Aditya Birla Nuvo shares up 5% over profit rising 70%

Shares of Aditya Birla Nuvo surged as much as 5 per cent in morning trade on the bourses on Tuesday after the company reported a 70 per cent jump in net profit during the first quarter this financial year.

Shares of Aditya Birla Nuvo opened on a firm note at Rs 910.50, a surge of 1.83 per cent from their previous closing price. They subsequently zoomed up further to an intra-day high of Rs 918.95, nearly 3 per cent up from their last close.

As per data on the Bombay Stock Exchange website, 2,967 shares of the company had exchanged hands by 10.31 am.

The stock witnessed similar movement on the National Stock Exchange and opened at Rs 910.95, then rallied ahead to a high of Rs 940, 5.31 per cent above its previous close.

It was later trading at Rs 909.95, a jump of 1.95 per cent from its previous close. Over 31,278 Aditya Birla Nuvo shares were traded on the NSE by 10.30 am.

The company had posted a growth of 70 per cent in net profit to Rs 253 crore for the first quarter ended June 30. It had registered a net profit of Rs 149 crore in the same period last year.

The company's revenue also grew 24 per cent year-on-year to Rs 4,767 crore in the first quarter of FY12 from Rs 3,857 crore in the corresponding year-ago period.

Marketmen said the uptrend in the stock was largely a knee-jerk reaction to the robust first quarter numbers.

"Aditya Birla Nuvo continued its profitable growth journey having strengthened market positioning and delivered robust growth across its businesses. We remain focused to capture opportunities across the businesses to achieve the next higher level of growth," ABNL Managing Director Rakesh Jain had said while announcing the results on August 13.