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“Even when the prices were too high, there were no contraction in demand. Domestic demand is quite strong. We are selling anywhere between 39,000-40,000 tonnes a month. We are able to export as well anything between 25,000 and 30,000 tonnes a month of zinc. Lead demand also remains quite strong. ”

“The current business we are doing is of about 1,15,000-1,20,000 people every month and the idea is to increase the spend. Today the average spend is 18000-19000 to upscale that and take it to 22000-23000, get growth accordingly.”

A total of 31,275 shares changed hands on the counter till time (IST).

The company said that its total expenses saw an increase to Rs 2,485.8 crore from Rs 1,607.4 crore on a YoY basis. After the financial update, the scrip hit a day’s high of Rs 250.10. At 12:10 am, it traded at Rs 240 around 3 per cent above its previous close of Rs 234.2.

The stock quoted a 52-week high of Rs 604.0 and a 52-week low of Rs 322.1.

"However, it has strong resistance in the Rs 16-16.30 zone, which is a strong pattern resistance area. Further, the stock remains highly news driven with little technical triggers present on the chart. In the given scenario, investors/traders can use each up move as an opportunity to exit stock.

Rallies were led by "shipping firms which have announced upward revisions to their full-year earnings forecasts", Daiwa Securities said in a commentary. Kawasaki Kisen climbed 11.31 percent to 9,840 yen ($71.46), after it revised up its full-year pre-tax profit forecast.

A total of 8,588 shares changed hands on the counter till time (IST).

"The size and velocity of large deals, including a USD 100 plus million deal, sets us up for continued robust growth. Equally importantly, it helps us further enhance our offshore operations helping us build strong moats around margin defence," Coforge chief executive officer Sudhir Singh said.

“GRMs in Singapore benchmarks have gone from $29.5 to less than $3 in the matter of about a month and a half. It would be interesting to hear what sort of outlook Reliance Industries shares in terms of what is actually happening on the ground and what is the sense they have in terms of refining outlook.”