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Shares of Ess Dee Aluminium have moved higher by 7% to Rs 252, extending its past five day’s rally on the bourses, despite clarification by the company that the rise of its share price is unexpected and unwarranted.
In past six trading sessions, the stock zoomed 105% from Rs 123 on March 31, on the National Stock Exchange (NSE). The CNX Nifty gained 3% during the same period.
With reference to the increase in price, Ess Dee Aluminium has clarified to BSE that "As of now the company does not have any information/announcement that have a bearing on the operation/performance of the company which include all price sensitive information in regard to the company that could have led to the sudden spurt on the price behavior and volume of transactions of the company's scrip."
The stock opened at Rs 248 and hit a high of Rs 257 on the NSE. A combined 1.08 million shares changed hands on the counter till 1145 hours on the NSE and BSE.
Meanwhile, on March 27, the stock hit a low of Rs 121, its lowest level since September 2012, after Sudip Dutta, the promoter of the company sold part of its holding through open market.
Sudip Dutta had sold 490,204 equity shares or 1.53% stake in the company on March 17 via market sale on the NSE and BSE, Ess Dee Aluminium said in a statement.
Post transaction, Sudip Dutta holding in the company reduced to 56.99% from 58.52%, it added.
In past six trading sessions, the stock zoomed 105% from Rs 123 on March 31, on the National Stock Exchange (NSE). The CNX Nifty gained 3% during the same period.
With reference to the increase in price, Ess Dee Aluminium has clarified to BSE that "As of now the company does not have any information/announcement that have a bearing on the operation/performance of the company which include all price sensitive information in regard to the company that could have led to the sudden spurt on the price behavior and volume of transactions of the company's scrip."
The stock opened at Rs 248 and hit a high of Rs 257 on the NSE. A combined 1.08 million shares changed hands on the counter till 1145 hours on the NSE and BSE.
Meanwhile, on March 27, the stock hit a low of Rs 121, its lowest level since September 2012, after Sudip Dutta, the promoter of the company sold part of its holding through open market.
Sudip Dutta had sold 490,204 equity shares or 1.53% stake in the company on March 17 via market sale on the NSE and BSE, Ess Dee Aluminium said in a statement.
Post transaction, Sudip Dutta holding in the company reduced to 56.99% from 58.52%, it added.
