Business Standard

Gujarat Gas sheds 3% as parent company divests

Related News

(GGCL) has shed nearly 3% in late-morning trades after Plc announced its plans to sell stake in the company.

Though the British exploration major has not yet decided on how much it wants to sell in the company, a person close to the development said the parent may completely exit the venture if it gets a good valuation.

In a statement issued to the Bombay Stock Exchange on Tuesday, GGCL said the company had been informed by its majority stakeholder it had started a process that may result in divesting its shareholding in GCCL.

BG’s biggest investment in India is in the upstream gas and oil producing fields of Panna, Mukta and Tapti, where it holds 30% equity along with Ltd and the Oil and Natural Gas Corporation. The group is looking at investing more on the upstream side in India.

GGCL was originally promoted by the Gujarat government and the Mafatlal Group. BG Group acquired a majority stake in GGCL in 1997.

The scrip opened at Rs 422 and has so far, touched thw day's low at Rs 408. Around 19,713 share changed hands on the counter till 1100 hours.

Read more on:   
|
|
|
|

Read More

Bank of India shares fall intra-day on freak trade speculation

Shares of Bank of India today fell nearly 8% for a brief period on the National Stock Exchange during afternoon trade on speculation of freak trades, ...

Quick Links

 

Market News

Today's picks- 22 October 2014

Nifty, Bank Nifty, Cipla & Tata Motors

Groundnut exports jump 38% in first half of FY 15

India exported over 220,000 tonnes of groundnut between April and September 2014

BSE shareholders approve BSE-USE merger

A news release from the BSE said that the BSE and USE will now be filing necessary petitions before the Bombay High Court

Sept steel output drops in major nations; India logs rise

In India steel production grew by 2.5% to 6.8 MT during the month

BSE shareholders approve merger with United Stock Exchange

BSE and USE will now be filing necessary petitions before the Bombay High Court seeking its sanction to the proposed scheme

Back to Top