Multibagger Stock: This smallcap scrip hits 5% upper circuit even as markets tumble

Investors' wealth was eroded by Rs 7.37 lakh crore on Monday morning, as the equity markets fell sharply with the BSE Sensex tumbling 1,192 points. Markets were dragged down by Reliance Industries and unabated selling by foreign investors. Investors also turned cautious ahead of the US presidential elections and Federal Reserve interest rate decision scheduled to be announced later this week. 

The BSE benchmark tanked 1,192 points to 78,532.12 during the morning trade. In-line with a weak trend in equities, the market capitalisation of BSE-listed firms eroded by Rs 7,37,744.54 crore to Rs 4,40,72,863.01 crore (USD 5.24 trillion).

Despite this fall, the shares of small-cap company Bharat Global Developers hit their upper circuit limit. The surge in price comes as the company bagged an order worth Rs 300 crore. The company has secured this order from McCain India Agro Pvt Ltd.

The counter opened in green at Rs 776.85 on the BSE on Monday, 4.5 per cent higher than its previous closing price of Rs 743.30. The Bharat Global Developers share price thereafter gained further to intraday highs of Rs 780.45.

The counter has given a multibagger return to its investors. On a YTD basis, the scrip has surged around 1302 per cent and has given a positive return of 4974 per cent in one year.
 
Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 211.93 crore on Friday, according to exchange data. 

Foreign investors pulled out a massive Rs 94,000 crore (around USD 11.2 billion) from the Indian stock market in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of Chinese stocks.

In Asian markets, Seoul, Shanghai and Hong Kong were trading higher.  The US markets ended in the positive territory on Friday. Global oil benchmark Brent crude climbed 1.56 per cent to USD 74.24 a barrel.

Leading stock exchanges BSE and NSE conducted a one-hour special 'Muhurat Trading' session on the occasion of Diwali on November 1, marking the start of the new Samvat 2081.