JK Lakshmi Cement Shares Up 9%, Touch One-yr High

Shares of JK Lakshmi Cement surged by over 9% to a one-year high in morning trade today after the company posted over 10-fold jump in net profit at Rs 49.24 crore in the third quarter of the current fiscal.

Helped by the strong set of numbers, shares of the company jumped 8.13% to touch its 52-week high of Rs 66.50 on the BSE.

Low base and better prices helped JK Lakshmi Cement to clock over 10-fold jump in net profit to Rs 49.24 crore in third quarter of the current fiscal over Rs 4.6 crore in the corresponding quarter last fiscal.

The company also plans to launch a Rs 97.5 crore share buy-back programme by next month in an effort to restore shareholders' faith in the company.

SOURCE: http://www.business-standard.com