Force Motors has surged 6% to Rs 445 after reporting almost five-fold jump in net profit at Rs 19 crore in the quarter ended September 2012 due to lower interest, staff cost and other expenditure.
The Pune-based company, which is into cars and utility vehicles, had profit of Rs 4 crore in a year ago period. Net sales however, declined 3% at Rs 489 crore on year-on-year basis.
Employee benefits expenses has declined by 25% at Rs 59 crore, while interest burden declined to Rs 2.02 crore from Rs 7.89 crore during the recently concluded quarter.
“The company closed with revenues of Rs 2,085 crore in 2011-12 and expects a growth of 25-30% this year,” Business Line report suggests quoting Naresh Kumar Rattan, Chief Operating Officer of Force Motors.
The stock opened at Rs 435 and touched high of Rs 458 on the BSE. Around 5,030 shares have changed hands on the counter so far against an average 2,600 shares that were traded daily in past two weeks.