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

Pressure mounts on NMDC to reduce iron ore prices

Private miners in Odisha, Chhattisgarh have cut prices by Rs 800-1,000 a tonne, while international price is at over five-year low; state-owned ...

Cotton price at multiyear low as demand dries

The price has fallen by almost 10 per cent in a month, and 23 per cent in four months, since the new crop started hitting the market

FMC set to procure more wheat this season

The paddy procurement that has been pegged at 30 million tonne which will meet targets

Govt may take a call on exporting wheat from central pool next month

Officials said the ministry is open to exporting 0.5-1.0 mt of wheat from state-run warehouses

Oil slips to $49 on huge US stock build, firm dollar

Oil slipped to $49 a barrel on Wednesday after an industry report said US crude stocks rose the most in two decades last week, and as a firmer ...

 

Back to Top