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Gujarat Gas surges on receiving extension to lay, build and expand the CGD network

29 Apr 2014 Evaluate

Gujarat Gas Company is currently trading at Rs 398.75, up by 13.40 points or 3.48% from its previous closing of Rs 385.35 on the BSE.

The scrip opened at Rs 399.95 and has touched a high and low of Rs 406.70 and Rs. 395.00 respectively. So far 39972 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 426.20 on 21-Apr-2014 and a 52 week low of Rs 159.00 on 07-Aug-2013.

Last one week high and low of the scrip stood at Rs 417.30 and Rs 360.05 respectively. The current market cap of the company is Rs 4942.11 crore.

The promoters holding in the company stood at 73.70% while Institutions and Non-Institutions held 17.80% and 8.50% respectively.

The Petroleum and Natural Gas Regulatory Board (PNGRB) has granted Gujarat Gas Company, an extension of exclusivity for a block often years to lay, build and expand the CGD network in the authorized geographical area of Surat-Bharuch-Ankleshwar CGD network up to March 31, 2024.

The company has been granted extension as per the relevant provisions of the PNGRB Act, 2006 and PNGRB (Exclusivity for City or Local Natural Gas Distribution Network) Regulations, 2008.

Gujarat Gas, a 65.12 per cent subsidiary of BG Asia, is India’s largest private sector natural gas distribution company in terms of sales volumes, with operations in Gujarat. The company distributes natural gas to domestic, commercial and industrial consumers, and compressed natural gas as automobile fuel, in the cities of Surat, Ankleshwar, Bharuch, and surrounding areas.

 

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