Gujarat Gas Company rose 2.15% to Rs 846.50 at 13:30 IST on BSE, with the stock extending recent gains triggered by the company receiving authorisation from the downstream regulator to set up city gas distribution network in Thane, Maharashtra.
Meanwhile, the BSE Sensex was down 70.42 points, or 0.25%, to 27,815.79.
On BSE, so far 1.73 lakh shares were traded in the counter, compared with an average volume of 1.42 lakh shares in the past one quarter.
The stock hit a high of Rs 862, also a record high for the stock. The stock hit a low of Rs 832 so far during the day. The stock had hit a 52-week low of Rs 359 on 9 May 2014.
From a recent low of Rs 667.05 on 13 April 2015, the stock has jumped 26.9% in five sessions to current ruling price of Rs 846.50.
The stock had outperformed the market over the past one month till 20 April 2015, rising 38.21% compared with 1.33% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 14.4% as against Sensex's 3.12% decline.
The large-cap company has an equity capital of Rs 25.65 crore. Face value per share is Rs 2.
Gujarat Gas Company (GGCL) had on 13 April 2015 announced accepting the authorisation in Schedule D of the Petroleum and Natural Gas Regulatory Board (PNGRB) vide a confirmation letter to PNGRB, on 13 April 2015, to lay, build, operate, or expand city or local natural gas distribution network (CGD network) for the geographical area of Thane (excluding areas already authorized).
As per the provisions of the PNGRB (exclusivity for city or local natural gas distribution networks) Regulation, 2008, GGCL has been granted 300 months of infrastructure exclusivity i.e. valid up to 1 April 2040 and 60 months of marketing exclusivity valid up to 1 April 2020 for the CGD network. Further, the authorised area for laying, building, operating or expanding the proposed CGD Network shall cover a geographical area of 8,683 square kilometre, GGCL had said in a statement.
On a consolidated basis, net profit of Gujarat Gas Company declined 15.15% to Rs 76.92 crore on 23.32% decline in net sales to Rs 594.19 crore in the quarter ended December 2014 over the quarter ended December 2013.
Gujarat Gas Company is a part of Gujarat state controlled GSPC Group and is into distribution of natural gas.
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