Varun Industries soars on expansion plans
Varun Industries has soared 7% to Rs 239 after the board of directors of the company decided to form two companies in Singapore and Dubai.
"These two companies would be incorporated as wholly owned subsidiaries of Varun Holdings Limited, Mauritius, which is company's wholly owned subsidiary. The proposed companies would thus become the company's indirect subsidiaries," the company said in a filing to the stock exchanges.
Meanwhile, the company has reported almost three-fold jump in net profit to Rs 12.39 crore for the quarter ended September 2010 as compared to Rs 4.63 crore in corresponding quarter previous year. Net sales zoomed 205% to Rs 886 crore (Rs 291 crore) on y-o-y basis.
The stock opened at Rs 225 and touched high of Rs 241 on the BSE. As many as 155,000 shares have already changed hands on the counter so far, as against an average 257,000 shares that were traded daily in past two weeks.