This MahaRatna stock gained gained by 3 percent after it signed agreement with Bharat Petroleum Corporation Limited to procure Propane for its Petrochemical Plant.
Gail India limited is a large cap company with Market capitalization of Rs 77,388 crores,. At 10:13 a.m, the company shares were trading at Rs 121.30 a share, an increase of 2.80 percent from the previous stock price.
As per company’s regulatory filing, Gail India signed an agreement with BPCL for 15 years to procure propane for its upcoming petrochemical plant in Usar, Maharashtra,for an estimate value of Rs. 63,000 crore
Through this agreement GAIL will procure 600 KTPA of Propane from BPCL’s LPG import facility at Uran, which can currently handle 1 MMTPA of LPG imports and is undergoing expansion to accommodate 3 MMTPA of propane and butane imports.
With this GAIL’s PDH-PP project is set to become India’s first propane dehydrogenation (PDH) plant when it opens for business in 2025. With a 500 KTPA nameplate capacity.
The company’s revenue decreased by 14.66 percent from Rs. 38,728.86 crores in Q2FY23 to Rs 33,049.68 crores in Q2FY24. Further, During same period, Net Profit has increased by 105.7 percent from 997.55 crores to 2052.37 crores.
The company reported return ratios in the recent financial year with a return on equity(ROE) OF 8.67 percent and return on capital employed(ROCE) OF 9.96 percent.
Gail India limited stock gave 11.45 percent return in six months and 32.20 percent return in just a year.
As per recent shareholding pattern, The Promoters of the Company own 57.91 percent of the stake,while foreign institutional investors hold a 14.76 percent stake.
Gail India Limited, the industry leader in natural gas retailing, distribution, and marketing with a focus on city gas distribution.
Written by – Abhishek Singh
