GAIL gains on signing pact of TAPI pipeline

Gas Authority of India (GAIL) is trading higher by 3% at Rs 333, after the state-owned company said that it has signed a natural gas sale and purchase agreement with TurkmenGaz for Turkmen gas shipped via the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline.

Turkmenistan would be exploring 90 MSCMD through this pipeline of which 14 MSCMD would be taken by Afghanistan and 38 MSCMD each by India and Pakistan. The pipeline will be built at an estimated investment of $ 7.6 billion approximately.

The stock opened at Rs 324 and hit a high of Rs 334 on the Bombay Stock Exchange. A total 481,279 shares have changed hands on the counter so far on both the exchanges.