Lakshmi Machine Works surges on robust Q2 earnings

Shares of Lakshmi Machine Works were up over 4% at Rs 3,700 on the Bombay Stock Exchange after the company reported 21% rise in net profit at Rs 56.5 crore for the quarter ended September 30, 2015 compared with Rs 46.8 crore in the same quarter last fiscal.

The manufacturer of textile spinning machinery reported net sales of Rs 608.2 crore up nearly 7% as against Rs 569.1 crore in the quarter ended September 30, 2014.

The stock opened at Rs 3,650 and touched a high of Rs 3,728. At 12:50pm, nearly 10,000 shares were traded on both the stock exchanges.