GAIL is trading flat on the BSE Oil & Gas index.
The Oil & Gas index opened at 12,403.96 and hit 12,495.15 levels. The index is trading 14 points higher at 12,488.25.
Indraprastha Gas Ltd, the largest CNG distribution company of the country, reported a 12% rise in March quarter net profit on the back of higher gas sales.
For Q4FY20, PAT margin reported an increase of 167bps and stood at ~14.5% as against PAT margin of ~12.8% in Q4FY19. Lower tax expenses coupled with higher gas sales helped the company achieve ~12% yoy growth in net profit.
Meanwhile, petrol price and diesel price were hiked for the 12th consecutive day. Petrol price was hiked by 53 paise per litre and diesel by 64 paise a litre in the national capital.
According to data from Indian Oil Corporation, petrol price in Delhi was hiked to Rs77.81 per litre, while diesel rates were increased to Rs76.43 a litre.
Further, domestic market fluctuated between gains and losses traded. Investors turned further cautious after Fitch Ratings revised India's outlook to negative and affirmed rating at ‘BBB-'. It expects economic activity in India to contract 5% in FY21.
Zee Entertainment and UPL were the Nifty50 top gainers while ONGC, Adani Ports remained top losers in the morning trade.