Aditya Birla Chemicals shares surge 20% on smart Q1 earnings

MUMBAI: Shares of AdityaBirla Chemicals today skyrocketed 20 per cent to touch the upper circuit limit after the company reported more than two-fold jump in net profit for the first quarter ended on June 30.

Aditya Birla Chemicals's scrip zoomed 20 per cent to Rs 90.60 -- its upper circuit limit on the BSE.

At the NSE, the stock surged 19.97 per cent to touch its upper band at Rs 90.40.

On the volume front, 22,934 shares of the company changed hands at the BSE, while 54,921 shares were traded on the NSE.

Aditya Birla Chemicals had yesterday reported more than two-fold jump in net profit at Rs 20.24 crore for the first quarter ended on June 30 on account of increase in sales.

The company had clocked net profit of Rs 7.76 crore in the April-June quarter of 2012-13 fiscal.

Total income for Q1, 2013-14 increased to Rs 230.25 crore from Rs 179.47 crore in the same period of last fiscal, the company had said in a filing to the BSE yesterday.

Profits of the company were up during the quarter as its net sales increased to Rs 221.42 crore, from Rs 173.77 crore during the period under review.

The board has approved the acquisition of chlor-alkali and phosphoric acid division of Solaris Chemitech Industries Ltd on slump sale basis, according to the filing.