GAIL Spurts 3%; Top Gainer On Nifty50

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Shares of GAIL India were up 3%, the top gainers on the Nifty 50 index, amid heavy trading volumes.

Over 30 lakh shares of GAIL India were traded on the NSE, against a daily average of 16 lakh shares.

The company posted a 42% rise in net profit for the second quarter ending September at Rs 1,309.6 crore, boosted by handsome earnings from its gas transportation and marketing business.

It’s net profit for the same quarter last year was Rs 925 crore. It earned a pre-tax profit of Rs 853.5 crore from gas transmission business during the second quarter, as compared with Rs 660.74 crore in the same quarter last year.

So far this year, shares of GAIL India are up 39%.

The stock is currently trading at Rs 457.95, up by Rs 13.4 or 3% from its previous closing of Rs 444.55 on the BSE. The scrip opened at Rs 445 and has touched a high and low of Rs 459 and Rs 443.1 respectively.

Gail India Limited is a leading natural gas transmission and marketing company. It is also engaged in petrochemical production and city gas distribution. It derived 92% of (FY17) revenues from natural gas transmission.

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