Gujarat State Petronet announced that Petroleum and Natural Gas Regulatory Board (PNGRB) has vide its Letters dated 29 June, 2020, accepted the proposal made by the Company to transfer the Authorizations for developing City Gas Distribution (CGD) Network in theGeographical Areas of Amritsar District and Bhatinda District to Gujarat Gas (GGL).

GGL is required to submit revised Financial Closure, Gas Sale Agreement and PBG to PNGRB to complete the process of transfer.

Accordingly, PNGRB has permitted GGL to take over the activities of laying, building, operating or expanding CGD Network of Amritsar District GA and Bhatinda District GA from GSPL.

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GSPL witnessed selling after the counter added 7% in five days from its closing low of Rs 210.2 on 3 June 2020.

The buying momentum emerged after the company reported decent Q4 March 2020 numbers on Monday, 8 June 2020. The stock closed with 4.7% gain on that day.

Its net profit jumped 86.5% to Rs 497.67 crore on 37.18% rise in net sales to Rs 3151.64 crore in Q4 March 2020 over Q4 March 2019. Profit before tax stood at Rs 598.71 crore in Q4 March 2020, rising 53.45% from Rs 390.16 crore in Q4 March 2019. Current tax expense rose 40.76% to Rs 118.39 crore in Q4 March 2020 over Q4 March 2019.

The company said volumes increased by 13.3% to 36.78 MMSCMD (million metric standard cubic meter per day) in Q4 March 2020 from 32.45 MMSCMD in Q4 March 2019.

GSPL is a natural gas infrastructure and transmission company engaged in gas transportation business.

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Net profit of Gujarat State Petronet rose 80.00% to Rs 382.89 crore in the quarter ended March 2020 as against Rs 212.72 crore during the previous quarter ended March 2019. Sales rose 37.18% to Rs 3151.64 crore in the quarter ended March 2020 as against Rs 2297.47 crore during the previous quarter ended March 2019.

For the full year,net profit rose 73.16% to Rs 1729.17 crore in the year ended March 2020 as against Rs 998.60 crore during the previous year ended March 2019. Sales rose 31.02% to Rs 12243.61 crore in the year ended March 2020 as against Rs 9345.12 crore during the previous year ended March 2019.

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The Board of Gujarat State Petronet has approved the allotment of 42,298 Equity Shares under Employees Stock Option Scheme - 2010 (ESOP - 2010) consequent to which the paid up Share Capital of the Company has increased from Rs. 5,64,10,12,410 to Rs. 5,64,14,35,390.

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