Gujarat Gas surges as PNGRB grants gas distribution permission

NEW DELHI: Shares of Gujarat Gas gained 10 per cent in Tuesday's trade after oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) granted the company permission to set up operations for gas distribution in Ahmadabad. "Gujarat Gas has been granted 300 months of infrastructure exclusivity valid up to June 21, 2041 and 60 months of marketing exclusivity valid up to 2021 for a city gas

distribution network in Ahmadabad," the company said in a filing to the bourses. Reacting to the development, the scrip gained 10.15 per cent to hit a high of Rs 574.85 on the BSE. The stock is still down 6 per cent so far this year.