India's Gujarat Gas hits 2-1/2 yr high on merger with Gujarat State Petronet

Gujarat Energy

02/09/2024 05:35

** Shares of Gujarat Gas  GGAS.NS  and Gujarat State
Petronet  GSPT.NS  up 10% and 4.3%, respectively
    ** GGAS hits highest since Feb 2022
    ** GGAS, GSPT and their holding co Gujarat State Petroleum
Corporation said on Friday they will merge
    ** Merged entity to spin out gas transmission business from
GGAS into new co named GSPL Transmission Ltd, which will have
equity shares listed 
    ** GGAS will be able to capture margins in gas imports
unlike peers, which rely on intermediaries like GAIL - Ambit
    ** GGAS operates in lucrative markets and flexibility of gas
sourcing will allow it to tie up and scale up customer volumes
faster - Ambit
    ** GGAS shares up 45% YTD, GSPT up 48% YTD

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))