VIP Industries hits record high on heavy volumes

STOCK MARKET - VIP Industries has rallied 11% to Rs 217, also its record high on BSE in intra-day trade, on back of an over 10-fold jump in trading volumes.

Till 11:13 am; a combined 1.54 million equity shares representing 1% of total equity of VIP Industries changed hands on the BSE and NSE.

Thus far in August, the stock outperformed the market by surging 26%, as compared to 3% decline in the S&P BSE Sensex.

VIP Industries had reported 30% year on year (YoY) growth in its consolidated net profit at Rs 40.98 crore, and significantly better than expected operating performance in June quarter.

Operational revenue during the quarter grew 8.8% to Rs 407 crore on YoY basis. Earnings before interest, taxation, depreciation and amortisation (EBITDA) margin expanded 170 bps to 15.3% from 13.6%.

GET LIVE UPDATES ON MARKET