Investors' favourite Relaxo soars high in the markets

Shares of Relaxo Footwears soared to a record high after first quarter profit jumped 56 percent on the back of lower raw material costs and surging sales.

Relaxo, which makes shoes, slippers and high end footwear said its quarterly Profit After Tax grew to 36 crore rupees from 23 crores in the same quarter a year ago. Sales during April-June leapt to 453 crore rupees compared with 374 crore rupees in the year ago period.

Relaxo's shares rose 4.4 percent, or 25 rupees, to 595 rupees on the National Stock Exchange.

Relaxo has been a favourite with investors and its market capitalisation has surged 200 percent to 6,800 crore rupees.

(Image credits: caporbit)