Shares of Cupid Ltd. were locked in its upper circuit limit for the second consecutive session on Wednesday after the company's net profit jumped nearly fourfold in the June quarter and its board approved a wholly owned subsidiary in the UAE.
The company posted a net profit of Rs 8.26 crore in the first quarter of the current financial year in comparison to Rs 2.16 crore in the year-ago period. The total income was 25% up to Rs 44 crore as compared to Rs 35.1 crore, according to an exchange filing.
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Cupid has also approved the incorporation of a wholly owned subsidiary in the UAE, saying that it would give vast business exposure to the company in the Gulf countries. The unit has a proposed authorised capital of 2,00,000 UAE Dirham.
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On the NSE, Cupid's stock opened as much as 5% higher at Rs 95.83 apiece, the highest level since July 31. It was still locked in its upper circuit as of 10:48 a.m., compared to a 1.3% advance in the benchmark Nifty.
In the last two sessions, the stock has risen 10%, erasing all its losses in the four-session fall before Tuesday. The share price has risen 71.06% on a year-to-date basis and 424.81% in the last 12 months. The total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 59.97.
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