While the equity markets have been dull in the past three months, Gujarat Pipavav Port Ltd (GPPL) has gained eight per cent. This is despite the fact that the company reported weak results in the December 2015 quarter with total volumes falling 18 per cent to 3.3 million tonne, revenues dropping 10 per cent to Rs 165 crore and higher deferred taxes pulling down profits by 40 per cent to Rs 53 crore, on a year-on-year (y-o-y) basis.