TNPL zooms on strong Q2 results
Tamil Nadu Newsprint and Papers (TNPL) has zoomed 9% to Rs 154 after the company reported 79% jump in net profit to Rs 53.12 crore for the quarter ended September 2010 as compared to Rs 29.66 crore in the corresponding quarter of previous year. Net sales grew 11% to Rs 289 crore (Rs 261 crore) on y-o-y basis during the recently concluded quarter.
The company managed to post healthy net profit growth on back of Rs 12.34 crore extra-ordinary income represents gain on sale of fuel net of all related expenses.
The stock opened at Rs 143 and touched high of Rs 155 post announcement of quarterly results on the BSE. As many as 334,000 shares have changed hands on the counter so as against an average 28,000 shares traded daily in past two weeks.