GAIL shines on an inking interconnection agreement with Indradhanush Gas Grid

GAIL (India) and Indradhanush Gas Grid (IGGL) have signed an interconnection agreement to connect the North East Gas Grid (NEGG) of IGGL with the Barauni Guwahati Pipeline (BGPL) of GAIL. The interconnection agreement will facilitate the connection of the NEGG with the BGPL at three locations - Jalpaiguri in West Bengal and Baihata and Panikhaiti in Assam.

The interconnection agreement will pave the way for making the NEGG a part of the National Gas Grid. The pipeline for interconnection will be laid by GAIL at an estimated cost of Rs 15.16 crore. The amount will be reimbursed by IGGL to GAIL.

On a consolidated basis, the company has reported a 44.85% fall in net profit at Rs 1,792.99 crore for the first quarter ended June 30, 2023, as compared to Rs 3,250.95 crore for the same quarter in the previous year. The total income of the company decreased by 13.23% at Rs 33,000.79 crore for Q1FY24 as compared to Rs 38,033.30 crore for the corresponding quarter previous year.

GAIL (India) is India’s leading natural gas company with diversified interests across the natural gas value chain of trading, transmission, LPG production & transmission, LNG regasification, petrochemicals, city gas, E&P, etc.

Today, the stock opened at Rs 119, with a high and low of Rs 122.35 and Rs 117.25. The stock is currently trading at Rs 121.10, up by 1.76%.

The stock has a 52-week high of Rs 122.85 and a 52-week low of Rs 83. The company has a ROCE of 9.79% and an ROE of 8.69%, with a market capitalisation of Rs 79,427 crore.

In the last six months, the shares of the company have given about 25% returns. Investors should keep a close eye on this stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.