Balrampur Chini Mills shares surge in a weak session amid spike in trading volumes

Shares of sugar producer Balrampur Chini Mills were witnessing strong buying interest in an otherwise weak session on Wednesday, March 4. Balrampur Chini Mills shares surged as much as 9.11% to hit an intraday high of ₹500 on the National Stock Exchange (NSE), massively outperforming the benchmark NIFTY50 index which was down nearly 2%.

Balrampur Chini Mills shares were witnessing higher than usual trading activity as trading volume in the stock jumped by nine times to 27,54,051 shares compared with an average trading volume of 3.06 lakh shares.

On the BSE, as many as 1.02 lakh shares changed hands compared with an average of 13,000 shares traded daily in the past two weeks.

Last month, Balrampur Chini Mills informed exchanges that its Poly Lactic Acid (PLA) vertical, Balrampur Bioyug, secured its first official institutional order from the Lucknow Cantonment Board (LCB).

"The order includes compostable garbage bags (in two sizes), 300 ml PLA bottles, 3D-printed PLA compostable pens, and PLA folders — all manufactured from renewable, bio-based Polylactic Acid (PLA), a 100% compostable material with a low carbon footprint that leaves no microplastics behind," Balrampur Chini Mills said.

"Lucknow Cantonment, spread across 6,760 acres, is administered by the Lucknow Cantonment Board, a statutory body functioning under the administrative control of the Director General of Defence Estates, Ministry of Defence, Government of India, and is located within the Lucknow Cantonment area," the company added.

Meanwhile, the benchmarks were trading sharply lower mirroring losses in other Asian markets as investor sentiment weakened further amid rising geopolitical tensions in the Middle East. The SENSEX fell as much as 1,758 points and NIFTY50 index touched an intraday low of 24,335 on the back of a broad-based selloff.

As of 11:22 am, Balrampur Chini Mills shares traded 7% higher at ₹490.95, massively outperforming the NIFTY50 index which was down 2%.