GAIL surges on PNGRB proposal of unified pipeline tariff
ETMarkets.com|
Updated: Sep 29, 2017, 01.09 PM IST
NEW DELHI: Shares of GAIL surged 7 per cent in Friday's trade after Petroleum and Natural Gas Regulatory Board (PNGRB) proposed a unified pipeline tariff.
Following the development, the stock surged 6.80 per cent to Rs 423,10 on BSE. It opened at Rs 424 and touched an intraday high and low of Rs 428.40 and Rs 417.60 respectively.
Commenting on the development, GAIL Director, Gajendra Singh told ETNow: "We have to see that this is a very positive move from the government side because that is going to be for future point of view for the equitable growth."
"Unified tariff is going to see maybe a small increase in price, but it help us get some reasonable returns and further invest in upcoming infrastructure," he added.
Promoters held 54.88 per cent stake in the company as of June 2017.
For the quarter ended June 30, 2017, the company reported total revenue at 11,570.38 crore and net profit stood at 1,025.64 crore.
Following the development, the stock surged 6.80 per cent to Rs 423,10 on BSE. It opened at Rs 424 and touched an intraday high and low of Rs 428.40 and Rs 417.60 respectively.
Commenting on the development, GAIL Director, Gajendra Singh told ETNow: "We have to see that this is a very positive move from the government side because that is going to be for future point of view for the equitable growth."
"Unified tariff is going to see maybe a small increase in price, but it help us get some reasonable returns and further invest in upcoming infrastructure," he added.
Promoters held 54.88 per cent stake in the company as of June 2017.
For the quarter ended June 30, 2017, the company reported total revenue at 11,570.38 crore and net profit stood at 1,025.64 crore.
