Shares of Gujarat Gas Company Ltd rose sharply by over 11 per cent after it got an authorisation from Petroleum and Natural Gas Regulatory Board to operate gas distribution network in Thane, Maharashtra.
The company's stock soared 11.36 per cent to settle at Rs 742.80 on the BSE. During the day, it moved up by 15.42 per cent to Rs 769.95.
On the NSE, the scrip zoomed 11.24 per cent to close the day at Rs 741.70.
Following the sharp rally in the stock, the company's market value rose by Rs 972.41 crore to Rs 9,526.41 crore.
"Pursuant to the letter dated April 1, 2015 from PNGRB, received by GGCL on April 10, 2015 granting GGCL an authorisation to lay, build, operate, or expand city or local natural gas distribution network (CGD network) for the geographical area of Thane, GGCL has accepted the authorisation of the PNGRB vide a confirmation letter to PNGRB, on April 13, 2015," Gujarat Gas had said in a filing to the BSE on Monday.
As per the provisions of the PNGRB, GGCL has been granted 300 months of infrastructure exclusivity valid up to April 1, 2040 and 60 months of marketing exclusivity valid up to April 1, 2020 for the CGD network, it said.
Meanwhile, the stock market witnessed huge selling pressure, with the Sensex falling 244.75 points to settle at 28,799.69.
