Gujarat Gas rose over 2% to Rs.734 though volumes remained very low at less than 400 shares changing hands. Its 52-week high is at Rs.973.95.
The stock price has gone up on news that it has received authorization for local natural gas distribution for the Narmada district in Gujarat from PNGRB.
As per the provisions of the PNGRB (Exclusivity for City or Local Natural Gas Distribution Networks) Regulation, 2008, GGL has been granted 300 months of infrastructure exclusivity i.e. valid up to September 05, 2043 and 96 months of marketing exclusivity valid up to September 05, 2026 for the CGD network.
Further, the area for laying, building, operating or expanding the proposed CGD Network shall cover a geographical area of 2,817 sq. kms.