSE. In comparison, the S&P BSE Sensex was up 0.21% at 34,143 points at 10:43 am.

In order to enhance market integrity and safeguard investors' interest, the Securities and Exchange Board of India and the exchanges have been introducing various enhanced pre-emptive surveillance measures such as reduction in price band, periodic call auction and transfer of securities to the trade-to-trade category from time to time.

Market participants may note that ASM framework shall be in conjunction with all other prevailing surveillance measures being imposed by the Exchanges from time to time. Further, it may also be noted that the shortlisting of securities under ASM is purely on account of market surveillance and it should not be constructed as an adverse action against the concerned company, the NSE said in its circular.