GAIL (India) dips as Tamil Nadu government blocks gas pipeline
Tamil Nadu Government has objected to GAIL India's pipeline project and has asked the company to stop installing the pipeline immediately.
GAIL (India) has dipped almost 3% at Rs 306 on reports that Tamil Nadu government has blocked work on Kochi-Bengaluru gas pipeline.
“Tamil Nadu Government has objected to GAIL India's pipeline project in the state and has asked the company to stop installing the pipeline immediately,” the Business Standard report suggests.
The Tamil Nadu government stated that it will not allow GAIL to lay pipelines on agricultural land and asked it to lay them on roadsides along the national highways, report said.
Meanwhile, analyst at Angel Broking said that “the pipeline has already been delayed on account of land acquisition issues since past several months. Hence, did not factor the volumes from this pipeline in our estimates”.
The stock opened at Rs 314 and touched a low of Rs 305 on the NSE. A combined 155,952 shares have changed hands on the counter so far on NSE and BSE.
“Tamil Nadu Government has objected to GAIL India's pipeline project in the state and has asked the company to stop installing the pipeline immediately,” the Business Standard report suggests.
The Tamil Nadu government stated that it will not allow GAIL to lay pipelines on agricultural land and asked it to lay them on roadsides along the national highways, report said.
Meanwhile, analyst at Angel Broking said that “the pipeline has already been delayed on account of land acquisition issues since past several months. Hence, did not factor the volumes from this pipeline in our estimates”.
The stock opened at Rs 314 and touched a low of Rs 305 on the NSE. A combined 155,952 shares have changed hands on the counter so far on NSE and BSE.