Shree Rama Newsprint, Esab India, Natco Pharma, 8K Miles Software and Nagreeka Exports shares hit the 20% upper circuits in today's session. Most of these stocks surged on unusually large volumes.
Of these, Esab India has hit a new 52-week high today. Natco Pharma is about 10% down from its yearly high, while the other three stocks are trading quite a long way down from their 52-week highs.
At the Shree Rama Newsprint counter on BSE, around 4.16 lakh shares have changed hands today, as against average daily volume of just about 67,000 shares.
On BSE, the Esab India counter has recorded a volume of about 37,000 shares today, substantially higher than average daily volume of about 3030 shares.
At the Natco Pharma counter on BSE, 2.13 lakh shares have changed hands, as compared to average daily volume of 37,000 shares.
The 8k Miles software Services counter on BSE has clocked a volume of about 1.13 lakh shares, as compared to average daily volume of around 34,000 shares.
The Nagreeka Exports counter has clocked a volume of 31.29 lakh shares so far in the session, about 3.5 times the average daily volume of 89,000 shares.
While shares of Natco Pharma have surged higher, riding on the announcement from the company that its marketing partner Mylan has received USFDA's approval for generic version of Copaxone, the trigger for the other stocks are not really known.
While it is good news for investors holding these stocks, it is advisable to not venture into any aggressive buying at these counters without knowing the possible reason for their upmove. If a genuine report emerges about the cause for their rise, then one can consider fresh buy, that too on a long term perspective.
