Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) was up an odd 12.5% on Friday March 12, but all of the past week there has been nearly 19% movement on the stock and it is not stopping. not here. In fact, in the month of March, the stock moved 28% and in 2022 so far, we’re not done with the first quarter itself, the stock is up 61%.
Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) was up an odd 12.5% on Friday March 12, but all of the past week there has been nearly 19% movement on the stock and it is not stopping. not here. In fact, in the month of March, the stock moved 28% and in 2022 so far, we’re not done with the first quarter itself, the stock is up 61%.
This generally moves in tandem with TDI prices and the word is that TDI prices have seen a sharp increase due to supply disruptions due to the Russian-Ukrainian crisis.
Even on Friday it also saw a good amount of long builds in March futures where open interest was higher by almost 14% and in cash also it saw almost 15 lakh shares marked for delivery by compared to the 3-month average of just 5 lakh.
Thus, the stock is moving higher, with momentum and positions are being built on the long side in both the F&O as well as the spot market.
Watch CNBC-TV18’s accompanying Mangalam Maloo video for more details.
First post: STI
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