Shares of Century Textiles and Industries today soared 8.5 per cent after the company reported a net profit of Rs 41.1 crore for the second quarter ended September 30, 2016 and announced plans to raise Rs 700 crore through private placement.

The stock zoomed 8.52 per cent to end at Rs 1,023.90 on BSE. During the day, it surged 9.93 per cent to Rs 1,037.25.

On NSE, it jumped 8.49 per cent to Rs 1,023.90.

In terms of volume, 7.10 lakh shares of the company were traded on BSE and more than 49 lakh shares changed hands at NSE during the day.

The company had reported a net loss of Rs 31.45 crore in the corresponding quarter of the previous financial year.

However, its total income decreased to Rs 2,052.65 crore during the quarter under review from Rs 2,144.18 crore in the year—ago period.

In a regulatory filing, the company announced that its Board of Directors “have approved issue of non—convertible debentures on private placement basis for Rs 700 crore for general corporate purposes including long term working capital/refinancing.”