Gujarat Gas sees best day in over six months after profit spikes

Reuters Mumbai | Updated on July 31, 2019

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Shares of Gujarat Gas Ltd rose as much as 12 per cent to Rs 182.95, post their biggest intra-day percentage gain since January 15.

The gas distribution company posted 93 per cent surge in the consolidated profit for the June-quarter. It surged to Rs 234 crore ($33.97 million).

The total income was up 44 per cent to Rs 2671.

Citi raises price target to Rs 265 from Rs 230.

Around 1.5 million shares change hands during first half an hour of trade versus the 30-day average of 1.12 million shares.

Up to last close, stock had risen 22 per cent this year, while Indraprastha Gas Ltd up 12.2 per cent.

Published on July 31, 2019

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