VIP Clothing shares soar over 10% on turnaround Q2 results

Shares of VIP Clothing gained over 10 per cent and scaled fresh 52-week high of Rs 67.60 in early trade on Friday after the company posted a net profit of Rs 3.85 crore for the quarter ended September 30, 2017 against net loss of Rs 7.32 crore in the corresponding quarter last year.

Net sales of the company jumped 11 per cent to Rs 64.32 crore during the quarter under review against Rs 57.62 crore in the same period last year.

The scrip was trading 11.85 per cent up at Rs 67. Shares of the company opened at Rs 64.85 and touched a high and low of Rs 67.55 and Rs 61.30, respectively, in trade so far. Benchmark BSE Sensex was up 300 points, or 0.90 per cent, at 33,547.43 at around 9.20 am (IST).

Shares of the company had hit 52-week low of Rs 39.16 on December 27 , 2016.

On the BSE, 87,000 shares were traded in the counter so far, compared with average daily volumes of 2.08 lakh shares in the past two weeks.

VIP Clothing Limited, formerly Maxwell Industries Limited, is in the business of manufacturing and marketing of undergarment in the name of registered VIP Brand. It is engaged in manufacturing hosiery product.

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