The Bannari Amman Spinning Mills counter is weaving out handsome gains on Wednesday, hitting a record high in the process.

With no apparent triggers to warrant any big buying at the counter, the stock’s steep upmove amid high volumes looks a bit surprising as of now.

The counter, which normally sees very thin volumes, is buzzing with hectic activity today, clocking over 3 lakh shares on BSE so far in the session. Over the past couple of weeks, the average daily volume at the counter was just a little over 2900 shares. The stock touched a high of Rs 406.70 on BSE today.

On the National Stock Exchange, the stock rose to a new high of Rs 405, and is currently traded around Rs 391, up nearly 15% from previous closing price. Nearly 3.37 lakh shares have changed hands so far at the Bannari Amman Spinning Mills counter on NSE today.

The stock had touched a 52-week low of Rs 275.25 on the National Stock Exchange on 24 January 2107. That means, the stock was not really having a disappointing run, moving between Rs 280 and Rs 350 for over 11 months.

Bannari Amman Spinning Mills reported net revenue from operations of Rs 206.16 crore for the quarter ended September 2017, up from Rs 188.57 crore a year ago. Net profit for the quarter was Rs 6.38 crore as compared to Rs 7.97 crore in the corresponding quarter of financial year 2015-16.

The company is a part of Bannari Amman group of companies which has diverse interests spanning various industries in the southern part of the country. The new Garment unit that became operational during financial year 2015-16, has stabilized and is expected to contribute to the performance of the Company going forward.