GSPL surges 3.5% on strong Q4 performance

Gujarat State Petronet Ltd has surged 3.4% at Rs 59.85 after posting a 25% rise in its net profit.

The company reported a standalone net profit of Rs 161.5 crore for the quarter ended March 2013, showing a growth of 25 per cent from Rs 129 crore reported in the same period previous year.

The company's total standalone income from operations stood at Rs 360 crore as against Rs 279 crore in the same quarter last year, up by 29 per cent. In a statement filed with the stock exchanges on Thursday, GSPL informed that for the financial year ended March 2013, company's standalone net profit stood at Rs 538 crore as compared to Rs 522 crore in fiscal 2011-12. Total Income has increased from Rs 1175 crore for in 2011-12 to Rs 1239 crore in fiscal 2013.

After ending down 1% on Thursday, the stock opened at Rs 59.65. The stock touched a high of Rs 60.60 and is now up 3.5%. Around 84,000 shares have been traded already as against a two week trading average of 2,70,000 shares.