The shares of Housing Development & Infrastructure Ltd surged as much as 8.1 per cent in the morning session on Monday. The share marked the highest intraday level since January 2013 at Rs 119.
October-December profit jumped to Rs 67.29 crore ($10.84 million) from Rs 5.1 crore a year earlier.
Q3 profit was ahead of expectations on recognition of commercial sales in Kurla, analysts said.
JP Morgan has upgraded the stock to "overweight" from "neutral" and raises the target to Rs 140 from Rs 100.
It added that the company was transforming into Mumbai's largest affordable housing developer.