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Gujarat Gas Shares Surge 13.63% After Merger Announcement

Sep 2, 2024, 02:06 AM

Gujarat Gas has announced a significant merger and demerger plan involving Gujarat State Petroleum Corporation (GSPC), Gujarat State Petronet (GSPL), and GSPC Energy (GEL). The merger, which has been approved by the boards of the involved companies, aims to streamline their structure. Gujarat Gas is expected to benefit from its position as the second-largest gas trading company in India. The announcement has led to a notable market reaction, with Gujarat Gas shares jumping 13.63% to an intraday high of Rs 689.45, marking its biggest single-session gain in over three years. Brokerage firms, including Equirus Capital, have responded positively to the merger, upgrading their ratings for Gujarat Gas and increasing target prices to Rs 667.