Its stock on a tear, smallcap firm asks BSE to investigate

The stock has zoomed nearly 45 percent in the last week, with volume 33 times the 30-day average

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Who doesn’t like a zooming stock but there are times when there is no obvious explanation or trigger for the surge in price. Even companies are at a loss and Premier Polyfilm is one such firm.

The smallcap stock has zoomed over 45 percent in the last week, with volumes 33 times the 30-day average. The stock, which closed at Rs 105 on October 4, was trading at Rs 153.60 on October 12 afternoon.

When the BSE sought a “clarification” about the spike, the company asked for an investigation.

“We request you to look into the reasons for sudden rise in prices and volume of share of the company at your own level and take action accordingly,” the company said in a letter to BSE on October 11 and added there was no announcement to be made.

In small and micro-cap segment sharp movements without an obvious reason are common. A few have been the subject of market regulator investigations but it is rare for a company to demand a probe into its stock movement.

“This will also be in the interest of investors and promoters. In the event, if you come across any reasons which can jeopardise the interest of the investors or the company, kindly caution us,” the company said.

Premier Polyfilm, valued at about Rs 330 crore, makes PVC flooring, sheets, flexible film, calendared leather cloth, high voltage insulated mats, etc, which find use across industries.

BSE data shows the stock’s average one-month trading volume is 2,451 shares, which shot up to 81,285 on October 9, with the stock rising 20 percent to Rs 138.85.

The volume was lower at 56,227 the next day, while the stock gained another 4 percent. On October 11, the stock closed 4 percent down at Rs 138 but the volume was still high at 9,752.

At 1 pm on October 12, the stock was again up 11.30 percent at Rs 153.60.

Exchanges are bound to seek clarifications from a company if there is an unusual movement in the stock or there is a development that can have a bearing on the scrip. Companies, too, are expected to keep exchanges informed.

Before October 9, all trades in the scrip were delivery trades but this week, about half of them are day trades that have boosted volumes.