Mangalore Chemicals, Pipavav Defence, Usher Agro zoom 20% on heavy volumes

Schrader Duncan, ARSS Infrastructure and Kemrock Industries too locked in upper circuit of 20% on the BSE.

Shares of Mangalore Chemicals & Fertilisers, Pipavav Defence and Offshore Engineering, Schrader Duncan, ARSS Infrastructure Projects, Kemrock Industries & Exports and Usher Agro have locked in upper circuit of 20% on the BSE on back of heavy volumes.

Mangalore Chemicals & Fertilisers has frozen higher limit of the day, up 20% at Rs 49.90 on BSE after a large bulk deal was executed on the counter. Till 12:57 p.m. a combined 5.59 million shares representing 4.7% of total equity of fertilizer firm have changed hands against an average sub one million shares that were traded daily in past two weeks.

Pipavav Defence and Offshore Engineering too up 20% at Rs 100.25, also its 52-week high on the BSE on back of over four-fold jump in trading volumes. A combined 30.90 million shares changed hands representing 4% of total equity of defence firm have changed hands on the BSE and NSE.

The BSE said that it has sought clarification from Pipavav Defence and Offshore Engineering Company (PDOC) with reference to the news appeared in The Financial Express, December 24, 2015 - "Reliance Defence to ink Rs 66,000 crore deal with Russia". The reply is awaited.

In past one-week the stock rallied 37% from Rs 72.80 on December 17, after the Reliance Infrastructure (RInfra) announced the closing of the open offer period for the acquisition of PDOC.

Upon completion of applicable formalities, RInfra will acquire sole management control of PDOC, and the board of PDOC will be reconstituted, together with the Company being renamed Reliance Defence and Engineering Ltd.

Usher Agro up 20% at Rs 45.75, with a combined 2.92 million equity shares representing 7.7% of total equity changing hands on the counter on the BSE and NSE.

Agro processing company Usher Agro, in collaboration with the open innovation team of Goodyear Tire and Rubber Company and the Indian Institute of Science (IISc), Bangalore, has developed an extraction process for producing 'green' precipitated silica from rice husk ash. The produced silica will be used by Goodyear to replace carbon black and traditional silica in high performance tyres.CLICK HERE TO READ FULL REPORT.

Span Diagnostics, Loyal Textile Mills, Acknit Industries and Piramal Phytocare are among other few have locked in upper circuit of 10% on the BSE even though the S&P BSE Sensex was trading flat at 25,848.