GSPL snaps five day winning run

Gujarat State Petronet (GSPL) declined 0.53% to Rs 223.80, snapping its five-day winning streak amid profit booking.

GSPL witnessed selling after the counter added 7% in five days from its closing low of Rs 210.2 on 3 June 2020.

The buying momentum emerged after the company reported decent Q4 March 2020 numbers on Monday, 8 June 2020. The stock closed with 4.7% gain on that day.

Its net profit jumped 86.5% to Rs 497.67 crore on 37.18% rise in net sales to Rs 3151.64 crore in Q4 March 2020 over Q4 March 2019. Profit before tax stood at Rs 598.71 crore in Q4 March 2020, rising 53.45% from Rs 390.16 crore in Q4 March 2019. Current tax expense rose 40.76% to Rs 118.39 crore in Q4 March 2020 over Q4 March 2019.

 

The company said volumes increased by 13.3% to 36.78 MMSCMD (million metric standard cubic meter per day) in Q4 March 2020 from 32.45 MMSCMD in Q4 March 2019.

GSPL is a natural gas infrastructure and transmission company engaged in gas transportation business.

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