Praj Industries jump up over 5%

Praj Industries is on the rise today morning. Opening higher at Rs.66, it went on to hit the day’s high at Rs.67 and currently remains over 5% up.

The stock is reacting positively to the performance of the company. A super jump in sales and a tax write back, helped the company end Q2FY15 with an over 6 times (YoY) and over a whopping 12 times jump in consolidated net profit at Rs.25 crore. The same was in single digit in Q1 at Rs.2 crore and Rs.4 crore in previous Q2. Net sales rose 36% (YoY) at Rs.265 crore.  Apart from operational efficiency, the company had a tax write back of Rs.11 crore, which was from the IT department as Settlement Commission wherein excess over demand raised was credited.