Guj Pipavav hits new high

Gujarat Pipavav had hit a new 52-week high yesterday at Rs.62.15 and today morning too, it has spiked up to hit a new high at Rs.63.40 and it currently remains at the same levels.

The stock is hitting new highs purely on some informed buying, resulting in two bulk deals yesterday. There is no new corporate announcement from the company, yet there is a lot of interested buying seen on the counter.

Financially, the company has been doing well. It reported a whopping 440% jump in net profit and despite the sluggish economy managed to show a 29% (YoY) and 14% (QoQ) jump in volume handled. The company raised tariff by 5-6% and the rupee depreciation too worked in favour of the company. Its realizations rose around 16%. A 23% (YoY) jump in coal volumes, a strategic change in commodity mix also helped.