LT Foods, Vishal Mega Mart, BLS International shares spurt amid spike in volumes; check full list

The Indian equity benchmarks erased intraday gains in noon deals on Monday, August 24, weighed down by losses in index heavyweights like State Bank of India, Reliance Industries, Axis Bank, ICICI Bank, Bharti Airtel, ITC and Bajaj Finance.

The SENSEX fell as much as 484 points from the day's highest level and NIFTY50 index touched an intraday low of 24,174 after touching an intraday high of 24,313 earlier in the session.

As of 12:14 pm, the SENSEX was down 204 points at 77,349 and NIFTY50 index declined 58 points to 24,195.

Trading volume on the National Stock Exchange (NSE) jumped by 55 times to 2.29 crore shares compared with an average volume of 4.21 lakh shares.

As many as 14.77 lakh shares changed hands on the BSE compared with an average of 38,000 shares traded daily in the past two weeks.

The stock came under buying interest after the company announced various initiatives its undertaking at its AI day on Friday.

The company’s CEO said that it expects revenue to double by 2029 driven by AI led transformation.

Chief executive officer (CEO) R Srikrishna said that company expects revenue to touch $3 billion by 2029 from around $1.5 billion this will be driven by factors like AI-led transformation, West Asia expansion, growth in the technology vertical, and private equity partnerships.

Trading volume jumped by 12.8 times to 19.80 lakh shares compared with an average volume of 1.55 lakh shares on the NSE.

Gunender Kapur was appointed as the Managing Director & Chief Executive Officer of the Company for a period of three years with effect from June 27, 2024.

His existing term of three years is due to expire on June 26, 2027.

Analysts at Morgan Stanley said the reappointment of the company’s MD & CEO for another five-year term is a key positive, as uncertainty around management succession had been a major overhang on the stock.

Trading volume in Vishal Mega Mart shares jumped by 11.2 times to 11.13 crore shares compared with an average volume of 99.41 lakh shares.

Trading volume in the stock rose by 5.7 times to 72.82 lakh shares compared with an average volume of 12.77 lakh shares.

As many as 9.19 lakh shares changed hands on the BSE compared with an average of 3.04 lakh shares traded daily in the past two weeks.

Trading volume rose by 3.8 times to 36.37 lakh shares compared with an average volume of 9.47 lakh shares on the NSE.