GAIL (India) fell 1.04% to Rs 428 at 13:53 IST on BSE after the company said that work was set to commence on the 2,050-km Jagdishpur-Phulpur-Haldia natural gas pipeline
Meanwhile, the S&P BSE Sensex was up 177.01 points or 0.67% at 26,596.56
On BSE, so far 42,135 shares were traded in the counter as against average daily volume of 1.33 lakh shares in the past one quarter.
The stock was volatile. The stock was off 1.69% at the day's low of Rs 425.15 so far during the day. The stock rose as much as 0.18% at the day's high of Rs 433.30 so far during the day. The stock hit 52-week low of Rs 273 on 28 August 2013. The stock hit a 52-week high of Rs 475 on 10 July 2014.
The stock had underperformed the market over the past one month till 22 August 2014, falling 2.03% compared with 1.51% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.47% as against Sensex's 8.39% rise.
The large-cap company has equity capital of Rs 1268.48 crore. Face value per share is Rs 10.
GAIL (India) today, 25 August 2014, said that the work is all set to commence on its 2,050 kilometer (km) Jagdishpur - Phulpur - Haldia natural gas pipeline which will serve as the 'Energy Highway' to carry the efficient and environment-friendly fuel to West Bengal, Bihar, Jharkhand and Uttar Pradesh. The pipeline project, which will connect Eastern India with the national gas grid, was announced by the Prime Minister at a public function in Ranchi. The pipeline will benefit millions of people in the four states and lead to setting up of City Gas Networks in 17 major cities of the region. The residents of these cities can enjoy the convenience of piped natural gas (PNG) that directly reaches households and the economical compressed natural gas (CNG) for vehicles, GAIL (India) said.
Besides city gas distribution, the pipeline will supply feedstock/fuel to fertilizer and power plants and major industries located in the region. The estimated investment for the Jagdishpur - Phulpur - Haldia pipeline project is about Rs 10000 crore. The first phase of the pipeline will have a capacity of 16 million metric standard cubic meter per day (MMSCMD) which would be augmented to 32 MMSCMD in the second phase.
GAIL (India) has already started activities related to detailed survey of the pipeline route.
GAIL (India)'s net profit declined 23.1% to Rs 621.44 crore on 4.5% growth in total income to Rs 13544.66 crore in Q1 June 2014 over Q1 June 2013. The company's subsidy sharing burden declined 28.57% to Rs 500 crore in Q1 June 2014 over Q1 June 2013.
GAIL (India) is India's flagship gas transmission and marketing company with global footprints. The Government of India (GoI) holds 56.11% stake in GAIL (India) (as per the shareholding pattern as on 30 June 2014).
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