Shares of agri-input firm Rallis India today surged nearly 8 per cent after the company posted a fourfold jump in consolidated net profit for the quarter ended June 30.
After opening the day with smart gains, the scrip further jumped 7.53 per cent to Rs 224.90 on BSE.
At NSE, it rose by 7.65 per cent to Rs 224.90.
Tata group's Rallis India on Friday had reported a fourfold jump in consolidated net profit at Rs 174.20 crore for the quarter ended June 30, 2016.
The company had posted a net profit of Rs 42.39 crore in the year-ago period.
Total income increased to Rs 469.61 crore during the period from Rs 438.72 crore in the corresponding period of the previous year, Rallis India had said in a BSE filing.
The company's net profit rose sharply on account of an exceptional profit of Rs 158.39 crore during the April-June quarter, comprising sale of leasehold rights of land in Navi Mumbai to IKEA India Pvt Ltd.
Rallis India is a subsidiary of Tata Chemicals with business presence in the farm essentials vertical. It is into seeds, agro-chemicals, plant growth nutrients and agri-services.
