 "A technician works inside the ONGC group gathering station on the outskirts of Ahmedabad. Photo: Reuters")
Gujarat Gas was trading higher by 3% at Rs 559 on the BSE in otherwise weak market after the company announced that it has received approval from the Petroleum and Natural Gas Regulatory Board’s (PNGRB) to lay, build, operate or expand city or local natural gas distribution networks (CGD) in Panchmahal and Anand districts of Gujarat.
The company has accepted both the authorization of the PNGRB vide confirmation letter to PNGRB on July 7, 2016, Gujarat Gas said in a statement.
It has 25 years or 300 months of infrastructure exclusivity, valid up to July 2041, and 60 months of marketing exclusivity valid up to July 3, 2021, for each of the CGD network, it added.
Earlier, on June 27, 2016 the company said that the oil regulator granted permission to set up operations of gas distribution in Ahmedabad.
The stock hit a high of Rs 569 on the BSE so far. A combined 97,553 shares changed hands on the counter on the BSE and NSE till 10:29 AM. The S&P BSE Sensex was down 0.36% at 27,103.
The company has accepted both the authorization of the PNGRB vide confirmation letter to PNGRB on July 7, 2016, Gujarat Gas said in a statement.
It has 25 years or 300 months of infrastructure exclusivity, valid up to July 2041, and 60 months of marketing exclusivity valid up to July 3, 2021, for each of the CGD network, it added.
Earlier, on June 27, 2016 the company said that the oil regulator granted permission to set up operations of gas distribution in Ahmedabad.
The stock hit a high of Rs 569 on the BSE so far. A combined 97,553 shares changed hands on the counter on the BSE and NSE till 10:29 AM. The S&P BSE Sensex was down 0.36% at 27,103.
