IBP hit a 52-week high of Rs 870 before closing at Rs 829.80, up by 10.30 per cent. More than 67,906 shares were traded on the BSE.
The counter was up despite the overall market being down by more than 112 points. The scrip has been gaining since the last few sessions but has also witnessed volatility.
According to market reports, an attractive valuation with low liquidity could be the reasons for the rise.
IBP posted a net profit of Rs 31.53 crore for the quarter ended June 30 as compared to Rs 12.24 crore in the quarter ended June 30, 2002.
Total income increased from Rs 2,282.81 crore in JQ2002 to Rs 2,518.08 crore for the quarter ended June 30. IBP is a petroleum marketing company with its own retail outlets.
