Mumbai: Shares of Ultratech Cement Monday surged by about 6 percent in morning trade on impressive nearly two-fold growth in the third quarter net profit.
Reacting to the good numbers, the shares of the company opened on a bullish note at Rs 1,227, then surged as much as 5.72 percent to touch a high of Rs 1,280.50 on the BSE.
Similar movement was witnessed on the National Stock Exchange as well, where the stock opened at Rs 1,249, then rallied ahead 5.45 percent to witness a high of Rs 1,280.
The stock however lost some initial gains and was trading at Rs 1,235, higher by 1.96 percent on the BSE and at Rs 1,237.30, up 1.94 percent on the NSE at 1057 hrs.
The rally in the counter was largely a knee jerk reaction to the good third quarter numbers and the uptick is quite significant, as the broader market was trading in the negative territory, marketmen said.
The company on Saturday posted nearly two-fold jump in net profit at Rs 617 crore for the October-December quarter this fiscal, as against Rs 319 crore net profit in the corresponding quarter last fiscal.
First Published: Monday, January 23, 2012, 12:07