VIP Industries has soared 9% to Rs 96.80, its highest level since October 2012 on the NSE, on back of heavy volumes.
The stock opened at Rs 89 and has seen a combined 4.5 million shares changing hands on the counter till early noon deals on the NSE and BSE.
The company said the appreciation of rupee against dollar will directly impact its financial performance in a positive manner by going forward.
Since majority of our Company’s supplies are imported, appreciation of Indian Rupee compared to US Dollar directly impacts the financial performance of the Company in a positive manner, VIP Industries said on clarification on recent spurt in price and volumes on the counter.
In the recent past, the rupee has appreciated compared to the dollar from Rs 62.28 per USD on February 20, 2014 to Rs 60.49 per USD as on March 25, 2014.
Meanwhile, the stock has rallied 67% from Rs 57.80 on January 28, after the company reported more than doubled net profit at Rs 10.10 crore for the quarter ended December 31, 2013. The company had profit of Rs 3.50 crore in a year ago quarter. The benchmark CNX Nifty has gained less than 8% during the same period.
The stock opened at Rs 89 and has seen a combined 4.5 million shares changing hands on the counter till early noon deals on the NSE and BSE.
The company said the appreciation of rupee against dollar will directly impact its financial performance in a positive manner by going forward.
Since majority of our Company’s supplies are imported, appreciation of Indian Rupee compared to US Dollar directly impacts the financial performance of the Company in a positive manner, VIP Industries said on clarification on recent spurt in price and volumes on the counter.
In the recent past, the rupee has appreciated compared to the dollar from Rs 62.28 per USD on February 20, 2014 to Rs 60.49 per USD as on March 25, 2014.
Meanwhile, the stock has rallied 67% from Rs 57.80 on January 28, after the company reported more than doubled net profit at Rs 10.10 crore for the quarter ended December 31, 2013. The company had profit of Rs 3.50 crore in a year ago quarter. The benchmark CNX Nifty has gained less than 8% during the same period.