Shares of Praj Industries rose more than 17 percent in trade on Tuesday, buoyed by 198 percent jump in its net profit in the third quarter ended on December 31, 2018.

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The stock reversed its three-day downtrend, opening with a gain of more than 8 percent at Rs 121.4 on strong buying.

The stock was quoted at Rs 127.90 on the NSE with as many as 1,57,23,676 shares traded as of 1.58 pm.

The company's net profit grew by 198 percent in the third quarter to Rs 22.43 crore, from Rs 7.53 crore a year ago.

Net sales came in at Rs 330.31 crore, up 33.04 percent, from Rs 248.28 crore a year ago. EBITDA was also up almost 93 percent to Rs 35.28 crore from last December's Rs 18.30 crore.

The small-cap stock from the engineering and industrial equipment sector has returned more than 15 percent in the last one year to investors, while the five-year return is 189 percent.

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First Published:Jan 29, 2019 2:38 PM IST