Gujarat Energy

** Shares of India's Gujarat Energy GJAA.NS fall 1.26% to 253.25 rupees, on track for fourth session of losses

** Morgan Stanley double-downgrades stock to "underweight" from "overweight", cuts TP to 246 rupees from 523 rupees

** Brokerage flags higher exposure to costly spot LNG, competition from alternative fuels and low utilisation of downstream gas assets

** Says tight global LNG markets in H2CY26 could keep gas costs elevated and margins vulnerable, while cheaper alternative fuels could weigh on core gas retail business

** Adds risk-reward remains unattractive despite inexpensive valuation

** YTD stock down 27.8%

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

Adds shares in paragraph 2

Aug 18 (Reuters) - India is offering incentives to gas distributors across cities to boost domestic connections of piped cooking gas, the government said on Tuesday, as the U.S.-Iran conflict disrupts fuel shipments and drives up import costs.

Shares of city gas distributors rose after the announcement, with Indraprastha Gas IGAS.NS climbing 3.5%, Mahanagar Gas MGAS.NS gaining 4% and Gujarat Energy GJAA.NS rising 0.5% on Wednesday.

India, the world's second-largest liquefied petroleum gas importer, has been using the cooking gas crisis sparked by the Middle East war to plug gaps in its distribution network and speed up the shift to piped gas in a bid to cut down on LPG imports and spending on subsidies.

• Under the incentive scheme, effective September, city gas distribution companies will get an additional 200 standard cubic metres of cheaper, domestically produced gas for every household they connect to, which starts using and paying for piped natural gas.

• The scheme will incentivise city gas distributors to turn unused pipe connections into active, paying customers, and extend the pipeline network to reach new households, the ministry of petroleum and natural gas said.

• The extra gas, which will lower overall gas-sourcing costs, is also expected to help distributors recoup their investment in new connections in about three years, down from roughly 10 currently, the government said.

• Since the start of the war, suppliers including Indraprastha Gas, Mahanagar Gas, GAIL Gas and Bharat Petroleum Corp BPCL.NS have offered incentives such as reductions in installation charges for piped gas connections.

• India currently has about 17.4 million domestic PNG connections, the government said Tuesday. That compares to about 331.4 million active household LPG customers as of July 1.

• India meets about 60% of its LPG needs through imports. It shipped in about 22 million metric tons of LPG in 2025, mostly from the Middle East, spending nearly $12 billion.

(Reporting by Chris Thomas in Mexico City and Kashish Tandon in Bengaluru; Editing by Diti Pujara and Ronojoy Mazumdar)

(([email protected];))

Aug 11 (Reuters) - Gujarat Energy Ltd GJAA.NS:

• JUNE-QUARTER CONSOL NET PROFIT 9.99 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 97.71 BILLION RUPEES

Source text:

Further company coverage: GJAA.NS

(([email protected];))

April 27 (Reuters) - Rudra Gas Enterprise Ltd RUDA.BO:

• RUDRA GAS ENTERPRISE LTD - ENTERING INTO AGREEMENT WITH GAIL (INDIA) AND GUJARAT GAS

• RUDRA GAS ENTERPRISE - GETS CONTRACT FOR LONG TERM SUPPLY OF CBG TO RETAIL OUTLETS OF GUJARAT GAS

• RUDRA GAS ENTERPRISE - MONTHLY BILLING OF 12.5 MILLION RUPEES

Source text: ID:nnAZN4SSWUD

Further company coverage: RUDA.BO

(([email protected];;))

April 23 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• SUPPORTS REVIVAL OF MORBI CERAMIC INDUSTRY WITH ASSURED GAS SUPPLY

Source text: ID:nNSE3DBCqT

Further company coverage: GGAS.NS

(([email protected];;))

April 21 (Reuters) - Rudra Gas Enterprise Ltd RUDA.BO:

• RUDRA GAS ENTERPRISE LTD - TO ENTER TRIPARTITE AGREEMENT WITH GAIL AND GUJARAT GAS

• RUDRA GAS ENTERPRISE LTD - AWARDED CONTRACT TO TRANSPORT COMPRESSED BIO GAS TO GUJARAT GAS

• RUDRA GAS ENTERPRISE LTD - MONTHLY BILLING OF ABOUT 10 MILLION RUPEES AS PER CURRENT PRICING

Source text: ID:nBSEc3jwRr

Further company coverage: RUDA.BO

(([email protected];))

April 20 (Reuters) - ** Gujarat Gas GGAS.NS shares gain as much as 1.21% to 367.20 rupees; last up 0.32%

** Corporate affairs ministry approves merger of group companies into gas distributor

** Nomura ("buy", TP: 390 rupees) says merger should simplify group structure and be earnings-accretive, estimating about 88% upside to EPS

** Adds, co can use about 72 billion rupees ($772.70 million) of accumulated tax losses to offset future taxes

** GGAS rated "hold" on average by 29 analysts, median PT 440 rupees - data compiled by LSEG

** YTD, stock down about 11.5%

($1 = 93.1800 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru)

(([email protected];))

** Adani Total Gas ADAG.NS jumps 14%; Gujarat Gas GGAS.NS, Indraprastha Gas IGAS.NS up 3.4% and 7.2%, respectively

** Petronet LNG PLNG.NS, Mahanagar Gas MGAS.NS, GAIL (India) GAIL.NS gain as much as 3.5%, 3.5% and 3.1%, respectively

** India invokes emergency measures to divert LNG supplies to priority users after disruptions through Strait of Hormuz, prompting review of gas allocations across sectors

** Government orders supplies to be rerouted to households, autos, fertiliser plants

** Macquarie remains positive on midstream and downstream gas firms on expectations of volume recovery in FY27

** But warns Q1 FY27 earnings may be hit and recovery in volumes could be delayed due to supply disruption

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

By Sethuraman N R

NEW DELHI, March 10 (Reuters) - India will likely lean more on its coal capacity to meet peak power demand this summer as liquefied natural gas supplies tighten after shipping disruptions linked to the U.S.-Israeli war on Iran hit exports from major producers, two industry officials said.

New Delhi typically pushes power plants to ramp up generation during the April-June summer months, including costly gas-fired generation, to meet surging electricity demand and subsidises the cost for companies to shield customers from higher prices.

But so far the government has received no bids from power companies to supply 12,000 megawatt-hour of gas-based power for the summer months, an official with knowledge of the matter said. The tender will close in the next two days.

A second official said the power ministry is looking to bring coal plants out of planned outages and advising generators to avoid shutdowns during the peak summer months.

Top utility NTPC NTPC.NS has already told India's grid regulator it will not be able to supply gas-fired power during the April–June summer months, two company sources said.

NTPC and the federal power ministry did not respond to Reuters emails seeking comment.

EMERGENCY PROVISIONS

India has invoked emergency provisions and declared force majeure, reprioritising natural gas supplies to key sectors such as households and fertiliser plants.

India's Petronet LNG Ltd PLNG.NS, the country's top gas importer, has also issued a force majeure notice to customers including top power suppliers GAIL (India) Ltd, Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS after supplies from Qatar and Abu Dhabi National Oil Company were halted.

The country has about 20 gigawatts (GW) of gas-based generation capacity, which typically operates at 6-10% utilisation due to costly LNG, but rises to about 30% during the summer months.

Even if peak demand reaches 250–260 GW this summer, India is unlikely to face material power cuts given ample coal, lignite, nuclear, hydro and wind capacity, said Gautam Shahi, senior director at Crisil Ratings.

India relies on coal power for nearly 75% of its power generation.

"India's thermal coal market is seeing steady import demand, particularly for coal grades used by power producers," said Vasudev Pamnani, director at Gujarat-based coal trader i-Energy Resources.

(Reporting by Sethuraman NR; Editing by Saad Sayeed)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]/))

** Gujarat Gas GGAS.NS falls 6% to 392.45 rupees

** Co restricts gas supply to industrial clients under force majeure clause due to escalating Middle East conflict

** U.S.-Israeli war on Iran disrupts fuel shipments in region, affects Qatar - India's key LNG supplier

** Nearly 700,000 shares traded, 1.7x the 30-day moving avg

** YTD, GGAS down 4.8%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Indian LNG companies' shares plunge as Mideast war escalates

** Nifty oil & gas index .NIFOILGAS down 2.5% vs Nifty 50's .NSEI 2% drop

** Petronet LNG PLNG.NS tumbles 9.5% to 271.75 rupees, set for worst day since June 2024 after 12% intraday drop

** GAIL (India) Ltd GAIL.NS down 6%, Gujarat Gas GGAS.NS slips 2.6%, Indraprastha Gas IGAS.NS falls 5%

** Qatar halts LNG production, risking India's gas supply as Qatar provides 40%-50% of LNG imports

** Petronet issued force majeure notice to QatarEnergy on Monday over LNG tanker disruptions

** J.P. Morgan warns energy firms face significant costs with resource availability risks until shipping routes reopen

** Citi, J.P. Morgan flag GGAS earnings risk as about 33% of gas supplies are Qatar or spot LNG

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

Feb 2 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• POSITRON ENERGY LTD - GETS ORDER WORTH 60.4 MILLION RUPEES FROM GUJARAT GAS

Further company coverage: GGAS.NS

(([email protected];))

** Shares of Gujarat Gas GGAS.NS rise as much as 2.8% to 405.65 rupees, last up 2%

** Co's Q3 profit rises 20% year on year to 2.67 billion rupees despite a dip in revenue

** JP Morgan says gas price environment is favorable for GGAS, but expect little improvement in the company's volume outlook as the subdued volume environment weighs on margins

** Morgan Stanley says gas competitiveness should get incrementally more favourable as LNG supply increases from the U.S.; sees positive triggers lined up for GGAS, with new global gas supply as co has relatively higher exposure to LNG

** Co on avg rated "hold" by 29 anlaysts; median PT at 432.50 rupees- according to data compiled by LSEG

** GGAS fell 17.3% in 2025

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

Jan 20 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• GUJARAT GAS DEC-QUARTER CONSOL NET PAT 2.67 BILLION RUPEES

• GUJARAT GAS DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 38.65 BILLION RUPEES

Source text: ID:nnAZN4S1B1S

Further company coverage: GGAS.NS

(([email protected];))

May 19 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• Q4 NET PAT 2.87 BILLION RUPEES

• Q4 REVENUE FROM OPERATIONS 42.89 BILLION RUPEES

• DIVIDEND 5.82 RUPEES PER SHARE

Further company coverage: GGAS.NS

(([email protected];))

April 18 (Reuters) - India on Friday said it has introduced enhancements to the domestic gas allocation policy with an aim to strengthen the framework for sustained availability and affordability of natural gas.

Under these new directions, from the first quarter of fiscal 2026, domestic natural gas allocations for compressed natural gas (CNG) and piped natural gas (PNG) segments will be done on a two-quarter advance basis, the government said in a statement.

Allocation will also now include new well gas (NWG) from nomination fields of the two state explorers, Oil and Natural Gas Corporation ONGC.NS and Oil India OILI.NS with auction-based allocation for new well gas being replaced with a quarterly pro-rata allocation, to ensure timely and reliable supply, the statement added.

With both administered pricing mechanism gas (APM) and new well gas prices linked to Indian crude basket prices, which are calculated monthly, the government sees the allocation of domestic gas to make natural gas more affordable for CNG and PNG consumers after recent decline in crude prices.

The allocation of natural gas sold under government-set APM has fallen over the years because of lower output at domestic wells. This has led to India's city gas distribution companies like Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS seeing their margins squeezed in last few quarters.

These policy measures come at a time when the government has cut APM gas allocation to city gas distribution companies by 18%-20%, effective April 16.

(Reporting by Ashish Chandra in Bengaluru, Editing by Franklin Paul)

(([email protected]; +91 7982114624;))

Feb 5 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• DEC-QUARTER NET PAT 2.22 BILLION RUPEES

• DEC-QUARTER REVENUE FROM OPERATIONS 43.33 BILLION RUPEES

Source text: [ID:]

Further company coverage: GGAS.NS

(([email protected];;))

Nov 6 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• SEPT-QUARTER CONSOL NET PAT 3.09 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 39.49 BILLION RUPEES

Source text: [ID:]

Further company coverage: GGAS.NS

(([email protected];;))

Aug 30 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• GUJARAT GAS - APPROVED DEMERGER OF GAS TRANSMISSION BUSINESS FROM GGL INTO GSPL TRANSMISSION

Source text for Eikon: ID:nNSE7qjZqH

Further company coverage: GGAS.NS

(([email protected];))

BENGALURU, May 16 (Reuters) - GAIL (India) GAIL.NS, India's top natural gas distributor, posted a smaller-than-expected quarterly profit on Thursday, hurt by weakness in its natural gas marketing business.

Net profit rose more than three-fold to 21.77 billion rupees ($260.8 million) for the March quarter, but fell short of analysts' estimate of 28.29 billion rupees, according to LSEG data.

The state-run company's natural gas marketing segment, which accounts for the bulk of its overall revenue, declined nearly 10%.

Lower gas marketing margins due to a fall in spot LNG prices have been weighing on distribution companies, analysts said.

The company's total revenue slipped 0.9% to 32.33 billion rupees during the January-March period.

Shares of GAIL, which have risen about 20% so far this year, settled 2.6% lower on Thursday.

($1 = 83.4700 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected]; +91 6001289066;))

May 6 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• - DIVIDEND 5.66 RUPEES PER SHARE

• GUJARAT GAS MARCH-QUARTER NET PAT 4.1 BILLION RUPEES VERSUS PROFIT 3.69 BILLION RUPEES

• GUJARAT GAS MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 42.94 BILLION RUPEES VERSUS 40.74 BILLION RUPEES

Source text for Eikon: ID:nNSE9PXTMX

Further company coverage: GGAS.NS

(([email protected];;))

April 15 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• CO, INDIAN OIL CORPORATION HAVE SIGNED A NON-BINDING MEMORANDUM OF UNDERSTANDING

• UNDER MOU IOCL PROVIDING LIQUID FUELS AT GGL OUTLETS

• UNDER MOU IOCL PROVIDING AUTOMOTIVE LUBRICANTS, GREASES, SPECIALTIES AT GGL OUTLET

• UNDER MOU GGL SETTING UP OF CNG MOTHER FACILITY AT IOCL OUTLETS

Source text for Eikon: [ID:]

Further company coverage: GGAS.NS

(([email protected];))

March 15 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• TO INVITE EXPRESSION OF INTEREST FROM CERAMIC CUSTOMERS

Source text for Eikon: ID:nBSE21dQB5

Further company coverage: GGAS.NS

(([email protected];))

March 7 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• CO, BHARAT PETROLEUM CORPORATION HAVE ENTERED INTO A MEMORANDUM OF UNDERSTANDING

• MOU TO COLLABORATE ON VARIOUS FRONTS TO STREAMLINE OPERATIONS AND IMPROVE SERVICE DELIVERY

• MOU WITH BPCL FOR PROVISION OF LIQUID FUELS

• MOU WITH BPCL FOR EXPANSION OF CNG INFRASTRUCTURE

• MOU FOR SETTING UP CNG MOTHER FACILITY AT BPCL OUTLETS

Further company coverage: BPCL.NS

(([email protected];))

Feb 13 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• GUJARAT GAS LTD DEC-QUARTER NET PAT 2.2 BILLION RUPEES VERSUS 3.71 BILLION RUPEES

• GUJARAT GAS LTD DEC-QUARTER REVENUE FROM OPERATIONS 40.84 BILLION RUPEES VERSUS 38.21 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: GGAS.NS

(([email protected];))

By Sethuraman N R

QUITOL, India, Feb 6 (Reuters) - India's city gas distributor Mahanagar Gas said it will consider hiking gas prices for customers if a shortfall in subsidised supply persists, a company executive said.

Companies including Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS, Mahanagar Gas MGAS.NS have seen their margins squeezed because the allocation of natural gas sold under government-set Administered Pricing Mechanism (APM) has fallen because of lower output at domestic wells. To make up the shortfall, the companies have to buy gas on the more expensive open market.

APM allocations are expected to further decline as explorer Oil and Natural Gas Corp ONGC.NS slashed its peak output from the KG-D6 basin in January.

"In December, we have seen some disruptions in APM gas allocations and eventually as the gas demand increases, the allocations will come down," said Ashu Shinghal, managing director of Mahanagar Gas.

"Right now we are absorbing costs, if APM allocations go down further we will take a call on price hikes," Shinghal said.

Shinghal expects the company's gas demand to rise by 6% to 7% from a year ago in the fiscal year 2025.

Demand from the industrial, commercial sector has been good and Asian liquefied natural gas prices are expected to be stable, Shinghal added.

(Writing by Mohi Narayan; Editing by Christian Schmollinger)

(([email protected]; https://twitter.com/_mohi_;))

Jan 31 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• SIGNED MEMORANDUM OF UNDERSTANDING WITH HINDUSTAN PETROLEUM CORPORATION

• HPCL MOU FOR PROVIDING LIQUID FUELS AT CO'S OUTLETS, FOR CO TO SET UP CNG FACILITY AT HPCL OUTLETS

Source text for Eikon: ID:nNSE99QRGM

Further company coverage: GGAS.NS

(([email protected];))

Nov 2 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• INDIA'S GUJARAT GAS Q2 NET PAT 2.98 BILLION RUPEES; REFINITIV IBES PROFIT EST. 2.68 BILLION RUPEES

• GUJARAT GAS Q2 REVENUE FROM OPERATIONS 39.91 BILLION RUPEES

• GUJARAT GAS YEAR AGO Q2 NET PAT 4.04 BILLION RUPEES, REVENUE 41.08 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: GGAS.NS

(([email protected];))

Sept 21 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• SHAREHOLDING IN GUJARAT GAS LTD INCREASED FROM 4.981% TO 5.012%

Source text for Eikon: ID:nBSE6FsDq7

Further company coverage: GGAS.NS

(([email protected];;))

Aug 2 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• Q1 NET PAT 2.15 BILLION RUPEES

• Q1 REVENUE FROM OPERATIONS 39.24 BILLION RUPEES

• YEAR AGO Q1 NET PAT 3.81 BILLION RUPEES, REVENUE 53.03 BILLION RUPEES

Further company coverage: GGAS.NS

(([email protected];))