Gujarat Pipavav Port extends Wednesday's rally

Gujarat Pipavav Port rose 2.44% to Rs 98.60 at 10:07 IST on BSE, with the stock extending Wednesday's 7.66% rally triggered by the company reporting strong Q1 earnings.

Meanwhile, the S&P BSE Sensex was up 38.74 points or 0.17% at 22,362.64.

On BSE, so far 3.22 lakh shares were traded in the counter as against average daily volume of 4.19 lakh shares in the past two weeks.

The stock hit a high of Rs 101 and a low of Rs 95 so far during the day.

Shares of Gujarat Pipavav Port have rallied 10.29% in two trading sessions from Rs 89.40 on 6 May 2014, after the company after market hours on 6 May 2014 reported strong Q1 March 2014 earnings.

Gujarat Pipavav Port's net profit jumped 72.51% to Rs 61.02 crore on 25.49% growth in total income from operations to Rs 156.20 crore in Q1 March 2014 over Q1 March 2013.

Exceptional item in Q1 March 2014 represents payment made by the company in January 2014 amounting to Rs 10.22 crore towards mobilization and other services in relation to the dredging activity undertaken as part of the port expansion project. Consequent to the revision in the said port expansion plan approved by the Board of Directors of the company in its meeting dated 17 April 2014, this amount is fully written off, Gujarat Pipavav Port said.

AP Moller-Maersk group company Gujarat Pipavav Port is one of Western India's fastest growing gateway ports.

Powered by Capital Market - Live News