Finolex Industries has surged 10% to Rs 109 after reporting a robust 41% year-on-year (yoy) growth in its net profit at Rs 79.34 crore for the quarter ended March 2013, on back of lower raw material and interest cost. The plastic products maker had profit of Rs 56.19 crore in a year ago quarter.
Total income from operations grew 6% at Rs 630 crore on y-o-y basis. Income from other sources however, fallen sharply to Rs 4.25 crore from Rs 15.93 crore during the recently concluded quarter.
The company’s raw material cost declined 10% to Rs 388 crore, while finance cost more-than-halved to Rs 8.18 crore from Rs 19.37 crore over the previous year quarter.
The stock opened at Rs 103 and hit high of Rs 112, its highest level since January 2008 on NSE. A combined 318,175 shares already changed hands on the counter till early noon deals against an average around 250,000 shares that were traded daily in past two weeks on NSE and BSE.
Total income from operations grew 6% at Rs 630 crore on y-o-y basis. Income from other sources however, fallen sharply to Rs 4.25 crore from Rs 15.93 crore during the recently concluded quarter.
The company’s raw material cost declined 10% to Rs 388 crore, while finance cost more-than-halved to Rs 8.18 crore from Rs 19.37 crore over the previous year quarter.
The stock opened at Rs 103 and hit high of Rs 112, its highest level since January 2008 on NSE. A combined 318,175 shares already changed hands on the counter till early noon deals against an average around 250,000 shares that were traded daily in past two weeks on NSE and BSE.