LIC Increases Stake In This Midcap Gas Distribution Company, Stock Jumps

In a recent development, Life Insurance Corporation of India on Wednesday announced that it has increased its shareholding in "MAHANAGAR GAS LTD." from 69,29,335 to 89,19,236 Equity Shares, increasing its shareholding from 7.015% to 9.030% of the paid-up capital of the said Company.

Holding increased 2.015% during the period from 04 January 2022 to 12 September 2023 at an average cost of INR 918.87.

Mahanagar Gas Ltd is engaged in the business of City Gas Distribution (CGD), supplying natural gas in the state of Maharashtra.

Mahanagar Gas is a midcap Gas sector company. It has a market cap of Rs 10,183 Crore.

Following the development, the shares of Mahanagar Gas Ltd. surged 1.61% and ended at Rs 1030.90 per share on the BSE. During the trading session, the stock hit an intraday high of Rs 1036.45 and an intraday low of Rs 1005.

The stock declined 4% in the past 1 week. In the past 1 year, it gained 17.12%, while in the past 2 years, it declined 12.78%. It gained 13.77% in the past 3 years, and 22.29% in the past 5 years.

Meanwhile, the shares of LIC declined 0.15% to 659 per share on the BSE. It declined 3.80% in the past 1 week and gained 10.06% in the past 3 months. It declined 1.67% in the past 1 year.