Marico shares surged more than 8 percent on Tuesday after the FMCG major reported a 31 percent rise in consolidated net profit for the September quarter, beating market estimates on the back of lower copra costs and healthy demand.
The stock rose 8.21 percent to Rs 864.10 per share on the NSE at around 2 pm.
The consumer goods maker reported a consolidated net profit of Rs 550 crore in the second quarter ended September 30, compared with market expectations of Rs 530 crore, according to LSEG-compiled data.
The company's performance was supported by a moderation in copra prices and steady consumption demand, Reuters reported.
Marico, which owns brands such as Parachute and Saffola, had said in its quarterly business update that copra prices remained around 35 percent below their peak levels during the second quarter.