Mahanagar Gas gains as Shell sells 10 pc stake

Gayathri Udyawar
/ Categories: Trending, DSIJ News
Mahanagar Gas gains as Shell sells 10 pc stake

The city gas distribution company Mahanagar Gas was buzzing in the bourses following a 10 per cent stake sale through a block deal on Tuesday.

Mumbai-based Mahanagar Gas is joint venture of GAIL (India) Limited, Government of Maharastra and the BG Group, (UK), which is a wholly-owned subsidiary of Royal Dutch Shell.

In a block deal on Tuesday morning, around 9.98 million equity shares, that is 10 per cent total equity of MGL changed hands on the NSE exchange at Rs. 780 per share for total consideration of Rs. 770 crore. With this transaction, Shell has exited from the company.

For Q1FY20, the company reported revenue of Rs. 831.19 crore as compared to Rs. 676.27 crore in Q1FY19. PAT for the quarter was at Rs. 170.24 crore as compared to Rs. 128.33 crore. The company's results improved with a fall in spot natural gas prices in the international market and a cut in operational cost.

Reacting to this development, the stock of Mahanagar Gas was quoting Rs. 849.10 per share, up by Rs. 61.75 or 7.84 per cent in the closing minutes of trade on Tuesday. The cost had hit an intraday high of Rs. 878.35 per share on BSE.

 

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