Gujarat Gas Company jumps on inking MoU with GSPC for long term gas supply deal

Gujarat Gas Company Ltd. - (Amalgamation) | Industrial Gases & Fuels | Oil & Gas | BSE: 523477 | NSE: GUJRATGAS

04 Sep 2013 Evaluate

Gujarat Gas Company is currently trading at Rs. 210.70, up by 11.95 points or 6.01% from its previous closing of Rs. 198.75 on the BSE.

The scrip opened at Rs. 204.00 and has touched a high and low of Rs. 216.55 and Rs. 203.00 respectively. So far 3,566 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 352.50 on 01-Oct-2012 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. 205.35 and Rs. 185.10 respectively. The current market cap of the company is Rs. 2,702.00 crore.

The promoters holding in the company stood at 73.70% while Institutions and Non-Institutions held 17.37% and 8.93% respectively.

Gujarat Gas Company and Gujarat State Petroleum Corporation (GSPC) have entered into a Memorandum of Understanding (MoU) on the September 03, 2013 for a long term gas supply deal. As per the MoU, GSPC has agreed to supply 0.85 mmscm of gas per day to GGCL from January 01, 2014 to June 30, 2025.

Price of gas will be determined in the relevant Gas Sales Contracts (GSC) and it is expected to be formula based. The MoU is effective till December 31, 2013 or the signing of the relevant GSCs, whichever is earlier.

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.

Gujarat Gas Co Share Price

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