Gandhar Oil Share Price Jumps 7% Despite Company Reporting Bleak Q1 Performance

Gandhar Oil Refinery Ltd.'s share price jumped 7% in Friday's session despite the company posting bleak numbers for the first quarter. Its consolidated net profit declined 15% on the year to Rs 26.2 crore from Rs 30.8 crore.

Gandhar Oil's topline declined 9.2% on the year to Rs 903 crore from Rs 995 crore. Its Ebitda declined 23.8% year-on-year basis to Rs 46 crore from Rs 60.3 crore. Profit margin declined 100 basis points to 5% in the first quarter from the corresponding period of last financial year.

Gandhar Oil Refinery share price advanced 7.02% to Rs 170.90 apiece, the highest level since July 21. It was trading 5.44% higher at Rs 168.13 apiece as of 1:20 p.m., compared to 0.62% decline in the NSE Nifty 50 index.

The stock declined 20.8% in 12 months, and 21.32% on year-to-date basis. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 51.42.