Granules India Stock Surges 7% on Strong Earnings
Jul 31, 2024 12:08
Granules India's shares soared nearly 7% after the company reported a significant increase in net profit for the June quarter. The stock hit a 52-week high on strong earnings.
New Delhi, Jul 31 (PTI) Granules India shares climbed nearly 7 per cent on Wednesday a day after the company posted a nearly three-fold rise in net profit to Rs 135 crore in the June quarter.
The stock of the company rallied 6.73 per cent to trade at Rs 627.35 apiece on the BSE.
On the NSE, shares of Granules India bounced 6.39 per cent to trade at Rs 626.60 per piece.
Later, in the intra-day trade, shares of Granules India hit its 52-week high of Rs 631.15 and 631.30 apiece on the BSE and NSE.
The 30-share BSE Sensex benchmark jumped 207.46 points or 0.25 per cent to 81,662.86 while NSE Nifty rose 72.80 points to 24,930.10 on Wednesday.
Granules India's Profit After Tax (PAT) rose nearly three-fold year-on-year to Rs 135 crore for the first quarter ended June 30, 2024, according to an exchange filing on Tuesday.
The drug maker had reported a PAT of Rs 48 crore in the April-June quarter of last fiscal.
Revenue from operations rose to Rs 1,180 crore for the period under review from Rs 985 crore in the year-ago period, the Hyderabad-based firm said.
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