Midcap stocks sizzle

B1, B2 stocks outperform the Sensex in last one month.

Midcap stocks have staged a strong rebound after the Bombay Stock Exchange (BSE) Sensex touched a three-month low on March 22, 2004.

Stocks the BSE puts in the B1 and B2 groups outperformed the Sensex and the National Stock Exchange (NSE) CNX Nifty in the past one month between March 23 and April 23.

The total market capitalisation of B1 and B2 group stocks appreciated by more than 19 per cent, versus a 14 per cent increase reported by front-line A group stocks.

In this period, the Sensex increased by just 9.71 per cent from 5,400.99 on March 23 to 5,925.58 on April 23, and the CNX Nifty gained 11.56 per cent to 1,892.45. However, the broader BSE-500 gained 14.94 per cent from 2,128.10 to 2,446.02 during the period.

As many as 70 per cent (1,333 stocks) of the 1,898 companies in the B1 and B2 groups posted returns higher than the Nifty's 12 per cent. Of these 1,333 stocks, the price of 48 scrips more than doubled and 197 stocks' prices appreciated by between 50 per cent and 100 per cent.

Another 577 stocks registered gains in the range of 25 per cent and 50 per cent and the market price of another 511 companies increased by between 12 per cent and 25 per cent.

Bata India, EIH Associated Hotels, Maharaja Shree Umaid, Phoenix Mills and Thiru Aroorn Sugars are among the few companies whose market price more than doubled in the past month.

Most of the sugar and tea stocks are currently traded at their all-time highs because of a decline in production. This has led to a strong recovery in sugar and tea prices during the current season.

The Dhampur Sugar scrip appreciated 103 per cent from Rs 20.45 on March 23 to Rs 41.50 on April 23, the price of the Balrampur Chini scrip went up by 46 per cent to Rs 423.50 (Rs 290.20) and of Bajaj Hindustan by 44 per cent to Rs 558.85 (Rs 388.80).

From the tea sector, Williamson Tea's share price increased 60 per cent from Rs 62.80 to Rs 100.75 and of Jay Shree Tea by 55 per cent from Rs 46.65 to Rs 72.45.

Midcap technology and pharmaceuticals stocks gained in the afterglow of healthy results and dividends announced by the majors, Infosys Technologies and Wipro. The Aftek Infosys scrip gained 56 per cent from Rs 48.50 to Rs 75.65, that of Silicon Valley almost doubled from Rs 54 to Rs 107.75 and the price of the KPIT Cummins Infosystems shot up by 32 per cent to Rs 266.39 (Rs 202.55).

As for pharmaceuticals stocks, the Elder Pharma scrip has appreciated 69 per cent from Rs 100.50 to Rs 169.65, the price of Surya Pharmaceutical by 67 per cent to Rs 51.50 (Rs 30.90) and Jagsonpal Pharma by 64 per cent to Rs 160.25 (Rs 97.75).

Esab India, Eastern Silk Industries, Gujarat NRE Coke, Hitachi Home and Life Solutions, Nagarjuna Agrichem, Pantloon Retail and Trent are other companies whose scrips' prices have increased by more than 70 per cent in the last one month. 

Towering performance Top 10 gainers - (Share price on BSE In Rs)
	23-Mar-04	23-Apr-04	%chg
Thiru Arooran Sug	28.15	82.70	193.78
Phoenix Mills	1050.00	2150.00	104.76
EIH Assoc Hotels	28.50	58.25	104.39
Maha Shree Umaid	34.29	70.00	104.14
Bata India	39.04	79.05	102.48
Silicon Valley	54.00	107.75	99.54
KCP Sugar Ind	29.60	51.95	75.51
Themis Medicare	50.45	87.10	72.65
Gujarat NRE Coke	32.33	55.00	70.12
Trent	184.90	314.25	69.96