Gujarat Gas jumps after strong Q2 results

Gujarat Gas Company spurted 13.20% to Rs 220.45 at 10:31 IST on BSE, extending Thursday's 20% surge triggered by the company's strong Q2 June 2013 results.

The result was announced after market hours on Wednesday, 7 August 2013. The stock surged 19.99% to Rs 194.75 on Thursday, 8 August 2013. The stock market was shut on Friday, 9 August 2013, on account of a public holiday. The stock has risen 35.83% in two sessions from Rs 162.30 on 7 August 2013.

Meanwhile, the S&P BSE Sensex was up 60.18 points, or 0.32%, to 18,849.52.

On BSE, 54,000 shares were traded in the counter as against an average daily volume of 6,688 shares in the past one quarter.

The stock hit a high of Rs 231.95 and a low of Rs 203.70 so far during the day. The stock had hit a 52-week high of Rs 352.50 on 1 October 2012. The stock had hit a 52-week low of Rs 159 on 7 August 2013.

The stock had underperformed the market over the past one month till 8 August 2013, sliding 4.25% compared with the Sensex's 2.77% fall. The scrip had also underperformed the market in past one quarter, falling 23.10% as against Sensex's 6.01% fall.

The small-cap company has an equity capital of Rs 25.65 crore. Face value per share is Rs 2.

Gujarat Gas Company's consolidated net profit surged 90.24% to Rs 100.60 crore on 2.49% decline in net sales to Rs 746.80 crore in Q2 June 2013 over Q2 June 2012.

Consolidated net profit jumped 69.08% to Rs 100.60 crore on 2.11% decline in net sales to Rs 746.80 crore in Q2 June 2013 over Q1 March 2012.

The company said the total volume of gas sold during the quarter was 239 million metric standard cubic meters (mmscm) compared to 264 mmscm in the preceding quarter. While additional volumes have been commissioned in all the segments, volumes in the industrial segment have been undergoing a churn with increasing price of gas.

The company said it connected more than 17,500 new residential customers during the quarter, taking the total number of new domestic connections to 28,500 till June 2013. The company also commissioned more than 43,000 standard cubic meters of gas per day (scmd) of new volumes in the industrial sector during the quarter.

Gujarat Gas Company, a subsidiary of GDNL, currently distributes approximately 2.8 million metric standard cubic metres per day (mmscmd) of natural gas. GGCL continues to be India's premier gas distribution company with a proven expertise in distributing gas to the entire range of customers - Industrial, Commercial, Domestic and CNG. GGCL distributes gas to about 404,000 industrial, commercial and domestic customers through its pipeline network and CNG to over 200,000 vehicles through 56 retail outlets.

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