IGL's New Partnership Could Change the Game for Renewable Energy in India
From Rs 59.65 to Rs 487.20, the stock gave multibagger returns of per cent in one decade.
Indraprastha Gas Ltd (IGL) informed that a diversified renewable energy company ACME Cleantech Solutions Pvt Ltd and leading City Gas Distribution company IGL recently signed a memorandum of understanding (MoU) to jointly explore the potential business opportunities of Green Hydrogen with the company.
ACME and IGL will work jointly to promote the adoption by the customers and create demand for green hydrogen in the country. The companies will also work together to explore the opportunity of setting up hydrogen generation plants including setting up electrolyzers to blend green hydrogen in IGL’s existing pipeline networks supplying gas to households, industrial & commercial setups and CNG for vehicles.
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Indraprastha Gas Limited (IGL) is in the business of city gas distribution in the national capital territory of Delhi. IGL is formed as a JV promoted by GAIL (India) Limited and Bharat Petroleum Corporation (BPCL). The government of NCT of Delhi is holding 5 per cent equity.
IGL has a market cap of over Rs 34,000 crore with a 1-year CAGR of 40 per cent. The company reported amazing numbers in its Quarterly Results and annual results. The company has been maintaining a healthy dividend payout of 23.9 per cent with a dividend yield of 2.67 per cent. The stock has an ROE of 21 per cent and a ROCE of 27 per cent.
Today, shares of IGL plunged 0.03 per cent to Rs 484.50 with an intraday high of Rs 487.20 and an intraday low of Rs 481.85.
From Rs 59.65 to Rs 487.20, the stock gave multibagger returns of per cent in one decade. Investors should keep an eye on this large-cap stock.