Gujarat Gas up over 9%

Gujarat Gas is up currently over 9% at Rs.242.40, with an intra day high at Rs.253.35. Volumes are up over 10 times.

The stock is up after the board members approved merger of company with four other companies - GSPC Distribution Networks, GSPC Gas, Gujarat Gas Financial Services and Gujarat Gas Trading Company. All the above four companies are involved in city gas distribution business. The board also approved the appointment of KPMG (India) as advisors for conceptualisation and implementation of the proposed scheme of amalgamation. Based on advisor's recommendations, the board will give approval to the final consolidation plan.