GAIL India Share Price Live: As Nirmala Sitharaman Announces Union Budget 2019, GAIL India Shares Fall by 0.08%
Union Budget 2019: The BSE group ‘A’ stock of face value Rs 10 has touched a 52-week high of Rs 398.80 on 16 August 2018 and a 52-week low of Rs 296 on 5 October 2018.
File Photo of GAIL India Ltd.
With Finance Minister Nirmala Sitharaman announcing the union budget 2019, GAIL India share price fell by 0.08 percent to open at 309.35. The shares fell closed at 308.05.
GAIL (India) shares were under pressure recently after the tariff revision for its Hazira-Vijaipur-Jagdishpur (HVJ) pipeline came in much lower than expected.
Brokerages also cut their earnings estimates for the company. CLSA downgraded the stock to underperform and cut its target price to Rs 365 from Rs 420 citing the disappointing tariff revision
for GAIL’s key pipeline.
“The levelised tariff for integrated HVJ is Rs 41.11 per mBtu on a GCV (gross calorific value) basis,” oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) said in its order. However, GAIL had sought to raise the tariff to Rs 97.04 per mBtu in HVJ, citing a capex spending of Rs 24,708 crore over the economic life of the pipeline lasting till 2035.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52-week high of Rs 398.80 on 16 August 2018 and a 52-week low of Rs 296 on 5 October 2018. The stock has lost nearly 10% in the last one year compared with a 12% rise in the benchmark Nifty 50 index.
GAIL is the largest state-owned natural gas processing and distribution company in India. GAIL’s integrated pipeline network accounts for over 70% of the company’s gas transmission volume.
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