Shares of JK Lakshmi Cement surged by over 9% to a one-year high in morning trade today after the company posted over 10-fold jump in net profit at Rs 49.24 crore in the third quarter of the current fiscal.
Helped by the strong set of numbers, shares of the company jumped 8.13% to touch its 52-week high of Rs 66.50 on the BSE.
At the NSE, the stock soared 9.12% to a one-year peak of Rs 67.
Low base and better prices helped JK Lakshmi Cement to clock over 10-fold jump in net profit to Rs 49.24 crore in third quarter of the current fiscal over Rs 4.6 crore in the corresponding quarter last fiscal.
The company also plans to launch a Rs 97.5 crore share buy-back programme by next month in an effort to restore shareholders' faith in the company.
The Board of the company yesterday approved buying back of shares to the tune of Rs 97.5 crore at a price not exceeding Rs 70 per share.
The surge in the stock largely outperformed the broader market, where the BSE barometer Sensex was trading at 17,698.53, up 76.08 points at 1021 hours.