Finolex Cables stock jumps nearly 12 per cent on smart earnings

MUMBAI: Shares of Finolex Cables surged nearly 12 per cent after reporting a 79 per cent jump in net profit for the quarter ended March 31, 2014.

The company's stock ended 9.92 per cent higher at Rs 153.40 on the BSE. In intra-day, it gained 11.89 per cent to Rs 156.15 -- its 52-week high.

At the NSE, the stock shot-up by 11.66 per cent to end the trade at Rs 155.60.

In terms of volume, 10.26 lakh shares of the company changed hands at the BSE, while more than 45 lakh shares were traded at the NSE during the day.

The company reported a 79 per cent year-on-year jump in net profit at Rs 69.3 crore for the quarter ended March 31, 2014. The company had reported profit of Rs 38.75 crore in the same period last year.

The company reported 2.7 per cent growth in total income from operations at Rs 649 crore as against Rs 632 crore in the corresponding quarter of the previous year.