Gujarat NRE Coke takes off with Australian buy

DALAL STREET SPIKES

Gujarat NRE Coke was up 6.72 per cent to Rs 151.60 as compared with its previous close of Rs 142.05.

The stock surged for the second day in a row after reports that the company acquired 5 per cent stake in Australia's Resource Pacific Holdings for $8.1 million.

The company has also agreed to buy up to 5 million tonne of coal from Resource Pacific over the next 10 years. Gujarat NRE Coke is the largest manufacturer of low-ash metallurgical coke in India.

For the quarter ended June 2005, the company reported a 37.9 per cent growth in net profit to Rs 45.20 crore.