RInfra, DHFL, Tanla Platforms and 384 other stocks hit upper circuit

Shares of Reliance Infrastructure, Dewan Housing Finance Corporation (DHFL), Tanla Platforms, Omaxe, Himatsingka Seide, TVS Electronics and Indiabulls Integrated Services and other 380 stocks were locked in their respective upper circuit on the BSE after strong rally in smallcap stocks on Monday.

Kothari Products, Oswal Greentech, Adhunik Industries, Jaiprakash Power Ventures, Sical Logistics, Shemaroo Entertainment, Geojit Financial Services, Mawana Sugars, Hindustan National Glass & Industries were locked in 20 per cent upper circuit on the BSE, at 01:51 pm. In comparison, the S&P BSE Sensex was up 0.49 per cent at 45,303 points.

Tanla Platforms rose 5 per cent to hit a new high of Rs 782 on the BSE. In the past month, the stock zoomed 124 per cent, against 8 per cent rise in the S&P BSE Sensex. A sharp rally in the stock price have seen, its market capitalisation crossed Rs 10,000 crore mark at Rs 10,637 crore today, the BSE data shows.

On November 12, the company said its stock has been included in MSCI India Domestic Small Cap index. The company has seen a lot of interest from foreign institutional investors (FIIs). On November 25, the Massachusetts Institute of Technology’s (MIT’s) endowment fund and Old Bridge Capital picked a stake in India’s leading cloud communications service provider for about Rs 87.5 crore.

DHFL was locked in 5 per cent upper circuit to hit a fresh 52-week high of Rs 34.40. The stock was locked in upper circuit for 14 straight trading days. The housing finance company’s stock has more-than-doubled in the past month, from the level of Rs 15.60, amid report that Adani group has offered a higher price for the company’s assets.

Omaxe was locked in 10 per cent upper circuit at Rs 82.25. The company said it delivered 6.7 million sq. ft. in 2019-20 and targets to develop & deliver around 8 million sq. ft. of area in 2020-21. The company’s total delivery as on September 2020 stood at 124.3 million sq. ft. in real estate and construction contracting, it said.

The management said the recent developments that have emerged as a result of the Covid-19 pandemic and the increased investment and infrastructure development by governments and businesses in the tier II & Ill cities will drive employment, real estate sector and overall growth of the Indian economy in the coming decade.

RInfra, too, was frozen at Rs 25.10, up 10 per cent on the BSE. The company said ‘CARE Ratings’ has reaffirmed the rating to “CARE D” from ‘CARE D – Issuer not co-operating’ in respect of long term, short term bank facilities and non convertible debentures of the Company. The reaffirmation of ratings to bank facilities and instruments of RInfra continues to be constrained by ongoing delays in servicing of debt obligations of the company, the rating agency said in detailed rationale.