Gujarat State Petronet rises 4% on good Q2 show; brokerages express positive sentiment

Shares of Gujarat State Pertronet (GSPL) jumped more than 4 percent in early trade on November 7 post registering robust profit growth of 36 percent on QoQ basis to Rs 590 crore.

At 10:45 am the Gujarat State Petronet stock was trading 4.18 percent higher at Rs 284.24 on NSE.

Gujarat State Petronet, a prominent gas transmission company, has released its financial results for the quarter ending in September of the fiscal year 2023-24.

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The company’s performance during this period exhibited remarkable strength, with a consolidated profit of Rs 590.4 crore. This figure represents a substantial 36 percent growth when compared to the previous quarter, highlighting the company’s robust and dynamic operating performance.

Also Read: Buy Gujarat State Petronet; target of Rs 327: Prabhudas Lilladher

In addition to the impressive profit figures, Gujarat State Petronet also experienced a notable upturn in its revenue from operations. The revenue reached Rs 4,265.2 crore for the quarter, marking a sequential increase of 3.8 percent.

Brokerage Views

Brokerage firm Emkay Global Financial has expressed a positive outlook on Gujarat State Petronet, issuing a “buy” recommendation for the stock and setting a target price of Rs 340 in a recently released report.

Stock Performance

Gujarat State Petronet stock has given a return of 2.66 percent over the past six months. The benchmark Nifty50 index has given a return of 6.28 percent over the same duration.

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