A stock which tripled on listing day is set for best returns since its debut week

Shares of Sigachi Industries Ltd., which were in the news recently after a tragic fire accident at one of its facilities, is up for the fourth straight session on Friday, September 12.The stock has gained more than 35% this week, which will be the biggest weekly gain the stock has had since its debut week back in 2021.

On Friday, the stock surged as much as 15%, following up Thursday’s 20% advance, on volumes that crossed Thursday’s in the second half of the session.

As many as 18.3 crore shares of the company have changed hands on Friday, in comparison to the 20-day average of 57 lakh shares. Over 11 crore shares had changed hands on Thursday.
Over 30 crore shares have changed hands through the course of the week, which is the highest since the stock began trading.In June, Sigachi Industries’ Pashamylaram unit in Telangana witnessed a significant explosion and fire, which resulted in the death of at least 46 workers, and injuring over 30.

The stock was on a seven week losing streak, before gaining in three out of the last four.

Shares of Sigachi Industries had more than tripled on their listing, making it one of the most successful listings in recent times. The recent correction has meant that the stock trades below its listing price, but still trades with gains of close to 200% from its IPO price of ₹16, adjusting for the 10-for-1 stock split.

Shares of Sigachi Industries are trading 14.1% higher on Friday at ₹43. The stock has its 200-Day Moving Average at ₹43.4.