Meanwhile, the BSE Sensex was up 269.65 points, or 1.41%, to 19,406.26.

The stock jumped on heavy volumes. On BSE, 10.82 lakh shares were traded in the counter as against an average daily volume of 55,264 shares in the past one quarter.

The stock hit a high of Rs 678.65 and a low of Rs 571 so far during the day. The stock had hit a 52-week high of Rs 871 on 8 September 2010 and a 52-week low of Rs 438.35 on 29 January 2010.

The stock had underperformed the market over the past one month till 26 November 2010, falling 26.29% compared with the Sensex's 5.36% fall. It also underperformed the market in past one quarter, sliding 27.73% as against 4.99% rise in the Sensex.

The mid-cap engineering company has an equity capital of Rs 72.13 crore. Face value per share is Rs 10.

The stock had tumbled 18.47% in the past two trading sessions to settle at Rs 570.55 on Friday, 26 November 2010, from a recent high of Rs 699.85 on 24 November 2010.

BGR Energy Systems has denied connection with the ongoing loan scandal involving some top officials of LIC Housing Finance and some PSU banks. In a statement to BSE, BGR Energy said, last week, that it has not resorted to any illegal or unethical methods to get working capital sanctioned for business purposes. "We strongly deny all the allegations by certain electronic and print media reports of involvement of BGR Energy and group companies with regard to the present illegal gratification scandal," the company said in a statement.

BGR Energy Systems said that a working capital loan was sanctioned by a consortium of banks in which Bank of India participated. The loan was syndicated by IDBI Bank, who also led the consortium. Working capital loan to the extent of Rs 500 crore was sanctioned by Bank of India in October 2008, BGR Energy Systems said.

BGR Energy also clarified that it has not dealt with Money Matters India for handling or processing any investments/loan etc from any public sector financial institution and banks at any point of time.

BGR Energy Systems' net profit spurted 154.4% to Rs 77.76 crore on 143.3% increase in net sales to Rs 1133.71 crore in Q2 September 2010 over Q2 September 2009.