GAIL (India) drops in choppy trade after turning ex-dividend

GAIL (India) fell 0.51% to Rs 280.55 at 14:40 IST on BSE after the stock turned ex-dividend today, 27 August 2015, for final dividend of Rs 3 per share for the year ended 31 March 2015 (FY 2015).

Meanwhile, the BSE Sensex was up 550.01 points, or 2.14% to 26,264.67.

On BSE, so far 51,743 shares were traded in the counter, compared with an average volume of 1.03 lakh shares in the past one quarter.

At the day's high of Rs 288.45, the stock had risen 2.25%. At the day's low of Rs 278.65, the stock had declined 1.22%. The stock had hit record high of Rs 551.35 on 31 October 2014. The stock hit a 52-week low of Rs 260.25 on 25 August 2015.

The stock had underperformed the market over the past one month till 26 August 2015, falling 21.87% compared with 8.53% fall in the Sensex. The stock had also underperformed the market in past one quarter, dropping 27.35% as against Sensex's 6.6% decline.

The large-cap company has an equity capital of Rs 1268.48 crore. Face value per share is Rs 10.

Before turning ex-dividend, the stock offered a dividend yield of 1.06% based on the closing price of Rs 282.10 yesterday, 26 August 2015.

Meanwhile, with respect to news article titled, "In talks with Iran to revive old LNG deal," GAIL (India) clarified during trading hours today, 27 August 2015, that the company had in June 2005 signed a bilateral Sale & Purchase Agreement (SPA) for import of 2 MMTPA of LNG from Iran's National Iranian Gas Export Company (NIGEC). However, the SPA was kept in abeyance after NIGEC informed GAIL that the SPA has not been ratified by the Iranian government due to Western sanctions on Iran. In a recent visit of Indian delegation to Iran, the issue of LNG export to India was discussed. Citing the SPA, GAIL has requested Iranian authorities that GAIL should be given preference for such LNG export whenever Iran is able to supply LNG, GAIL (India) said. A lifting of Western sanctions on Iran was announced in July 2015.

GAIL (India)'s net profit fell 31.7% to Rs 424.14 crore on 6.7% decline in total income to Rs 12643.86 crore in Q1 June 2015 over Q1 June 2014.

GAIL (India) is India's leading natural gas company with a presence along the entire hydrocarbon value chain spanning E&P, LNG, pipelines, LPG, petrochemicals, city gas distribution etc. The Government of India (GoI) holds 56.11% stake in GAIL (India) (as per the shareholding pattern as on 30 June 2015).

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