New Delhi, Dec. 23 -- NBFC stock Mangalam Industrial Finance hit the 5% upper circuit at Rs.0.97 in trade on Tuesday, December 23. The stock moved higher amid strong buying interest, even as there was no immediate news or corporate announcement from the company, highlighting the speculative nature of the move.

According to data available on BSE, around 420.78 lakh shares changed hands in today's session as of 2.50 pm, significantly higher than the two-week average of 290.40 lakh shares.

This was the second straight day of gains for the stock. The scrip has risen in four of the last five trading sessions on BSE, including today's. On Friday, December 19, the penny stock under Re 1 had ended in the red.

Market participants must note that...