Jobaaj Stories
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
