Stocks of the newly-listed companies continue to ride on the bullish sentiments prevailing in the markets.
01-Dec-2006 •Value Research
Stocks of the newly-listed companies continue to ride on the bullish sentiments prevailing in the markets. While the Sensex returned 5.39 per cent during the one-month period ending November 28, 2006, many of the recently-listed stocks far outperformed to produce double-digit returns. Ten out of the 15 stocks listed below gained more than the Sensex.
Development Credit Bank (Idirect Code: DCB), the most recently listed in our list, spearheaded the list of gainers to zoom over 24 per cent. Indo Tech Transformers (Idirect Code: INDTECH) and Sun TV (Idirect Code: SUNTV) were the other major movers, both gaining in excess of 23 per cent. Interestingly, the latter was one of the most sold stocks by mutual funds during the month of October (see the screen What Funds Sold in the Stock Ideas section). Together, they offloaded close to 7 lakh shares worth Rs 96 crore during October. But they seem to be caught on the wrong foot as the stock has been unstoppable since then.
HT Media (Idirect Code: HTMED) was another impressive performer, gaining over 16 per cent. The company has been in the thick of action of late. It recently launched a FM radio station under the brand name Fever 104 FM in collaboration with Virgin Radio. It is also slated to launch a business newspaper in January 2007.