Gujarat Gas gains after PNGRB transfers two GAs
Capital Market Last Updated at June 30, 2020 11:04 IST
Gujarat Gas rose 3.25% to Rs 319.50 after the oil regulator sanctioned the transfer of two geographical areas (GAs) from Gujarat State Petronet to the company.
The Petroleum and Natural Gas Regulatory Board (PNGRB) had accepted proposal for transfer of authorization of Amritsar District GA and Bhatinda District GA from Gujarat State Petronet (GSPL) to Gujarat Gas (GGL).
The company is required to submit revised financial closure, gas supply agreement and PBG (performance bank guarantee) to PNGRB to complete the process of transfer.
Accordingly, PNGRB has permitted the company to take over activities of laying, building, operating or expanding CGD (city gas distribution) network of Amritsar District GA and Bhatinda District GA, GGL said.
Gujarat Gas operates in the segment of natural gas business and is India’s largest city gas distribution company. Its consolidated net profit surged 114.80% to Rs 250.46 crore on 39.8% jump in net sales to Rs 2,666.63 crore in Q4 March 2020 over Q4 March 2019.