GSPL hits 52-week high on robust Q2 earnings

The stock hit a 52-week high of Rs 104 on the BSE on the back of robust Q2 earnings

Shares of Gujarat State Petronet were up nearly 3% at Rs 100, after hitting a 52-week high on the BSE, as net profit for the secong quarter ended September 2014 surged nearly 50% to Rs 169.50 crore on the back of lower finance costs.

The company had reported a net profit of Rs 85 crore in the corresponding quarter last fiscal.

Finance cost for the quarter declined to Rs 30.72 crore compared with Rs 36.71 crore in the same quarter last year.

Net sales for the quarter rose nearly 27% to Rs 351 crore compared with Rs 277 crore in the quarter ended September 30, 2013.

The stock opened at Rs 104 to touch a 52-week high on the BSE. At 12:40PM, over 1.3 million shares were traded on both the stock exchanges.