Finolex Industries has surged 7% to Rs 161 in otherwise weak market after reporting more than double net profit at Rs 63.89 crore for the third quarter ended December 2013 (Q3) due to forex gain. The company engaged in plastic pipes had profit of Rs 30.61 crore in a year ago quarter. The company’s net sales grew 6.5% at Rs 660 crore on year-on-year basis.
The company has reported a foreign exchange gain of Rs 9.64 crore in December 2013 quarter against loss of Rs 36.72 crore, Finolex Industries said in a statement.
The stock opened at Rs 154 and touched a high of Rs 162 on the BSE. A combined 341,000 shares changed hands on the counter till noon deals on the BSE and NSE.
The company has reported a foreign exchange gain of Rs 9.64 crore in December 2013 quarter against loss of Rs 36.72 crore, Finolex Industries said in a statement.
The stock opened at Rs 154 and touched a high of Rs 162 on the BSE. A combined 341,000 shares changed hands on the counter till noon deals on the BSE and NSE.
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