Small construction companies Garnet Construction, Madhucon Projects and Tarmat Ltd have been trending sharply bullish, with Garnet and Madhucon share prices in the upper circuit.

Madhucon Projects has outperformed the BSE SmallCap index over the last six months, with returns of 15%+, a sharp swing from negative returns in the six months previous to that. Madhucon had posted good results for its Q3, with a net profit of Rs. 9.71 crore in the December 2016 quarter compared to Rs. 3.16 crore the same quarter the previous year. In comparison, Garnet Construction has been a weak performer, with negligible profits in its most recent quarter.