GAIL gains on hopes of exemption from sharing subsidy burden

The stock was up nearly 4% at Rs 346 on the National Stock Exchange.

GAIL (India) is trading higher by 3.5% to Rs 346 on NSE on reports that the government may exempt the state-owned company from sharing subsidy burden.

The oil ministry has decided to exempt Gail India from paying any compensation to state fuel retailers for selling diesel, kerosene and cooking gas below market rates because it does not make windfall profits when international crude oil and gas prices soar, the Economic Times report suggests quoting oil ministry officials.

The stock opened at Rs 340 and has seen a combined around 680,000 shares changing hands on the counter till 1025 hours on NSE and BSE.