Trimming sharp initial gains, shares of Shalimar Paints today ended over 2 per cent higher in-line with a weak stock market, even after the company reported a 48 per cent increase in net profit in the second quarter.
After surging 9.62 per cent to Rs 76.30 in intra-day trade, Shalimar Paints scrip finally ended the day at Rs 70.95, up 1.94 per cent on the BSE.
At the NSE, the stock settled 2.39 per cent higher at Rs 70.70.
Shalimar Paints had yesterday posted a net profit of Rs 4.13 crore in the three months ended September 30 compared with Rs 2.79 crore a year earlier.
Net sales increased to Rs 121.04 crore from Rs 114.49 crore in the same period a year ago.
Meanwhile, in a weak broader market, the benchmark Sensex ended the day at 20,281.91, down 209.05 points or 1.02 per cent.