Cochin Minerals rallies on robust Q2 earnings

Q2 operating profit margins improved to 41.14% from 28.97% in previous year quarter

Cochin Minerals and Rutile has rallied 9% to Rs 277, extending its 9% gain in past two trading sessions, after reporting over two-fold jump in net profit at Rs 20.96 crore in September 2012 quarter, on the back of higher sales. The company engaged in specialty chemicals business had a profit of Rs 8.22 crore in the same quarter last year..

The company’s net sales grew 68% at Rs 79.83 crore on year-on-year basis, while operating profit margins improved substantially to 41.14% from 28.97% during the recently concluded quarter, Cochin Minerals said in a statement.

The stock opened at Rs 269 and hit a low of Rs 263 on the BSE. Around 67,000 shares have already changed hands on the counter so far against an average 26,000 shares that were traded daily in past two weeks.