Balkrishna Industries Ltd shares surged as much as 5.26 per cent in the early trade on Thursday after the company on Wednesday post market hours reported 0.45 per cent rise in net profit figures at Rs 154.99 crore for the fourth quarter ended March 2016 against Rs 154.30 crore in the corresponding quarter a year ago.
At 10.57 am (IST), shares of Balkrishna Industries were trading 3.71 per cent up at Rs 695.05. The scrip opened at Rs 690 and has touched a high and low of Rs 705.50 and Rs 685, respectively, in trade so far.
Later, the scrip closed 4.57 per cent up at Rs 700.85.
However, net sales of the comany fell 1.57 per cent year-on-year (yoy) at Rs 874.22 crore for the quarter under review. The company had posted net sales of Rs 893.47 crore in the same quarter last year.
Operating profit of Balkrishna Industries jumped 7.80 per cent yoy to Rs 320.99 crore from Rs 297.76 crore in the same period a year ago.
For the financial year ended March 2016, the company reported 21.87 per cent rise in net profit figures at Rs 575.94 crore against Rs 472.57 crore a year ago.
In the past one year, shares of the tyre manufacturer plunged 9.14 per cent to Rs 670.20 on May 18, whereas BSE Sensex fell 7.16 per cent during the same period.