Gujarat NRE Coke surges on two-fold jump in Q2 profit

Q2 net profit at Rs 16.72 crore against Rs 8.04 crore in previous year quarter.

Gujarat NRE Coke has surged 12% to Rs 20.10 on reporting more-than-double net profit at Rs 16.72 crore for the quarter ended September 2012. The company had a profit of Rs 8.04 crore in previous year quarter.

“Total income grew 23% at Rs 270 crore on year-on-year basis,” Gujarat NRE Coke, the independent met coke producer said in a filing.

Gujarat NRE Coking Coal Ltd, the Australian subsidiary of Gujarat NRE Coke, registered the highest quarterly production in a quarter in the second quarter this fiscal which stood at 544,000 tonnes, while sales increased by 34% during the period to 486,000 tonnes from 363,000 tonnes in the corresponding period last fiscal, it added.

The stock opened at Rs 18.65 and hit high of Rs 20.40 on the NSE. The counter has seen huge trading activities with a combined 4.5 million shares have already changed hands so far against an average sub one million shares that were traded daily in past two weeks.