Atul Limited has rallied 6% to Rs 280 after reporting a net profit of Rs 37.48 crore for the first quarter ended June 2012 as compared to the previous corresponding period, on the back of higher sales and foreign exchange gains. The agrochemicals maker had reported a net profit of Rs 18.54 crore in year ago quarter.
Total income from operation grew 22% at Rs 502 crore, while total expenses increased 18% at Rs 445 crore on year-on-year basis in the recently concluded period. Forex gains stood at Rs 5.62 crore, as compared to a loss of Rs 2.23 crore in previous year quarter.
The stock opened at Rs 275 and hit a new high of Rs 300 on the National Stock Exchange. A combined 264,661 shares have already changed hands on the counter so far, against an average around 140,000 shares that were traded daily in past two weeks.