Latest news with #MGL
Time of India
7 days ago
- Business
- Time of India
Mahanagar Gas to invest ₹1,500 crore in battery, biogas projects
Mumbai-based natural gas distribution company Mahanagar Gas Limited - a unit of public sector undertaking GAIL - is investing about ₹1,500 crore, along with partners, to set up a battery manufacturing unit and a compressed biogas production facility over the next two years in a bid to diversify operations. Mahanagar Gas Ltd managing director Ashu Shinghal told ET that, amid the government push towards cleaner mobility solutions , the company is looking to expand its footprint in non-fossil fuel options and has earmarked capital for a foray into new energy segments. He said, "At present, almost 70 per cent of our revenues come from CNG. We conducted a study along with BCG. In essence, going forward, we have determined we will be present in at least one non-fossil fuel-related segment to secure growth opportunities in future." The company has already forged a joint venture with US-based International Battery Company to set up a giga factory in Karnataka. The government has completed land allocation for the project, construction for which is scheduled to commence later this quarter. MGL and IBC together are investing around ₹900 crore to set up the facility, which is expected to be commissioned by the end of next year. The investments will be made by IBC and MGL in proportion to their stake in the JV (ratio of 60:40).
Time of India
16-07-2025
- Business
- Time of India
Mahanagar Gas to invest Rs 1,500 crore in battery, biogas ventures to diversify beyond CNG
(You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: Mumbai-based natural gas distribution company Mahanagar Gas Limited - a unit of public sector undertaking GAIL - is investing about ₹1,500 crore, along with partners, to set up a battery manufacturing unit and a compressed biogas production facility over the next two years in a bid to diversify Gas Ltd managing director Ashu Shinghal told ET that, amid the government push towards cleaner mobility solutions , the company is looking to expand its footprint in non-fossil fuel options and has earmarked capital for a foray into new energy said, "At present, almost 70% of our revenues come from CNG. We conducted a study along with BCG. In essence, going forward, we have determined we will be present in at least one non-fossil fuel-related segment to secure growth opportunities in future."The company has already forged a joint venture with US-based International Battery Company to set up a giga factory in Karnataka. The government has completed land allocation for the project, construction for which is scheduled to commence later this quarter. MGL and IBC together are investing around ₹900 crore to set up the facility, which is expected to be commissioned by the end of next year. The investments will be made by IBC and MGL in proportion to their stake in the JV (ratio of 60:40).
Time of India
10-07-2025
- Business
- Time of India
MGL shares in focus following NCLT nod for amalgamation with Unison Enviro
Shares of Mahanagar Gas Ltd (MGL) are likely to be in focus on Thursday, July 10, after the National Company Law Tribunal (NCLT) approved the proposed Scheme of Amalgamation between MGL and its wholly owned subsidiary, Unison Enviro Private Ltd . As per an official update, the Mumbai Bench of the Hon'ble NCLT passed an order on July 9, sanctioning the amalgamation scheme. The scheme involves the merger of Unison Enviro with its parent MGL, along with their respective shareholders. 'This is in continuation of our earlier intimations dated October 24, 2024 and November 11, 2024 and pursuant to the provisions of Regulation 30 read with Schedule III of the SEBI Listing Regulations regarding the Scheme of Amalgamation of Unison Enviro Private Limited, wholly owned subsidiary ('Transferor Company') with its holding company, i.e. Mahanagar Gas Limited ('Transferee Company') and their respective shareholders ('the Scheme'),' the company said in an exchange filing. The company clarified that the certified copy of the NCLT order is still awaited. The scheme will become effective upon filing the certified copy of the order with the Registrar of Companies by both MGL and Unison Enviro. MGL had previously intimated the exchanges about this proposed amalgamation in October and November, in line with the regulations. Live Events Also read: Q1 results boom: 11 companies set to double profits with up to 2,500% surge. Own any? MGL share price history Over the past year, the shares of MGL have declined by 10.49%. However, on a year-to-date (YTD) basis, it has gained 16.07%. In the last 6 months, the stock rose 16.90%, while over a 3-month period, it delivered a strong gain of 19.50%. For the past 1 month, the stock is up by 5.08%. On Wednesday, MGL shares closed 1.7% lower at Rs 1,488.35 on the BSE. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Indian Express
09-07-2025
- Business
- Indian Express
311 bakeries in Mumbai yet to switch to cleaner fuel, Bombay High Court extends deadline
The Bombay High Court Wednesday extended the deadline for the Brihanmumbai Municipal Corporation (BMC) and the Maharashtra Pollution Control Board (MPCB) to ensure that bakeries in the city using wood and coal convert their operations to gas or other green fuels. While hearing PILs raising concerns of 'alarming' air pollution levels in Mumbai and surrounding areas, a special bench of the high court on January 9 directed the authorities to ensure conversion within six months. Even as the civic body's deadline came to a close on July 8, 311 bakeries, or 54 per cent, are yet to make a switch to cleaner fuels and comply with the court-mandated directives. On Wednesday, a bench of Justices Makarand S Karnik and Nitin R Borkar passed an order granting extension for the implementation of the new sources. The order came on an interim application by Faiz Alam Bakery, Masoodul Hasan Khan, and others seeking extension to implement the court order and the BMC notice in that regard. The high court posted a hearing on the interim plea to July 28 and noted, 'In the peculiar facts and for the reasons mentioned in the application, we are satisfied that the time granted by this Court in the interregnum needs to be extended till the next date.' The bench also directed the BMC not to act on its notice of January 29 to the bakeries until the next hearing. Presently, Mumbai is home to 547 operational bakeries. According to data procured from the BMC, 187 of the 573 bakeries in Mumbai were already using green sources of fuel such as electricity or piped natural gas (PNG). Civic authorities said that only 74 others have switched or commenced the process of transitioning their bakeries to run on cleaner fuels within the deadline. Since October 2024, when the BMC issued its directives to switch, records show that only 46 bakeries transitioned to cleaner sources of cooking. Furthermore, 28 bakeries are currently in the process of switching from traditional fuels to cleaner ones. 'This leaves 312 bakeries, of which one shut operations, while 311 are yet to switch to cleaner sources. In our meetings and surveys, the bakers had raised concerns over ground implementation and therefore, filed an application seeking an extension of the deadline. If the court grants the extension, we will continue engaging with the bakeries to facilitate the transition,' a senior civic official told The Indian Express Tuesday. Last week, the civic body and Mahanagar Gas Limited (MGL) convened a coordination meeting on July 6 along with representatives from banks and the Bombay Bakers Association (BBA). During the course of the meeting, which sought to discuss the ground implementation of the gas pipeline, the MGL addressed concerns over the security deposits and costs, which were raised by the bakers' association. The MGL, which conducted its own survey, said that at least 97 bakeries can switch to cleaner fuels with intervention. At present, the traditional pav, which is a staple food in Mumbai, is baked in bhattis, dome-shaped ovens made out of brick and mortar, which are suited for wood fires as the sole source of heat. The BMC's data shows that as of now, bakeries contribute to 6 per cent of Mumbai's overall air quality.
Time of India
30-06-2025
- Business
- Time of India
Banking, defence & derivatives: What's driving India's next market rally?
In banking, Bank of Baroda and SBI both look promising, expect a 5–8% upside in the short term. Also, HDFC Bank is interesting due to IPO buzz. You can target ₹2,100, with a stop loss at ₹1,900. Amid global economic uncertainties, India's derivatives market is attracting retail traders with high return potential, supported by SEBI's safeguards. Banking, real estate, and defence sectors exhibit strength, driven by open interest and favorable conditions. Experts suggest focusing on key support levels and recommend stocks like MGL, Mphasis, and Havells for new entrants. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads MGL (Mahanagar Gas) – Currently around ₹1,440. Target: ₹1,550–1,580. Stop Loss: ₹1,420. Mphasis – Buy around ₹2,690–2,700. Maintain a stop loss of ₹2,650. Havells – Trading around ₹1,580–1,590. Target: ₹1,650–1,680. Stop Loss: ₹1,550. This one also shows strong open interest at lower strikes. Excerpts:India's derivatives market has matured considerably. We're witnessing a surge in liquidity and volatility, which is giving investors more opportunities to earn returns, often higher than those in the cash or equity markets. That's why derivatives are becoming more SEBI's regulatory reforms are offering better safeguards, making this space safer for retail investors. But what drives participation is the potential for high returns with minimal capital. Many retail traders aim to turn ₹10,000 into ₹1 lakh, that's the kind of speculative mindset derivatives liquidity, stable markets, and active buying and selling make the segment appealing right present, banking and financials stand out. Most fund houses and investors are using derivatives to hedge their positions here. There's significant Put Open Interest (OI) build-up at lower strike prices in Bank Nifty and stocks like ICICI Bank and HDFC Bank, which indicates strong support attractive segment is real estate, largely due to the lower interest rate environment. Additionally, defence stocks are showing strong OI growth and momentum. So, for the next 1–2 years, I see banking, realty, and defence as promising Bank Nifty, I see strong support around 24,500–24,800 levels. In the next 6–12 months, I expect a target of 26,000. The open interest build-up at lower strikes is a strong indicator of this trend. Resistance may come around 25,500–25,600, but overall, I remain global geopolitical tensions, Indian markets have shown resilience. Even in a worst-case global scenario, I expect Nifty to deliver 5–8% factors are favorable. FIIs and DIIs are buying again, especially in largecaps and midcaps. RBI's rate cut stance has boosted liquidity in real estate, banking, and auto sectors. India's GDP and macroeconomic indicators also support market the flip side, the U.S. economy is under stress and geopolitical risks remain a concern, these global issues may create some market Over the past 6–8 months, we saw major corrections in large- and mid-cap stocks. Now, many of these are available at fundamentally attractive government support and a favorable business environment, the next rally will likely be driven by domestic liquidity. DIIs have strong confidence and are actively buying quality largecaps, which are currently should focus on key support levels — for Nifty, that's between 24,800–25,000. If it holds above these levels, I see the next target around 25, derivatives data, it's clear there's strong call-side OI at lower strikes, signaling support. So, buying on dips remains a good terms of sectors, again, banking and defence look promising based on both fundamentals and derivatives here are a few:In defence, I like BEL, currently around ₹410–₹415. It has strong technical support and banking, Bank of Baroda and SBI both look promising, expect a 5–8% upside in the short term. Also, HDFC Bank is interesting due to IPO buzz. You can target ₹2,100, with a stop loss at ₹1,900.
