Here's why Coromandel International share price rose 4% in trade on Dec 31

The movement in the trading volume of the company's shares, Coromandel International said, appears to be driven by market conditions

Coromandel International Share Price: Shares of fertiliser industry player Coromandel International were high in demand on the bourses on Wednesday, December 31, after the company submitted an instant response to the NSE on clarification sought from the latter for the heavy trading volume. Following the news, the company’s share price advanced 3.8 per cent to log an intraday high of ₹2,322.3 per share on the NSE on Wednesday.

 

That said, the Coromandel International stock, however, has pared gains partially yet continues to trade northward on the bourses. At 10:34 AM on Wednesday, Coromandel International shares were seen exchanging hands at ₹2,312.90 per share on the NSE, up 3.36 per cent from its previous close of ₹2,236.50 per share on the BSE. Meanwhile, the benchmark NSE Nifty50 was quoted at 26,030, higher by 92 points or 0.35 per cent.

 

 

So far during today's trade, a combined total of 0.18 million equity shares of Coromandel International, estimated to be worth ₹35 crore, have exchanged hands on the NSE and BSE. The company’s shares have a 52-week range of ₹2,718.90 - ₹1,596 on the NSE.  CATCH STOCK MARKET UPDATES TODAY LIVE

Coromandel International offers clarification on trading volume

According to the regulatory filing submitted by the company, Coromandel International has informed the exchanges that the company has been regularly making the disclosures required under the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and there is no material information or announcement pending which, in its view, may have a bearing on the price or volume of the company’s equity shares.

 

Further, Coromandel International said that it is not aware of any specific information, event, or development that could have resulted in the said increase in trading volume.   ALSO READ | Privi Speciality Chemicals tanks 13% in trade; check all details here 

"The movement in the trading volume of the company’s shares appears to be driven by market conditions. The company shall continue to comply with all applicable disclosure requirements and will promptly intimate the Exchange(s) of any material event or information as and when required," said Coromandel International.

 

Earlier on December 30, the NSE had sought clarification from the company citing the reasons behind the increase in volume.