Venky's, Dillip Buildcon Among 13 Stocks That Surge After Removal From ASM

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    In early June, the market watchdog in a bid to lower market risk for investors as well as to put a check on extreme volatility has decided to implement additional surveillance in respect of the some of the listed stocks based on a few factors. These include extreme low-high volatility, huge client concentration at a given point in time, several price-band hits as well as extraordinary high PE ratios. Such stocks are put to trade in a limited trading mechanism and allow trades with a 5% price band and 100% margin.

    Venky's, Dillip Buildcon Among 13 Stocks That Surge After Removal From ASM
     

    For investors, it is to be noted that the effect of ASM framework does not implies any adverse action taken against that particular concern.

    But BSE with effect from Thursday has removed some 13 companies from the ASM framework including Dilip Buildcon, Tinplate Company of India and Venky. And such a move has given momentum to these stocks and were seen trading in Thursday's session with gains.

    Venky's, a poultry processing company, surged by as much as 20% to reach a day's high of Rs. 2700.05 on the BSE.

    Tinplate Company of India, engaged in the packaging business, also surged in share price by more than 18% to reach a intra-day high of Rs. 191 on the BSE.

    Dilip Buildcon also rose by over 8% to reach a day's high of Rs. 869.80 on the BSE

    Other stocks that have been removed from the ASM list include Bhansali Engineering Polymers, Goa Carbon, HIL, Himadri Speciality Chemical, Man Industries, Sanwaria Consumer. These shares have also increased in price today's session after this action.

    Currently as many as 100 companies are placed in the ASM framework to maintain market integrity and protect investor's interest.

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