GAIL shares surge even as Q3 net profit dips 90%; stock seen to rally above ₹100
GAIL India shares surged on the BSE in Tuesday's early trading session even as the company reported a 90% decline in Q3 net profit
Shares of GAIL India Ltd surged more than 2% to ₹97 apiece on the BSE in Tuesday's early trading session even as the company reported a 90% decline in its December quarter net profit to ₹397.6 crore, after suffering losses in petrochemical and natural gas marketing business. The nation's largest gas trading and transportation company booked ₹349 crore loss in petrochemical business after it had to cut run rate due to curtailment in supply of cheaper domestic gas. Meanwhile, its revenue from operations rose to ₹35,940 crore from ₹26,175.6 crore a year ago.
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