With its stock price rallying on strong financial performance, the market capitalization of the state-run Gujarat Gas Limited (GGL) crossed Rs 30,000 crore mark on Tuesday. The city gas distribution major now has m-cap more than the combined market capitalization of all other Gujarat government-owned listed companies.<\/p>\n
The company\u2019s market cap surged to Rs 31,769 crore with its share price moving up 6% to Rs 461.5 on Tuesday. GGL\u2019s stock has jumped 29% since February 1, when its price closed at Rs 359 per share.<\/p>\n
As against GGL\u2019s total m-cap, the combined market cap of other seven state public sector undertakings (PSUs) is Rs 24,801 crore. The nearest PSU to GGL in terms of m-cap is Gujarat State Petronet Ltd, which has market capitalization of Rs12,523 crore. Stock analysts said that growth in volume and margins coupled with better than expected earnings for the third quarter of the current fiscal and upbeat business outlook have fuelled the company\u2019s share price on the bourses.<\/p>\n
According to the stock broking firm Motilal Oswal, GGL\u2019s volume growth over the last couple of quarters has been robust, which is led by strong export orders at ceramic units in Morbi. \u201cThe company\u2019s gas sales volume and CNG sales have shown a robust recovery after the lockdown,\u201d said Rakesh Lahoti, a city-based stock expert. \u201cIts consolidated profit has doubled. The company\u2019s sales volume in industrial and CNG categories rose by 29% and 2% respectively, when compared with the same quarter last fiscal.\u201d<\/p>\n
The company\u2019s average gas sales in terms of volume stood at 11.4 mmscmd in Q3FY 21, which was 23% higher than the volumes recorded in the corresponding quarter of the previous fiscal. The company\u2019s stock has surged on the back of its strong performance in Q3FY21. \u201cWhile its net profit almost doubled, the revenues from operations increased 13% during the quarter. Also, its finance cost reduced by almost 48% year-on-year,\u201d added Vanesh Panchal, a stock analyst from Ahmedabad.<\/p>\n","protected":false},"excerpt":{"rendered":"
With its stock price rallying on strong financial performance, the market capitalization of the state-run Gujarat Gas Limited (GGL) crossed Rs 30,000 crore mark on Tuesday. The city gas distribution major now has m-cap more than the combined market capitalization of all other Gujarat government-owned listed companies. The company\u2019s market cap surged to Rs 31,769 crore with its share price moving up 6% to Rs 461.5 on Tuesday. GGL\u2019s stock has jumped 29% since February 1, when its price closed at Rs 359 per share. As against GGL\u2019s total m-cap, the combined market cap of other seven state public sector […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-399966","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/399966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=399966"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/399966\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=399966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=399966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=399966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}