Prince Pipes and Fittings shares rallied in intra-day trade on Thursday by as much as 8%. The rally comes as the government of India gave a go-ahead to the network of gas pipeline in the North Eastern region. On Wednesday, the government came with a viability gap funding (VGF) amounting to as much as Rs. 5559 crore for a pipeline proposed to be set up in the North East.
The pipeline will help in the supply of PNG or piped natural gas to households and CNG to automobiles other than fuel to the industry at large.
The 1,656-km North-East Natural Gas Pipeline Grid will connect Guwahati in Assam to major cities in the region such as Itanagar, Dimapur, Kohima, Imphal, Aizwal, Agartala, Shillong, Silchar, Gangtok, and Numaligarh.
About 60% is to be supported from the government while the rest shall be raised through equity and debt.