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Shares of Kolte Patil Developers surged more than 17 per cent in morning trade on bourses after the realty firm reported a 54 per cent jump in second quarter net profit.
On Saturday, the company had reported 54 per cent increase in consolidated net profit at Rs 19.32 crore for the quarter ended September 30, 2016, from Rs 12.53 crore in the year-ago period.
Shares of the company opened at Rs 101.45, then surged 17.72 per cent to hit an early high of Rs 111.90 on the BSE.
Similar movement was seen on the NSE, where the stock opened at Rs 101, then jumped 17.59 per cent to an early high of Rs 111.60.
The uptick in the counter assumes significance as the broader market was trading in the negative territory.
The company’s total income from operations had risen to Rs 225.98 from Rs 181.02 crore in the corresponding period of the previous year.
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