Gail (India) hits new high

MUMBAI, Nov 1 (Business Standard): Gail (India) has moved higher by 8 per cent to Rs 552, also its record high on NSE, after reporting better-than-expected 42 per cent year-on-year (yoy) jump in net profit at Rs 13.03 billion for the second quarter ended September 2014 (Q2), on back of strong operational performance. The state-owned company had profit of Rs 9.16 billion in previous year quarter.

Analyst on an average had expected profit of Rs 10.07 billion for the quarter.

Operational income during the quarter under review grew marginally by 0.91 per cent to Rs 141.30 billion against Rs 140.02 billion in the corresponding quarter of previous fiscal. Total expenditure however, declined by 3.8 per cent to Rs 123.44 billion on y-o-y basis.