Supreme Petrochem vaults 20% to 1-year high as investors cheer robust earnings

Supreme Petrochem shares zoomed 20 percent to its new 52-week high of Rs 114.35, as investors cheered the company’s robust fourth quarter results announced a day before. On Tuesday, the company aided by lower raw material costs reported an over eight-fold jump in net profit at Rs 63.42 crore for the quarter ended June 30, 2015 as against Rs 7.73 crore posted in the same quarter a year ago. [caption id=“attachment_2356110” align=“alignleft” width=“380”] Reuters[/caption] Supreme Petro’s total operational income during the quarter under review, however, declined by 18.5% at Rs 679 crore against Rs 835 crore in the corresponding quarter of previous fiscal. Total expenses declined by 28% at Rs 594 crore on a year-on-year basis. The company said it benefitted from the drop in price of Styrene Monomer, the main raw material used for making its products, but decline in the price of its end-products had a bearing on sales revenue. At 12:05 pm, Supreme Petrochem shares were traded at Rs 114.40, up 20 percent from previous close. Over 4.70 lakh shares changed hands on BSE against two-week average volume of 1.20 lakh shares.