Mumbai, October 7 (Udaipur Kiran): Shares of Mahanagar Gas Limited (MGL) traded higher on Monday after the company announced the signing of a Memorandum of Understanding (MoU) with Oil India Limited (OIL) to collaborate across the LNG value chain and explore emerging clean energy opportunities.
The stock was trading at ₹1306.95, up ₹23.80 or 1.85%, compared to its previous close of ₹1283.15 on the BSE. The scrip opened at ₹1282.55 and touched an intraday high of ₹1326.80 and a low of ₹1282.55. Around 684 shares were traded on the counter during the session.
The BSE Group ‘A’ stock, with a face value of ₹10, has a 52-week high of ₹1920.00 (recorded on October 7, 2024) and a 52-week low of ₹1075.00 (recorded on November 18, 2024). Over the past week, the stock has traded between ₹1333.45 and ₹1273.00. Mahanagar Gas currently commands a market capitalisation of ₹12,674.67 crore.
In terms of shareholding, promoters hold 32.50%, while institutional investors account for 58.00%, and non-institutional investors hold 9.50%.
Under the newly signed MoU, MGL and OIL will explore joint opportunities in the Liquefied Natural Gas (LNG) value chain and other clean energy initiatives. Mahanagar Gas, which has already forayed into the LNG sector by operating LNG retail stations, continues to expand its footprint in sustainable energy.
Oil India, a leading upstream energy company, is undertaking an extensive hydrocarbon exploration and development programme and aims to significantly ramp up gas production. It is also working on a clear roadmap for advancing its clean energy portfolio.
Mahanagar Gas is a major City Gas Distribution (CGD) company, supplying natural gas to Mumbai, its adjoining areas, and the Raigad district in Maharashtra.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.