GAIL India share rose more than 2 per cent to hit an intraday high of Rs 166.05 after the company posted a 28.3 percent rise in net profit to Rs 1,908 crore for the quarter ended March 2021.
Profit in the previous quarter stood at Rs 1,487.3 crore.
Revenue from operations declined marginally to Rs 15,449 crore against Rs 15,454.3 crore. Earnings before interest, tax, depreciation, and amortization (EBITDA) grew 28.4 percent to Rs 2,465 crore.
The net margin rose 16 per cent as compared to 12.4 per cent in Q3.
The stock ended 0.77 per cent higher at Rs 163.45 against the previous close of Rs 162.20 on BSE. Market cap of the firm rose to Rs 72,578.10 crore.The share has delivered 66.6 per cent returns in the last 12 months and risen 33 per cent since the beginning of this year.
The share of GAIL India stands higher than 10 day, 20 day, 50 day, 100 day, and 200-day moving averages.
The Petrochemical business has shown better performance with more than 100 per cent capacity utilization. The sales increased by 18% to 871 TMT, the Petrochemical plant recorded the highest ever production of 813 TMT.
"The operations of the plant and pipelines were stable and no major shutdown took place during FY 2020-21. During the year, the company's Capex was Rs. 6,982 crore mainly on Pipelines. GAIL has taken several initiatives to support the employees, society, and the nation to combat the COVID-19," said Mr. Manoj Jain, CMD, GAIL.
Jefferies has maintained the "hold" rating on the stock with the target price of Rs 150 per share.
Recently, India's top oil PSUs - IOC, ONGC, GAIL, BPCL, and HPCL committed Rs 100 crore for the redevelopment of Badrinath Dham, one of the holiest shrines of Hindus, Oil Minister Dharmendra Pradhan said.
An official statement issued by the Ministry of Petroleum and Natural Gas, which was verbatim issued by IOC as well, said a memorandum of understanding (MoUs) were signed between oil and gas PSUs - IOC, BPCL, HPCL, ONGC and GAIL, and Shri Badrinath Utthan Charitable Trust for construction and redevelopment of Shri Badrinath Dham as a Spiritual Smart hill Town.
"As per the MoUs, the oil and gas PSUs will be contributing Rs 99.60 crore in the first phase of the developmental activities, including river embankment work, building all-terrain vehicular path, building bridges, beautifying existing bridges, establishing gurukul facilities with accommodation, creating toilet and drinking water facilities, installing streetlights, mural paintings etc," the statement said.