India Globalization Capital, China BAK Battery: Midday Volume Plays

NEW YORK (TheStreet) -- India Globalization Capital (IGC) was one of several stocks trading near $5 were moving on above-average volume Tuesday, surging more than 50% on a contract announcement.

India Globalization Capital said it has signed a five-year, $160 million contract with a Chinese steel manufacturer to begin supplying iron ore. IGC said it will initially deliver 40,000 metric tons (MT) of iron ore per ship load, building to 80,000 MT per ship load for up to 1.6 million MT over the life of the contract.

Following the contract announcement, India Globalization Capital shares jumped by 79 cents, or 61.2%, to $2.08. Volume topped 5.66 million shares, compared to the three-month average daily volume of 83,000, according to Yahoo! Finance.

Elsewhere, ADVENTRX Pharmaceuticals (ANX) dropped by 72 cents, or 17.3%, to $3.44 after the company said its plans to resubmit its New Drug Application (NDA) for its chemotherapy drug ANX-530, or Exelbine, in the fourth quarter of 2010.

ADVENTRX said the Food & Drug Administration offered information on what stability data is necessary to file the application. In the company's December 2009 submission, the FDA said the data from the intended commercial manufacturing site was insufficient to support a commercially-viable expiration dating period.

ADVENTRX's volume topped 2.08 million shares, compared to the three-month average daily volume of 416,000.

China BAK Battery (CBAK) fell by 31 cents, or 13.4%, to $2 after the company posted a second-quarter loss of 4 cents a share, compared to the single analyst estimate for a break-even quarter.

China BAK Battery said that after examining performance the first half of the 2010 fiscal year, "the business recovery in certain segments is likely to be slower than we expected." Volume topped 2.52 million shares, compared to the 50-day average daily volume of 793,000, according to the Nasdaq.

-- Written by Robert Holmes in Boston.

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