Gujarat Gas rose 3.49% to Rs 561 at 11:31 IST on BSE after the company received regulatory nod to operate and expand city gas distribution network in Panchmahal and Anand districts respectively in Gujarat.
The announcement was made after market hours yesterday, 7 July 2016.Meanwhile, the BSE Sensex was down 95.20 points, or 0.36%, to 27,103.17.
On BSE, so far 21,000 shares were traded in the counter, compared with average daily volume of 10,348 shares in the past one quarter. The stock hit a high of Rs 569 and a low of Rs 555.10 so far during the day. The stock hit a record high of Rs 680 on 15 September 2015. The stock hit a record low of Rs 455 on 5 October 2015. The stock had outperformed the market over the past 30 days till 7 July 2016, rising 3.92% compared with 0.67% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 1.40% as against Sensex's 10.24% rise.
The mid-cap company has an equity capital of Rs 137.68 crore. Face value per share is Rs 10.
Gujarat Gas has received approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) to operate city or local natural gas distribution network in the Panchmahal district and to expand city or local natural gas distribution network in the Anand district, both in Gujarat. The company has received 25 years or 300 months of infrastructure exclusivity, valid up to 3 July 2041, and marketing exclusivity of five years, valid up to 3 July 2021, for both the networks.
Gujarat Gas reported net profit of Rs 58.08 crore on net sales of Rs 1360.55 crore in Q4 March 2016.
Gujarat Gas is a city gas distribution company with presence spread across 19 districts in Gujarat and the Union Territory of Dadra Nagar Haveli and the Thane geographical area which includes Palghar district of Maharashtra.
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