Shares of KPIT Cummins soared 20 per cent to a record high as the IT company posted a 66 per cent jump in consolidated net profit for the fourth quarter ended March 31, 2012.
Investors went on a buying spree as the scrip zoomed 19.99 per cent to touch a record high of Rs 102.35 on the BSE. Similarly, on the NSE, the stock surged 19.98 per cent to Rs 102.70.
In terms of volume, 15.18 lakh shares changed hands on the BSE, while 38 lakh shares were traded on the NSE during the morning trade.
KPIT Cummins had on Monday posted a 66 per cent jump in consolidated net profit at Rs 43.71 crore for the fourth quarter ended March 31, 2012. The company had reported a net profit of Rs 26.33 crore in the same period last fiscal.
“Our performance in the last two years positions us well to achieve a run rate of $500 million by the last quarter of FY’13 and strengthens our vision to be a $1-billion company by the year 2017,” KPIT Cummins’ Chairman and Group CEO, Mr Ravi Pandit, had said.