GAIL India rallies on joint-venture with Rajasthan government

NEW DELHI: Gail India Ltd surged as much as 1.5 per cent in trade on Tuesday after Rajasthan Chief Minister Vasundhara Raje announced in state Assembly to set up a joint venture with the company for city gas ( CNG) distribution in selected cities in the state.

At 09:25 a.m.; the stock was trading 1.2 per cent higher at Rs 459.75. It hit a low of Rs 454.10 and a high of Rs 461.40 in trade today.

Rajasthan State Petroleum Corporation would be strengthen through the joint venture with the GAIL India Ltd for supply of CNG, PTI said in a report quoting Raje who told the House during her Budget: 2014-15 speech.

In first phase for supply of CNG through GAIL, One mother station would be set up in Neemrana, and a daughter station in Jaipur, she said.