MUMBAI: Shares of Britannia Industries surged 7.4% on Wednesday after the company announced a 26% year-on-year rise in its March quarter consolidated net profit to ₹374.75.
At 1150 am, the Britannia stock traded at ₹3,651.90 apiece, up 5.8% from its previous close, extending its five-day gains. The stock has risen 15% in six straight sessions from its closing low of ₹3,162.75, while the benchmark index, Sensex has gained 1.5% to 34321.27.
Net profit was aided by a significant drop in tax expenses, with outgo declining 45.4% to ₹84.92 crore in January-March. Analysts at Motilal Oswal, in a note to clients, said, "During the lockdown period, Britannia continued to garner market share through its focus on distribution, diligence in