Century Enka surges over 10% on heavy volumes

The stock surged 15% to Rs 414, also its 52-week high on BSE in otherwise weak market.

Century Enka surged 15% to Rs 414, also its 52-week high on BSE in an otherwise weak market on back of heavy volumes. Till 11:13 am; a combined 1.62 million equity shares representing 7.4% of total equity of the company changed hands on BSE and NSE.

Century Enka is engaged in the manufacturing of synthetic yarn. The Company is a joint venture of B.K. Birla group and Accordis group of Netherland.

Post October-December (Q3FY17) results, since February 9, 2017, the stock rallied 40% from Rs 295, as compared to 3.3% rise in the S&P BSE Sensex.

The company posted 75% growth in net profit at Rs 26.16 crore in Q3FY17 against Rs 14.91 crore in the corresponding quarter last fiscal. It had reported profit of Rs 67.67 crore for the first nine months (April to December) of FY17 against Rs 39.34 crore in the same period of FY16.