Atlas cycles - equity intelligence latest pick (CNBC18)

Atlas Cycles (Haryana) surges over 40% in four days

Shares of Atlas Cycles (Haryana) jumped over 12% at Rs 233 at 10:44 IST on BSE, with the stock extending its recent rally triggered by receiving board nod to sell its Malanpur Unit in Madhya Pradesh.

On BSE, so far 67,714 shares were traded in the counter as against average daily volume of 8,329 shares in the past one quarter.

The stock hit a high of Rs 234.90 and a low of Rs 221.50 so far during the day. The stock had hit a 52-week low of Rs 155 on 8 September 2015. The stock hit a record high of Rs 301.75 on 19 September 2014.

The Atlas Cycles (Haryana) stock rallied 41.11% in four trading sessions from a recent low of Rs 164.90 on 15 September 2015. A lion's part of the gains were triggered by Atlas Cycles (Haryana)'s announcement made after market hours on 18 September 2015 that the company's board of directors at its meeting held on 7 September 2015, resolved to sell its Malanpur Unit in Madhya Pradesh as it is closed down since almost 1 year.

The company's board of directors also resolved to change the registered office of the company from the State of Haryana to the National Capital Territory of Delhi to be able to run its business more efficiently and economically.

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