GAIL spikes up 4 per cent
The stocks of GAIL India spurt in action on Thursday. The stock was the top gainer on the Nifty50 index trading higher by more than 4 per cent.
The movement can be attributed to a comment by a top official that the company's capital expenditure (CapEx) is expected to reach Rs. 6,000 crore in the next fiscal, which is a rise of 55 per cent. The capital will be used to construct a 2,500 km gas pipelines by 2020.
The company reported a PAT of Rs. 1,310 crore, up by 42 per cent for Q2 of FY 2017-18 on YoY basis, PBT stood at Rs. 1,927 crore, up by 40 per cent. GAIL's gross margin was at Rs. 2,362 crore up by 28 per cent.
At 11:47 hours, the stock of GAIL was at Rs. 475.90 per share, up Rs. 19.55 or 4.28 per cent on Thursday. While Nifty50 was trading at 10,117.25 points, up 73.15 points or 0.73 per cent.