Volume Shocker: Ambuja Cements

A combined 6.2 million shares have changed hands on the counter so far, against an average 2.9 million shares that were traded daily in past two weeks.

Ambuja Cements is trading higher by 4% to Rs 173 on back of over two-fold surge in volumes. As many as a combined 6.2 million shares have already changed hands on the counter so far, against an average 2.9 million shares that were traded daily in past two weeks.

The stock has rallied almost 15% in past six trading days, compared to 1% gain in the benchmark index Sensex, on hopes of higher sales due to pick-up demand in semi-urban and rural regions.

Moreover, the Competition Commission of India (CCI) is likely to give its decision on the charge of cartelisation by the industry today; an adverse verdict could impact the performance, as well as sentiment, according to the analyst.

 

The stock opened at Rs 164 and hit a high of Rs 174 on the National Stock Exchange.