GAIL jumps to new high

GAIL is a bright star on the bourses currently. From its close of yesterday at Rs.135.70, the stock rose to hit a new high today at Rs.143.50. Volumes on the counter have more than doubled up.

The stock price has jumped up, reacting to the news that its Board will be meeting on the 15^th of Jan to consider a buyback and also payment of an interim dividend for FY21.

This comes at the behest of the Govt, which has urged at least 8 PSUs to consider buyback as it needs to ramp up its revenue to bring some control over the out-of-control fiscal deficit.