Buzzing Stocks: Orders pump small caps; climate change rubs on KPI Green

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By S Jha

New Delhi, June 13: Positive cues pumped up the indices in the early hours of trade on Tuesday, as Nifty was trending with a gain of 92 points and Bank Nifty was higher by over 100 points. The indices were trending up on the back of the retail inflation again dipping to the record low, while the industrial productions expanded to beat the street estimates.

While Asian Paints and ITC were trading with gains over two per cent each, the small caps were again showing signs of buyers’ interests. Some of the small caps are spurting at lightening pace to record levels on the back of bagging fresh contracts.

Avantel, a private defence firm, has been galloping with gains. In just a few days, the scrip has now come to almost ₹ 700, as Avantel was higher by six per cent in the early hours of trade on Tuesday. This has been gaining strongly for the past three days after bagging a contract of ₹ 54.38 crores from Coast Guard of India.

There are also reports that Avantel may consider a proposal for stock split in its June 23 meeting. It may be recalled that companies resort to stock split to make them attractive for the retail investors. Also, Avantel is being recommended by brokerage houses after it reported its fourth quarter result. This company had also received a contract of over ₹ 11 crores from the Indian Navy for the supply of satellite communications.

Ahluwalia Contracts was also trending higher to extend gains since the announcement of the better than expected fourth quarter result. The construction company has bagged a contract for an Aero City project worth ₹ 426.57 crores.

KPI Green Energy after a 20 per cent gain in the Monday session recovered two per cent loss in the early trade to come back in the green territory. After bagging a 40 MW solar-wind project, this Gujarat-based company has been climbing sharply. It may be recalled that KPI Green had issued bonus shares after the scrip had gone above ₹ 950 level a few months ago. Among the large caps, Axis Bank extended its gain, as the banking scrip was trading at ₹ 988 level in the early hours of trade, while firming that it was the leader in the Bank Nifty index.