At least five BSE-listed stocks have zoomed up to 526 per cent in 2022 so far after falling anywhere between 50 per cent and 80 per cent in 2021, data compiled from corporate database AceEquity suggests. Three of these five stocks namely Narayani Steels, Growington Ventures India and Vaxfab Enterprises command market capitalisation of less than Rs 100 crore. Rudra Global Infra Products, the fourth stock, enjoys a m-cap of Rs 236 crore while Ujjivan Financial Services, a better-known stock among them, commands a market value of over Rs 3,600 crore.
Shares of Narayani Steels have surged 526 per cent this calendar. The stock has risen to Rs 77.35 level from Rs 12.34 level as of December 31. This scrip had lost 59.40 per cent in 2021. There has been no corporate action on the counter. Narayani Steels is engaged in trading and manufacturing of hot rolled long products of value added steel. It trades in blooms, billets and TMT bars.
In November 2019, CARE Ratings revised its rating of this company’s short (Rs 125 crore) and long term bank (Rs 97.50 crore) facilties to Care D, which denotes default (are expected to be in default soon). Since January 2021, CARE said the issuer is not cooperating. Trading is restricted on this stock on account of IBC proceeds.
Shares of Growington Ventures India (erstwhile VMV Holidays) have rallied 348 per cent to Rs 73.30 level today from Rs 9.12 level at the beginning of this year. This stock had fallen 52 per cent in the previous year, as per AceEquity. The company is a fresh fruits importer. As per its website, the company deals in fruits like apple, green apple, orange, mandarin, pear, kiwi, dragon fruit, avocado, red globe grapes, plum, nectarines, peaches, cherries and blueberries, among others.
Rudra Global Infra Products saw a 59 per cent drop in 2021. This stock soared 176 per cent in 2022. This company is engaged in manufacturing of TMT bars, billets, pipes and wires that are sold under the brand name Rudra TMX. Crisil had Crisil B rating on ths company’s cash credit, term loan and Crisil A4 rating on bank guarantees, but since March 2021 Rudra’s rating status stood at “Issuer not responding”, as per AceEquity.
Crisil and other rating agencies mark the rating as ‘issuer not cooperating’ when adequate information is not received from the issuer as per regulatory timelines.
Ujjivan Financial Services and Vaxfab Enterprises have climbed 132 per cent and 103 per cent, respectively. Ujjivan Financial Services was down 50 per cent in 2021 while Vaxfab Enterprises was down 80 per cent for the year.
On October 7, 2015, Ujjivan received an in-principle approval from the RBI to set up a small finance bank and floated its wholly owned subsidiary Ujjivan Small Finance Bank. The company transferred its business to Ujjivan SFB, which subsequently commenced its banking operations from February 01, 2017.
Subsequent to the transfer of business, Ujjivan Financial Services got itself registered as a core investment company.
Meanwhile, Vaxfab Enterprises is into trading of high quality insulators and different kinds of allied products. The company had diversified its business apart from insulators. It has also doing trading business of textile garments.
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