India Glycols shares surged almost 14% intraday on the BSE on Tuesday, 13 October, looking set to snap their three-day losing run. India Glycols share price opened at ₹323.35 against its previous close of ₹319.65 and jumped 13.8% to hit an intraday high of ₹363.90.
While there is no latest update from the company that could drive the stock price higher, the gains in the stock are driven by a surge in volume. On Tuesday, the stock witnessed a spurt of over 7.73 times in volume.
The sharp jump in volume appears to be driven by speculations that the company may soon announce the listing dates of its two demerged entities- IGL Spirits Limited and Ennature Bio Pharma Limited.
On 8 October, the BSE sought clarification from India Glycols due to significant movement in price, in order to ensure that investors have the latest relevant information about the company.
On 9 October, the company clarified that except for the information and disclosure already made by it to the stock exchanges, there is no material information, announcement or event pertaining to it that remain undisclosed and is required o be disclosed.