Prince Pipes and Fittings shares rallied 8 percent intraday on Thursday after the Union government approved a gas pipeline network in the northeast.
At 11:15 am, the shares were trading 7.47 percent higher to Rs 164.70 per share on the NSE, while on an intraday basis, the stock price rallied 8 percent to Rs 165.50.
On Wednesday, the government announced viability gap funding (VGF) of Rs 5,559 crore for a gas pipeline network proposed to be built in the northeast.
The 1,656 kilometre North-East Natural Gas Pipeline Grid will connect Guwahati in Assam to major cities in the region such as Itanagar, Dimapur, Kohima, Imphal, Aizwal, Agartala, Shillong, Silchar, Gangtok, and Numaligarh.
The pipeline will enable the supply of piped cooking gas to households and compressed natural gas (CNG) to automobiles, besides fuel to industry.
The consortium had pitched for a 60 percent funding support from the government and would raise the rest via equity and debt. The pipeline will not be viable without government support.
Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM