Shares of KEI Industries rose to fresh highs. Know why

Shares of KEI Industries Ltd. a maker of power cables and stainless wires, rose to fresh highs after a sharp jump in quarterly profit thanks to rising sales.

KEI Industries said its first quarter Net Profit soared 234 percent to 11.7 crore rupees compared with 3.5 crore rupees in the same quarter a year ago. Sales during April-June gained 32 percent to 11.7 crore rupees from 3.5 crore rupees in the year ago period. The company's cables and turnkey projects divisions reported strong numbers.

KEI Industries rose 2.90 rupees, or 2.6 percent, or 113.65 rupees, a record high on the National Stock Exchange, where 11.3 lakh shares were traded by 10:15 am compared with the 5-day average of 8.11 lakh shares.

KEI Industries' market capitalisation has jumped 232 percent in the past one year to 875 crore rupees.

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