Gujarat Gas Ltd (GGL) stock was buzzing in trade on Monday, with the scrip rallying as much as 13.63 per cent to hit an intraday high of ₹689.45 on the BSE.
This comes after brokerages said they were optimistic about GGL following the board's approval of a merger and demerger plan involving Gujarat State Petroleum Corporation (GSPC) and Gujarat State Petronet (GSPL).
Analysts believe that the restructuring of these Gujaratbased companies will simplify the existing layered structure.
According to the scheme, GSPC (10 GGL shares for 305 GSPC shares) and GSPL (10 GGL shares for 13 GSPL shares) will first be amalgamated into GGL.
Subsequently, the gas transmission business will be demerged and listed as a new entity called GSPL Transmission (GTL).
GGL will retain the city gas distribution (CGD) business, along with GSPC's gas trading, exploration and production (E&P), renewables, and other investments.
Considering this, here's what brokerages interpret from this merger and demerger plan:
Nuvama
This story is from the September 03, 2024 edition of Business Standard.
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This story is from the September 03, 2024 edition of Business Standard.
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