Shares of hospitality major EIH surged by over 5 per cent amid a weak broader market on Tuesday after the company said it returned to the black in the second quarter of this fiscal with a net profit of Rs 16.59 crore.
In the quarter ended September 30, 2010, the company's net loss stood at Rs 14.97 crore.
Reacting to the robust numbers, shares of the company defied the broader market trend and rallied by 5.31 per cent to a high of Rs 99 on the BSE .
Similar movement was witnessed on the National Stock Exchange as well, where the company -- after opening at Rs 97 -- surged by 5 per cent to an early high of Rs 98.65.
The surge in the counter assumes significance as the broader market was trading in the negative territory, with the BSE benchmark Sensex down by over 124 points at 17,580 at 1107 hours.
The company's net sales for the quarter ended September 30, 2011, increased by 8.78 per cent to Rs 216.99 crore from Rs 199.46 crore during the corresponding quarter last fiscal.
Meanwhile, in a separate statement issued yesterday, EIH -- in which RIL has a 14.12 per cent stake -- said that Nita Ambani has been appointed as an Additional Director on the board of the hospitality chain.