Laxmi Organics jumps 10%. Here's why | Economic Times

New Delhi: Shares of Laxmi Organics soared 10 per cent in early trade on Tuesday after the company reported strong performance in June 2021 quarter.The specialty chemicals producer reported a 435 per cent jump in net profit to Rs 98.68 crore in the quarter ended on June 30, 2021, the regulatory filing said. The company had reported a net profit of Rs 18.45 crore in the year ago quarter.On a sequential basis, net profit jumped 215 per cent from Rs 31.23 crore in March 2021 quarter.Shares of recently-listed Laxmi Organics surged 10 per cent to Rs 299.50 on Tuesday. The scrip was trading at Rs 292.70 at 10 am. BSE Sensex was trading 238.46 points, or 0.44 per cent, higher at 54,641.31.The company reported almost double income from operation to Rs 689.72 crore in Q1 FY2022, as against 354.67 crore in the same quarter previous fiscal. On a QoQ basis, the revenue rose 48 per cent from Rs 467.44 crore.Listed in March 2021, Laxmi Organics sold its shares at Rs 130 apiece during the IPO. The counter has gained about 131 per cent over its issue price.