Peninsula Land has locked in 20% upper circuit at Rs 70, extending its previous day’s rally after reporting six-fold jump in net profit at Rs 82.71 crore for the quarter ended September 2012 against Rs 13.68 crore in previous year quarter. Total income from operations has increased by 479% to Rs 287 crore on year-on-year basis.
The stock has rallied 42% from Rs 49.50 in past two trading sessions on back of heavy volumes. As many as a combined 2.87 million have already changed hands on the counter so far against an average sub 400,000 shares that were traded daily in past two weeks. There are pending buy orders for 1.25 million shares on the BSE and NSE.