Warning: Very high 'Delivery Turnover %' is not necessarily a good thing all the time. Typically a 'Delivery Turnover %' of ~25-30% over a year is considered normal. It may go high during bullish market regime. But when the market is not going anywhere, high 'Delivery Turnover %' in certain pockets may indicate high speculation, excess churn and froth. Use caution!
How this study works
Flyers: mainboard equity shares whose close on the data date is more than 100% above the last close on or before one year earlier.
Average free float: shares outstanding (Screener, current) × (100 − promoter %) ÷ 100. Each trading day uses the latest quarterly promoter holding on or before it; the days are then averaged over the year.
Delivery volume: sum of delivered quantity (NSE bhavcopy) over the same year.
Delivery turnover % = total delivery volume ÷ average free-float shares × 100. A value of 100% means the whole free float was delivered once over the year, so it measures how much the shares changed hands for keeps, not how many sit in the float.
Groups: sector and industry from the Screener classification. Market-cap group ranks the study universe by close × shares: Large = top 100, Mid = 101–250, Small = 251–500, Micro = the rest.
Benchmarks: each flyer is compared with the simple average of all studied stocks in its sector, industry and market-cap group, and with the overall average (flyers are part of those averages). "vs x" is the flyer's turnover divided by the benchmark, so 1.5× means 50% above it. Small groups give noisy averages, so look at the stock count.
Limits: shares outstanding is today's figure for the whole year, so a stock with a split or bonus in the year would be wrong. Stocks with a one-day close move of −45% or worse, or +80% or better, are left out. Free float here is the non-promoter holding, not NSE's official free-float figure. Stocks listed for less than a year are not included.
Warning: Very high 'Delivery Turnover %' is not necessarily a good thing all the time. Typically a 'Delivery Turnover %' of ~25-30% over a year is considered normal. It may go high during bullish market regime. But when the market is not going anywhere, high 'Delivery Turnover %' in certain pockets may indicate high speculation, excess churn and froth. Use caution!