Moneycontrol Bureau
Gujarat Gas shares rallied 10 percent intraday Tuesday after the oil regulator granted permission to set up operations of gas distribution in Ahmedabad.
"Gujarat Gas has accepted the authorisation from Petroleum and Natural Gas Regulatory Board (PNGRB) to lay, operate, build or expand city or local natural gas distribution network for Ahmedabad district (excluding area already authorised) in Gujarat on June 27," says the company in its filing.
The oil regulator has granted 300 months of infrastructure exclusivity valid upto June 21, 2041 and 60 months of marketing exclusivity valid upto June 21, 2021 for the city or local natural gas distribution network.
Authorisation area for proposed city gas distribution network will cover a geographical area of 5760.41 square kilometres.
At 09:22 hours IST, the scrip of Gujarat Gas was quoting at Rs 568.00, up Rs 45.95, or 8.80 percent amid high volumes on Bombay Stock Exchange.Posted by Sunil Shankar Matkar
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