Shares of Shalimar Paints Ltdtoday soared by as much as 12 per cent after the company reported a 48 per cent increase in net profit in the second quarter.
Reacting to the results that were announced after market hours yesterday, the Shalimar Paints scrip opened on a strong note on the National Stock Exchange and then jumped 12 per cent to Rs 77.40. On the BSE, the stock climbed 9.19 per cent to Rs 76.
Shalimar Paints posted a net profit of Rs 4.13 crore in the three months ended September 30 compared with Rs 2.79 crore a year earlier.
Net sales increased to Rs 121.04 crore from Rs 114.49 crore in the same period a year ago.