March 8, 2023

GAIL to get price hike boost

Blog | F&O

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Options setup (Expiry: 9 March)

Nifty50 Max Call OI	17,800
Nifty50 Max Put OI	17,500
Max Pain	17,700
PCR	1.13

Bank Nifty Max Call OI	41,500
Bank Nifty Max Put OI	41,000
Max Pain	41,300
PCR	1.00

⭐GAIL gets price hike boost
109 ▲3 (+3.7%)

Shares of GAIL (India) surged more than 3% on Monday, while the OI of its March futures contract fell 1.5%, indicating a short covering. This comes after reports suggested that the Petroleum and Natural Gas Regulatory Board (PNGRB) invited comments from all stakeholders on the proposed 41% tariff hike on all GAIL pipelines by 15 March.

⭐MGL rises on new acquisition
987 ▲80 (+8.8%)

Mahanagar Gas jumped over 8% on Monday, while the OI of its March futures contract rose 47.8%, indicating a long build-up. This comes after the company acquired a 100% stake in Unison Enviro, a city gas distributor, for ₹531 crore. The acquisition will enable MGL to expand into newer areas in Maharashtra and Karnataka.

⭐Balrampur Chini jumps over 2%
376 ▲10 (+2.9%)

Shares of the sugar manufacturer rose more than 2% on Monday, along with the other sugar stocks. The OI of its March futures contract fell 2.6%, indicating a short covering. This comes after reports suggested that the government could export an additional 1 million tonnes of sugar if domestic production reaches an estimated 33.6 million tonnes this year.

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