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GAIL gains on completing award of contract for Pradhan Mantri Urja Ganga pipeline project

GAIL (India) is currently trading at Rs. 341.90, up by 1.05 points or 0.31% from its previous closing of Rs. 340.85 on the BSE.

The scrip opened at Rs. 340.00 and has touched a high and low of Rs. 342.75 and Rs. 339.25 respectively. So far 10488 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 398.80 on 16-Aug-2018 and a 52 week low of Rs. 296.00 on 05-Oct-2018.

Last one week high and low of the scrip stood at Rs. 348.80 and Rs. 333.50 respectively. The current market cap of the company is Rs. 76886.64 crore.

The promoters holding in the company stood at 52.64%, while Institutions and Non-Institutions held 43.64% and 3.72% respectively.

GAIL India has completed awards for all major contracts for the ambitious Pradhan Mantri Urja Ganga natural gas pipeline project that transverse from Jagdishpur to Haldia and Bokaro (Jharkhand) and Dhamra in Odisha.

The company has placed Rs 475 crore order for steel pipes of about 280-kilometers to provide pipeline connectivity from Durgapur to Haldia, including spur lines to Kolkata in West Bengal. This completes contracting for the 3,400-km Jagdishpur (Uttar Pradesh) -Haldia (West Bengal) & Bokaro – Dhamra Natural Gas Pipeline (JHBDPL).

The pipeline has already reached Barauni in Bihar and the company is ready for supplying gas to a refinery and upcoming fertiliser plant. The pipeline also supplies natural gas for Patna city gas distribution network (CGD).

GAIL India is India’s principal Natural Gas Company with activities ranging from Gas Transmission and Marketing to Processing (for fractionating LPG, Propane, SBP Solvent and Pentane); transmission of Liquefied Petroleum Gas (LPG); production and marketing of Petrochemicals like HDPE and LLDPE and leasing bandwidth in Telecommunications.

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