Indraprastha Gas signs MOU to establish compressed biogas plants

Stocks
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About the MoU

Indraprastha Gas Ltd (IGL) has signed a Memorandum of Understanding (MoU) with two technology partners during India Energy Week 2024 to establish Compressed Biogas (CBG) plants across four states: Delhi, Haryana, Rajasthan, and Uttar Pradesh. Additionally, IGL has already empanelled two other partners for the same purpose. The biogas produced from these 19 plants shall be fed into IGL’s City Gas Distribution network.

This partnership aims to produce 0.45 MMSCMD (Million Metric Standard Cubic Meters per Day) of biogas from waste, equivalent to approximately 5% of IGL’s daily requirements.

Earlier, IGL Genesis Technologies (IGTL), a 51:49 joint venture between IGL and Genesis Gas Solutions (GGSPL), signed a deal with China-based Hangzhou Beta Meter to buy smart meter manufacturing technology for $2.4 million (about Rs 20 crore).

Company profile

Incorporated in 1998, IGL is in the business of city gas distribution presently operating in the National Capital Territory of Delhi including adjoining areas of Noida, Greater Noida, Ghaziabad, Gurugram, Meerut (except area already authorised), Shamli, Muzaffarnagar, Karnal and Rewari. IGL is formed as a JV promoted by GAIL (India) Limited and Bharat Petroleum Corporation (BPCL). The government of NCT of Delhi is holding 5% equity.

Stock price movement

Today, the stock opened at Rs 459.85 and touched a high and low of Rs 459.85 and Rs 448.80, respectively. The BSE group ‘A’ stock of face value of Rs 2 has a 52-week high and low of Rs 515.55 and Rs 375.80, respectively. Last one week high and low of the scrip stood at Rs 459.85 and Rs 432.00, respectively. The current market cap of the company is Rs 31,430.04 crore.

The promoters holding in the company stood at 45%, while Institutions and Non-Institutions held 45.65% and 9.36%, respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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In the opening session on April 5, Indraprastha Medical Corporation experienced a notable surge of 19%, driven by the largest private lender in India, HDFC Bank, divesting 27.8 lakh shares in the medical company.HDFC Bank offloaded approximately 3.03% of Indraprastha Medical Corporation’s total share capital for a cash payment totaling Rs 55.46 crore. The shares were sold at an average price of about Rs 199.38 between February 29 and April 4. As a result of this transaction, HDFC Bank’s ownership in the medical company now stands at 2.45%.