Page 3 - Gail

Jatin Gedia of Sharekhan recommends buying these two stocks today

GAIL has broken out of a resistance zone of Rs 233 - Rs 235. The breakout has been accompanied with above average volume.

Former Chairman and MD of GAIL, CR Prasad passes away at age of 83

CR Prasad, former chairman and managing director of state-owned gas utility GAIL (India) Ltd, has died. He was 83. Prasad died on Saturday, GAIL said in a post on LinkedIn. It, however, did not give reasons for the death. "Dr CR Prasad joined GAIL as Director (Planning) in 1994 and rose to the position of CMD in 1996," it said. He was chairman and managing director (CMD) of the company till his superannuation in 2001. "He was instrumental in transforming GAIL into a company strategically positioned for forward and backward integration, thereby unlocking the full potential of the gas value chain. "His visionary leadership established a robust foundation, characterised by the core values and competencies that define the company today. A meticulous project manager, he consistently delivered projects on time and within budget, solidifying his reputation as a pioneer in LPG, liquid hydrocarbons, and petrochemicals," it said. Industry leaders condoled his death. Suresh P Manglani, CEO

Analysts divided on GAIL's prospects; limited fresh gains in the offing

Analysts believe that there could be tariff hikes of 10-12 per cent starting in H2FY25 and continuing through FY26 and this could boost FY26 net profit as well

GAIL's Urja Ganga gas pipeline project completion delayed until March 2025

The construction of the Rs 12,940-crore 'Urja Ganga' gas pipeline, India's most ambitious project taking environment-friendly fuel to eastern parts of the country, has been delayed by nine months and will now be completed by March 2025, state-owned GAIL (India) Ltd said. The 3,306-kilometre Jagdishpur-Haldia-Bokaro-Dhamra pipeline was originally targeted for completion by June 2024. But due to "delay in right of use (RoU) availability", the completion schedule has been revised "from June 2024 to March 2025", GAIL said in a stock exchange filing. The bulk of the pipeline has already been constructed, and gas has started to flow in most cities along the route. Traditionally, natural gas was available for use as fuel to generate electricity, make fertiliser or turn into CNG and cooking gas only in the western and northern parts of the country, as pipelines taking the fuel from source to users were limited to these parts. In October 2016, work on laying a pipeline from Jagdishpur in Ut

Gail extends net zero carbon emission target by five years to 2035

State-owned gas utility GAIL (India) Ltd on Friday said it has advanced the target to achieve net zero carbon emission by five years to 2035 as it takes multi-prolonged approach to reaching the goal. The company was previously targeting net zero carbon emissions by 2040. "GAIL Board accorded approval to advance its net zero target for Scope-I and 2 emissions by five years, from the year 2040 to year 2035," the company said in a statement. Scope 1 covers emissions from sources that an organisation owns or controls directly -- for example from burning fuel in factories or even in its fleet of vehicles. Scope 2 are emissions that a company causes indirectly and come from where the energy it purchases and uses. For example, the emissions caused when generating the electricity. "This decision follows an extensive study undertaken by GAIL to enhance its sustainability goals and align with India's broader net zero commitments," it said. "GAIL plans to achieve this ambitious goal through

PSU shares slump up to 8% as investors book profit, track LS poll results

Shares of state owned companies fell on the BSE in Tuesday's early trades. The BSE CPSE index was down by 8.3 per cent at 4,025 levels.

IOC, GAIL, ONGC fined for 4th straight quarter for not appointing directors

State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) Ltd have been slapped with fines for the fourth straight quarter for failing to meet listing requirements of having the requisite number of directors on their board. Stock exchanges imposed a cumulative fine of Rs 34 lakh on oil refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), gas utility GAIL, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the January-March quarter, stock exchange filings showed. In separate filings, the companies detailed the fines imposed by the BSE and NSE for either not having the requisite number of independent directors or the mandated women director in the quarter ended March 31, 2024 (fourth quarter of 2023-24 fiscal year), but were quick to point out tha

Gail to invest Rs 50,000 crore in petrochemical unit in Madhya Pradesh

The new ethane cracking unit aims to meet the domestic demand for petrochemicals, which is projected to nearly triple to $1 trillion by 2040

Gail Q4 results: Profit slips 22% at Rs 2,177 cr from Q3, revenue down 6%

Gail Q4 FY24 results: Consolidated net profit of the country's largest gas distributer grew multi-fold compared to Q4 FY23

Q4 FY24 results: M&M, GAIL, Vodafone among 94 firms to post earnings today

Q4 FY24 company results: Info Edge, Biocon, JK Paper, Solar Industries, Infibeam Avenues, and many more companies will post their fourth-quarter earnings on May 16

Former Gazprom unit rejects GAIL demand for compensation of $1.8 billion

A former unit of Russian energy giant Gazprom has rejected state-owned GAIL (India) Ltd's demand for compensation for non-delivery of LNG supplies in the aftermath of Russia's invasion of Ukraine. In a stock exchange filing, GAIL said SEFE Marketing Trading Singapore Pte Ltd has stated that it does not owe anything other than the defaulted cargoes. GAIL in December last year filed an arbitration claim before the London Court of International Arbitration seeking USD 1.8 billion for "non-supply of LNG cargoes under a long-term contract.. This included compensation for non-supply besides making up for the defaulted volumes. GAIL in 2012 signed a 20-year deal to buy as much as 2.85 million tonnes per annum of liquefied natural gas (LNG) with Russian energy giant Gazprom. The deal was signed with Gazprom Marketing and Singapore (GMTS), which at the time was a unit of Gazprom Germania, now called Sefe. The Russian parent gave up ownership of Sefe after Western sanctions were imposed on

GAIL plans to commission its first green hydrogen project in April

"Once the initial hiccups are sorted at the commissioning stage, we expect to start producing in a month's time," one of the sources said

Gail, ONGC explore possibility of importing ethane at Shell's Guj terminal

State gas utility GAIL (India) Ltd and oil producer ONGC will explore possibility of using Shell's import terminal at Hazira in Gujarat for importing ethane and other hydrocarbons to fuel their petrochemical ambitions. GAIL had in May last year signed a memorandum of understanding with Shell Energy India Pvt Ltd to explore opportunities in energy value chain, including sourcing of ethane. On Thursday, "GAIL, Oil and Natural Gas Corporation (ONGC) and Shell Energy India (SEI) Pvt Ltd signed a tripartite memorandum of understanding (MoU) to explore opportunities for import of ethane and other hydrocarbons and development of evacuation infrastructure at Shell Energy Terminal, Hazira," GAIL said in a statement. Both GAIL and ONGC are exploring import of ethane from countries such as the US for planned petrochemical plants that are aimed at catering needs for goods ranging from plastics to paints and adhesives in the fast expanding economy. GAIL is looking to build an ethane cracker whi

IOC, Gail and ONGC fined for failure to appoint directors on their board

Listing norms require companies to have independent directors in the same proportion as executive or functional directors. They are also required to have at least one woman director on the board

Govt negotiating with Gail to employ 34 people troubled by JBF crisis

The Karnataka government is in talks with the Centre to provide jobs at Gas Authority of India Limited to 34 employees who are left in the lurch due to a financial crisis in JBF Industries Ltd, state Large and Medium Industries minister MB Patil said on Tuesday in the legislative council. He was replying to a question by Congress member Manjunath Bhandari. The minister said that talks will be held again with top officials of GAIL. The minister's reference was to 34 people who were evicted after they gave their lands to JBF Industries Ltd in Mangalore Special Economic Zone (SEZ). According to the government rules, the company should have employed 115 such people who gave up their land for the project. Later, the company employed only 81 of them in 2012. However, the company ran into a financial crisis in 2017 and was handed over to Gas Authority of India Ltd (GAIL) as per the process held at NCLT (National Company Law Tribunal). Though GAIL paid them wages till March 2023, problem

Qatar hits major LNG growth market India, to hold talks with Gail, IOC

The Persian Gulf producer will hold high-level talks with Gail India Ltd. and Indian Oil Corp. during India Energy Week in Goa, according to traders with knowledge of the discussions

Gail signs LNG import deal with UAE firm to buy 0.5 million tonne per annum

India's biggest gas firm GAIL on Monday said it has signed an agreement to buy 0.5 million tonne per annum of LNG from UAE's ADNOC-Gas, the second supply deal it has stitched this month as part of shoring up supplies to meet energy demands of the country. "This is pursuant to an MoU dated October 30, 2022, between GAIL and Abu Dhabi National Oil Company (ADNOC)" wherein the two had addressed to "explore opportunities, including the purchase of LNG by GAIL from ADNOC for a tenure ranging from short term to medium and long-term", the company said in a statement. Under this agreement, the deliveries will commence from 2026 onwards for a duration of 10 years, across India. It did not disclose pricing and other details. "This arrangement is believed to further aid in India's rising energy security requirements and, simultaneously, also fuel GAIL's strategic growth objectives to cater to its downstream customers in the rapidly evolving natural gas landscape of the country," it said. On

Gail Q3 results: Consolidated net profit jumps 700% to Rs 3,193 cr

The latest rise was due to lower purchase of stock in trade, higher gas trading margins

Gail Q3 results: Net profit up 10-fold at Rs 2,843 cr, revenue remains flat

State-owned gas utility GAIL (India) Ltd on Monday reported a 10-fold jump in its third quarter net profit as all engines of its business -- from gas transportation to marketing and petrochemicals -- fired on all cylinders. Standalone net profit of the the nation's largest gas transmission and marketing firm came at Rs 2,842.62 crore in October-December -- the third quarter of the current fiscal year that started in April 2023 -- as compared to Rs 245.73 crore earning a year back, the company said in a statement. The net profit was better than Rs 2,404.89 crore earning in the preceding quarter. This came on the back of pre-tax earnings from the gas transportation business jumping nearly three-fold to Rs 1,215.07 crore. Also, natural gas marketing saw a turnaround, posting a pre-tax earning of Rs 1,880.42 crore as opposed to a loss of Rs 86.02 crore in October-December 2022. Petrochemicals business saw a turnaround with a small pre-tax profit of Rs 62 crore as against a loss of Rs 3

Govt halves Budget support to oil firms, defers filling strategic reserves

The finance ministry in a post on X detailing the outcome of the budget announcements, informed about the halving of equity support and deferring of filling strategic reserves