Stock Market: These 2 smallcaps hit upper circuit today, news had an impact

News Topical, Digital Desk : The stock market declined on Wednesday, with the Nifty closing below the 25050 level. Except for the IT sector, all major sectoral indices closed lower. Smaller stocks saw greater losses than the major indexes. However, investors made significant gains in several stocks where news broke and sentiment was positive. The news impacted two stocks included in the BSE Smallcap Index, hitting a 20% upper circuit today.

Stocks that saw gains:

Eimco Elecon India, an industrial products company included in the BSE Smallcap Index, closed at 2301 on Wednesday, up 20%. Veteran investor Vijay Kedia invested in the company. He acquired over 57,000 shares for ₹11 crore (₹110 million). These shares were purchased at an average price of ₹1906.71. The stock has gained 32% in the past five days, and has gained 619% in five years. Salzer Electronics, also included in the index, also hit an upper circuit today, closing at 918.35, up 20%. The stock had hit a year-long low of ₹750 at the end of last month. The company had announced after market close on Tuesday that it had received a patent for a compact high-voltage safety device. Keynote Financial Services, Akash Optifiber, Hybrid Financial Services, Hercules Hoist, and Modi Rubber hit upper circuits of 20%, closing at their higher levels. 

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