Ruchi Soya rebounds 16% from 2-yr low on huge volumes

Ruchi Soya Industries is trading higher by 5% at Rs 92, bouncing back 16% from day’s low of Rs 79, its lowest level since November 2009, in an otherwise weak market on back of huge volumes.

As many as a combined 11.38 million shares, representing 3.4% of total equity capital of the company have already changed hands on the counter so far, against an average 1.35 million shares that were traded daily in past two weeks on both the exchanges.

Last week, on April 26, 2012 Credit Suisse First Boston (Singapore) Limited sold 1.7 million shares of Ruchi Soya Industries at Rs 82.19, while J P M S l a/c Copthall Mauritius Investment Ltd sold 2.01 million shares at Rs 82.99 on the NSE.