Gujarat State Petronet lost 2.33% to Rs 58.60 at 11:19 IST on BSE, with the stock sliding on profit booking after recent rally triggered by Appellate Tribunal for Electricity granting an interim stay on PNGRB's order.
Meanwhile, the S&P BSE Sensex was up 55.34 points or 0.27% at 20,866.78.
On BSE, so far 35,000 shares were traded in the counter as against average daily volume of 68,729 shares in the past one quarter.
The stock hit a high of Rs 60.90 and a low of Rs 58.25 so far during the day. The stock had hit a 52-week high of Rs 73.15 on 2 April 2013. The stock had hit a 52-week low of Rs 46.90 on 31 July 2013.
The stock had outperformed the market over the past one month till 24 February 2014, surging 4.17% compared with the Sensex's 1.52% fall. The scrip had, however, underperformed the market in past one quarter, advancing 1.27% as against Sensex's 2.94% rise.
The small-cap company has equity capital of Rs 562.74 crore. Face value per share is Rs 10.
Shares of Gujarat State Petronet's (GSPL) had rallied 9.68% in two trading sessions to settle at Rs 60 on Monday, 24 February 2014, from a recent low of Rs 54.70 on 20 February 2014 after the company after market hours on 20 February 2014 said that Appellate Tribunal for Electricity has granted an interim stay on the Petroleum and Natural Gas Regulatory Board (PNGRB)'s order.
PNGRB had vide its order dated 11 September 2012 fixed the provisional initial unit natural gas pipeline tariff for the company's 2239 kilometres high pressure gas grid network having retrospective effect from 20 November 2008 (i.e. the date of notification of tariff regulations). The provisional initial unit natural gas pipeline tariff on levelized basis determined by PNGRB for Gujarat State Petronet's (GSPL) high pressure gas grid network was Rs 23.99 per million metric british thermal units (MMBTU) on gross calorific value (GCV) basis with effect from 20 November 2008.
The said tariff order of PNGRB was challenged vide Appeal No. 222 of 2012 & Appeal No. 251 of 2012 before the Appellate Tribunal for Electricity (APTEL) on the grounds that the date of applicability of the tariff order should be from the date of authorization of GSPL's pipeline (i.e. 27 July 2012) and not from the date of notification of the Tariff Regulations (i.e. 20 November 2008).
Based on the order of appellate tribunal for electricity dated 6 January 2014 staying the restrospective effect mentioned in the tariff order dated 11 September 2012 by PNGRB and ruling that the same shall be effective from the date of its authorization i.e. 27 July 2012, PNGRB vide its order dated 19 February 2014 has fixed the applicability of tariff order from the date of authorization of GSPL's pipeline (i.e. 27 July 2012) and not from the date of notification of tariff regulations (i.e 20 November 2008).
Hence, the re-computed levelized tariff for the economic life of the GSPL's pipeline (i.e 27 July 2012 to 11 March 2026) mentioned by PNGRB in its aforementioned order dated 19 February 2014 is Rs 26.58 per MMBTU (on GCV basis) instead of Rs 23.99 per MMBTU as computed in the original tariff order.
This tariff determination is provisional. GSPL is required to submit the zonal apportionment within next 10 days. PNGRB proposes to file an appeal before the Supreme Court against the aforesaid APTEL order.
GSPL's net profit fell 26.6% to Rs 87.35 crore on 6.4% decline in net sales to Rs 243.88 crore in Q3 December 2013 over Q3 December 2012.
GSPL was set up to complement the efforts of Gujarat State Petroleum Corporation (GSPC). While GSPC harnesses and procures natural gas, GSPL is building the infrastructure that transmits the gas across Gujarat and ultimately allows last-mile linkage to the end-user.
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