Birla Corporation nears lifetime high as Q1 profit doubles

The stock moved higher by 6% to Rs 445, bouncing back 12% from intra-day low on NSE, after reporting profit of Rs 100 crore for the quarter ended June 30, 2014.

Birla Corporation has moved higher by 6% to Rs 445, bouncing back 12% from intra-day low on National Stock Exchange (NSE), after its net profit more-than-doubled to Rs 100 crore during the quarter ended June 30, 2014 (Q1), on back of strong operational performance. The cement and cement products maker had registered a profit of Rs 46 crore in the same quarter year ago.

The operational income of the company during the quarter under review grew 11.2% at Rs 875 crore and other income by 61% to Rs 42 crore over the previous year quarter. Total expenses however, grew 4.8% at Rs 770 crore on year-on-year basis.

The stock opened at Rs 396 and hit a high of Rs 473 on NSE. The stock touched a lifetime high of Rs 484 in March 1992.

The counter has seen huge trading volumes with a combined 1.08 million shares changed hands so far, as against an average sub 50,000 shares that were traded daily in past two weeks on NSE and BSE.