GAIL India surged 3.71% to Rs 208 at 13:58 IST on BSE, on reports it may be nominated as the sole agency to sell natural gas from Reliance Industries' eastern offshore KG-D6 block to fuel-starved fertilizer units.
The stock hit a high of Rs 209.40 and a low of Rs 191.30 so far during the day. The stock has a 52-week high of Rs 370 on 1 January 2008 and a 52-week low of Rs 165 on 27 October 2008.
The company’s current equity is Rs 1268.48 crore. Face value per share is Rs 10.
The current price of Rs 208 discounts the company’s Q2 September 2008 annualized EPS of Rs 48.41, by a PE multiple of 4.30.
The Fertilizer Ministry has written to Petroleum Ministry asking it to nominate GAIL to uplift the entire 14 million standard cubic meters per day of gas that has been allocated for fertilizer sector from KG-D6. According to the proposal, GAIL would buy gas from Reliance at government approved price. It would then enter into gas supply agreements with fertilizer units and transport the fuel through its network.
On 5 November 2008, GAIL signed a cooperation agreement with the Himachal Pradesh state government for extension of the proposed Dadri-Bawana-Nangal natural gas pipeline to the state.
In September 2008, GAIL India’s board approved a 1:2 bonus issue.
GAIL India’s net profit surged 78.8% to Rs 1023.45 crore on 35.3% increase in net sales to Rs 6129.28 crore in Q2 September 2008 over Q2 September 2007. The results were announced on 23 October 2008.
The company distributes natural gas and processes petrochemicals.
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