Gujarat Gas Company has soared 15% to Rs 224, extending Friday’s rally, after reporting a robust 91% year-on-year (yoy) jump in its consolidated net profit at Rs 101 crore for the second quarter ended June 30, 2013 (Q2), due to lower raw material cost. The company had profit of Rs 52.89 crore during the same quarter year ago.
The stock hit a high of Rs 232 has rallied over 40% in past two trading sessions from Rs 162 on August 7, on the Bombay Stock Exchange (BSE).
“RLNG (re-gasified liquefied natural gas) cost came off the peak levels it had reached in the immediately preceding quarter, thereby enabling some recovery of margins which were impacted in the preceding quarter. RLNG continues to be a significant portion of the sourcing portfolio,” said Sugata Sircar, managing director of Gujarat Gas Company.
The company said it got more than 17,500 new residential customers during the quarter, taking the total number of new domestic connections to 28,500 till June 2013.
Gujarat Gas is a subsidiary of GSPC Distribution Network Ltd (GNDL), which recently acquired 73.70% stake in the firm, said it also commissioned more than 43,000 scmd of new volumes in the industrial sector during the quarter.
The counter has seen huge trading activity with a combined 240,000 shares changing hands till 1010 hours against an average sub 100,000 share that were traded daily in past two weeks on BSE and NSE.
The stock hit a high of Rs 232 has rallied over 40% in past two trading sessions from Rs 162 on August 7, on the Bombay Stock Exchange (BSE).
“RLNG (re-gasified liquefied natural gas) cost came off the peak levels it had reached in the immediately preceding quarter, thereby enabling some recovery of margins which were impacted in the preceding quarter. RLNG continues to be a significant portion of the sourcing portfolio,” said Sugata Sircar, managing director of Gujarat Gas Company.
The company said it got more than 17,500 new residential customers during the quarter, taking the total number of new domestic connections to 28,500 till June 2013.
Gujarat Gas is a subsidiary of GSPC Distribution Network Ltd (GNDL), which recently acquired 73.70% stake in the firm, said it also commissioned more than 43,000 scmd of new volumes in the industrial sector during the quarter.
The counter has seen huge trading activity with a combined 240,000 shares changing hands till 1010 hours against an average sub 100,000 share that were traded daily in past two weeks on BSE and NSE.
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