PNGRB reduced the tariffs to ₹18.1/mmbtu (million British Thermal Unit), from the earlier price of ₹34/mmbtu. GSPL had asked a revision of price to ₹50.8/mmbtu to the board, which was not approved.
GSPL shares: Mirae Asset Mutual Fund held 4,83,53,196 shares, or 8.57 per cent, stake in GSPL at the end of March quarter. It further cut its stake to 4,65,69,163 shares or 8.25 per cent, before selling further GSPL shares.
GSPL shares plunged 20% to Rs 302 as PNGRB slashed tariffs for its high-pressure network by 47% to Rs 18.1/mmbtu from Rs 34.0/mmbtu, contrary to GSPL s requested revision to Rs 50.77/mmbtu.
GSPL share price target: ICICI Securities said the regulator seems to have disagreed materially with the GSPL on almost all tariff parameters, cutting assumptions on capex, opex and applicable volumes, driving the steep change.
In a filing to the stock exchanges, UPL stated that the company has made it to the Dow Jones Sustainability Index (DJSI) after its outstanding performance on sustainability parameters. It is the first agrochemical company included in the esteemed Dow Jones Sustainability World and Emerging Markets Indices (DJSI).