Bajaj Corp hits new high, stock soars 10%

Bajaj Corp has soared 10% to Rs 163, the highest level since its listing on August 2010, on back of over two-fold jump in trading volumes. A combined 683,717 shares have changed hands on the counter so far, against an average less than 250,000 shares that were traded daily in past two weeks.

The stock of personal products maker has rallied 17% in past three trading sessions after the company said its operating margins improved to 38.92% for the quarter ended June 2012 from 26.6% in the previous year quarter.

Meanwhile, net profit of the company increased by 32% at Rs 37 crore, on back of 30% rise in net sales at Rs 138 crore for the quarter ended June, 2012 over corresponding quarter of previous year.