Know why Alicon Castalloys' stocks are buzzing

Forging company Alicon Castalloys jumped nearly 13 percent as its shares went above a crucial technical level on very heavy volumes.

Alicon traded above the 20-day moving average on the National Stock Exchange. More than 26,000 shares changed hands on the NSE in comparison with an average traded volume of 2,000 shares on a daily basis over the past month.

Alicon, which makes aluminium forgings for the auto industry, recently announced a dividend of 3 rupees a share. The company reported sales of 143 crore rupees for the quarter ended March compared with 133 crore rupees for the 3 months ending December.
Net Profit surged to 6.9 crore rupees versus 4.2 crore rupees over the same two comparative periods.

Alicon gained 33.15 rupees to trade at 296.85 rupees on the NSE.

(Image credit: Indiatimes)