Finolex Industries has surged 17% to Rs 62.90 in morning deals after reporting over a six-fold jump in net profit at Rs 56.19 crore for the quarter ended March 2012, due to lower power and fuel cost.

In a bid to reach out to the northern parts of India at reduced transport costs, Pune-based Finolex Industries is planning to set up a PVC pipes manufacturing plant in Vadodara.

Finolex Industries has reported 81% jump in net profit at Rs 60 crore for the fourth quarter ended March 2010, as against Rs 33 crore in same quarter of previous year. Net sales increased by 15% to Rs 485 crore (Rs 423 crore) during the quarter.