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Hidden Treasure Performance Review - Views on News from Equitymaster
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Hidden Treasure Performance Review
Jan 1, 2011

The past quarter was not a very good one for smallcap stocks. After six consecutive quarters of gains, the BSE-Smallcap Index declined by about 6% during the quarter ended 31st December 2010. During the preceding quarter i.e., quarter ended September 2010, the index had gained by about 13%.

In fact, smallcap stocks performed the worst as compared to the large and midcap stocks during the latest completed quarter. While the BSE-Sensex reported a gain of about 2%, the BSE-Midcap Index declined by about 4%. For smallcaps, the quarter gone by was one filled with panic. This was largely driven by the SEBI's crackdown on insider trading practices by the promoters of lesser known companies.

Data Source: Trend

Let's get down to the performance of the stocks forming part of the BSE-Smallcap index. Out of 548 stocks that form the index, around 57% underperformed the index. About 2% of the stocks rose by more than 50%, and 7% stocks rose by 20-50%. On an overall basis, 72% of the stocks forming part of the index declined as compared to the previous quarter.

How did our recommendations perform?
The average gains during the quarter for all our recommended stocks (excluding the three stocks recommended in the latest quarter) stood at about -5%. The stock of eClerx was the top gainer this quarter, rising by 24%. Page Industries recorded gains of 22%, with SREI Infra and Indoco Remedies following suit with gains of 19% each during the quarter.

This quarter's worst performers from our list were Parekh Aluminex (we recommended a 'Sell' on the stock during September 2010) and Ahluwalia Contracts, which fell by about 30% and 28% respectively.

Below is the table which shows the performance of our Hidden Treasure recommendations till date. You will also find our latest view on these stocks.

Hidden Treasures: How have they performed?
Company Reco. Date View Price on Reco.
Date (Rs)
Target Price Current price
(Rs)# 
% Gain/Loss Current View
Parekh Aluminex 15-Feb-08 Buy 175  NA   331 89% Sell
Srei Infra Finance 15-Mar-08 Buy 150 180  110 -27% Hold
Compact Disc India 15-Apr-08 Buy   82  NA     53 -35% Sell
Asahi Songwan 15-May-08 Buy   39 103    77 98% Sell
Indoco Remedies 14-Jun-08 Buy  304 610  493 62% Buy
Karuturi Global 15-Jul-08 Buy   23    42    23 0% Sell
Shanthi Gears 15-Aug-08 Buy   72    90    45 -38% Hold
Elgi Equipments^ 15-Sep-08 Buy   22   77    92 318% Sell
NIIT Technologies 15-Oct-08 Buy   73 200  198 171% Hold
Zylog Systems 15-Nov-08 Buy 117 320  421 260% Hold
Micro Tech 15-Dec-08 Buy  100 290  169 69% Sell
Page Industries 15-Jan-09 Buy  305 630   1,500 392% Hold
Nitco Ltd. 14-Feb-09 Buy   29   70    69 133% Sell
eClerx 14-Mar-09 Buy   63 850  715 1030% Hold
Take Solutions 15-Apr-09 Buy   27    85    32 19% Buy
KPIT Cummins 15-May-09 Buy   42  145  145 245% Hold
Voltamp Trans. 15-Jun-09 Buy  750     1,720 757 1% Buy
MIC Electronics 15-Jul-09 Buy   37 105    33 -11% Buy
Ahluwalia Contr. 14-Aug-09 Buy 128  331  149 16% Hold
Bartronics India 15-Sep-09 Buy 172  NA     89 -48% Sell
Balkrishna Industries^ 15-Oct-09 Buy   76 250  129 69% Hold
Ratnamani Metals Tubes 15-Nov-09 Buy    91 220  120 32% Hold
Deepak Fertilisers Pet. 15-Dec-09 Buy   99 250  161 62% Hold
City Union Bank 15-Jan-10 Buy   27    68    50 88% Hold
Gujarat Alkalies & Chemicals 15-Feb-10 Buy 122 300  139 14% Buy
Graphite India* 15-Mar-10 Buy   80 180  101 28% Hold
Mangalam Cement 15-Apr-10 Buy  204 400  132 -35% Buy
Allied Digital Services  15-May-10 Buy 228 430  191 -16% Buy
C&C Constructions 15-Jun-10 Buy  227 450 206 -9% Buy
Swaraj Engines 15-Jul-10 Buy 428 850 497 16% Buy
Noida Toll Bridge 14-Aug-10 Buy   32    60    30 -4% Buy
Nucleus Software 15-Sep-10 Buy 137 260  121 -11% Buy
TIL Limited 15-Oct-10 Buy 610      1,150 730 20% Hold
Tata Sponge 15-Nov-10 Buy 369 700  362 -2% Buy
HEG Limited 15-Dec-10 Buy 264 500 260 -1% Buy
Note: Click on the company name to view its latest update; # Current price as on December 31, 2010; ^ Adjusted for split and bonus;
* Revised target price

Here is another table listing the recommendation(s) from earlier periods that hit their target during the latest completed quarter.

Recommendation that hit target during the October-December 2010 quarter
Company Reco. Date View Price on Reco. Date (Rs) Target price (Rs) % Gain/Loss* Target met on
City Union Bank 15-Jan-10 Buy 27 50 89% 28-Oct-10
* Calculated by dividing target price by recommended price

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