Gujarat Gas Company spurts

Gujarat Gas Company jumped 5.38% to Rs 281.30 at 15:03 IST on BSE after the company announced details of the gas supply contracts executed earlier with Gujarat State Petroleum Corporation for supply of regassified LNG.

The company made the announcement during market hours today, 1 January 2014.

Meanwhile, the BSE Sensex was down 15.87 points, or 0.07%, to 21,154.81

On BSE, so far 9,488 shares were traded in the counter compared with average volume of 5,026 shares in the past one quarter.

The stock hit a high of Rs 284.90 and a low of Rs 266.25 so far during the day. The stock hit a 52-week high of Rs 313.25 on 1 February 2013. The stock hit a 52-week low of Rs 159 on 7 August 2013.

The stock had underperformed the market over the past one month till 31 December 2013, falling 2.8% compared with the Sensex's 1.82% rise. The scrip also underperformed the market in past one quarter, falling 0.45% as against Sensex's 9.24% rise.

The mid-cap company has an equity capital of Rs 25.65 crore. Face value per share is Rs 2.

Gujarat Gas Company during market hours today, 1 January 2014 said that pursuant to the Memorandum of Understanding executed between the company and Gujarat State Petroleum Corporation (GSPC) on 3 September 2013, both the companies have executed gas supply contracts for supply of regassified LNG up to 0.65 million metric standard cubic metre (mmscmd) on long term basis comprising of purchase of 0.574 mmscmd between period 1 March 2014 up to 1 July 2025 and purchase of 0.076 mmscmd between period 1 January 2014 upto 1 July 2025.

Gujarat Gas Company's consolidated net profit rose 19.7% to Rs 119.09 crore on 0.2% fall in net sales to Rs 828.26 crore in Q3 September 2013 over Q3 September 2012.

Gujarat Gas Company, a subsidiary of GSPC Distribution Networks (GDNL), currently distributes approximately 2.8 million metric standard cubic meter per day (mmscmd) of natural gas. The company continues to be India's premier gas distribution company with a proven expertise in distributing gas to the entire range of customers - industrial, commercial, domestic and CNG. The firm distributes gas to about 413,000 industrial, commercial and domestic customers through its pipeline network and CNG to over 200,000 vehicles through 55 retail outlets.

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