Shares of Mumbai’s city gas distributor, Mahanagar Gas Ltd (MGL), have declined 4.5% this week. Shell India may finally exit the city gas distribution business by selling its 10% stake in the company, said a Mint report on Monday.
Shares of gas distribution companies such as Indraprastha Gas (IGL), Gujarat Gas and Mahanagar Gas gained a lot of traction on Monday after global brokerage Jefferies initiated coverage on these stocks.
Mahanagar Gas took a tumble by over 5 per cent early today after two block deals. A good 14 per cent shares, which translates into 13.90 million, changed hands.
A unit of Royal Dutch Shell has sold 8.5 per cent stake in Mahanagar Gas Ltd, the firm which retails CNG to automobiles and piped cooking gas to households in Mumbai and adjoining areas.
Oil companies shares tank 8% on reports government to ask to absorb Re 1/litre hike; HPCL, IOC, BPCL crash
Shares of almost all the oil marketing companies cracked in the late morning trades on the news reports that the government may ask the firms to absorb Re 1 per litre hike and pass on the maximum possible benefit to the customers
Tata CommunicationsBSE 2.81 % will work with Mahanagar Gas (MGL) to deploy 5,000 smart gas meters in Mumbai. The telecom operator, on Tuesday, said that the new smart meters will give households and businesses visibility and control over their gas usage, allowing MGLBSE 0.94 % to improve its operational efficiencies.
PhillipCapital Conference on energy sustainability is taking place in Mumbai today. To talk about the theme Vineet Bhatnagar, MD & CEO of the company spoke to CNBC-TV18 from the sidelines of the conference.