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Business News/ Markets / Stock like Patel Engineering, Ashoka Metcast, Sanghvi Mover will be in focus
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Stock like Patel Engineering, Ashoka Metcast, Sanghvi Mover will be in focus

Domestic benchmark stock market falls due to concerns over IT sector, but optimism remains over anticipated fall in US inflation. IT stocks decline, while PSU banks, pharmaceuticals, and real estate stocks rise. Small-Cap stocks in focus include Ashoka Metcast, Sanghvi Movers, and Patel Engineering.

Today the IT stocks fell, but PSU banks, pharmaceuticals, and real estate stocks rose. (REUTERS)Premium
Today the IT stocks fell, but PSU banks, pharmaceuticals, and real estate stocks rose. (REUTERS)

After two days of advances, the domestic benckmark stock market experienced a slight fall on Wednesday. Concerns over reduced results in the IT sector affected sentiment, but there was some optimism due to an anticipated fall in US inflation. IT stocks fell, but PSU banks, pharmaceuticals, and real estate stocks rose.

The benchmark index, the S&P BSE Sensex, fell 223.94 points, or 0.34%, to 65,393.90. To 19,384.30, the Nifty 50 index fell 55.10 points, or 0.28%. The whole market surpassed the leading indices. The S&P BSE Mid-Cap index increased by 0.48%, while the S&P BSE Small-Cap index increased by 0.57%. The largest drags were Adani Enterprises (down 1.36%), Infosys (down 1.17%), and HDFC Bank (down 0.95%).

The following Small-Cap stocks are likely to be in focus on Thursday, July 13, 2023:

Ashoka Metcast: The business deals in commodities like steel, goods, and other commodities. The stock was locked in a 20% higher circuit to 24.07 per share. The stock also hit a new 52-week high of 24.07 per share, with a 14.56-fold increase in volume on the BSE.

Sanghvi Movers: The company has received work orders totaling 150 crore from eminent Independent Power Producers (IPP) in the renewable energy sector for providing crane rental services as well as allied services such as WTG surface logistics, inter-carting, installation and pre-commissioning of WTGs, wind farm development, and storage yard. Crane services account for almost half of the total contract value, with the remainder accounting for the aforementioned operations under wind EPC services.

Patel Engineering: The stock had substantial purchasing activity, causing it to surge and locked at 5% upper circuit, reaching an intraday high of 41.46 per share on the BSE. Patel Engineering Ltd builds dams, bridges, tunnels, roads, piling works, industrial structures and other large civil engineering projects in fields such as hydro, irrigation & water supply, urban infrastructure and transportation.

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Published: 12 Jul 2023, 10:05 PM IST
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