BCL Industries shares hit 20% upper circuit - here' why

Shares of BCL Industries, a leading edible oil and distillery company, locked in 20 per cent upper circuit on Monday, January 9. The counter opened at Rs 335 apiece on NSE, up by more than 5 per cent from the previous close of Rs 309.40. A strong buying in the counter lifted it to hit the upper circuit of 20 per cent of Rs Rs 371.25. Trading was halted thereafter for the day.

The rally in the share price of BCL Industries could be attributed to an update shared by the company with the exchanges. The edible oil company informed exchanges about compliance certificate regulation of market regulator Securities and Exchange Board of India (SEBI). 

It said that securities comprised have been listed on the stock exchange, adding that certificates after due verification have been mutilated and cancelled and the name of the depository has been substituted in the company's records as the registered owner.

"We confirm that the securities received from the depository participants for dematerialization during the quarter ended December 31, 2022, were confirmed (accepted/rejected) to the depositories by the company," the filing said. "Securities comprised have been listed on the stock exchanges where the earlier issued securities are listed."

Shares of BCL Industries, a part of Mittal group, have yielded a negative return of 5 per cent in the past one month. In the past 1 year, the counter has yielded a moderate return of around 8 per cent to its shareholders. In the last 5 years, the share price of BCL Industries has advanced more than 200 per cent.

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