VIP Industries soared 7% at Rs 114 on the Bombay Stock Exchange after the company's consolidated net profit rose 300% in the fourth quarter ended March 31, 2014, in results announced late Tuesday.
The luggage carrier manufacturing company's consolidated net profit in the fourth quarter ended March 31, 2014 surged to Rs 20.3 crore because of exceptional income.
The company registered an exceptional income of Rs 15.9 crore during the quarter under review.
Net sales rose 21.5% during the quarter under review at Rs 226.6 crore against Rs 186.5 crore in the same quarter last fiscal.
Further, the board has recommended a dividend of Rs 1.20 per equity share of face value Rs 2/- each subject to shareholders' approval.
The stock opened at 110 and touched a high of Rs 115 on the BSE. Over 2 million shares were traded on both the stock exchanges so far.
