This stock rose 20% today; here's why

Share of IFB Agro Industries rose 20 per cent to hit a 52-week high of Rs 646.95 on BSE after the company reported a strong set of numbers for the quarter ended March 2021.

The stock opened 4.45 per cent higher at Rs 562.80 against the previous close of Rs 539.15 on BSE. Market cap of the firm rose to Rs 580.25 crore.

The share has delivered 123 per cent returns in the last 12 months and risen 33 per cent since the beginning of this year.

IFB Agro's share stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages.

For FY21, sales declined 27.94 per cent to Rs 693.72 crore from Rs 962.76 crore in the previous year.

Net profit rose 100.34 per cent to Rs 47.00 crore in the year ended March 2021 as against Rs 23.46 crore during the previous year ended March 2020.

The company reported a standalone net profit of Rs 14.41 crore for the quarter ended March 31, 2021, against a net loss of Rs 0.55 crore in the year-ago period.

Net sales declined 2.46 per cent to Rs 190.64 crore in the quarter ended March 2021 as against Rs 195.45 crore during the previous quarter ended March 2020.

The spirits and beverages vertical of the company recorded top-line growth of 34.3 per cent for the quarter ended March 2021.

The company informed that due to a steady surge in the number of COVID cases, the production at the IMIL unit had been suspended in May 2021. The distillery unit had also been reduced by 30% manpower.

Moreover, the office operations had also been suspended and operation of other units are also affected due to the restrictions.