Ponni Sugars (Erode) has locked in 10% upper circuit at Rs 380, also its record high, after reporting almost two-fold jump in net profit at Rs 10.66 crore for the second quarter ended September 2012. The Chennai-based sugar company had profit of Rs 5.97 crore in year ago quarter.
Net sales grew 20% at Rs 72.38 crore in September quarter from Rs 59.91 crore in corresponding quarter of previous fiscal, the company said in a statement.
The stock has outperformed the market by gaining 92% in past twelve trading sessions compared to a marginal 0.07% fall in benchmark Sensex.
A combined 145,075 shares have changed hands on the counter so far and there are pending buy orders for 167,072 shares on the BSE and NSE at 0941 hours.