Shares of GAIL India Monday gained over 2 per cent after the company reported a 20 per cent rise in its net profit for the March quarter.
The company's scrip went up 2.13 per cent to close at Rs 348.35 on the BSE. During the day, it jumped 2.79 per cent to Rs 350.65.
On the National Stock Exchange (NSE), shares rose 1.90 per cent to close at Rs 348.15 apiece.
On the traded volume front, 3.84 lakh shares were traded on the BSE and 54 lakh shares on the NSE during the day.
State-owned gas utility GAIL India Monday reported a 20 per cent rise in its March quarter net profit, as margins on natural gas sales and transmission more than made up for the loss in the petrochemical business.
Net profit in January-March at Rs 1,222.23 crore, or Rs 4.98 per share, was 19.70 per cent higher than Rs 1,020.92 crore, or Rs 4.53 a share, net profit in the corresponding period of the previous financial year, the company said in a regulatory filing.
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Revenue rose to Rs 18,763.87 crore in the fourth quarter of 2018-19 fiscal year when compared with Rs 15,430.69 crore net profit in the year-ago period.
The board of GAIL also approved a 1:1 bonus - issue of one free share for every share held.
GAIL had a segment loss of Rs 20 crore in its petrochemical business. Also, pre-tax profit on LPG and liquid hydrocarbons business halved to Rs 416.15 crore.
This, however, was made good by higher margins on gas transmission and natural gas sales businesses. Pre-tax profit on gas transmission business rose 8.3 per cent to Rs 777.92 crore while that on natural gas marketing tripled to Rs 587.53 crore.