Block Deals Spark Sharp Rally: Karnataka Bank Up 11%, Apex Frozen Hits 20% Upper Circuit

Shares of

aka Bank and Apex Frozen Foods stole the show on Friday after heavy block deals triggered massive buying interest. Karnataka Bank surged as much as 11% to an intraday high of ₹193.99 – its highest level in nearly four months. Around 62.94 lakh shares changed hands in 10 block deals at an average price of ₹186.22, a premium of over 6% to Thursday’s close. Trading volume exploded to 3.67 crore shares (28x the 10-day average), pushing the stock above its 50, 100, and 200-DMA. The stock later settled with an 8% gain at ₹188.50. Apex Frozen Foods stole even more limelight, locked at the 20% upper circuit of ₹332.28 – a fresh 52-week high and the highest level in three years. About 16.37 lakh shares were traded in block deals at ₹323.81, commanding a 17% premium over the previous close of ₹276.90. Both stocks saw aggressive buying from institutional and high-net-worth investors, signaling renewed confidence despite Karnataka Bank being down 11% YTD and Apex Frozen turning the corner after a muted phase. Market participants now await disclosures on buyers and sellers in today’s block deals, which could reveal big names entering these under-owned counters.