Gujarat Gas Company has surged 12% to Rs 452 after reporting 67% year-on-year (y-o-y) growth in its consolidated net profit at Rs 96 crore for the second quarter ended June 2011. Net sales grew 41% at Rs 577 crore on y-o-y basis.
Sales of compressed natural gas (CNG) and domestic segment increased by 12% each over the previous year on robust CNG vehicle conversion and more than 14,200 new households connection to gas supply during the quarter.
“The total volume of gas sold during the period was 605 mmscm compared to 588 mmscm in the corresponding period of the previous year," the company said in a filing to the stock exchanges.
The stock opened at Rs 415 and touched high of Rs 456 on the NSE. A total of 290,596 shares have changed hands on the counter till 1032 hours on both the exchanges, as against an average less than 50,000 shares traded daily in past two weeks.
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