The company made this announcement after trading hours on Thursday, 10 January 2008.

Meanwhile, BSE Sensex was up 100.07 points or 0.49% to 20,682.15.

On BSE, 9,446 shares were traded in the counter. The stock had an average daily volume of 5.67 lakh shares in the past one quarter.

The stock hit a high of Rs 500 and a low of Rs 485.20 so far during the day. The stock hit a 52-week high of Rs 555 on 1 January 2008 and a low of Rs 254 on 14 March 2007.

The large-cap scrip had underperformed the market over the past one month till 10 January 2008, declining 9.57% as compared to the Sensexs return of 1.01%. It had outperformed the market in the past one quarter, rising 21.15% as compared to the Sensexs rise of 11.74%.

The companys current equity is Rs 845.65. Face value per share is Rs 10.

The current price of Rs 487 discounts Q2 September 2007 annualized EPS of Rs 27.08 PE multiple of 17.98.

GAIL India and Coal India (CIL) will jointly develop a surface coal gasification project for production of synthesis gas to be used as feedstock for fertilizer production. The project would entail an investment of around Rs 2400 crore for setting up the coal gasification plant.

On 11 December 2007, GAIL India signed a gas cooperation agreement with the Department of Industries and Commerce, government of Puducheri.

On 10 December 2007, GAIL India signed an agreement with Reliance Gas Transportation Infrastructure for transmission of natural gas from the Krishna Godavari basin.

On 5 December 2007, the company signed a memorandum of understanding (MoU) with Reliance Industries for joint co-operation in petrochemicals.

GAIL Indias net profit rose 27.7% to Rs 572.54 crore on 22.2% growth in net sales to Rs 4528.90 crore in Q2 September 2007 over Q2 September 2006.

The company produces liquefied petroleum gas (LPG), distributes natural gas and process petrochemicals.

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