During Friday’s trading session, the shares of GAIL Limited zoomed by 3.41%. Additionally, the stock hit a fresh 52-week high mark of Rs 137.40 apiece on BSE. Furthermore, the scrip witnessed a spurt in volume by more than 3.21 times. The company’s current market capitalisation is Rs 89,519.98 crore.
Technical outlook
As of December 01, 2023, the stock’s 200-day moving average (DMA) stood at Rs 114.24, while the 50-DMA was observed at Rs 124.14. The current share price on BSE is Rs 136. In a recent development, the 50-DMA has crossed above the 200-DMA, signalling a robust and sustained upward trend over the long term.
Recent developments
Rajeev Kumar Singhal has assumed the role of Director (Business Development) at GAIL (India) Limited. A distinguished professional, he holds a degree in Electronics and Communication Engineering from IIT BHU Varanasi, complemented by a Diploma in Business and Finance from ICFAI. Joining GAIL in 1989 as an Assistant Executive Engineer, Singhal has amassed over three decades of experience in various capacities within the organization.
His expertise spans diverse areas such as the operation and maintenance of natural gas installations, SCADA/Telecom, LNG sourcing, trading, shipping, marketing, and business development. Singhal has played a pivotal role in crucial initiatives, including marketing US LNG to six fertilizer plants, renegotiating LNG sourcing contracts from Qatar and Russia, leading the acquisition of JBF Petrochemical Limited through NCLT, establishing India’s inaugural Small Scale LNG project, and securing a 26% stake in Japonica, an LNG vessel company.
About Company
Established in 1984, GAIL, a Government of India undertaking, stands as an integrated natural gas company in India. Its extensive infrastructure includes over 11,500 km of natural gas pipelines, more than 2,300 km of LPG pipelines, six LPG gas-processing units, and a petrochemical facility. Additionally, GAIL has strategic joint ventures with Petronet LNG Ltd and Ratnagiri Gas and Power Pvt Ltd, along with involvement in the City Gas Distribution (CGD) business across various cities. To expand its global footprint, GAIL operates wholly owned subsidiaries in Singapore and the US, focusing on LNG, petrochemical trading, and shale gas assets beyond India’s borders.
Furthermore, the stock has witnessed significant buying activity as it has given returns of more than 84% in the last 3 years.
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