Gujarat Gas in demand after gas procurement pact

Gujarat Gas Company gained 2.39% to Rs 239.85 at 12:16 IST on BSE after the company said it has signed a contract for supply of 2.13 million cubic metres of gas per day with GAIL (India).

The stock hit a high of Rs 244.75 and a low of Rs 238.50 so far during the day. The stock had a 52-week high of Rs 379 on 8 January 2008 and a 52-week low of Rs 215 on 24 March 2008.

The company’s current equity is Rs 12.83 crore. Face value per share is Rs 2.

The current price of Rs 239.85 discounts its Q4 December 2007 annualized EPS of Rs 24.20, by a PE multiple of 9.91.

Gujarat Gas Company’s net profit rose 112.9% to Rs 38.81 crore on 46.9% growth in net sales to Rs 344.46 crore in Q4 December 2007 over Q4 December 2006.

The gas supplies had started with immediate effect and the contract was valid up to 21 December 2019 or the expiry or termination of the joint venture's production sharing contract with the Indian government, Gujarat Gas Company said in a statement.

Gujarat Gas Company (GGCL) started operations in 1988 with the primary objective to procure, distribute and in every way utilize natural gas and allied technology.