GSPL shows a sublime rise

Yesterday, the Cabinet Committee on Economic Affairs (CCEA) approved the import of liquefied natural gas or LNG which is to be used as fuel for gas-based power plants. The Power and Coal Ministry permitted GAIL and Gujarat State Petronet Ltd ( GSPL) to import gas by purchasing on a spot basis from the international market and supply to companies, who can bid for the gas, depending on their requirements.

This comes as great news for these two companies as it will once again give a boost to industrial demand, which has been on the wane. Not surprisingly, GAIL is up, very moderately by less than 1% but GSPL figures out amongst the top gainer on the BSE, currently up 5% at Rs.123.85, with an intra day high at Rs.128.40.