Gujarat Gas Company spurted 10.46% to Rs 547.15 at 10:51 IST on BSE after Gujarat Finance Minister Saurabh Patel on Tuesday, 1 July 2014, reportedly said the company and GSPC will be merged.
Shares of Gujarat Gas Company surged 20% to Rs 495.35 on Tuesday, 1 July 2014. The stock has risen 32.55% in two sessions from Rs 412.80 on Monday, 30 June 2014.
Meanwhile, the BSE Sensex was up 225.82 points, or 0.89%, to 25,742.17.
On BSE, so far 8.88 lakh shares were traded in the counter, compared with an average volume of 83,893 shares in the past one quarter.
The stock hit a high of Rs 578.90 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 504.80 so far during the day. The stock hit a 52-week low of Rs 159 on 7 August 2013.
The stock had outperformed the market over the past one month till 1 July 2014, rising 33.03% compared with 5.36% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 88.63% as against Sensex's 13.68% 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.
Gujarat finance minister Saurabh Patel on Tuesday, 1 July 2014, presented the state budget for 2014-15. The minister said state-owned companies Gujarat Gas Company and GSPC (Gujarat State Petroleum Corporation) will be merged this year, making the merged entity India's biggest gas distribution company.
In October 2012, GSPC had purchased BG Group Plc.'s 65% stake in Gujarat Gas Company for about Rs 2500 crore.
Gujarat Gas, the natural gas distributor, is a subsidiary of GSPC Distribution Networks (a part of GSPC Group) that holds 73.7% equity stake in the company, while GSPC is a parent company of Gujarat State Petronet (GSPL) that was set up to complement the efforts of GSPC.
On a consolidated basis, Gujarat Gas Company net profit declined 16.88% to Rs 49.27 crore on 0.54% rise in total income from operations (net) to Rs 772.08 crore in Q5 March 2014 over Q1 March 2013.
Gujarat Gas Company currently distributes approximately 2.8 million metric standard cubic meter per day (mmscmd) of natural gas.
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