GAIL India gains on talk to buy stake in Tanzanian assets

Company's stock moved higher by 3% to Rs 343 in late noon deals on BSE

 

GAIL (India) has moved higher by 3% at Rs 343 in late noon deals on BSE on reports that the state-run gas utility is in talks to buy a stake in the Tanzanian assets of British oil explorer Ophir Energy Plc.

 

“Ophir had offered to sell a 40 % stake in the Tanzania gas field, half of which has already been sold," the Reuters report suggests quoting the company’s marketing head Prabhat Singh.

 

The stock opened at Rs 335 and has seen more than double trading volume on the counter. A combined 1.13 million shares have changed hands till 1515 hours on the BSE and NSE.