Gujarat NRE Coke surges on robust Q3 earnings

Q3 net profit up more than ten-fold jump at Rs 20.12 crore on increased income.

Gujarat NRE Coke is trading higher by 6% at Rs 23.10 on reporting more than ten-fold jump in net profit at Rs 20.12 crore for the third-quarter ended December 2012 (Q3), on increased income.

The Kolkata-based company engaged in manufacturing metallurgical coke had profit of Rs 1.90 crore in the same quarter of previous year.

“Total income from operations grew 57% on year-on-year to Rs 527 crore during the recently concluded quarter,” Gujarat NRE Coke said in a statement.

The stock opened at Rs 23.05 and hit a high of Rs 23.65 on the NSE. A combined 3.47 million shares have already changed hands on the counter in early morning deals against an average sub 2 million shares that were traded daily in past two weeks.