Hot Stock: This gas transmission & marketing company announces Rs 943.01 crore contingent liability reduction!
The stock is up by 80 per cent in just 3 years and over 110 per cent in 1 decade.
Customs Authority, Dapoli vide orders dated 29.03.2023 had confirmed demand of Rs 934.01 crore including penalty and interest, on account of Special Additional Duty (SAD) and Customs Duty on differential quantity, while finalizing provisionally assessed Bill of Entries in respect of import of LNG by Company during Sept 2017 to Mar 2022 at Dabhol Port, Ratnagiri.
GAIL has preferred appeal before Commissioner (Appeals) Pune, against the aforesaid orders. The Commissioner (Appeals) vide Order in Appeal no. OIA PUN-CT-APP-II(RKD)-051-058/2023-24 dated 28.07.2023 dropped the entire demand with a direction to assessing authority to re-assess the Bill of Entries considering the exemption of SAD on LNG and levying custom duty on final invoice value instead of a bill of lading quantity. It will result in the reduction of contingent liability by an amount of Rs 934.01 crore.
GAIL, a Government of India undertaking, is an integrated natural gas company in India. It owns over 11,500 km of natural gas pipelines, over 2300 km of LPG pipelines, six LPG gas-processing units and a petrochemicals facility.
It also has a joint-venture interest in Petronet LNG Ltd, Ratnagiri Gas and Power Pvt Ltd, and in the CGD business in several cities. GAIL has wholly owned subsidiaries in Singapore and the US for expanding its presence outside India in the segments of LNG, petrochemical trading and shale gas assets.
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On Wednesday, shares of Gail India Ltd plunged 0.39 per cent to Rs 115.95 per share with an intraday high of Rs 117 and an intraday low of Rs 115.65. The stock’s 52-week high is Rs 122.85 and its 52-week low is Rs 83.
The stock is up by 80 per cent in just 3 years and over 110 per cent in 1 decade. Investors should keep an eye on this Large-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.