IGC - India Globalization Capital proved to be a runner straight out of the gate this morning opening at .59 which was the low of the trading range and printing a intraday high of .74 before closing the session at .68, locking in a 19% gain on the day. The reason for the strong upward surge is not clear since there are no supporting news stories currently hitting the news wires. The volume today (1,873,418) was more than six times the daily 3 month average of 268,205 which can lead some to believe a frontrun may have occurred today on the possibility of pending news. Below is the three month chart for IGC.
India Globalization Capital is a construction and materials company based out of Bathesda, Maryland with operations in India. The 52 week high for IGC is 2.69 and the 52 week low is .51 which was recently established. Traders may want to keep this one their watch list for a potential extension of the surge today.
4/26/2011
