Alok Industries Shares Locked In 20% Upper Circuit After Multiple Large Trades

Alok Industries witnessed a remarkable 20% surge in its stock price, hitting the upper circuit at Rs 25.80, marking its highest point in the last 52 weeks. This surge occurred on January 2, following a substantial investment by Reliance Industries Ltd (RIL) in non-convertible redeemable preferential shares valued at Rs 3,300 crore.

These preferential shares were issued through private placement to RIL, offering a dividend rate of 9%. Additionally, they are eligible for redemption at their face value at any point within a maximum period of 20 years from the allotment date.

Trading activity in Alok Industries saw a significant boost as 11 crore shares changed hands on the stock exchanges, greatly surpassing the one-month average daily trading volume of 4 crore shares. Over the past month, the stock has demonstrated an impressive 31% increase in value.

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