MGL hits a new high
Mahanagar Gas Ltd (MGL) is a bright star today; opening 2% higher at Rs.926, the stock price surged to hit a new 52-week high at Rs.983.60 on the back of a robust 12x rise in volumes.
The stock hit a new high after it signed an agreement to acquire 100% stake in city gas distributor (CGD) Unison Enviro (UEPL),a subsidiary of Ashoka Buildcon, for Rs 531 crore.
UEPL has been authorised by PNGRB to implement the CGD network in Geographical Areas (GAs) of Ratnagiri, Latur & Osmanabad in the state of Maharashtra, and Chitradurga & Devengere in the state of Karnataka.
MGL has bought the entire stake of UEPL and existing shareholders of UEPL (Ashoka Buildcon and an investment fund managed by Morgan Stanley India Infrastructure).
MGL provides clean and affordable fuel to over 2.1 million households, around 0.91 million vehicles including 4488 commercial and industrial establishments.