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India Glycols shares hit 52-week high as volume surges
The stock rose about 13.8% intraday on Oct. 13, after trading volume jumped more than 7.73 times.
India Glycols shares surged after hitting a 52-week high of ₹399.95 on Oct. 8, with the stock rising nearly 14% intraday on Oct. 13 on the BSE. LiveMint Markets said the shares opened at ₹323.35, versus a previous close of ₹319.65, and climbed to an intraday high of ₹363.90, up 13.8%.
The move came without a new company update, and the gains appeared linked to a sharp increase in trading activity. According to LiveMint Markets, volume spiked more than 7.73 times on Tuesday, and the jump was attributed to market speculation that India Glycols may soon announce listing dates for its two demerged entities, IGL Spirits Limited and Ennature Bio Pharma Limited.
LiveMint Markets added that on Oct. 8 the BSE asked India Glycols for clarification due to significant price movement, and on Oct. 9 the company said that, aside from information and disclosures already made to stock exchanges, it had no material information, announcement, or event.