GAIL India shares decline post earnings

Tags: Companies
Shares of gas utility GAIL India Ltd today plunged over 7.5 per cent as the company's fourth quarter earnings came in below market estimates.

GAIL's stock ended at Rs 379.05, down 7.56 per cent on the BSE. During the day, the scrip plunged 8.69 per cent to Rs 374.40.

The stock was the top loser on both Sensex and Nifty.

At the NSE, the company's stock tanked 7.59 per cent to Rs 379.

"Results were below our and consensus estimates," said Dhaval Joshi, Research Analyst, Emkay Global Financial Services.

GAIL India had yesterday reported a 57 per cent jump in its fourth-quarter net profit on the back of better petrochemical and LPG prices and drop in subsidy outgo.

GAIL posted a net profit of Rs 972 crore in January-March quarter, up from Rs 618 crore in the same period a year ago, company Chairman and Managing Director B C Tripathi had said.

Net profit was up as the company realised Rs 96,000 per ton price for petrochemicals it produces, against Rs 82,000 a ton in the previous fiscal, he said, adding price realisation on LPG also increased by 8 per cent to Rs 56,000 a ton.

EDITORIAL OF THE DAY

  • Finance ministry must stand its ground on lower EPF interest rate

    In quick succession, yet another controversy is brewing with regard to affairs of the employees provident fund organisation (EPFO).

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Sanskrit: a victim of academic schizophrenia

J Robert Oppenheimer, the father of the atomic bomb and ...

Zehra Naqvi

God save the child

Childhood is supposed to be the best phase in life. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture