GSPL shows robust volumes

Gujarat State Petronet Ltd (GSPL) had declared its Q1Fy16 performance last week and today, it is reacting to that, with investors taking positions on the counter. The stock hit a new high today at Rs.141.30 As against a two-week average volume of 85,000 shares, today alone it clocked volumes of almost 7.5 lakh shares, which is a huge 9 times surge.

The numbers came in better than market estimates. Net sales for the quarter rose 12% (YoY) at Rs.259 crore and net profit was at Rs.85 crore, up 33% though QoQ, it was down 7%. Earnings were mainly driven by volumes , up 9% YoY as RIL and Essar Oil operated at higher utilization as there were no major shut downs during the quarter. Higher LNG volume and sharp spot LNG price correction at $16/mmbtu helped.