GAIL India has offloaded part of its 4.6% stake in Hong Kong-listed city gas distribution firm China Gas Holdings for about Rs 385 crore. The gas utility has sold 60 million shares in the Chinese company and kept rest of the share with itself that will help it to retain its board position in China Gas Holdings.
China Gas has exclusive rights to set up gas distribution projects in 42 cities in China. GAIL had made a strategic investment of Rs 137 crore by acquiring 210 million shares of China Gas in 2005.
Recently GAIL reported a fall of 7.07% in its net profit at Rs 915.67 crore for the quarter as compared to Rs 985.38 crore for the same quarter in the previous year. However, total income from operation of the company increased by 21.95% at Rs 14,224.37 crore for quarter under review as compared to Rs 11,664.37 crore for the quarter ended September 30, 2012.
Company Name | CMP |
---|---|
GAIL India | 199.70 |
Petronet LNG | 307.00 |
Linde India | 7806.35 |
Confidence Petroleum | 89.06 |
Refex Industries | 158.25 |
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