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Budget 2021

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Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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GAIL India shares hit 52-week high as board to consider buyback of shares

Board will also consider the declaration of interim dividend on the equity shares of the company for the financial year 2020-21.

January 12, 2021 / 10:06 AM IST
 
 
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GAIL India share price touched a 52-week high of Rs 142.25, rising  5 percent in the early trade on January 12 after the company is going to consider buyback of shares on January 15.

The meeting of the board of directors of the company will be held on January 15, 2021, to consider the proposal of buyback of the fully paid-up equity shares of the company of face value of Rs 10 each.

Board will also consider the declaration of interim dividend on the equity shares of the company for the financial year 2020-21.

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HDFC Securities Retail Research expects GAIL’s ongoing pipeline projects to enhance its dominant market position over the medium term. GAIL owns 70% of India’s gas transmission network, which is its stable, non-cyclical and regulated business. This is likely to remain the key operating income contributor over the medium term, generating stable cash flows.

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Cost-effective operations, experienced management, attractive valuations and sound financials are key advantages offered by the stock apart from a decent dividend yield. The stock trades at 10.2x FY22E EPS, it added.

At 09:16 hrs GAIL India was quoting at Rs 142.00, up Rs 6.30, or 4.64 percent on the BSE.
Moneycontrol News
first published: Jan 12, 2021 10:06 am

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