Gujarat Gas Company rose 2.09% to Rs 239.05 at 10:35 IST on BSE after the company said it has accepted the authorization in Schedule D of the PNGRB to lay, build, operate, or expand local natural gas distribution network in Bhavnagar district.
The announcement was made after market hours on Thursday, 13 March 2014.
Meanwhile, the S&P BSE Sensex was down 152.44 points or 0.7% at 21,622.17.
On BSE, so far 9,687 shares were traded in the counter as against average daily volume of 8,544 shares in the past one quarter.
The stock hit a high of Rs 245.95 and a low of Rs 235.50 so far during the day. The stock had hit a 52-week high of Rs 305.80 on 19 November 2013. The stock had hit a 52-week low of Rs 159 on 7 August 2013.
The stock had underperformed the market over the past one month till 13 March 2014, advancing 1.74% compared with the Sensex's 7.83% rise. The scrip had also underperformed the market in past one quarter, declining 10.8% as against Sensex's 5.11% rise.
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The mid-cap company has equity capital of Rs 25.65 crore. Face value per share is Rs 2.
Gujarat Gas Company (GGCL) said that pursuant to the receipt of letter from PNGRB dated 5 March 2014 granting GGCL an authorisation to lay, build, operate, or expand city or local natural gas distribution network (CGD network) for the geographical area of Bhavnagar comprising of Bhavnagar district and few talukas of the newly formed district of Botad, GGCL has accepted the authorisation in Schedule D of the PNGRB (Authorizing Entities to Lay, Build, Operate or Expand City or Local Natural Gas Distribution Networks) Regulation, 2008, vide a confirmation letter to PNGRB on Thursday, 13 March 2014.
As per the provisions of the PNGRB (Exclusivity for City or Local Natural Gas Distribution Networks) Regulation, 2008, GGCL has been granted 300 months of infrastructure exclusivity i.e. valid up to 4 March 2039 and 60 months of marketing exclusivity valid up to 6 March 2019 for the CGD network. Further, the Authorised area for laying, building, operating or expanding the proposed CGD Network shall cover a geographical area of 8,153 square kilometers (sq.km), Gujarat Gas said.
On a consolidated basis, Gujarat Gas Company's net profit rose 29.3% to Rs 90.65 crore on 2.4% rise in net sales to Rs 774.92 crore in Q4 December 2013 over Q4 December 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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