GAIL jumps after signing MoU with Chubu Electric of Japan - The New Indian Express

GAIL jumps after signing MoU with Chubu Electric of Japan

Published: 24th March 2014 05:19 PM

Last Updated: 24th March 2014 05:19 PM

GAIL gained on Monday after the company signed a Memorandum of Understanding (MoU) with Chubu Electric Power, Japan (Chubu).

Under the MoU, GAIL and Chubu shall mainly explore possibilities for collaboration in the area of joint LNG procurement. Besides, the two companies will also seek to collaborate on shipping optimization.

BC Tripathi, chairman and managing director, GAIL said, the enormous potential for gas demand in Asia and said that despite being the largest importer of LNG, Asian market is paying premium for LNG.

Shares of the company gained Rs 17, or 4.81%, to settle at Rs 370.35. The total volume of shares traded was 155,064 at the BSE (Monday).

The scrip has touched an intra-day high of Rs 372 and low of Rs 350.70. The total volume of shares traded at the BSE is 155,064.

In the earlier session, the shares declined 0.1%, or Rs 0.35, at Rs 353.35.Currently, the stock is trading down 5.38% from its 52-week high of Rs 391.40 and above 35.66% over the 52-week low of Rs 273.

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