GAIL (India) Ltd, the state-run pure gasoline distributor, expects to safe about 20% to 25% of its provide of liquefied pure gasoline (LNG) on a short-term or spot market foundation, Reuters reported quoting an organization official.
The remainder of the LNG shall be through long-term contracts, GAIL’s advertising and marketing director, Sanjay Kumar stated on the Gastech trade convention in Singapore on Thursday, as per the report.
He added that the corporate would faucet spot markets to fulfill seasonal demand or volatility, the report stated.
In the meantime, within the quarter ended June 2023, GAIL (India) reported a decline of 45% in consolidated web revenue at ₹1,793 crore as in comparison with ₹3,250 crore within the corresponding interval final yr.
The state-run gasoline distributor’s income from operations in Q1FY24 fell 13% to ₹32,848 crore, in comparison with ₹37,942 crore within the year-ago interval.
Learn right here: GAIL Q1 Outcomes: Internet revenue falls 45% to ₹1,793 crore, income down 13% YoY
Throughout April-June 2023 quarter, the pure gasoline transmission quantity grew 7% to 116.33 million metric customary cubic meter per day (MMSCMD) from 108.23 MMSCMD within the March quarter.
GAIL’s gasoline advertising and marketing quantity elevated 2% to 98.84 MMSCMD from 96.46 MMSCMD, QoQ.
GAIL India share value has risen greater than 30% this yr thus far. The inventory is up over 9% in a single week and practically 19% within the final three months.
On Thursday, GAIL India shares rose 2.28% to hit a 52-week excessive of ₹127.40 apiece on the BSE.
At 11:25 am, GAIL India shares have been buying and selling 0.88% greater at ₹125.65 apiece on the BSE.
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Up to date: 07 Sep 2023, 11:27 AM IST
Supply: Live Mint