Vedant Fashions Ltd. shares surged more than 5% on Wednesday, supported by a sharp spike in trading volumes.
The stock rose as much as 5.26% to an intraday high of Rs 512.95 per share. At 11:40 am, Vedant Fashions shares were trading 4.12% higher at Rs 507.40 apiece. By comparison, the BSE Sensex was up 0.31% at 78,672.
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Trading activity was considerably higher than usual. At the time of writing the report, around 13.51 lakh shares worth Rs 66.93 crore changed hands on the BSE, while over 1.06 crore shares valued at Rs 528.92 crore were traded on the NSE, indicating strong investor interest in the counter.
The stock has also been on a strong run recently, gaining nearly 26% over the past one month.
The heightened activity comes after the company reported a healthy set of earnings for the June quarter of FY27.
Vedant Fashions reported a 14.7% year-on-year (YoY) increase in net profit to Rs 80.6 crore, while revenue rose 7.2% to Rs 301 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 8.6% YoY to Rs 131 crore, with EBITDA margin expanding to 43.5% from 42.9% a year earlier.
Separately, the company's board reappointed Chairman and Managing Director Ravi Modi and Whole-Time Director Shilpi Modi for fresh five-year terms with effect from Aug. 28.
Vedant Fashions Ltd. is among India's leading ethnic wear retailers, best known for its flagship brand Manyavar. Headquartered in Kolkata, the company also owns brands such as Mohey, Twamev, Mebaz and Manthan, and sells wedding and celebration wear through an extensive network of stores across India and select international markets.
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