As of September 30, 2020, the public shareholders held 47.89 per cent stake in GAIL, with foreign portfolio investors (15.09 per cent) and mutual funds (10.60 per cent) holding more than 10 per cent stake, shareholding
pattern data shows. Oil and Natural Gas Corporation (4.86 per cent) and Indian Oil Corporation (2.43 per cent) collectively held 8.32 per cent of shares, data shows.
In the past three months, the stock of GAIL India
has outperformed the market by surging 66 per cent as compared to a 22-per cent rise in the S&P BSE Sensex.
"Overall volumes are now back to pre-Covid levels. Polymer prices are also strong, with healthy momentum expected in the January-March quarter (Q4FY21). Petchem demand outlook is good and Pata plants are running stable. Q1/Q2FY22 would see some domestic capacity increase from HMEL. The gas trading outlook is better amid high international prices but the current situation is volatile and GAIL is monitoring the same, hence, we cannot say if further hedging can be done. GAIL expects spot LNG prices to cool off going ahead," analysts at Emkay Global Financial Services said in a stock update.
A buyback, also known as a share repurchase, is when a company buys its own outstanding shares to reduce the number of shares available in the open market. Companies buy back shares for a number of reasons, such as to increase the value of remaining shares available by reducing the supply or to return surplus cash to shareholders.
According to a PTI report, the government has asked at least eight state-run companies to consider share buybacks as it scours for ways of raising funds to rein in its fiscal deficit.
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