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Shares of PTC India Financial Services surged 20 per cent to hit the upper circuit limit in early trade today led by smart third quarter net profit.
The non-banking finance company promoted by PTC India reported over 10-fold jump in net profit at Rs 57.90 crore for the quarter ended December 31, 2011. The results were announced after market hours on Wednesday.
In the corresponding quarter of the previous financial year, the company had a net profit of Rs 5.71 crore.
The scrip opened on a strong note and then surged nearly 20 per cent to day’s high of Rs 16.64 on the BSE. Similarly, on the National Stock Exchange, the stock rallied 20 per cent and got stuck at the upper circuit limit of Rs 16.60.
Marketmen attributed the strong spike in the counter as a reaction to the robust earnings posted by the company.
The company also recorded over three-fold rise in its revenues at Rs 94.07 crore during the third quarter compared with Rs 28.94 crore in the same period last fiscal.
PTC India Financial Services offers financial services to the power generation, equipment supply and fuel source projects.
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