Gujarat Pipavav Port surged 6.99% to Rs 95.65 at 9:16 IST on BSE after net profit jumped 72.51% to Rs 61.02 crore on 25.49% growth in total income from operations to Rs 156.20 crore in Q1 March 2014 over Q1 March 2013.
The Q1 result was announced after market hours on Tuesday, 6 May 2014.
Meanwhile, the S&P BSE Sensex was up 10.04 points or 0.04% at 22,518.46.
On BSE, so far 74,000 shares were traded in the counter as against average daily volume of 1.80 lakh shares in the past two weeks.
The stock hit a high of Rs 95.80 so far during the day, which is a record high for the counter. The stock hit a low of Rs 92 so far during the day.
Exceptional item in Q1 March 2014 represents payment made by the company in January 2014 amounting to Rs 10.22 crore towards mobilization and other services in relation to the dredging activity undertaken as part of the port expansion project. Consequent to the revision in the said port expansion plan approved by the Board of Directors of the company in its meeting dated 17 April 2014, this amount is fully written off, Gujarat Pipavav Port said.
AP Moller-Maersk group company Gujarat Pipavav Port is one of Western India's fastest growing gateway ports.
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