Gujarat Pipavav surges to record high on earnings

Shares in Gujarat Pipavav Port Ltd rose as much as 18.5 percent to a record high of 106.45 rupees after the port operator reported a 72 percent surge in January-March net profit.

Kotak Institutional Equities increased its price target for Gujarat Pipavav to 115 rupees from 100 rupees, calling the results "strong" and calling valuations "reasonable."

Shares in the company were up nearly 10 percent as of 11:20 a.m.

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