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Gujarat Gas firms up after Care upgrades rating

Capital Market 

Gujarat Gas gained 1.7% to Rs 298.45 after CARE Ratings revised the long term/short term bank facilities worth Rs 2,000 crore to CARE AA+ with 'stable' outlook.

Shares of Gujarat Gas have risen 3.29% in three trading days from its recent closing low of Rs 288.95 on 8 September 2020.

The stock is up 84% from its 52-week low of Rs 162.20 hit on 4 October 2019. The counter is 12.1% away from its 52-week high of Rs 334.65 hit on 14 August 2020.

The company's consolidated net profit slumped 74.8% to Rs 59.07 crore on 58.6% drop in net sales to Rs 1,082.92 crore in Q1 June 2020 over Q1 June 2019. Gujarat Gas' total gas sales volume for the quarter was at 4.14 million metric standard cubic meters per day (MMSCMD). During the quarter, company commercialised 13 new CNG stations.

Gujarat Gas operates in the segment of natural gas business and is India's largest city gas distribution company.

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

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First Published: Fri, September 11 2020. 11:06 IST