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Shares of 3M India soared to record highs. Know why

Shailendra BhatnagarAug 6, 2015, 12:39 IST

Shares of 3M India Ltd., a multi-product transnational, soared to a record high after quarterly profit surged on the back of higher sales.

3M India said its first quarter Net Profit leapt 55 percent to 39.50 crore rupees compared with 25.44 crore rupees in the same quarter a year ago. Sales during April-June rose 12 percent to 518.6 crore rupees from 462.6 crore rupees in the year ago period.

3M India rose 392 rupees, or 3.9 percent, to 10,354 rupees, a record high on the National Stock Exchange, where 25,900 shares were traded by 12:28 pm compared with the 5-day average of 5,470 shares.

3M India's market capitalisation has jumped 97 percent in the past one year to 11,580 crore rupees as investors preferred companies with huge R&D strengths and a global portfolio of products to sell in India.

Image credit: Indiatimes