Finolex Industries rallies on heavy volumes

The stock rallied 17% to Rs 307, extending its previous day's nearly 3% gain on National Stock Exchange.

Finolex Industries has rallied 17% to Rs 307, extending its previous day’s nearly 3% gain on National Stock Exchange (NSE) on back of huge delivery-based buying.

Shares of plastic products maker opened at Rs 264 and touched a high of Rs 313 on NSE. The trading volumes on the counter more than doubled with a combined 1.13 million shares changed hands till 1122 hours on NSE and BSE.

On Monday, January 12, 2014, about 567,000 equity shares, representing 94% of the total 605,000 traded quantity had converted into delivery, the NSE and BSE data shows.

So far in January, an 85% of the total traded quantity converted into delivery as compared to 76% in December, 2014 and 61% in November.

Meanwhile, post September quarter results the stock had underperformed the market by fell 21% from Rs 326 on November 12, 2014 to Rs 257 on January 9, 2015. The benchmark CNX Nifty declined 2%during the same period.