GE Shipping, Manyavar, KEI Industries, Ather Energy shares surge amid spike in volumes; check full list

The Indian equity benchmarks were trading lower in noon deals on Tuesday, August 4, dragged down by losses in banking shares like ICICI Bank, HDFC Bank, Axis Bank, State Bank of India, Axis Bank, Canara Bank, Kotak Mahindra Bank and Federal Bank. The SENSEX fell as much as 717 points from the day's highest level and NIFTY50 index touched an intraday low of 24,505.

As of 12:11 pm, the SENSEX was down 219 points at 78,420 and NIFTY50 index dropped 267 points or 1.08% to 24,507.

Great Eastern Shipping

Shares of the country's leading shipping company surged as much as 14.57% to hit an intraday high of ₹1,600 after the company reported highest-ever net profit of ₹1,309 crore in April-June period.

The company's revenue from operations surged 71% to ₹2,286 crore at the end of Q1 from ₹1,337 crore in the same period last year.

Trading activity in the stock jumped by 16.3 times to 65 lakh shares compared with an average volume of 4.01 lakh shares on the National Stock Exchange (NSE).

As many as 5.7 lakh shares changed hands on the BSE compared with an average of 22,000 shares traded daily in the past two weeks.

Vedant Fashions

Shares of the operator of Manyavar clothing chain operator surged for a second straight session on Tuesday and in the last two sessions the stock has surged as 11% to hit an intraday high of ₹463.55 after the company said that its retail sales in the first quarter of current financial year rose by 3.4% and its same store sales growth advanced by 3.8%.

The stock was witnessing higher than usual trading activity as volumes jumped by 8.3 times to 39 lakh shares on the NSE compared with an average volume of 4.72 lakh shares.

As many as 4.69 lakh shares changed hands on the BSE compared with an average of 62,000 shares traded daily in the past two weeks.

KEI Industries

Shares of the electrical cables maker advanced as much as 8.1% to hit an intraday high of ₹5,415 after its standalone net profit in April-June period rose 40% to ₹274 crore from ₹196 crore a year earlier.

Its revenue from operations advanced 23% to ₹3,185 crore from ₹2,590 crore.

KEI Industries said that the growth was driven by broad-based demand in wires and cables and balanced business performance.

Trading volume in the stock jumped six times to 18.89 lakh shares compared with an average volume of 3.17 lakh shares on the NSE.

Ather Energy

The net sales showed a strong performance as its revenue from operations jumped 89% to ₹1,217 crore at the from ₹645 crore in the corresponding period last year.

Revenue from software subscriptions, charging, accessories, spares, and service increased to 14% of revenue from operations, up from 13% in the previous financial year, Ather Energy said in a press release.

Ather Energy's operating loss dropped drastically from ₹134 crore to ₹33 crore.

Trading volume in the stock jumped by 5.7 times 1.71 crore shares compared with an average volume of 29.87 lakh shares.

Shipping Corporation of India

Shares of the state-run ship building company rose as much as 4.76% to hit an intraday high of ₹306 mirroring gains in its peer company Great Eastern Shipping after it reported strong June quarter earnings.

Trading volume in Shipping Corporation shares rose by 3.6 times to 63.64 lakh shares compared with an average volume of 17.77 lakh shares.

A total of 3.48 shares changed hands compared with an average of 1.54 lakh shares traded daily in the past two weeks.