Page 6 - Gail India

India plans strategic reserves by storing gas in depleted wells: GAIL

The strategic facilities would be built in phases in India's western and northeastern regions with an initial capacity to store three to four billion cubic meters (bcm) of gas

PEDA signs pact with Gail to set up 10 compressed biogas projects in Punjab

State-owned Punjab Energy Development Agency (PEDA) has signed an agreement with GAIL (India) Limited to set up 10 compressed biogas projects and other new and renewable energy projects in the state. The memorandum of understanding (MoU) was signed by PEDA CEO Amarpal Singh and GAIL (India) Executive Director RK Singhal, an official release said. Punjab New and Renewable Energy Sources (NRES) Minister Aman Arora said the pact will help the state to manage five lakh tonnes of paddy straw per annum and generate clean energy out of it. Punjab is an agrarian state, and it has immense potential for crop residue-based CBG plants, he said, adding that the Punjab government's business-friendly policies are helping in facilitating companies to set up their industries in the state. NRES Secretary Ravi Bhagat said that with the implementation of these 10 projects, paddy straw in around 1.25 lakh acres is expected to be prevented from being burnt. These projects will also create around 50 rur

Gail does world's first ship-to-ship LNG transfer, cuts CO2 emissions

India's top gas firm GAIL has done the world's first ship-to-ship liquefied natural gas (LNG) transfer to save on shipping costs and cut emissions as the state-owned entity looks at innovative ways as a pivot to boost business, company officials said. GAIL has contracted 5.8 million tonnes per annum of LNG (natural gas super-cooled to liquid form) from the US. The company brings this volume to India via LNG ships. The ship typically travels a distance of about 19,554 nautical miles for a round trip to transport LNG from Sabine Pass in the US to India via the Suez Canal and Gibraltar. This journey takes approximately 54 days and emits about 15,600 tonnes of CO2. Emissions are generally controlled using the latest technology or changing the destination of the cargo. However, GAIL's innovative contractual arrangement that results in vessels following an optimised path has resulted in a significant reduction in CO2 emission. Recently, the company-hired vessel Castillo De Santisteban mov

Torrent Gas appoints former GAIL chairman Manoj Jain as managing director

Former GAIL (India) Ltd Chairman Manoj Jain has been appointed Managing Director of city gas operator Torrent Gas Ltd, the firm said on Thursday. The Board of Torrent Gas, which has a licence to retail CNG to automobiles and piped natural gas to hosueholds and industries in 34 districts across the country, appointed Jain as its Managing Director with effect from January 1, 2024, the company said in a statement. Prior to this, Jain was the chairman and managing director of GAIL (India) Ltd from February 2020 to August 2022. "Jain is a seasoned business leader with an excellent track record across multiple areas within GAIL and is widely considered as an expert in the oil and gas sector," the statement said. "Jain possesses rich and diverse experience in the areas of business development, gas marketing, projects, petrochemicals and pipeline integrity management," it said. A mechanical engineer with an MBA in operations management, he joined GAIL as a graduate engineer trainee in 198

GAIL signs Rs 63,000 cr deal to source petrochemical feedstock from BPCL

State-owned gas utility GAIL (India) Ltd has signed a Rs 63,000-crore deal to source feedstock for its upcoming petrochemical plant at Usar in Maharashtra from Bharat Petroleum Corporation Ltd for 15 years, the two companies said. "The 15-year supply contract, estimated at a value of over Rs 63,000 crore, will see GAIL procuring 600,000 tonnes per annum of propane from BPCL's LPG import facility at Uran, which is presently capable of handling 1 million tonnes per annum of LPG imports and is undergoing expansion to accommodate 3 million tonnes a year of propane and butane imports," GAIL said in a statement. GAIL is constructing India's first propane dehydrogenation (PDH) plant at Usar in Maharashtra with a nameplate capacity of 500,000 tonnes per annum. The facility, which is likely to commence operations in 2025, will have a propylene production seamlessly integrated into a polypropylene (PP) plant of equal capacity. "This pioneering venture aligns perfectly with the surging demand

Stocks to Watch: Tata Steel, Hero Moto, Britannia, GAIL, JK Tyre, Ambuja

Stocks to watch on November 2, 2023: Two-wheeler manufacturer Hero Moto's consolidated net profit rose 47.6 per cent YoY to Rs 1,007 crore in the September quarter

GAIL Q2 results: Consolidated net profit jumps 87% to Rs 2,442 crore

In Q2 FY24, the company's consolidated revenue from operations fell 14.6 per cent to Rs 33,049 crore from Rs 38,728 crore in the year-ago period

F&O Trading: Adopt Bull Spread strategy on GAIL for the August expiry

Buy GAIL 130 Call option and simultaneously Sell 135 Call of the 26-October expiry, recommends Nandish Shah, Sr. derivatives & technical research analyst of HDFC Securities.

GAIL issues tender to buy 1 LNG cargo for October delivery: Reports

India's largest gas distributor is seeking the cargo for delivery to the Dabhol terminal between Oct. 19-31

GAIL to tap spot LNG markets to meet increased demand of electricity

"We have been servicing the demand for the last one month also. Demand is already there," he said

Stocks to Watch on Aug 4: SBI, Zomato, Paytm, Airtel, M&M, Vedanta, GAIL

Stocks to Watch today, August 4: 2023: Food aggregator platform Zomato turned profitable for the first time ever in Q1FY24

UBS 'double upgrades' Gail India to buy; sees 25% upside in the stock

At the bourses, the stock surged over 3 per cent in intra-day deals to Rs 122.7 on the BSE on Monday. In comparison, the S&P BSE Sensex traded flat at around 66,245 levels

GAIL (India) Q1FY24 result: Net profit at Rs 1,412 cr YoY; revenue down 14%

The total income for Q1FY24 came in at Rs 32,495.07 crore, compared to Rs 37,751.91 crore YoY

Stocks to watch: L&T, GAIL, ONGC, Fortis Health, Tata Power, Paytm, Vedanta

Stocks to watch on June 23, 2023: From L&T to Fortis Health, here are top stocks to watch in Friday's trading session

GAIL India issues swap tender for 12 LNG cargoes in 2024, say reports

GAIL (India) Ltd has issued a swap tender seeking 12 cargoes of liquefied natural gas (LNG) for loading in the US in exchange for 12 cargoes for delivery into India in 2024, two industry sources said

Sanjay Kumar takes over as new director for marketing in GAIL India

Sanjay Kumar on Thursday took over as the new director for marketing in state gas utility GAIL (India) Ltd, the firm said. Prior to his new role, Kumar was the Managing Director of Indraprastha Gas Limited, the largest CNG distribution company in India, since April 2022. "Kumar, a Mechanical Engineer from IIT Kharagpur and an MBA, has a rich domain experience of over 35 years in the natural gas sector," GAIL said in a statement. He joined GAIL in 1988 and over the next three decades worked in various roles across domains, including gas marketing, LNG sourcing/ trading/ shipping, business development, gas transmission, projects management and gas pipeline operation and maintenance. In 2011, Kumar was tasked with setting up GAIL's overseas LNG trading subsidiary GAIL Global (Singapore) Pte Ltd in Singapore. This was the first such subsidiary created by any Indian oil and gas PSU, and over the next five years, he played an important role in developing this subsidiary into a ...

GAIL infuses Rs 2,100 crore in insolvent chemical firm JBF Petrochemicals

India's largest gas firm GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals Ltd that it had acquired in bankruptcy proceedings. The firm had in March won bankruptcy court approval for taking over JBF. In a stock exchange filing, GAIL (India) Ltd said it has "infused Rs 2,101 crore (equity - Rs 625 crore and debt - Rs 1,476 crore)" in the committed bankruptcy resolution plan. "Accordingly, JBF has become a wholly-owned subsidiary of GAIL with effect from June 1, 2023," it said. GAIL had outbid a consortium of Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) in the insolvency process run by IDBI Bank to recover Rs 5,628 crore of dues to financial and operational creditors. JBF Petrochemicals was incorporated in 2008 to set up a 1.25 million tonne per annum capacity purified terephthalic acid plant at Mangalore Special Economic Zone. IDBI and other banks had lent JBF money to build the PTA plant for USD 603.81 milli

Gail to borrow up to Rs 7,000 cr to fund Rs 10,000 cr capex plan in FY24

Gail India plans to borrow up to Rs 7,000 crore in FY24 to fund the Rs 10,000 crore capital expenditure plan for this fiscal, a top company official said on Friday. The state-owned company's chairman and managing director SK Gupta said, "For this fiscal, we plan to spend Rs 10,000 crore". He added that even though FY23 was not good for internal resource generation, it invested Rs 9,100 crore, which was 15 per cent higher than the budgeted levels. He exuded confidence that FY24 will be robust on the internal resource generation front, and there will not be any problem with continuing with the capex. "We plan to borrow something around Rs 5-7,000 crore," he added. The company's director of finance, RK Jain, said that given the present scenario in global finance, the borrowing will be done domestically and not in global markets. Keeping in line with the Sebi mandate, a fourth of the borrowings will be in bonds while the rest will be bank borrowings, he said. At present, the company

GAIL Q4 profit falls 77.5% to Rs 603 cr as Ukraine war weighs on gas supply

State-owned firm's natural gas marketing business, its mainstay, reports decline in profit

These 3 PSU stocks can soar 20% as Nifty PSE index hits new all-time high

Coal India, Hindustan Aeronautics and GAIL (India) have chart structures suggesting further upside of up to 20%