JK Tyres surges 11% on robust profits

The stock finally settled at its 11% upper circuit at Rs 90. The counter witnessed trades of 306,602 shares on the BSE as compared to the two-week daily average traded volumes of 59,317 shares.
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(Updated at 1041)

JK Tyres has zoomed 12% on the back of doubling of net profit.

The scrip opened at Rs 84.70, touched a low of Rs 84.10 and zoomed to a high of Rs 94. The stock is now trading at Rs 91, up 12% from the previous close. The counter has seen heavy trades of 141,366 shares on the BSE as compared to the two-week daily average traded volumes of Rs 59,317 shares in the first half an hour of trading session.

The company has posted a 101% surge in net profit for the quarter ended June 2009 to Rs 40.75 crore as compared to Rs 20.24 crore in the corresponding quarter, a year ago.

Sales also showed improvement , it rose by 5.72% to Rs 897.67 crore.