Gujarat Gas, which had closed yesterday at Rs.309.45, hit a fresh, all-time high today of Rs.324.35. Volumes were up almost 3 times.
The stock price has reacted positively to the news that the oil regulator sanctioned the transfer of two geographical areas (GAs) from Gujarat State Petronet to the company.
The company said that the oil regulator, Petroleum and Natural Gas Regulatory Board (PNGRB) has accepted proposal for transfer of Authorization of Amritsar District GA (Geographical Area) and Bhatinda District GA from Gujarat State Petronet Limited (GSPL) to Gujarat Gas Limited (GGL).
The company is required to submit revised Financial closure, Gas Supply Agreement and PBG 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 network of Amritsar District GA (Geographical Area) and Bhatinda District GA.