GAIL (India) advances on mulling doubling natural gas pipeline network
27 May 2015 | PETROLEUM BAZAAR
GAIL (India) rose 1.73% to Rs 392.95 at 13:45 IST on BSE after the company announced commencement of project work on the first phase of Jagdishpur-Haldia Pipeline.
Meanwhile, the BSE Sensex was down 85.55 points, or 0.31%, to 27,558.33
On BSE, so far 22,762 shares were traded in the counter, compared with an average volume of 90,974 shares in the past one quarter.
The stock hit a high of Rs 395.50 and a low of Rs 387.50 so far during the day. The stock hit a record high of Rs 551.35 on 31 October 2014. The stock hit a 52-week low of Rs 354 on 28 April 2015.
The large-cap company has an equity capital of Rs 1268.48 crore. Face value per share is Rs 10.
GAIL (India) announced after market hours yesterday, 25 May 2015, that as a first step to usher in commencement of project work on the first phase of Jagdishpur-Haldia Pipeline, Dharmendra Pradhan, Union Minister of State (Independent Charge) for Petroleum and Natural Gas inaugurated the project office in Patna yesterday, 25 May 2015. Jagdishpur-Haldia Pipeline has been heralded onto the national agenda as part of Government of India's vision of doubling the Natural Gas Pipeline network to over 30,000 km in next 5 years. Aptly termed, "Urfa Ganga" for Eastern India, this pipeline paves way for maiden entry of natural gas supplies into Bihar, Jharkhand and West Bengal. The construction office will serve as a nodal centre to facilitate the company's construction activities for Jagdishpur- Haldia Pipeline.
The Jagdishpur-Haldia natural gas pipeline will serve as the 'Energy Highway' to carry the environment-friendly fuel to four states i.e. Eastern Uttar Pradesh, Bihar, Jharkhand and West Bengal. Presently, GAIL (India) is taking up the first phase of this Pipeline which involves laying of approximately 750 km of Pipeline at an estimated expenditure of Rs 3957 crore. The capacity of Phase-I Pipeline is 7.4 MMSCMD and that of entire Jagdishpur - Haldia Pipeline will be 16 MMSCMD.
While supplying gas to anchor load customers like Gorakhpur & Barauni Fertilizer Plants and Barauni Refinery, the first phase of the Pipeline will also cater to domestic needs through CGD development in cities like Varanasi and Patna when the authorizations for the same are accorded by Petroleum & Natural Gas Regulatory Board (PNGRB). 413 km of pipeline will be laid in Bihar covering 9 districts (Kaimur, Rohtas, Aurangabad, Gaya, Nalanda, Patna, Sheikhpura, Lakhisarai and Begusarai) in first phase and additional 200 km of Pipeline covering four more districts (Chappra, Siwan, Gopalganj and West Champaran) will be laid in subsequent phases.
GAIL (India)'s net profit fell 64% to Rs 604.08 crore on 8.6% decline in total income to Rs 15172.56 crore in Q3 December 2014 over Q3 December 2013.
GAIL (India) is India's leading natural gas company with a presence along the entire hydrocarbon value chain spanning E&P, LNG, pipelines, LPG, petrochemicals, city gas distribution etc. The Government of India (GoI) holds 56.11% stake in GAIL (India) (as per the shareholding pattern as on 31 March 2015).