Gujarat Gas gains on strong Q3 performance

Gujarat Gas Company Limited has gained 2% this morning on a huge jump in net profit.

The company has registered 182% jump in the consolidated profit after tax (PAT) for the quarter ended December 31, 2012 at Rs 70.6 crore as against Rs 25 crore reported in the same period previous year.

The impact on profits due to increase in gas cost in the previous year was mostly mitigated in 2012,' the company informed in a statement issued after the results announcement on Thursday.

The stock opened at Rs 294 and surged 3.5% to touch a high of RS 300. It is now up 2% at Rs 296 with trades of 7,293 shares on the BSE. In the last two weeks around 16,820 shares were traded daily on an average on the BSE.