Gujarat Gas surges 6% on healthy Q4 results, turnaround in sales volume
Shares of Gujarat Gas Company surged 6 per cent to Rs 492.55 on the BSE in Thursday’s intra-day trade after the company reported a smart recovery in its total gas sales volume in the January – March quarter (Q4FY23). The board of the largest city gas distribution company in India also recommended a dividend of Rs 6.65 per share for the financial year 2022-23.
The company sold 8.86 mmscmd (million metric standard cubic meters per day) of volume as compared to 7.29 mmscmd registered in the preceding quarter, an increase of 22 per cent. This was due to the sharp correction in the spot liquefied natural gas (LNG) prices, which the company decided to pass on to its industrial customers to improve their competitiveness, Gujarat Gas said in a statement.
