Singer India has rallied 17% to Rs 59.90, extending its previous two day’s surge on reporting a net profit of Rs 3.80 crore for the fourth quarter ended June 30, 2012, against loss of Rs 1.88 crore in previous year quarter. For the year ended June 2012, the industrial machinery maker has recorded over three-fold jump in net profit at Rs 10.21 crore over the previous year.
“This turnaround was possible from the company’s successfully steering a steady course of restructuring its business while implementing the rehabilitation scheme sanctioned by the BIFR,” the company said in a filing.
Meanwhile, the company is actively working on restarting its Jammu Plant as well to manufacture sewing machines, it added.
The stock has galloped 63% from Rs 36.65 in past three trading sessions after the announcement of June quarter earnings. As many as 145,000 shares have already changed hands on the counter till early noon deals against an average sub 54,000 shares that were traded daily in past two weeks on the BSE.
