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Alembic Zooms 8% With a Fivefold Increase In Volume

15 May 20233 mins read by Angel One
The Hon'ble High Court of Gujarat has dismissed the said Special Civil Application (SCA) filed by the company, and hence the company has lost the case.
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The Indian benchmark indices are trading in a jubilant mood on Monday as Nifty 50 has reclaimed its important psychological mark of 18,400. This is the first time after December 21, 2022, the index has managed to touch a level of 18,400. Meanwhile, Sensex is also trading with gains of 0.72%, near about the important psychological mark of 62,500.

Amidst this jubilant performance on D-Street, there are many stocks buzzing on the bourses but one particular stock that has caught the attention of market participants is Alembic Ltd.

The stock of Alembic Ltd opened at the level of Rs 65 and from thereon, it went from strength to strength to make an intra-day high of Rs 71.80. Currently, the stock is trading higher by 8.13% at Rs 69.80 on NSE. So far, the stock has witnessed astronomical jump in total trade shares on NSE as the volume is inching closer to 22 lakh shares; this is the highest single day volume witnessed by the stock since September last year. The volume has witnessed a jump of over 5 times of the 10-days average volume of 4.25 lakhs share per day, highlighting larger participation in the direction of the trend.

The Company had filed an appeal before the Hon’ble High Court of Gujarat against the State of Gujarat, Collector of Electricity Duty, Chief Auditor, Industries Commission aggrieved by the notice issued by the Chief Auditor dated 12.1.2004 inter alia calling upon the Company to pay the amount of electricity duty.

The Hon’ble High Court of Gujarat has dismissed the said Special Civil Application (SCA) filed by the Company and hence the company has lost the case. However, recently, the company has updated that the Appeal filed by the Company before the Hon’ble Supreme Court of India against the Order of Hon’ble High Court of Gujarat, has been admitted.

The Company has filed a Special Leave Application in the Hon’ble Supreme Court of India challenging the referred Order passed by the Hon’ble High Court of Gujarat and the same has been admitted, subject to the Company depositing Rs. 35 crore.

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