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Gujarat Gas Company extends gain on executing gas supply contracts with GSPC

02 Jan 2014 Evaluate

Gujarat Gas Company is currently trading at Rs. 280.00, up by 4.05 points or 1.47% from its previous closing of Rs. 275.95 on the BSE.

The scrip opened at Rs. 280.05 and has touched a high and low of Rs. 281.00 and Rs. 280.00 respectively.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 313.25 on 01-Feb-2013 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. 284.90 and Rs. 265.50 respectively. The current market cap of the company is Rs. 3,578.00 crore.

The promoters holding in the company stood at 73.70% while Institutions and Non-Institutions held 17.49% and 8.81% respectively.

Gujarat Gas Company (GGCL) has executed Gas Supply Contracts with Gujarat State Petroleum Corporation (GSPC) for supply of Regassified LNG up to 0.65 million metric standard cubic metre (mmscmd) on long term basis comprising of - Purchase of 0.574 mmscmd between period March 01, 2014 up to July 01, 2025, and Purchase of 0.076 mmscmd between period January 01, 2014 upto July 01, 2025.

The Memorandum of Understanding was executed between GGCL and GSPC on September 03, 2013.

Gujarat Gas Company, a 65.12 percent 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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