The scrip had moved down from Rs 463 to Rs 382. Now it has found the bottom and is edging up. Both the stochastic indicator as well as the RSI indicator on the daily charts have signalled a buy.

The stochastic indicator is moving up from the oversold region. Therefore, the upside potential is considerable. Around 52,000 shares were traded at the BSE on Tuesday and a similar quantity at the NSE. British Gas has an equity stake in Gujarat Gas, and the parent is looking at gas and oil exploration in Gujarat.

Located at the Western coast, Gujarat Gas can lever itself in future with gas supplies from middle east or discoveries of its associates.