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Pipavav Port rose 2.44 Percent to INR 98.60 at 10:07 IST on extending Wednesday's 7.66 Percent rally triggered by the company reporting strong Q1 earnings. So far 3.22 lakh shares were traded in the counter as against average daily volume of 4.19 lakh shares in the past two weeks.

The stock hit a high of INR 101 and a low of INR 95 so far during the day. Shares of Gujarat Pipavav Port have rallied 10.29 Percent in two trading sessions from INR 89.40 on 06.05.2014, after the company after market hours on 6 May 2014 reported strong Q1 March 2014 earnings.

Gujarat Pipavav Port's net profit jumped 72.51 Percent to INR 61.02 crore on 25.49 Percent growth in total income from operations to INR 156.20 crore in Q1 March 2014 over Q1 March 2013.

Exceptional item in Q1 March 2014 represents payment made by the company in January 2014 amounting to INR 10.22 crore towards mobilisation and other services in relation to the dredging activity undertaken as part of the port expansion project. Consequent to the revision in the said port xpansion plan approved by the Board of Directors of the company in its meeting dated 17.04.2014, this amount is fully written off, Gujarat Pipavav Port said. AP Moller-Maersk group company Gujarat Pipavav Port is one of Western India's fastest growing gateway ports.

Source-On Request