Karnataka Bank, Shakti Pumps soar over 10% on heavy volumes

Shakti Pumps surged 14%, while Karnataka Bank soared 11% on BSE in intra-day trade.

Shares of Karnataka Bank and Shakti Pumps (India) soared more than 10% on BSE in intra-day trade on the back of heavy volumes.

Shakti Pumps (India) surged 14% to Rs 260, also its 52-week high on BSE in intra-day trade. At 02:28 pm; the stock was up 9% to Rs 246 as compared to 0.67% rise in the S&P BSE Sensex.

The trading volumes on the counter jumped more than three-fold with a combined 1.28 million equity shares representing 6.9% of total equity capital changed hands on BSE and NSE so far.

Shakti Pumps on Monday said the rating agency Care Ratings has assigned a ‘SP 1A' grading to the company for system integrator –Photo Voltaic (PV) the grading indicates highest performance capacity and highest financial strength of the graded entity. The grading will remain valid till 30 March 2019.

Karnataka Bank too hit a 52-week high of Rs 162, up 11% in intra-day trade on back of seven-fold jump in trading volumes. A combined 19.39 million shares or 6.9% of total equity of private sector bank changed hands on both the exchanges so far.

ICICI Bank increased its stake in Karnataka Bank during the recently concluded quarter, according to March quarter shareholding pattern filed by the bank.

As of March 31, 2017, ICICI Bank held 3.07 million shares or 1.09% stake in Karnataka Bank against less than 1% stake in December 2016 quarter, the shareholding data shows. CLICK HERE FOR DETAILS