Why the AJ Lucas (ASX:AJL) share price rocketed 120% today

AJ Lucas Group Limited (ASX: AJL) shares have been among the best performers on the ASX today on the back of the company’s FY21 first-half (H1 FY21) results. By the market’s close, the AJ Lucas share price had risen an astonishing 120% to 5.5 cents. In earlier trade, AJ Lucas shares surged by as much as 380% to 12 cents before retracing to their current level. 

Let’s take a closer look and see what’s driving the drilling services company’s shares.

What pushed the AJ Lucas share price higher?

The AJ Lucas share price rocketed higher in mid-afternoon trade as investors appeared upbeat with the company’s latest performance.

According to its release, AJ Lucas reported a drop in revenue, but a significant gain in net profit…