Gujarat NRE Coke spurts after multiple block deals

Gujarat NRE Coke was locked at 10% upper circuit at Rs 9.28 at 15:20 IST on BSE after four block deals aggregating 16.99 lakh shares were executed in the counter on BSE.

A block deal of 1.03 lakh shares was executed at Rs 9.20 per share at 11:04 IST. Another block deal of 2.77 lakh shares was executed at Rs 9.20 per share at 11:05 IST. Third block deal of 1.19 lakh shares was executed at Rs 9.20 per share at 11:06 IST. Another block deal of 12 lakh shares was executed at Rs 9.28 per share at 13:50 IST. The block deals constitute 0.27% of Gujarat NRE Coke's equity.

Meanwhile, the S&P BSE Sensex was up 130.39 points or 0.64% at 20,550.65.

On BSE, 57.70 lakh shares were traded in the counter as against average daily volume of 3.32 lakh shares in the past two weeks.

The stock hit a low of Rs 7.60 so far during the day.

Gujarat NRE Coke reported a net loss of Rs 90.42 crore in Q2 September 2013 as against net profit of Rs 16.72 crore in Q2 September 2012. Net sales declined 2.8% to Rs 322.55 crore in Q2 September 2013 over Q2 September 2012.

Gujarat NRE Coke is the largest independent producer of met coke in India. Gujarat NRE also owns coking coal mines in Australia. Gujarat NRE Coke, through forward integration has also forayed into steel making and power generation through the renewable energy route.

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