Kalyani Steels hits 52-week high on robust Q2 results

The stock surged 8% to Rs 156 on reporting 92% yoy jump in net profit at Rs 22.78 crore in September quarter.

Kalyani Steel has surged 8% to Rs 156,extending its previous day’s 6% rally on BSE, after reporting a robust 92% year-on-year (yoy) jump in net profit at Rs 22.78 crore for the quarter ended September 2014 (Q2), due to higher operational income.

The company had reported a net profit of Rs 11.83 crore in the corresponding quarter last fiscal, it said in a statement.

The total income of the company during the quarter increased to Rs 315 crore from Rs 247 crore a year ago.

The stock opened at Rs 146 and touched a 52-week high of Rs 159 on BSE. The counter has seen huge trading volumes with a combined 2.43 million shares changed hands so far against an average sub 1 million shares that were traded daily in past two weeks on NSE and BSE.