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market | IST

Momentumisers: Here’s why GSPL is surging

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GSPL (India) stock was surging yesterday, November 17, and closed higher by around 2 percent and for the year itself, it's up around 45 percent.

Gujarat State Petronet Limited (GSPL) stock was surging yesterday, November 17, and closed higher by around 2 percent and for the year itself, it's up around 45 percent. Compared to the other oil and gas players, it has actually done well this year.
Yesterday's volumes were 2.2 times the average volumes that the stock trades at and in terms of yesterday's turnover, it was equal to the turnover of the last three trading sessions as far as this stock is concerned.
The current market price is Rs 320 per share and the stock is above its 20-day moving average (DMA) and way below its 100-DMA average number.
The Q2FY22 numbers for this particular company were quite strong. However, going forward, there's a need to see whether high gas prices is something that will impact the volumes because whenever gas prices are higher, transmission volumes for this company are impacted because of the outflow from the city gas distribution space and the power space gets impacted as well. So that is something to watch out for, but as of yesterday, a lot of momentum was seen in the stock.
Watch the accompanying video of CNBC-TV18’s Sonal Bhutra for more details.