GAIL India rallies 5% in weak market; hits 8-month high on heavy volumes

Gas transmission and trading volumes are likely to increase in FY24E with supplies coming from new sources, analysts say

Shares of GAIL India rallied 5 per cent to hit an eight-month high of Rs 103.30 on the BSE in Wednesday’s intra-day trade on the back of heavy volumes. The stock of the state-owned gas transmission/marketing company was quoting at its highest level since June 2022. It had hit a 52-week high of Rs 116 on April 19, 2022.

At 01:24 pm; GAIL India was trading 4.7 per cent higher at Rs 102.65 as compared to a 0.37 per cent decline in the S&P BSE Sensex. The average trading volumes on the counter had doubled with a combined 34.11