Marico Kaya hits upper circuit for third day

Since November 12, 2014, the stock rallied 65% to Rs 1,007 from Rs 609 on NSE compared to 1.9% rise in CNX Nifty.

Marico Kaya Enterprises is locked in upper circuit for third day in a row, up 10% at Rs 1,007, also its record high on the National Stock Exchange (NSE).

The stock has frozen upper limit of 5% in past two trading sessions, surged 21% from Rs 830 on NSE. At 1225 hours, a combined 187,454 shares changed hands and there are pending buy orders for 34,948 shares on BSE and NSE.

Since November 12, 2014, the stock has rallied 65% from Rs 609 after the company reported a consolidated net profit of Rs 12.6 crore for the quarter ended September 2014 against a net loss of Rs 1.10 crore in the same quarter last fiscal. The benchmark CNX Nifty gained nearly 2% during the same period.

A strong revenue growth recorded by international business help the company to record turnaround results during the quarter.

India business reported net revenue same store growth (SSG) of 10% and international business of 23% respectively, Marico Kaya said in a statement.

Meanwhile, the company posted a consolidated net profit of Rs 13.27 crore in first half (April-September) of the current financial year 2014-15 against a loss of Rs 7 crore during the same period last year.