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  1. Supreme Petrochemicals, PNB, Indian Overseas Bank shares surge amid spurt in volumes

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Supreme Petrochemicals, PNB, Indian Overseas Bank shares surge amid spurt in volumes

SUMMARY

Supreme Petrochemicals shares rose as much as 6.75% to hit an intraday high of ₹743 amid spike in crude prices in global markets. Treading volume in the stock jumped 20.8 times to 10.19 lakh shares compared with an average volume of 49,120 shares.

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Trading activity in PNB shares by 8.1 times to 9.61 crore shares compared with an average volume of 1.18 crore shares. | Image: Shutterstock

The Indian equity benchmarks staged a partial recovery from intraday low levels in noon deals supported by buying interest in PSU banking, metal, pharma and FMCG shares. At the day's lowest level, SENSEX fell as much as 783 points and NIFTY50 index touched an intraday low of 24,135.85 dragged down by losses in HDFC Bank, Kotak Mahindra Bank and Axis Bank.

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As of 1:45 pm, the SENSEX was down 383 points at 77,767 and NIFTY50 index dropped 88 points to 24,246.

Here are stocks witnessing heavier than usual trading volumes:
Supreme Petrochemicals: Shares of the petrochemical maker rose as much as 6.75% to hit an intraday high of ₹743 amid spike in crude prices in global markets.

Treading volume in the stock jumped 20.8 times to 10.19 lakh shares compared with an average volume of 49,120 shares.

On the BSE, as many as 41,000 shares changed hands compared with an average of 3,021 shares traded daily in the past two weeks.

Punjab National Bank: Shares of the Delhi-based state-run lender rose as much as 5.77% to hit an intraday high of ₹111.90 after it reported 213% jump in net profit at ₹5,253 crore in the first quarter of current financial year.

PNB’s net interest income (NII) advanced by 3% to ₹32,897 crore in the June quarter of the current fiscal year, compared YoY with ₹31,963 crore in the same quarter of the previous financial year.

Trading activity in the stock spiked by 8.1 times to 9.61 crore shares compared with an average volume of 1.18 crore shares.

On the BSE, as many as 67 lakh shares changed hands compared with an average of 8.29 lakh shares traded daily in the past two weeks.

Indian Overseas Bank: The Chennai-based state-run lender reported a net profit of ₹1,659 crore in the first quarter of current financial year, marking an increase of 49% from ₹1,111 crore in the same period last year. The sharp jump in profit came on the back of lower provisions for bad loans and a healthy loan growth during the quarter.

The stock came under strong buying interest after earnings announcement as the stock jumped as much as 4.87% to hit an intraday high of ₹35.50, outperforming the NIFTY PSU Bank index which was up 2.75%.

Trading volume in Indian Overseas Bank shares jumped by eight times to 1.98 crore shares compared with an average of 24.88 lakh shares traded daily in the past two weeks.

Gabriel India: Shares of the auto ancillaries company rose as much as 8.7% to hit an intraday high of ₹1,453 a day ahead of its earnings announcement.

Trading volume in the stock jumped by 4.3 times to 32 lakh shares compared with an average volume of 7.52 lakh shares.

On the BSE, 1.94 lakh shares changed hands compared with an average of 71,000 shares traded daily in the past two weeks.

Escorts Kubota: Shares of the tractor maker gained as much as 3.3% to hit an intraday high of ₹3,035 amid spike in trading activity.

Trading volume jumped by 4.1 times to 2.54 lakh shares compared with an average volume of 61,677 shares.

On the BSE, 15,000 shares changed hands compared with an average of 4,610 shares traded daily in the past two weeks.

About The Author

Abhishek Vasudev.jpg
Abhishek Vasudev is a business journalist with over 15 years of experience covering business and markets. He has worked for leading media organisations of the country.

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