GAIL (India) slips in volatile trade

GAIL (India) fell 1.03% to Rs 423.50 at 12:51 IST on BSE, with the stock reversing initial gain triggered by the company announcing signing of a Memorandum of Understanding with Sumitomo Corporation, Japan.

Meanwhile, the S&P BSE Sensex was down 201.20 points or 0.77% at 25,925.55

On BSE, so far 27,254 shares were traded in the counter as against average daily volume of 1.43 lakh shares in the past one quarter.

The stock saw intraday volatility. The stock rose as much as 0.77% at the day's high of Rs 431.20 so during the day. The stock fell as much as much as 1.05% at the day's low of Rs 423.40 so during the day. The stock hit 52-week low of Rs 273 on 28 August 2013. The stock hit a 52-week high of Rs 475 on 10 July 2014.

The stock had underperformed the market over the past one month till 25 July 2014, falling 8.45% compared with 3.21% rise in the Sensex. The scrip also underperformed the market in past one quarter, rising 12.78% as against Sensex's 15.16% rise.

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

GAIL (India) after market hours on Friday, 25 July 2014, announced signing of a Memorandum of Understanding (MoU) with Sumitomo Corporation, Japan (Sumitomo). Under the MoU, GAIL (India) and Sumitomo will pursue business opportunities in natural gas and LNG value chain business globally, specifically covering cooperation in petrochemicals, natural gas procurement, pipelines and LNG. GAIL (India) and Sumitomo hold half of the capacity in the Cove Point LNG Liquefaction Terminal in the US respectively, and have also agreed to coordinate for ensuring smooth operation of the terminal. Both parties view US market as a growth area for their line of businesses and would cooperate on businesses ranging from upstream to downstream, GAIL (India) said.

There are significant opportunities in the North American gas markets and we are pleased to be partnering with Sumitomo in jointly developing this business, BC Tripathi, Chairman and Managing Director of GAIL (India) said.

GAIL (India)'s net profit rose 57.2% to Rs 972.03 crore on 16.6% growth in net sales to Rs 14464.29 crore in Q4 March 2014 over Q4 March 2013.

GAIL (India) is India's flagship gas transmission and marketing company with global footprints. The Government of India (GoI) holds 56.11% stake in GAIL (India) (as per the shareholding pattern as on 30 June 2014).

Powered by Capital Market - Live News