India's Gujarat Gas gains on group firms' merger approval

Gujarat Energy

20/04/2026 09:16

April 20 (Reuters) - ** Gujarat Gas GGAS.NS shares gain as much as 1.21% to 367.20 rupees; last up 0.32%

** Corporate affairs ministry approves merger of group companies into gas distributor

** Nomura ("buy", TP: 390 rupees) says merger should simplify group structure and be earnings-accretive, estimating about 88% upside to EPS

** Adds, co can use about 72 billion rupees ($772.70 million) of accumulated tax losses to offset future taxes

** GGAS rated "hold" on average by 29 analysts, median PT 440 rupees - data compiled by LSEG

** YTD, stock down about 11.5%

($1 = 93.1800 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru)

((Bipasha.Dey@thomsonreuters.com;))