On Friday, March 12, Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) was up 12.5 odd percent, but all of last week, there was a near 19 percent move on the stock and it's not stopping there. In fact, in the month of March, the stock moved 28 percent and in 2022 so far, we are not done with the first quarter itself, the stock is up 61 percent.
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This usually moves in tandem with TDI prices and the word is the TDI prices have seen a big surge on account of supply disruptions coming in on account of the Russia-Ukraine crisis.
Even on Friday, it saw a fair amount of long buildup in the March Futures as well where the open interest was higher by almost 14 percent and in cash too, it saw nearly 15 lakh shares marked for delivery compared to the 3-month average of just 5 lakh.
So the stock is moving higher, moving with momentum and positions are being built on the long side on both F&O as well as the cash market.
Watch the accompanying video of CNBC-TV18’s Mangalam Maloo for more details.