Gas companies surged after PNGRB verdict favoring GSPL
November 26, 2014
Mumbai, 26 November 2014
Shares of gas companies surged today after the Appellate Tribunal for Electricity (APTEL)’s verdict in favor of Gujarat State Petronet Limited (GSPL) against the Petroleum and Natural Gas Regulatory Board (PNGRB) in tariff revision related case.
With today’s development, PNGRB has been asked to re-determine the tariff upward. This would be the second revision in past six months, the first revision was on 10.8 per cent.
A 10 per cent increase in tariffs would lead to incremental earnings of Rs.1-1.2/share, analysts said.
At 2 pm, the Gujarat Gas stock was up almost 18 per cent at Rs 624.15. Other gas stocks too rallied, with Petronet LNG and GAIL both up nearly 3 per cent, and Indraprastha Gas up over 4 per cent.
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