Shares of JK Lakshmi Cement today soared to 52-day high level after the company reported an over two-fold jump in net profit for the first quarter ended June 30,2012.
Shares of the company opened on a strong note and later surged to a high of Rs 91.85,up by 7.99 per cent from its previous closing price,on the BSE.
The stock jumped 7.79 per cent to a high of Rs 92 on the National Stock Exchange.
JK Lakshmi Cement yesterday reported an over two-fold jump in net profit at Rs 50.28 crore for the first quarter ended June 30,buoyed by a 23 per cent growth in sales volume.
“The healthy increase in profitability is because of rise in sales volume by 23 per cent over the corresponding quarter. The company has achieved all-round improvement in capacity utilisation and efficiency parameters,” the cement maker said.
JK Lakshmi Cement is investing Rs 1,200 crore to set up the plant Durg in Chhattisgarh having an installed capacity of 2.7 million tonnes per annum.
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