GUJGASLTD

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)

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** Gujarat Gas GGAS.NS slips 3.4% to 444.8 rupees

** CLSA says co cuts FY25 EBITDA outlook to 4.5-5.5 rupees/standard cubic meter (SCM), citing higher discounts on propane gas, lower vols

** Sees significant headwinds for co over next few quarters

** Co's previous FY25 EBITDA outlook was 5-6 rupees/SCM

** J.P. Morgan says pressures from competing fuels, rising gas purchase costs likely to sustain in near-term

** PhilipCapital says volatility in sales from Morbi plant further clouds FY26 growth outlook

** At least 12 brokerages, including PhilipCapital, CLSA and J.P. Morgan, cut PT post February 7 earnings call - LSEG

** Mean PT of 28 brokerages slips to 492.32 rupees from 514.22 rupees earlier

** Stock rated "hold" on avg, same as peer Indraprastha Gas IGAS.NS; Mahanagar Gas MGAS.NS rated "buy"

** YTD, GGAS down ~6%

(Reporting by Manvi Pant in Bengaluru)

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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:]

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** Shares of India's Gujarat Gas GGAS.NS jump 4.2% to 550 rupees

** City gas distributor's Q2 net PAT rose 3% as cost control offset a 1% dip in revenue

** GGAS, peer Indraprastha Gas IGAS.NS rated "hold" on an average vs "buy" on Mahanagar Gas MGAS.NS - LSEG data

** YTD GGAS up ~19%, IGAS and MGAS gained 5.5% and 20.5%, respectively

(Reporting by Hritam Mukherjee in Bengaluru)

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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

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** Shares of Gujarat Gas GGAS.NS and Gujarat State Petronet GSPT.NS up 10% and 4.3%, respectively

** GGAS hits highest since Feb 2022

** GGAS, GSPT and their holding co Gujarat State Petroleum Corporation said on Friday they will merge

** Merged entity to spin out gas transmission business from GGAS into new co named GSPL Transmission Ltd, which will have equity shares listed

** GGAS will be able to capture margins in gas imports unlike peers, which rely on intermediaries like GAIL - Ambit

** GGAS operates in lucrative markets and flexibility of gas sourcing will allow it to tie up and scale up customer volumes faster - Ambit

** GGAS shares up 45% YTD, GSPT up 48% YTD

(Reporting by Sethuraman NR in Bengaluru)

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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

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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)

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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

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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:]

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

• TO INVITE EXPRESSION OF INTEREST FROM CERAMIC CUSTOMERS

Source text for Eikon: ID:nBSE21dQB5

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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

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** Shares of gas distributor Gujarat Gas GGAS.NS up 2.4% at 579 rupees

** GGAS' 8% price cut for industrial PNG supplies to the Morbi cluster to drive healthy uptick in volumes for short term - brokerage Nomura

** Morbi, located in Gujarat state, has the country's largest ceramic industry cluster

** However, as underlying propane prices begin to decline from May, see risks to volume recovery - Nomura

** GGAS to find it challenging to keep cutting prices as incremental decline in propane prices outpaces decline in spot LNG prices - Nomura

** Avg rating of 26 analysts equivalent to "hold;" median price target is 532 rupees - LSEG data

** Stock up 24.5% YTD

(Reporting by Rama Venkat in Bengaluru)

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** Shares of Gujarat Gas Ltd GGAS.NS down 4.1% at 557.2 rupees

** At least three analysts downgrade city gas distributor after quarterly results

** Nomura downgrades to "reduce" from "neutral"; highlights weak volume outlook for key clients in Morbi industrial cluster and expensive valuation vs peers

** GGAS has 12-mth forward P/E of 27.2 vs Indraprastha Gas's IGAS.NS 15.2 and Mahanagar Gas's MGAS.NS 13.1

** Stock's current price "factors in all potential upsides and offers no margin of safety" - Nomura

** Emkay downgrades to "sell" from "reduce" while flagging "volatile margin profile"

** Eight analysts rate stock "strong sell" the most in at least a year - LSEG data

** Stock trims YTD gains to 19%

(Reporting by Nandan Mandayam in Bengaluru)

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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

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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)

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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

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** Equirus Securities says falling spot liquefied natural gas (LNG) prices will help Gujarat Gas Ltd's GGAS.NS volumes, margins recover

** Brokerage rates stock "buy" and upgrades EPS estimate for FY25 by 16%, FY26 EPS estimate by 3%

** LNG prices fell 30% in December to $11.2/mmbtu

** GGAS was hit badly when LNG prices soared in 2022, with key clients from industrial hub of Morbi switching from LNG to propane

** With lower prices, GGAS can regain some volume from propane - Equirus

** Gas distributor's shares closed up 3% at 493.85 rupees, its highest since late May; rose 8% over last 2 sessions

** Equirus' price target of 537 rupees higher than analysts' median PT of 468.5 rupees - LSEG data

(Reporting by Nandan Mandayam in Bengaluru)

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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:]

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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

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** Shares of India's Gujarat Gas GGAS.NS down as much as 7.09% to hit lowest since Aug 8, 2022 at 438.60 rupees

** The Gandhinagar-based gas distributor posted a 44% slump in Q1 profit and 26% drop in revenue

** Stock on track for third consecutive session of losses, shares currently fall below 50-day and 100-day simple moving averages

** More than 2.7 mln shares changed hands, twice the 30-day avg

** Mean recommendation of 27 analysts eyeing the stock is "hold", median TP is 531 rupees - Refinitiv IBES data

** Including session's losses, GGAS down nearly 7% so far this year

(Reporting by Hritam Mukherjee in Bengaluru)

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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

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** Indian gas distributor Gujarat Gas GGAS.NS drops as much as 1.89% to 471.50 rupees after ICICI Securities downgrades co to "hold" from "buy" on potentially lower margins

** Brokerage says drop in Asian LPG prices may impact co's Q2 FY24 pricing, pose material challenges

** Adds volume growth may require price reduction of 3-4 rupees per standard cubic meter in Q2 FY24, can "significantly impact" FY24 margins

** Rating house says chasing volumes "risky bet" in weak pricing environment, slashes TP from 585 rupees to 494 rupees

** More than 927,671 shares changed hands by 12:50 P.M. IST, 0.8x 30-day avg

** Mean recommendation of 27 analysts is "buy"; median TP 531 rupees - Refinitiv IBES data

** GGAS has fallen 2.6% so far this year

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Gujarat Gas GGAS.NS rise as much as 5.8% to 492 rupees, mark sharpest intraday pct gain since May 11

** Analysts at Antique Stock Broking consider the recent hike in custom duty on propane by Indian govt. a "big positive" for GGAS; maintains "buy" rating with TP of 602 rupees

** Adds, the custom duty hike places GGAS in a favourable position to regain lost market share to propane in Morbi

** Price hike in propane to offset price advantage against LNG, benefiting firms like Gujarat Gas - Antique

** Peer Indraprastha Gas IGAS.NS too has risen, up as much as 2.36% at 484.50 rupees

** More than 4.6 mln shares of GGAS change hands by 1:20 p.m. IST, 4.2x 30-day avg of 1.1 mln shares

** 14 of the 27 analysts covering GGAS have a "buy" or "strong buy" rating, 7 have "hold" while 6 rate it at "sell" or "strong sell"; median PT is 533 rupees - Refinitiv data

** Including session's gain, stock pares some its losses, last down 1.9% YTD

(Reporting by Ashish Chandra in Bengaluru)

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** Shares of Gujarat Gas Ltd GGAS.NS rise as much as 6% to 490.60 rupees, highest in six weeks

** The city gas distributer posted a bigger-than-expected drop in quarterly profit on Wednesday, dragged by sales weakness in key industrial segment. Analysts expect the company to continue to report growth in sales volume of Morbi gas, while they see low gas price weighing on margins

VOLUME GROWTH TO COME AT THE EXPENSE OF MARGINS

** Nirmal Bang ("buy", PT, PT raised to 629 rupees from 614 rupees) raises earnings estimates for FY2024 and FY2025 by 16.7% and 18.5%, respectively, citing potential growth uptick due to revival in Morbi volume growth

** Emkay Global ("hold", target price raised to 530 rupees from 520 rupees) says Q4 results were a positive surprise, aided by drop in unit gas costs, volume growth

** Ambit Capital ("sell", PT unchanged at 490 rupees) expects volume CAGR of 9% of FY2022-2026, sees earnings growth coming at the cost of margins

** Jefferies ("Underperform", PT cut to 420 rupees from 425 rupees) raises volume estimate for FY2024 and FY2025, but sees limited earnings upside despite higher volumes due to price cuts in Morbi gas

(Reporting by Bharath Rajeswaran in Bengaluru)

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May 10 (Reuters) - Gujarat Gas Ltd GGAS.NS:

• MARCH-QUARTER NET PAT 3.69 BILLION RUPEES VERSUS 4.44 BILLION RUPEES

• MARCH-QUARTER REVENUE FROM OPERATIONS 40.74 BILLION RUPEES VERSUS 47.73 BILLION RUPEES

• RECOMMENDED DIVIDEND OF 6.65 RUPEES PER SHARE

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