Mahanagar Gas Limited (MGL) shares saw a mild uptick, trading at Rs. 1442.40, an increase of 0.36% or 5.20 points from its previous close of Rs. 1437.20 on the Bombay Stock Exchange (BSE). The stock opened at Rs. 1459.30 and recorded an intraday high of Rs. 1463.00 and a low of Rs. 1426.00, with 7,543 shares changing hands.

This BSE Group 'A' stock, which has a face value of Rs. 10, reached its highest point over the past 52 weeks at Rs. 1988.55 on September 25, 2024, and a low of Rs. 1018.00 on November 23, 2023. The stock’s market capitalization stands at Rs. 14,196.34 crore, with promoter holding at 32.50%, and institutional and non-institutional holdings at 59.66% and 7.84%, respectively.

On November 7, 2024, MGL entered into a Share Subscription Agreement (SSA) and Shareholding Agreement (SHA) with the California-based International Battery Company, Inc. (IBC US) to establish a joint venture under International Battery Company India (IBC), currently a wholly-owned subsidiary of IBC US. This agreement builds on a non-binding term sheet signed a month earlier on October 7, 2024.

IBC US operates a pilot facility in Seoul, South Korea, focused on developing advanced prismatic NMC Li-ion cells. With certifications including UN 38.3, BIS, and AIS, the cells are tailored for the Indian market, designed for fast charging, high-temperature resilience, recyclability, and ease of integration. To cater to the local demand, MGL and IBC US will set up a state-of-the-art giga factory in Bangalore, with MGL aiming to acquire a minimum 40% stake in IBC. The plant will initially manufacture NMC Li-ion cells for use in electric mobility and battery storage.

Mahanagar Gas is primarily involved in City Gas Distribution, supplying natural gas to Mumbai, surrounding areas, and Raigad district in Maharashtra, India.