Shares of online auto platform CarTrade Tech Ltd. gained 25 percent in the last month owing to a sudden spike in volume. During this period, share prices have moved up from Rs 417 to Rs 519 on the BSE.
The stock saw a huge surge in volumes in the past week. CarTrade notched up a volume of 1.1 lakh shares on Monday. On Friday, 5 lakh shares were traded, while the share trade volume was 32 lakh on June 8 and 15 lakh on June 5.
This was way higher than the six-month average trading volume of 2 lakh shares. The massive increase in volume suggests that a lot of buyers are showing interest in the stock.
Due to the spike in trading volumes on June 5, the BSE asked for clarification from the company, and the firm replied on June 6 stating that they have no announcement that may have a bearing on the increased volume activity.
The stock has gained over 50 percent from its 52-week low of Rs 341.05 that it touched on March 28, though it is still trading 30 percent lower from its 52-week high of Rs 735 apiece that it hit on July 29 last year.
Following the gain in the share price, the company's market capitalisation has reached over Rs 2,400 crore.
Shares of CarTrade Tech Ltd. are trading 0.65 percent higher at Rs 515.40.
(Edited by : Rukmani Krishna)
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