This government-owned oil stock is up 8% on September 9
The company has ROE and ROCE of 23% and 36.2% as of the FY22 period ending.
On September 9, the Indian share markets are trading in green. As of 11:13 am, the S&P BSE Sensex is trading at 59941, up 0.42% on the day, while NIFTY50 is up 0.47% and trading at 17882. Regarding sectoral performance, Metal is the top gainer, while Telecom is the top loser for the day. Talking about stock-specific action, Gujarat State Petronet Ltd.
Gujarat State Petronet Ltd is among the top gainers in BSE group ‘A’ today. The shares of Gujarat State Petronet have soared 7.72% and as of 11:13 am, are trading at Rs 257.9. The stock opened at Rs 241.25 today and so far, has made an intraday high and low of Rs 262 and Rs 241, respectively.
Gujarat State Petronet Ltd ( GSPL) was incorporated by the Government of Gujarat in 1979. It was previously known as Gujarat State Petrochemicals Corporation Limited before the company name was changed in 1994.
GSPL is one of the leading oil and gas exploration, development and production companies in India. GSPL and its subsidiaries are primarily involved in the pipeline transmission of natural gas. Additionally, it is in the business of installing and running city gas distribution systems and producing electricity using wind turbines. It has become the only oil and gas conglomerate promoted by an Indian state government.
The company was recently in the news as it shared its plan to invest around Rs 40,000 crore in the next 5 years to expand its import infrastructure and make some investments to boost the profitability of its petrochemical business. On August 29, the company also confirmed to pay Rs 2 per share dividend to its shareholders on October 21.
For FY22, the company reported net sales of Rs 17991 crore, generating a net profit of Rs 2231 crore. The company has ROE and ROCE of 23% and 36.2% as of the FY22 period ending.
The stock is currently trading at a PE multiple of 13.33x.
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