Mumbai-based natural gas distributor Mahanagar Gas Limited (MGL) saw high volumes at the bourses as the stock hit its 52-week high after the company announced its acquisition of Unison Enviro Private Ltd.


Mumbai-based natural gas distributor Mahanagar Gas Limited (MGL) saw high volumes at the bourses as the stock hit its 52-week high after the company announced their acquisition of Unison Enviro Private Ltd. 

MGL is one of India's leading natural gas distributors, established in 1995. It is a JV between GAIL, Govt. of Maharashtra and BG Group. 

The acquisition of Unison Enviro Private Ltd (UEPL), a private gas distribution company, by this government-owned company will enable it to expand its presence in strategically significant regions of Maharashtra and Karnataka, as it acquires 100% ownership stake in the UEPL.

Moreover, the acquisition will also help the company drive long-term growth and enter new markets to expand its presence. However, it will require the approval of the Petroleum and Natural Gas Board of India since UEPL was a direct rival of MGL. 

Investors reacted positively to the news as the stock witnessed a gap-up opening as it opened at Rs 920 per share at 9:15 am. Buying pressures persisted throughout the day as the stock surged 8.72% in one day. 

The stock reached its 52-week high of Rs 989.50 per share, a price level it hadn't reclaimed since falling from it in November 2021. Finally, the stock closed at Rs 985.95 per share today. 

- Aman Agarwal 
 

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