Venky's India zooms 44% in two days after exclusion from ASM list

The stock rallied 44% in past two trading sessions from Rs 2,250 to Rs 3,240 on Friday in intra-day trade after Venky's India was excluded from the ASM list with effect from Thursday.

Shares of Venky’s India have surged 20% to Rs 3,240 per share on the BSE in early morning trade on Friday on back of heavy volumes. The stock zoomed 44% in past two trading sessions from Rs 2,250 after the company got excluded from the additional surveillance measures (ASM) list with effect from Thursday.

The exchanges had removed 13 stocks from the ASM list. Investors have to provide 100% margin while dealing in these stocks. Also, the stocks are subject to a 5% limit on the share price movement.

In past 11 trading sessions, Venky’s India surged 74% from its recent low of Rs 1,867 on July 19, as compared to 3% rise in the S&P BSE Sensex.

Shares of several companies put on the ASM list had tumbled amid an unwinding of speculative positions.  Venky’s India too saw its market price slipped 38% in one-and-half months from Rs 3,016 between May 31 and July 19, after the BSE had placed the stock in ASM list effective from June 1. The stock tumbled 60% from its all-time high of Rs 4,711 on April 4, 2018 in intra-day trade.

In previous calendar year 2017, Venky’s India rose 550% as compared to 28% rise in the Sensex.

Meanwhile, the board of directors of the company is scheduled to meet on Thursday, 9th August, 2018, to consider the audited financial results of the company for quarter ended 30th June, 2018.

Venky's (India) is engaged in business portfolio includes animal health products, pellet feeds, processed and further processed chicken products, solvent oil extraction, and Specific Pathogen-Free (SPF) eggs.

At 12:27 pm; the stock was trading 17.4% higher at Rs 3,170 against 0.66% rise in the benchmark index. The trading volumes on the counter more than doubled with a combined 1.24 million equity shares changed hands on the BSE and NSE so far.