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Gujarat NRE Coke falters as Q2 net profit drops

Capital Market / 13:10 , Nov 08, 2011

Gujarat NRE Coke lost 3.94% to Rs 23.15 at 13:07 IST on BSE after net profit dropped 19% to Rs 8.04 crore on 10.9% growth in net sales to Rs 270.04 crore in Q2 September 2011 over Q2 September 2010.

The company declared its results on Monday, 7 November 2011, when the stock market was closed on account of Bakri-Id.

Meanwhile, the BSE Sensex was down 39.23 points, or 0.22% to 17,523.38.

On BSE, 2.53 lakh shares were traded in the counter as against average daily volume of 6.18 lakh shares in the past one quarter.

The stock hit a high of Rs 24.20 and a low of Rs 23.10 so far during the day. The stock had hit a 52-week high of Rs 72 on 5 January 2011. The stock had hit a 52-week low of Rs 20.60 on 10 October 2011.

The stock had outperformed the market over the past one month till 4 November 2011, gaining 12.09% compared with the Sensex's 10.7% gain. The scrip had, however, underperformed the market in past one quarter, declining 38.36% as against 0.74% decline in the Sensex.

The mid-cap metallurgical coke maker has an equity capital of Rs 577.37 crore. Face value per share is Rs 10.

Gujarat NRE Coke is the largest independent producer of met coke in India with an installed capacity of 1.43 million tonnes per annum. Gujarat NRE also owns coking coal mines in Australia, with around 652 million tonnes of coking coal resource with excellent coking properties.

 



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