Somany Ceramics Jumps Over 8% After Q2 Profit More Than Doubles

Shares of Somany Ceramics Ltd. surged over 8% to their highest in over two weeks on Thursday after its September-quarter profit more than doubled, beating analysts' estimates.

Shares of the company rose as much as 8.67%, the highest since Oct. 23, before paring gains to trade 3.04% higher at 1:02 p.m. This compares to a 0.03% decline in the NSE Nifty 50.

The stock has risen 45% on a year-to-date basis. Total traded volume so far in the day stood at 8.1 times its 30-day average. The relative strength index was at 54.

Of the 22 analysts tracking the company, 19 maintain a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 16.4%.