Shares of Force Motors surged 10 per cent on Tuesday and hit an upper circuit limit of Rs 3,141.85. It also touched a fresh all-time high at the same price.
Likely new order from BMW India increases visibility on margins and earnings, an analyst tracking the company said.
Force Motors’ June-quarter net profit rose by 84.33 per cent on year-on-year basis to Rs 35.76 crore. The company earned Rs 19.40 crore in the same quarter last year.
Also, company may set up a new plant in Pune which may cater to another carmaker, according to analysts.
For the year ended March 2015, the company reported net profit of Rs 101.54 crore, up 30.43 per cent, against Rs 77.85 crore in the corresponding quarter a year ago.
A company spokeswoman was not immediately reachable.
The scrip rallied over 400 per cent in the past one year. The NSE Nifty gained 11.18 per cent during the same period.