GAIL bonus shares record date 2022: Oil & Gas stock gains ahead of turning ex-bonus tomorrow; check target price, other details

GAIL share price: Shares of oil and gas company, GAIL India, jumped one and half per cent in BSE intraday trade ahead of trading ex-bonus from Tuesday, September 6, 2022.

GAIL Bonus Shares: The Board of Directors of GAIL India has announced one new share for every two shares held by eligible shareholders on the cut-off date. Source: Reuters

GAIL share price target 2022: Shares of oil and gas company, GAIL India, jumped one and half per cent in BSE intraday trade ahead of trading ex-bonus from Tuesday, September 6, 2022. The energy counter marginally gained by 1.3% to Rs 137.25 per share intraday on Monday. GAIL Bonus shares record date is September 7.

The Board of Directors of GAIL India has announced one new share for every two shares held by eligible shareholders on the cut-off date.

"This is to inform that the company has fixed Wednesday, 7th September, 2022 as the Record Date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1 :2 i.e. one new bonus equity share of Rs. I 0/- each for every two existing equity share of Rs. I 0/- each held," it said in a regulatory filing.

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Earlier, in a report on August 28, ICICI Direct has given a buy call on the counter after the company reportedly got into discussions over the import of natural gas to India from Gazprom Singapore, a subsidiary of Gazprom Germany where the Russian company holds a stake.

It feels India is expected to benefit from this as the contracted gas would be procured at a price lower than spot LNG prices.

Lowering of gas sourcing costs will be favourable for gas utilities such as Gail India and Petronet LNG as volume offtake is likely to increase for sectors such as CGD, fertiliser, etc.

The brokerage recommended a buy call on Gail India with a target price of Rs 160/share. It translates into an upside of nearly 19% on Friday's closing price of the counter.

The oil & gas scrip traded on 52-week high value of Rs 173.45 on April 19 this year, while it touched one-year bottom of Rs 125.20 in December 2021.

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