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.