Multibagger PSU Company Inks MoU with Petron Scientech for 500 KTA Bio-Ethylene Plant in India; FIIs Increase Stake in Q1 FY25!
The company’s shares have delivered a multibagger return of 100 per cent to its shareholders in just 1 year.
GAIL (India) Limited, an integrated natural gas company and a Government of India undertaking, has taken a significant step towards advancing sustainable energy solutions. The company has signed a Memorandum of Understanding (MoU) with Petron Scientech Inc (Petron) to jointly explore the establishment of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant in India. This project, to be developed in a 50:50 Joint Venture (JV) mode, will utilize bioethanol produced in the plant as a feedstock.
The MoU was signed yesterday by Shri Sumit Kishore, Executive Director (Business Development and Exploration & Production), GAIL, and Shri Yogi Sarin, CEO, Petron, in the presence of Shri Rajeev Kumar Singhal, Director (Business Development), GAIL. This collaboration marks a critical move in GAIL's strategy to diversify its portfolio and enhance its footprint in the renewable energy sector.
The proposed bio-ethylene plant will have a capacity of 500 KTA, with downstream units integrated into the facility. The joint venture aims to conduct comprehensive feasibility studies to evaluate the technical and financial viability of the project. These studies will be crucial in determining the project's potential and aligning it with both companies' strategic goals.
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At the start of the day's trading session, shares of GAIL (India) Limited opened at Rs 236.55 per share, compared to the previous day's closing figure of Rs 236.20 per share on the BSE. Finally, the shares closed at Rs 234 per share. The company's current market capitalization stands at Rs 153857 crore. Additionally, the shares have delivered a multibagger return of 100 per cent in just 1 year.
As per the Quarterly Results, in the Q1 FY25, GAIL (India) Limited recorded a revenue of Rs 34738 crore compared to Rs 32789 crore. The operating profit stood at Rs 4790 crore. The net profit stood at Rs 3183 crore compared to a profit of Rs 1793 crore. Looking at the annual performance, the company generated a revenue of Rs 133228 crore in FY24. The operating profit for FY24 was Rs 14314 crore with a net profit of Rs 9903 crore compared to a net profit of Rs 5596 crore in FY23.
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Disclaimer: The article is for informational purposes only and not investment advice.