 "Gail (India) hits new high as Q2 profit beats estimates")
Gail (India) has moved higher by 8% to Rs 552, also its record high on NSE, after reporting better-than-expected 42% year-on-year (yoy) jump in net profit at Rs 1,303 crore for the second quarter ended September 2014 (Q2), on back of strong operational performance. The state-owned company had profit of Rs 916 crore in previous year quarter.
Analyst on an average had expected profit of Rs 1,007 crore for the quarter.
Operational income during the quarter under review grew marginally by 0.91% to Rs 14,130 crore against Rs 14,002 crore in the corresponding quarter of previous fiscal. Total expenditure however, declined by 3.8% to Rs 12,344 crore on y-o-y basis.
The company’s liquefied petroleum gas (LPG) and liquid hydrocarbons segment has reported a profit before interest and tax (PBIT) of Rs 901 crore against a loss of Rs 228 crore in previous year quarter.
The stock opened at Rs 511 and touched a low of Rs 510 on NSE, before the announcement of results. The trading volumes on the counter jumped more than four-fold with a combined 3.49 million shares changed hands till 1420 hours on NSE and BSE.
Analyst on an average had expected profit of Rs 1,007 crore for the quarter.
Operational income during the quarter under review grew marginally by 0.91% to Rs 14,130 crore against Rs 14,002 crore in the corresponding quarter of previous fiscal. Total expenditure however, declined by 3.8% to Rs 12,344 crore on y-o-y basis.
The company’s liquefied petroleum gas (LPG) and liquid hydrocarbons segment has reported a profit before interest and tax (PBIT) of Rs 901 crore against a loss of Rs 228 crore in previous year quarter.
The stock opened at Rs 511 and touched a low of Rs 510 on NSE, before the announcement of results. The trading volumes on the counter jumped more than four-fold with a combined 3.49 million shares changed hands till 1420 hours on NSE and BSE.