India Globalization Capital, Inc. (NYSEAMERICAN: IGC) is having yet another incredibly strong start to the trading session this morning. However, if you’re looking for press releases or other news, you’re not going to find any. Today’s gains are a continuation of excitement created by news that was released last week. Today, we’ll talk about:
- Why IGC is up;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
Why IGC Is Climbing
As mentioned above, India Globalization Capital is having yet another strong day in the market today as investor excitement surrounding a coming CBD-infused product. In a press release issued last week, the company announced that it has entered into a partnership agreement that will put several beverage products in its hands for commercialization. One of these products is known as Nitro G, a sugar-free energy drink that seems to be gaining in popularity.
However, the larger reason for the gains has to do with a drink that’s not even developed yet. In the press release, IGC said that it would be working on an energy drink that contains the health properties of CBD. Many investors expect that the drink will be a new formulation of Nitro G, bringing CBD into the recipe. However, as it is still in development, we don’t quite know what the drink will be.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. While India Globalization Capital has not released any news today, the news sending the stock soaring was released last week and with so much investor interest surrounding the CBD beverage market, the excitement continues today. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:12), IGC is trading at $8.05 per share after a gain of $1.60 per share or 24.82% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on IGC. In particular, we’re interested in following the story surrounding the company’s continued work to bring its new CBD-infused beverage to market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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