Shares of GAIL (India) Ltd. rose over 5% to hit a record high on Monday after it sued SEFE Marketing & Trading Singapore Pte. for damage caused by the non-supply of LNG.
The company has filed an arbitration claim worth $1.8 billion, or about Rs 15,000 crore, against SEFE Marketing & Trading Singapore Pte., formerly known as Gazprom Marketing and Trading Singapore Pte. Ltd., in the London Court of International Arbitration, according to an exchange filing.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The matter pertains to the non-supply of LNG cargoes to GAIL under a long-term contract with SEFE, the company said. GAIL filed the claim on Nov. 30 in London.
Shares of the company rose as much as 5.62%, the highest since its listing on July 2, 1997, before paring gains to trade 5.59% higher at 10:21 a.m. This compares to a 1.34% advance in the NSE Nifty 50.
The stock has risen 48.98% on a year-to-date basis. Total traded volume so far in the day stood at 9.1% times its 30-day average. The relative strength index was at 80.79.
Of the 31 analysts tracking the company, 24 maintain a 'buy' rating, five recommend a 'hold', and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.6%.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.