Gujarat Pipavav Port gains after credit rating upgrade

Gujarat Pipavav Port rose 1.49% to Rs 170.60 at 14:49 IST on BSE after credit ratings agency CRISIL upgraded its rating on the company's long term credit.

The announcement was made during trading hours today, 19 September 2014.

Meanwhile, the BSE Sensex was up 2.89 points, or 0.01%, to 27,115.10.

On BSE, so far 71,000 shares were traded in the counter, compared with an average volume of 2.08 lakh shares in the past one quarter.

The stock hit a high of Rs 174.85 and a low of Rs 169.55 so far during the day. The stock hit a record high of Rs 182 on 12 September 2014. The stock hit a 52-week low of Rs 43.50 on 26 September 2013.

The stock had outperformed the market over the past one month till 18 September 2014, rising 16.90% compared with 2.73% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 45.98% as against Sensex's 7.39% rise.

The mid-cap company has an equity capital of Rs 483.44 crore. Face value per share is Rs 10.

Gujarat Pipavav Port said its long term credit rating has been upgraded to CRISIL AA- with Stable Outlook (from CRISIL A+ with Stable outlook) and the short term rating is reaffirmed at CRISIL A1+.

Net profit of Gujarat Pipavav Port rose 128.52% to Rs 80.53 crore on 37.83% rise in net sales to Rs 155.82 crore in Q2 June 2014 over Q2 June 2013.

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

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