Net profit of the company jumped on higher-than-expected volumes and lower depreciation and interest charges.
Gujarat State Petronet shares rise as much as 13 per cent in the morning trade on Monday and touched its new-lifetime high of Rs 141.30 after the company reported 32.66 per cent rise in net profit figures for the quarter ended June 2015 on August 7 after market hours. The company earned Rs 112.76 crore during April-June 2015 against Rs 85 crore in the same quarter a year ago.
At 10.39 am, the share price of Gujarat State Petronet was trading 11.48 per cent higher at Rs 139.40. It opened at Rs 125.05 and has touched a high and low of Rs 141.30 and Rs 128.50, respectively. Meanwhile, the BSE Sensex was trading 153 points higher at 28,389.95.
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The scrip closed 6.48 per cent higher at Rs 133.15 on Monday.
Revenue of the company jumped 12.23 per cent year-on-year to Rs 259.14 crore for the quarter under review. It stood at Rs 230.91 crore in the corresponding quarter a year ago.
Net profit of the company jumped on higher-than-expected volumes and lower depreciation and interest charges. Analysts expect an upward revision in GSPL’s regulated tariffs based on recently released draft amendment to tariff regulations.
According to JM Financial, the share price of GSPL can touch Rs 145.
(With inputs from Reuters)