Panasonic shares soar nearly 17% on earnings

Panasonic
           shares soared nearly 17 percent on Monday as investors reacted to the Japanese electronics giant's latest earnings, while rivals Sony and Sharp also spiked on upbeat sentiment.Panasonic closed 16.89 percent higher at 692 yen in Tokyo, following the company's announcement after the close of Friday's session that it posted an operating profit of 121.95 billion yen ($1.32 billion) in the nine months to December, and a 61.4 billion yen net profit in the last three months of 2012.That marked a huge reversal from a net loss of 197.6 billion yen a year earlier, with Panasonic citing aggressive cost-cutting as part of a massive corporate overhaul aimed at stemming record loss.


Arusi Singh
PGDM 1st year