GAIL, Gujarat Gas rally up to 10% on anti-pollution drive

NEW DELHI: Gas-based stocks surged over 5 per cent in Wednesday’s trade, as they were seen as key beneficiaries of the heightened focus of the government and judiciary to control pollution in the national capital region.

The Supreme Court has banned registration of diesel-run SUVs and cars having engines capacity beyond 2000 cc in Delhi and NCR from March 1, 2016. The apex court said taxis plying in Delhi will have to be converted into CNG by March 31, 2017.

The apex court also doubled the green cess being levied on the commercial vehicles entering Delhi.

Shares of GAIL India jumped nearly 6 per cent in trade, while Gujarat Gas jumped 10 per cent and Indraprastha Gas rallied a little over 4 per cent.

At11:00 AM; GAIL was trading 4.5 per cent higher at Rs 354.80 and was also the top Sensex gainer. It hit a low of Rs 340 and a high of Rs 359.60 during the first half of the session.

IGL rose 3.8 per cent to Rs 488.50. The stock hit a low of Rs 475.45 and a high of Rs 488.50 in the first two hours of trade. Gujarat Gas was trading 5.8 per cent up at Rs 601.25. It hit a low of Rs 573.25 and a high of Rs 627.50 in morning trade.