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The Economic Times
The Economic Times
Veer Sharma

Domino effect: Gandhar Oil’s 20% upper circuit spurs rally in Savita Oil and Panama Petro. Here’s why

Oil Gandhar Oil Gandhar Oil Refinery

Shares of Gandhar Oil Refinery hit the 20% upper circuit at Rs 284 on the BSE on Thursday after the company reported a 689% year-on-year surge in net profit to Rs 206 crore for the June quarter, compared with Rs 26 crore a year ago. The strong earnings also lifted peers, with Panama Petrochem gaining 10% and Savita Oil rising 12%.

Gandhar Oil Refinery's revenue from operations for the quarter under review nearly doubled YoY to 1,732 crore, up 92% from the Rs 903 crore reported in the corresponding quarter of the previous financial year.

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