Shares of Gujarat Gas rallied around 10 per cent during the trade after the company said that it has permission to set up operations of gas distribution in Ahmedabad from oil regulator.
"Gujarat Gas has accepted the authorisation from Petroleum and Natural Gas Regulatory Board (PNGRB) to lay, operate, build or expand city or local natural gas distribution network for Ahmedabad district (excluding area already authorised) in Gujarat on June 27," says the company in its filing.
AS per the statement, the oil regulator has granted 300 months of infrastructure exclusivity valid upto June 21, 2041 and 60 months of marketing exclusivity valid upto June 21, 2021 for the city or local natural gas distribution network.
Shares of the gas companyre were seen trading at Rs 561, higher by 7.56 per cent on BSE at 11.00 am IST. The stock touched an intra-day high of Rs 574 during the trade.