Everest Kanto Cylinder shares soared by 40 per cent on the BSE in the past two days alone, touching the upper circuit of 20 per cent on each of the days, as the deadly second coronavirus surge led to acute shortage of oxygen cylinders and fuelled demand for medical oxygen. At 2:25 pm, the shares of Everest Kanto Cylinder were frozen at the upper circuit of 20 per cent at Rs 110.70 on the BSE.
The demand for medical oxygen has hit the roof and there are reports of medical oxygen shortages in many regions. The Railways has started a special train to transport oxygen and many steel companies have reportedly diverted oxygen for medical use to help the country tide over the medical crisis.
Everest Kanto Cylinder is the leading manufacturer of seamless steel gas cylinders in the country.
The BSE Sensex was at 47,748.75, lower by 185 points or 0.38 per cent and the NSE Nifty was at 14,318.50, down 37.60 points or 0.25 per cent at the time.