Gujarat Gas Company fell 5% to Rs 286 at 10:25 IST on BSE as the stock turned ex-dividend today, 22 November 2013, for an interim dividend of Rs 9 per share for the year ending 31 March 2014.
Meanwhile, the BSE Sensex was up 46.82 points, or 0.23%, to 20,275.87.
On BSE, 2,844 shares were traded in the counter compared with average volume of 9,192 shares in the past one quarter.
The stock hit a high of Rs 297 and a low of Rs 285 so far during the day. The stock hit a 52-week high of Rs 313.25 on 1 February 2013. The stock hit a 52-week low of Rs 159 on 7 August 2013.
Profit booking also took its toll on the stock. Shares of Gujarat Gas Company jumped 9.83% in the preceding seven trading sessions to Rs 301.05 on 21 November 2013, from a recent low of Rs 274.10 on 11 November 2013.
The stock had outperformed the market over the past one month till 21 November 2013, rising 10.52% compared with the Sensex's 3.18% fall. The scrip had also outperformed the market in past one quarter, rising 51.02% as against Sensex's 12.97% rise.
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The mid-cap company has an equity capital of Rs 25.65 crore. Face value per share is Rs 2.
Before turning ex-dividend, the stock offered a dividend yield of 2.99% based on the closing price of Rs 301.05 on Thursday, 21 November 2013.
Gujarat Gas Company's consolidated net profit rose 19.70% to Rs 119.08 crore on 0.23% fall in net sales to Rs 828.30 crore in Q3 September 2013 over Q3 September 2012.
Gujarat Gas Company, a subsidiary of GSPC Distribution Networks (GDNL), currently distributes approximately 2.8 million metric standard cubic meter per day (mmscmd) of natural gas. The company continues to be India's premier gas distribution company with a proven expertise in distributing gas to the entire range of customers - industrial, commercial, domestic and CNG. The firm distributes gas to about 413,000 industrial, commercial and domestic customers through its pipeline network and CNG to over 200,000 vehicles through 55 retail outlets.
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