Kanoria Chem soars 20% on higher volumes

Kanoria Chemicals ended at upper circuit levels at Rs 23.10. The stock has clocked a  relatively heavy volumes of 105,206 shares today as against its two- week daily average traded volume of around 3,643 shares on the BSE.

Updated at 1121 hrs

Kanoria Chemicals has surged 20% to its upper circuit limit on good Q4 results.

According to a release by the company to the BSE yesteday, the net profit has more-than-doubled (148%) to Rs 7.60 crore in the quarter ended March 31, 2009 when compared to Rs 3.06 crore in the quarter ended March 31,2008.

The total income has gone up 3.5% to Rs 119.73 crore for Q4FY09 as against Rs 115.47 for Q4FY08.

 

The stock opened 4.7% higher at Rs 20.15, and soon surged to a high of Rs 23.10 - up 20% from the previous close. The counter has seen trades of around 30,000 shares so far on the BSE. Buy orders for more than 11,000 shares are still pending at the counter.