IRB Infrastructure Developers, Suzlon Energy, UPL, SJVN and Rail Vikas Nigam Ltd (RVNL) were among the midcap stocks which saw trading in heavy volumes ahead of Finance Minister Nirmala Sitharaman's Budget speech on February 1.
Finance Minister Nirmala Sitharaman is set to present her eight consecutive Union Budget today. Markets experts are currently actively watching over their holdings, as markets gains before the Budget is presented into Parliament.
In the first hour of trading on February 1, several midcap stocks saw sharp surge in trading volumes.
IRB Infrastructure Developers saw its trading volume more than double from its 10-day average. The stock is currently trading 4 percent higher at Rs 59.65 apiece. This comes after the company reported its Q3 results on January 31. Its net profit jumped to Rs 6,026 crore, while revenue from operations rose 3 percent to Rs 2,025 crore during the reported quarter.
Suzlon Energy shares jumped 5 percent to hit the upper circuit at Rs 61.07 per share on February 1. Notably, this marks the fourth consecutive session in which the stock hit the upper circuit amid anticipation of major announcements to boost India's renewable energy segment by the government. The stock was trading at a volume which was nearly 1.5 times higher than its 10-day average. Notably, the rise in share price has also been fueled by its positive Q3 results. It had reported a 91 percent surge in consolidated net profit to Rs 388 crore during the quarter.
UPL, SJVN and RVNL saw trading volumes near their respective 10-day averages. UPL shares were trading 1.2 percent higher at Rs 611, while those of SJVN were trading 5.5 percent higher at Rs 103. Shares of Rail Vikas Nigam Ltd (RVNL) were up 3.4 percent at Rs 492 per share.
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