The sharp rise has come despite the company reporting a loss of Rs 116 crores. The reported loss was against a net profit of Rs 67.01 crore during the previous quarter ended December 2010.
Sales at the company rose 13.54% to Rs 1124.48 crore in the quarter ended December 2011 as against Rs 990.42 crore during the previous quarter ended December 2010.
The rise in the share price is on account of an expected positive outlook for the company going forward. It is largely expected that the Reserve Bank of India would cut interest rates going forward, which should benefit infrastructure and companies in the capital goods space.