Moneycontrol Bureau
Shares of Gujarat Gas relisted on exchanges Tuesday. The stock has opened at Rs 680, down 8.5 percent compared to Rs 743.10 on May 26, when it was delisted.
It was trading at intraday low of Rs 646 on the National Stock Exchange, down 13 percent (at 10:31 hours IST). According to exchange, it is locked at 5 percent lower circuit at Rs 646 against opening price of Rs 680.
Currently the scrip is available in trade-for-trade segment for 10 trading days. The settlement of scrips available in this segment is done on a trade for trade basis and no netting off is allowed. The scrip should be in 5 percent price band for atleast 22 trading days, said the exchange.
The gas distributor was delisted in May for merger of various companies with itself. According to its composite scheme of arrangement, GSPC Gas Company, Gujarat Gas Company, Gujarat Gas Financial Services and Gujarat Gas Trading Company had merged with Gujarat Gas (formerly known as GSPC Distribution Networks).
With this merger, new entity - Gujarat Gas is largest city gas distributor with volumes of around 6.5 mmscmd (around 1.7 times higher compared to Indraprastha Gas).
In the quarter ended March 2015, it had reported a profit of Rs 61.91 crore (against Rs 76.59 crore in December quarter) on revenue of Rs 545.26 crore (against Rs 598.05 crore in December quarter).
Deutsche Bank says any sharp decline in the stock is a buying opportunity as it expects volumes & margins to pick up in 2HFY16.Posted by Sunil Shankar Matkar
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