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Launch of supply stations boost GAIL (India)

Capital Market 

Shares of GAIL (India) rose after the company inaugurated CNG stations in Madhuvan Vihar and Khukari and de-compression unit at Mecon Colony for PNG supply.

The stock is currently trading higher by 1.33% to Rs 126.10. On the BSE, 15,000 shares were traded in the counter so far compared with average daily volumes of 3.51 lakh shares in the past two weeks. The stock hit a high of Rs 128 and a low of Rs 124.80 so far during the day.

Meanwhile, the S&P BSE Sensex was up 403 points or 1.10% to 37104.45.

GAIL (India) said it has inaugurated CNG stations in Madhuvan Vihar and Khukari at Ranchi on 23 August 2019. The company also launched supply of Piped Natural Gas (PNG) to domestic consumers in Shayamali Colony and CNG-run vehicles in the city. Over the coming year, 11 CNG stations will be commissioned in Ranchi by GAIL to supply CNG to over 75000 vehicles.

GAIL (India) Limited is also implementing City Gas Distribution (CGD) projects in Ranchi and Jamshedpur. The overall capital expenditure for the Ranchi and Jamshedpur CGD projects will be Rs 1500 crore of which Rs 450 crore will be spent in the next three to five years. The announcement was made after trading hours on Friday, 23 August 2019.

GAIL (India) is India's leading integrated natural gas company with a market share of over 75% in natural gas transmission. Apart from natural gas transmission, distribution and processing, the company has diversified business interests in petrochemicals, LPG transmission, city gas projects and exploration and production activities.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 26 2019. 09:21 IST