Birla Corp hits 52-week high on record profit

The stock pared some of its gains and finally settled at Rs 306, up 3% from the previous close. The counter has clocked volumes of 56,405 shares as compared to the two-week daily average traded volumes of 51,151 shares on the BSE.
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(Updated at 1048hrs)

Birla Corporation touched a 52-week high at Rs 324,backed by highest ever quarterly profit after tax (PAT) achieved by the company in the first quarter ended June. The company posted 69% jump in net profit to Rs 155.34 crore, owing to higher realisation in the cement business.

The stock is now up 6.5%, at Rs 315, after opening at Rs 300. The counter has witnessed trades of around 17,500 shares so far against its two-week average traded quantity of 51,151 shares. The scrip has zoomed 56% from its month ago close of Rs 201.80.

Birla Corporation, the flagship company of the M P Birla Group, registered an increase in  net sales by 17.9% to Rs 541.18 crore.