• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai, Nov. 7 The stock price of GAIL (India) Ltd was up more than 6 per cent on the BSE and NSE, recording its 52-week high on both the exchanges.

On the BSE, the stock was up 6.51 per cent at Rs 457.30. It was up 6.42 per cent on the NSE at Rs 457.55.

“What is very interesting is that in both the BSE and NSE, the total number of shares traded for today was much more than the average traded quantity for the past two weeks,” pointed out an analyst.

According to the BSE figures, the average traded quantity for two weeks was 5.23 lakh shares, whereas to the total traded quantity on Wednesday was 14.14 lakh.

On the NSE too, total shares traded on Wednesday was 36 lakh shares, while the average quantity for two weeks is 14 lakh shares. The oil and gas index was the top performer among the indices — it gained 300 points or 2.63 per cent.

Analysts say that the stock has been gaining because of its announcement made regarding the sourcing of LNG from Nigeria and also acquiring equity stakes there.

“The announcement of GAIL importing LNG from Nigeria and also the news that it will be supplying gas to Darfur from Nigeria, has shot up its prices,” said an oil & gas analyst.

“GAIL now has more clarity on its supply and the announcement of equity investments in upcoming Nigerian LNG plants has increased its valuation and will make it look more attractive,” said an analyst with a broking house.

There has been an overall re-rating taking place in the oil & gas sector; with market valuations reaching very high levels, say analysts.

“With companies such as Reliance and GAIL finding new resources to supply gas, the overall outlook for this sector is quiet good,” concluded the research head of a stock broking firm.

More Stories on : Stocks | Petroleum | Overseas Investments | GAIL (India) Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Maharashtra sugar mills plan bio-CNG from cane biomass

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line