This Gujarat government-owned stock rallies after an investment announcement of Rs 40,000 crore

The scrip is currently trading at 13.33x PE.

On September 9, there was a lot of stock-specific action. According to BSE, a staggering number of 207 stocks hit their fresh 52-week high, while 15 were trading at their 52-week low. However, S&P BSE Sensex managed to close only 0.18 per cent higher on the day. 

Today, Gujarat State Petronet Ltd was one of the Top Gainers in BSE group 'A.' Gujarat State Petronet's stock rose 6 per cent to Rs 254 per share. The stock opened at Rs 241.25 and reached intraday highs and lows of Rs 262 and Rs 241, respectively. 

Gujarat State Petronet Ltd (GSPL) was established in 1979 by the Gujarat government. Before the company name was changed in 1994, it was known as Gujarat State Petrochemicals Corporation Limited. 

GSPL is one of India's leading oil and gas exploration, development, and production companies. GSPL and its subsidiaries are primarily involved in natural gas pipeline transmission.  

The company recently made headlines when it announced a plan to invest Rs 40,000 crore over the next five years to expand its import infrastructure. On August 29, the company also confirmed that it would pay a dividend of Rs 2 per share to its shareholders on October 21. 

The company reported revenue of Rs 17991 crore for FY22, with a net profit of Rs 2231 crore. As of the FY22 period ending, the company's ROE and ROCE are 23 per cent and 36.2 per cent, respectively. 

The 52-week high and low for the stock are at Rs 357.05 and Rs 209.45, respectively. The scrip is currently trading at 13.33x PE.