Gujarat NRE Coke shares ascend 8 percent

Bangalore: Gujarat NRE Coke (GNCL) stock was among the top gainers after its price went up by nearly 8 percent. After opening the day at 57.40, the stock touched its 52 week high of 97.90, before closing trade at 56.60, with a gain of 7.60 percent. Through the day, 1934658 shares of Gujarat NRE Coke were traded in the market with the P/E ratio of 49.51. The 52 week stock price chart is on the left.

Gujarat NRE Coke is a producer of coking coal and metcoke. It owns and operates through its subsidiaries, two coking coal mines in Australia having a resource of 560 million tones of coking coal. The Company operates in two segments: coal and coke, and steel. Its domestic operation includes Low-ash Metallurgical Coke (LAMC) Plants, Coal Washery, Steel Plant and Power Projects. As on March, 31, 2010, the Company has two Indian subsidiaries, which included Manor Dealcom and Huntervalley Coal and its Australian subsidiaries, which included Gujarat NRE, Gujarat NRE Coking, Gujarat NRE Coal (NSW), Gujarat NRE Resources NL, Gujarat NRE FCGL, Gujarat NRE Properties and Southbulli Holdings.

During the fiscal year ended March 31, 2010 (fiscal 2010), the Company has produced 704,904 metric tons of low-ash metallurgical coke and 105,895 tons of rolled and alloy steel products. The consensus recommendation is outperform with one analyst suggesting that the stock will outperform.