 "A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (pic: Reuters)")
Shriram EPC has soared 20% to Rs 37.40 in intra-day trade, extending its Thursday’s rally on the back of heavy volumes in an otherwise weak market.
The stock zoomed 44% in past two trading days from Rs 26 on November 2, as compared to 1% decline in the S&P BSE Sensex.
Since October 25, it rallied 51% from Rs 24.80, after the construction & engineering company allotted equity shares on conversion of the working capital term loan (WCTL) of the lenders into equity shares.
“Upon banks approval for converting their entire WCTL into equity the cumulative holding of the 21 banks would be 69.36% and the promoters, SVL holding will come to 28.06% on the enhanced capital,” Shriram EPC said on September 26.
At 02:30 pm, the stock was up 18% at Rs 36.80 on BSE, as compared to 0.72% decline in the benchmark index. The trading volumes on the counter jumped multiple-folds with a combined 5.54 million shares changed hands on BSE and NSE so far.
The stock zoomed 44% in past two trading days from Rs 26 on November 2, as compared to 1% decline in the S&P BSE Sensex.
Since October 25, it rallied 51% from Rs 24.80, after the construction & engineering company allotted equity shares on conversion of the working capital term loan (WCTL) of the lenders into equity shares.
“Upon banks approval for converting their entire WCTL into equity the cumulative holding of the 21 banks would be 69.36% and the promoters, SVL holding will come to 28.06% on the enhanced capital,” Shriram EPC said on September 26.
At 02:30 pm, the stock was up 18% at Rs 36.80 on BSE, as compared to 0.72% decline in the benchmark index. The trading volumes on the counter jumped multiple-folds with a combined 5.54 million shares changed hands on BSE and NSE so far.
