Alok Industries shares jump 8% amid high volume; stock of RIL-promoted firm up 44% in 30 days

Shares of Alok Industries led volumes chart on NSE, with the stock climbing nearly 8 per cent in Thursday's trade to take its one-month gains to 44 per cent. Alok Industries is India's largest fully integrated textile company with a dominant presence in the cotton and polyester segments.

In 2019, Reliance Industries and its partner, JM Financial ARC, acquired the insolvent Alok Industries for Rs 5,000 crore when its loans stood at Rs 30,000 crore, that it owed to 27 banks. At the time of the deal, Alok Industries had a factory each in Silvassa, Vapi, Navi Mumbai and Bhiwandi, with a capacity to produce 68,000 tonnes of cotton yarn and 1.7 lakh tonnes of polyester annually.

The stock rose 7.82 per cent to hit a high of Rs 19.30 on NSE. At end of March quarter, Reliance Industries owned 1,98,65,33,333 shares or 40.01 per cent stake in the loss-making Alok Industries. For the March quarter, the company reported a loss of Rs 298 crore against a loss of Rs 250 crore in the December quarter.

Vodafone Idea, Sulzon Energy, Reliance Power, IDFC First Bank and HCC. Dish TV, Bajaj Hindustan and Shree Renuka also saw heavy volumes in Thursday's trade.

Shares of HDFC Bank, ICICI Bank, Adani Enterprises, HDFC and Piramal Enterprises, on the other hand, saw huge turnover on NSE. Data showed HDFC Bank topped the turnover chart with a turnover of Rs 3,175 crore on NSE. ICICI Bank saw a turnover of Rs 1,797 crore. The two banking stocks gained 0.7 per cent each. Adani Enterprises' turnover stood at Rs 1,644 crore.

It was followed by HDFC (Rs 1,362 crore), Piramal Enterprises (Rs 832 crore), Reliance Industries (Rs 699 crore), Axis Bank (Rs 681 crore).

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