These two multibagger PSU stocks to be in focus today: Do you own them? Check details
Multibagger PSU Stocks: While Coal India Ltd (CIL) will have 51 per cent shareholding in the joint venture, GAIL, the nations largest gas transportation and distribution firm, will have 49 per cent.
Multibagger PSU Stocks: Shares of State-owned Coal India Ltd. (CIL) and GAIL (India) Ltd. will be in focus when the market opens on Tuesday i.e. August 6, 2024, as they have entered into a joint venture (JV) agreement. According to information shared, CIL said that the JV is to set up a coal-to-synthetic natural gas project in West Bengal.
Multibagger PSU Stocks: Shareholding in joint venture
While Coal India Ltd (CIL) will have 51 per cent shareholding in the joint venture, GAIL, the nation's largest gas transportation and distribution firm, will have 49 per cent. The joint venture will be incorporated as a private limited company. The initial paid-up share capital is Rs 1 lakh, CIL said in a BSE filing.
The registered office of the joint venture will be in West Bengal and CIL and GAIL each will have the right to nominate three executives as directors of the JV.
GAIL Share Price History
The counter had closed at Rs 224.60 on the BSE in the last trading session. This was a fall of 5.23 per cent from the previous close of Rs 237. The 52-week high and low of the stock are Rs 246.35 and 111.50 respectively.
This is one of the multibagger PSU stocks that has given a return of over 94 per cent in one year and over 153 per cent in two years. The scrip has already gained over 35 per cent so far this year.
Coal India Share Price History
Coal India shares too ended yesterday's session in the red. The counter closed at Rs 506.45, a fall of 3.45 per cent from the previous close of Rs 524.55. The m-cap of the company is Rs 3,12,111 crore.
CIL shares have surged over 116 per cent in one year and gained over 143 per cent in two years. The counter has made investors wealthier by 248 per cent in three years.
Coal-to-synthetic natural gas project
Earlier this year, the Cabinet Committee on Economic Affairs had approved setting up a coal-to-synthetic natural gas project through a joint venture between CIL and GAIL, and a coal-to-ammonium nitrate project through a venture between CIL and BHEL.
CIL will set up two coal gasification plants as part of efforts to achieve the target of 100 MT coal gasification by 2030.
CIL accounts for over 80 per cent of the domestic coal output.
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