Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Adani Total Gas & Torrent Gas become the first strategic investors in IGX by acquiring 5% stake each

Posted On: 2021-01-21 23:13:29 (Time Zone: Arizona, USA)


The Indian Energy Exchange, India's premiere energy exchange, has today announced the first strategic divestment of shares in the Indian Gas Exchange (IGX), its wholly owned subsidiary and India's first authorized gas exchange. Adani Total Gas Ltd, and Torrent Gas Pvt. Ltd, India's two leading energy players with stakes in both upstream and downstream hydrocarbon value chain, have acquired 5% equity stake each in the IGX.

Speaking on the development, Mr. Rajesh K Mediratta, Director, IGX said, "IGX envisions to play a key role in the development of India's gas market which is aligned with the government's vision to increase the share of gas in the energy mix from 6% to 15% by 2030. In our journey to shape the nascent gas markets in the country, we are delighted to partner with Adani Total Gas and Torrent Gas. We look forward to working in collaboration as IGX braces to play a pioneering role in developing India's gas markets.

Mr. Suresh P Manglani, CEO, Adani Total Gas Ltd. said," Adani Total Gas is committed to building gas infrastructure to increase share of natural gas in the India's energy mix. The precedent of Indian Energy Exchange has remarkably transformed electricity trading in India. Likewise, the Indian Gas Exchange is amply equipped to transform the gas sector in the coming years as it will enable efficient and competitive gas pricing and help in securing equitable distribution of natural gas in the country. IGX is one key step towards achieving GOI's vision of a gas-based economy and will play a key-role in discovering India's own price benchmarks."

Mr Jinal Mehta, Director, Torrent Gas Pvt. Ltd. said, "India is on the course to become a formidable energy and gas hub. IGX can play a catalytic role for India's gas market and will stimulate demand, increase availability and ensure competitive prices. Torrent's investment in IGX, which is India's first delivery-based gas exchange, is in line with our strategy to enhance our footprint in India's energy landscape."

IGX is also the first gas exchange in the country to have secured authorization from Petroleum and Natural Gas Regulatory Board (PNGRB) under recently notified Gas Exchange Regulations 2020. The Exchange now has 16 members and more than 500 registered clients. With three physical hubs at Hazira and Dahej in Gujarat and KG Basin in Andhra Pradesh, IGX has already traded 75000 MMBTU since its launch in June 2020. It also has plans to introduce two new hubs - one in Dhabol, Maharashtra and other in West Bengal. This is subject to regulatory approvals.

Shares of Indian Energy Exchange Ltd was last trading in BSE at Rs.242.5 as compared to the previous close of Rs. 245.55. The total number of shares traded during the day was 173570 in over 2705 trades.

The stock hit an intraday high of Rs. 248.25 and intraday low of 238. The net turnover during the day was Rs. 42449259.

Shares of Adani Total Gas Ltd was last trading in BSE at Rs.357.1 as compared to the previous close of Rs. 362.3. The total number of shares traded during the day was 33798 in over 1141 trades.

The stock hit an intraday high of Rs. 365.85 and intraday low of 354.6. The net turnover during the day was Rs. 12163888.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Hero MotoCorp Limited announces exclusive offer for women riders

Mayukh Dealtrade Ltd board to consider Stock Split of Equity Shares

CARE downgrades ratings of Srei Infrastructure Finance Limited to default category

Shish Industries Limited forms subsidiary

Dhani Services Limited board approves sponsored Level III ADR

Prakash Steelage Ltd board approves sale of shares of Tubacex Prakash India Pvt Ltd

Sayaji Hotels Management Ltd enters into management agreement for 7 properties

GRSE Lays Keel of 3rd Ship of Prestigious Project 17A Advanced Stealth Frigate

NMDC revises prices of iron ore w.e.f. 06-03-2021

Aarti Speciality Chemicals Limited receives an approval accorded under PLI Scheme for Pharmaceutical Sector

Mawana Sugars Limited approves investment of Rs. 10 crores in Siel Industrial Estate Ltd

TVS Motor Company to provide free COVID-19 vaccination to all employees and their immediate family members

Satyam Silk Mills Ltd board to consider rights issue on March 10, 2021

GRM Overseas Ltd board to consider interim dividend on March 10, 2021

Rushil Decor Limited starts commercial production of MDF board at new Vizag plant

IIFL Securities Ltd board to consider interim dividend on March 10, 2021

DCW Limited allots debentures to Kotak Special Situations Fund

M G George Muthoot, Chairman of Muthoot Finance Limited passes away

Acuite Ratings & Research Limited update on rating of Edelweiss Financial Services Limited

Kotak Mahindra Bank Appoints Dr Ashok Gulati as an Additional Independent Director on its Board

Xanadu Realty ties up with Poddar Housing Development Limited in a mega portfolio deal

Edelweiss Financial Services Limited updates on credit rating of proposed NCD issue

IndiGrid signs the largest power transmission deal with Sterlite Power AUM to leapfrog to over INR 200 Bn

Indian Bank to divest stake in JV, ASREC India Ltd

Dai-ichi Karkaria Limited updates on Kasarwadi Land Deal

AKI India Ltd approves construction of effluent treatment plant

Kotak Silk Launches Eduseries for Financial Independence of Women

Ind-Ra has assigned ratings to JSW Hydro Energy Ltd

Shriram EPC Limited board to consider issue of preference shares to lenders

Suncare Traders Limited to demerge investment division to Madhav Infra Projects Ltd

Astral Poly Technik Limited fixes March 19, 2021 as record date for bonus issue

Mazagon Dock Shipbuilders Limited gifts refrigerated truck

Sandhar Technologies Ltd announces incorporation of step down subsidiary

NMDC LTD. board to consider interim dividend on Mar 11, 2021

CRISIL revises outlook of Canara Bank's long-term debt instruments

Hero MotoCorp launches 4-day special service and exchange carnival

ICICI Lombard General Insurance Company Limited board approves interim dividend of Rs. 4

Sun Pharma arm to acquire stake in WRS Bioproducts Pty Ltd, Australia

Kirloskar Oil Engines Ltd declares interim dividend of Rs. 1.50 for FY21

Glenmark signs on Rohit Sharma as brand ambassador of Candid Powder

Waa Solar Ltd Board aprovies 1:1 Bonus Issue

Coal India Ltd board approves 2nd interim dividend of Rs. 5

WeP Solutions Limited fixes March 12, 2021 as record date for rights issue

HGS Digital Partners with Automation Anywhere to Deliver End-to-End Process Automation Solutions in the Customer Experience Industry

PNB Housing Finance and YES BANK enter into strategic co-lending partnership

PVR Cinemas unveil Mysuru's Biggest 6-Screen multiplex in Forum Centre City Mall

Shilpa Medicare Ltd receives US FDA tentative approval for Apremilast Tablets, 10 Mg, 20 Mg, And 30 Mg

RITES Ltd Board to consider Second Interim Dividend on Mar 12, 2021

Mexico's GigNet selects Tejas Networks for its Metro Optical network in Cancun

Dilip Buildcon Ltd receives LOA from NHAI for 2 projects under Bangalore Chennai Expressway



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020