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GAIL (India) drops after weak Q1 results

Capital Market 

GAIL (India) lost 1.47% to Rs 358.45 at 9:18 on after net profit fell 23.2% to Rs 1025.64 crore on 6.7% growth in net sales to Rs 11406.47 crore in Q1 June 2017 over Q1 June 2016.

The result was announced after market hours yesterday, 10 August 2017.

Meanwhile, the S&P Sensex was down 287.79 points or 0.91% at 31,243.54.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 2.15 lakh shares in the past one quarter. The stock had hit a high of Rs 363.25 and a low of Rs 356.30 so far during the day. The stock had hit a record high of Rs 433.50 on 3 May 2017 and a 52-week low of Rs 269.25 on 29 September 2016.

The stock had underperformed the market over the past one month till 10 August 2017, sliding 0.94% compared with the Sensex's 0.58% fall. The stock had also underperformed the market over the past one quarter, declining 12.89% as against the Sensex's 4.24% rise. The scrip had, however, outperformed the market over the past one year, advancing 29.3% as against the Sensex's 13.52% rise.

The large-cap company has equity capital of Rs 1691.30 crore. Face value per share is Rs 10.

GAIL (India)'s profit after tax (PAT) after excluding one-time gains has seen a growth of 21% in Q1 June 2017 over Q1 June 2016. There was a one-time gain of Rs 489 crore in Q1 June 2017 from stake sale in Mahanagar Gas. The growth in the bottom line has been led by better performance of Gas Transmission & LHC segment, better price realisation in LHC segment & decrease in cost of production and finance cost.

GAIL (India) is India's largest natural gas company. The government of (GoI) held 54.44% stake in the firm as per the shareholding pattern as on 31 March 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 09:17 IST