The stock of Gujarat NRE Coke surged as much as 9.7 per cent in early trade on Thursday at Rs 23.8 after the company reported on strong earnings for the third quarter.
The independent producer of met coke in India reported a net profit of Rs 20.12 crore for the quarter ended December 2012 against Rs 1.90 crore reported in year-ago period. Net sales rose 57 per cent Y-o-Y to Rs 527 crore in the three months period ended December 2012.
The stellar performance was on account foreign exchange loss, which narrowed to Rs 19 crore in the quarter as against the loss of Rs 24.5 crore in a year-ago period.
The stock, however, failed to sustain the initial gains in line with general market condition; it was trading at Rs 23.15, up 6.7 per cent at 10.40 a.m. on the Bombay Stock Exchange amidst heavy trading volumes. Over 14 lakh shares changed hands on the counter against its two-week average of 5.74 lakh shares.