Gujarat Alkalies looks up on strong numbers

DALAL STREET SPIKES

Gujarat Alkalies surged over four per cent and touched an intra-day 52-week high of Rs 108.60 on Thursday on renewed buying support.

The stock closed at Rs 107 on the back of a volume of more than 5.9 lakh shares on BSE. On the National Stock Exchange (NSE), over 11.1 lakh shares changed at the counter.

Analysts said strong quarterly results and firm caustic soda price have resulted in renewed interest.

Gujarat Alkalies is the largest producer of caustic soda in India. The company reported a robust September quarter results.

Its net profit jumped up 116 per cent to Rs 36.17 crore. Sales grew 10 per cent to Rs 274.43 crore.

The stock has nearly doubled in the last two-and-a half month from a low of Rs 53.10 on September 3, 2004, to Thursday's close of Rs 107.