Two years later…

The Sensex has regained a level last seen in February 2008. How have the stocks moved since then?

Yesterday, the Sensex closed at 17,711. This level has not been seen since 28 February 2008 when the Sensex had closed at 17,824. In this period, the markets have witnessed a lot of volatility. After spiralling southwards until March 2009, the markets witnessed a dramatic turnaround that saw them gain more than 100% in one year since early March.

Obviously, some stocks have done exceptionally well over this period while certain others have lost value. Who were the big winners and losers among the Moneylife sample? Hawkins Cookers was trading at Rs180 on 28 February 2008. It is now at Rs904—an appreciation of 403%. The trickle-down effect of government spending on various social schemes, especially among semi-urban consumers, and higher salaries under the Pay Commission boosted the sales of pressure cookers, among other items. TTK Prestige (up 324%) is also a big beneficiary of this.

Genesys International Corp and Solvay Pharma India have surged 397% and 375% respectively over this period. Abbott India’s open offer to acquire Solvay Pharma in 2009 drove up its share price to stratospheric levels.

Sabero Organics Gujarat has zoomed 356% on the back of strong product offerings and a growth in the fertiliser and agri-products industry. Vinati Organics (up 298%) and Sudarshan Chemical Industries (up 271%) have also witnessed rapid price appreciation.

Among the other gainers are Relaxo Footwears (up 331%), Hindustan Tin Works (up 270%), and McLeod Russel India (up 237%), thanks to a sharp rise in tea prices along with B&A (up 205%), another tea company. Hyderabad Industries (up 257%), has also benefited from increased spending on roofing thanks to the trickle-down effect of various social schemes and increased government expenditure.

Even in a year when the indices have shot up 100% and stocks are up 300%, many scrips have crashed. The majority of the companies that have seen a sharp fall in share price in this period have been plagued by poor governance and gross mismanagement. Foremost among these are Northgate Technologies (down 97%), Pyramid Saimira Theatre (down 96%), Indage Vintners (down 95%) and Vishal Retail (down 93%). Among the other losers are Quintegra Solutions, Gremach Infrastructure Equipments & Projects, Prajay Engineers Syndicate (down 92% each), Asian Electronics (down 91%) and Indus Fila (down 90%).

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