Marico Kaya hits new high on heavy volumes

The stock zoomed 18% to Rs 1,989 on the National Stock Exchange.

Shares of Marico Kaya Enterprises has zoomed 18% to Rs 1,989 on the National Stock Exchange (NSE) on back of heavy volumes.

The stock opened at Rs 1,695 and hit a new high of Rs 2,020 on the NSE. The trading volumes on the counter jumped more than four-fold with a combined 382,767 shares changing hands on the NSE and BSE till 0959 hours.

In past two months, the stock surged 58% after the company reported a consolidated net profit of Rs 12.1 crore for the third quarter ended December 31, 2014 (Q3), compared to Rs 1.50 crore in a year ago quarter. The CNX Nifty gained marginally by 0.11% during the period.

For the first nine months (April-December) of the financial year 2014-15, the company had posted a consolidated net profit of Rs 25.3 crore against a loss of Rs 5.5 crore during the same period previous fiscal.