Update (4:40 p.m.): Updated with Wednesday market close information.
Modi will succeed Manmohan Singh, whose Congress party suffered its worst defeat in history in India's recent general elections. Mukherjee will administer the oath of office and secrecy to Modi on May 26.
India Globalization Capital is a materials and infrastructures company that supplies and trades iron ore and leases construction equipment. It also constructs roads and highways and supplies rock aggregate.
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The stock closed up 60%, or 75 cents, to $2. More than 20.6 million shares changed hands, which eclipsed the average volume of 218,027.
Separately, TheStreet Ratings team rates INDIA GLOBALIZATION CAPITAL as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INDIA GLOBALIZATION CAPITAL (IGC) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."