 "Mahanagar Gas hits highest level since listing")
Mahanagar Gas (MGL) has moved higher by 1.5% to Rs 586, its highest level since listing on bourses on July 1, 2016. The stock is now trading at a 39% premium against issue price of Rs 421 per share.
MGL, a Mumbai-based city gas distribution (CGD) company, post its listing has outperformed the market by gaining 13%, as compared to 3% rise in the S&P BSE Sensex.
MGL on Monday, August 22, said the register of members and the share transfer books of the company will remain closed from Saturday, September 17, 2016 to Monday, September 26, 2016 (both days inclusive) for the purpose of ascertaining eligibility of dividend and Annual General Meeting (AGM).
The board in its meeting held on May 30, 2016, had recommended a final dividend @175% inter alia Rs 17.50 (including Special Dividend of 7.50) per share on 89.3 million equity shares of Rs 10/- each of the company for approval of the shareholders in the forthcoming AGM on September 26, 2016.
The final dividend, as recommended by the board, if approved at the 21st AGM shall be paid to those shareholders whose names appear on the company's register of members on or before Friday, September 16, 2016, MGL said in a regulatory filing.
MGL supplies compressed natural gas (CNG) and piped natural gas (PNG) in and around Mumbai and the Raigad district. In FY16, it supplied 2.43 million metric standard cubic meter per day (mmscmd) of gas of which 74% was CNG and 26% was PNG.
The power, fertilizer and city gas distribution (CGD) sectors are the three biggest contributors to natural gas demand in India.
According to Motilal Oswal Securities MGL has around 0.86 million PNG and around 0.47 million CNG connections in its geographical area (20.7 million population and 3 million households), which offers large potential for growth.
With increased government focus on environmental initiatives, PNG and CNG corridor, and CGD expansion in new cities, the share of CGD sector in the total gas demand is expected to increase significantly, the brokerage house said in pre-IPO note.
A combined 563,490 shares changed hands on the counter on the BSE and NSE till 01:20 pm.
MGL, a Mumbai-based city gas distribution (CGD) company, post its listing has outperformed the market by gaining 13%, as compared to 3% rise in the S&P BSE Sensex.
MGL on Monday, August 22, said the register of members and the share transfer books of the company will remain closed from Saturday, September 17, 2016 to Monday, September 26, 2016 (both days inclusive) for the purpose of ascertaining eligibility of dividend and Annual General Meeting (AGM).
The board in its meeting held on May 30, 2016, had recommended a final dividend @175% inter alia Rs 17.50 (including Special Dividend of 7.50) per share on 89.3 million equity shares of Rs 10/- each of the company for approval of the shareholders in the forthcoming AGM on September 26, 2016.
The final dividend, as recommended by the board, if approved at the 21st AGM shall be paid to those shareholders whose names appear on the company's register of members on or before Friday, September 16, 2016, MGL said in a regulatory filing.
MGL supplies compressed natural gas (CNG) and piped natural gas (PNG) in and around Mumbai and the Raigad district. In FY16, it supplied 2.43 million metric standard cubic meter per day (mmscmd) of gas of which 74% was CNG and 26% was PNG.
The power, fertilizer and city gas distribution (CGD) sectors are the three biggest contributors to natural gas demand in India.
According to Motilal Oswal Securities MGL has around 0.86 million PNG and around 0.47 million CNG connections in its geographical area (20.7 million population and 3 million households), which offers large potential for growth.
With increased government focus on environmental initiatives, PNG and CNG corridor, and CGD expansion in new cities, the share of CGD sector in the total gas demand is expected to increase significantly, the brokerage house said in pre-IPO note.
A combined 563,490 shares changed hands on the counter on the BSE and NSE till 01:20 pm.
