Birla Corporation hits 52-week high

The stock gained after the company's net profit doubled at almost Rs 100 crore as against Rs 45.99 crore

Birla Corporation gained over 7.5% to Rs 517 after the MP Birla group flagship company Birla Corporation has more than doubled its net profit for the first quarter of the current fiscal at almost Rs 100 crore as against Rs 45.99 crore in a year ago period.

Net sales for the quarter under review grew by about 12% at Rs 859.32 crore as against Rs771.96 crore in a year ago period.

 The company reported operational income of Rs 875 crore, higher by 11.7% while the other income by grew by over 65% to Rs 42.12 crore compared to Rs25.52 crore in a year ago period.

The stock opened at Rs 475 and hit its 52-week high of Rs 537.9 in today's trade. the stock was at its 52-week low of Rs 191 on 28 August, 2013.

Volumes spurted by nearly 3.8 times with a total of nearly 10 lakh shares changing hands on BSE and NSE together.