Gujarat Gas shares rallied 9 per cent to Rs 168 in intra-day trade on the BSE on Monday, surging 15 per cent in the past three trading days, after the company announced that it has received a grant of authorization for city gas distribution networks.
The Petroleum and Natural Gas Regulatory Board (PNGRB) has issued a letter dated March 29, 2019 for laying, building, operating or expanding the City or Local Natural Gas Distribution network (CGD network) in the Geographical Areas of Sirsa, Fatehabad and Mansa (Punjab) Districts; Ujjain (except area already authorized) district, Dewas (except area already authorized) district and Indore (except area already authorized) district; Jhabua, Banswara, Ratlam and Dungarpur districts; Ferozepur, Faridkot and Sri Muktsar Sahib districts; Hoshiarpur and Gurdaspur districts; Jalore and Sirohi districts.
Gujarat Gas said it has accepted the authorization of the PNGRB vide a confirmation letter to the PNGRB on April 3, 2019.
