Mahanagar Gas zooms on inking letter of intent with Fuel Delivery

Mahanagar Gas is currently trading at Rs. 767.25, up by 17.45 points or 2.33% from its previous closing of Rs. 749.80 on the BSE.

mahanagar gas gains on reducing cng png prices
mahanagar gas gains on reducing cng png prices

The scrip opened at Rs. 757.80 and has touched a high and low of Rs. 784.25 and Rs. 757.80 respectively. So far 21727 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1284.45 on 17-Jun-2021 and a 52 week low of Rs. 680.20 on 24-Feb-2022.

Last one week high and low of the scrip stood at Rs. 784.25 and Rs. 735.00 respectively. The current market cap of the company is Rs. 7591.57 crore.

The promoters holding in the company stood at 32.50%, while Institutions and Non-Institutions held 52.32% and 15.18% respectively.

The Fuel Delivery has signed a ‘letter of intent’ with the Mahanagar Gas to set up mobile CNG stations in the city Mumbai. The 24×7 service will cater to all CNG-run auto rickshaws, cabs, private and commercial vehicles, school buses and other vehicles that use CNG.

With the launch of the doorstep service, CNG customers will be able to refuel their vehicles without having to spend hours in queues at CNG stations.

The startup has received approval from MGL (Mahanagar Gas) to operate two composite CNG Dispensing Units (CDUs) or mobile CNG stations in Mumbai, to begin with.

The service will start in the next three months from Sion and Mahape in Mumbai and gradually it will be extended to other parts of the city.

Mahanagar Gas is in the business of City Gas Distribution (CGD), supplying natural gas in the city of Mumbai including its adjoining areas and the Raigad district, in the State of Maharashtra, India.

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