GAIL (India) rose 1.60% to Rs 110.80 after the company said its board will consider interim dividend on Monday, 13 March 2023.
The board of the company is scheduled to meet on Monday, 13 March, 2023, to consider the recommendation for payment of interim dividend for FY 2022-23. The record date will be Tuesday, 21 March 2023.Meanwhile, in a separate announcement GAIL (India) said "The Force Majeure claimed by SEFE Marketing & Trading Singapore Pte Ltd. (SMTS and erstwhile Gazprom Marketing and Trading Singapore Pte Ltd.) is still continuing. Pending restoration of LNG supplies from SMTS, production at our Pata Petrochemical plant has been ramped up now to full capacity through alternative supplies."
GAIL agreed a 20-year deal with Russia's Gazprom in 2012 for annual purchases of an average 2.5 million tonnes of LNG. Supplies under the contract began in 2018. However, Gazprom halted supplies of natural gas to GAIL (India) since June 2022 due to soaring global gas prices.
State-owned GAIL (India) is one of the largest natural gas processing & distribution company. The Government of India held 51.91% stake in Gail (India) as on 31 December 2022.
GAIL (India)'s consolidated net profit slumped 89.06% to Rs 413.71 crore in Q3 FY23 from Rs 3,780.78 crore in Q3 FY22. Net revenue from operations during the quarter rose by 37.25% YoY to Rs 35,884.51 crore.
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