Gujarat Gas and IOCL shares rise after both sign MoU; get details

Gujarat Gas rose 1.71 per cent on BSE on Tuesday (April 16, 2024) after the company signed an MoU with IOCL to broaden the scope and accessibility of energy solutions for consumers.
Here's how the stocks of Gujarat Gas and Indian Oil Corporation Ltd (IOCL) were trading on Tuesday. 

Gujarat Gas share price

The stock that opened at Rs 583.00 on Tuesday was trading up by 0.44 per cent, or Rs 2.50, at Rs 575.65 at 9:31 am on Tuesday after ending the previous session at Rs 573.15.  

IOCL share price

IOCL, on the other hand, rose by 1.17 per cent to the day's high of Rs 168.45 on Tuesday after closing at Rs 166.50 a day ago.

The stock of the OMC was trading up by 1.08 per cent, or Rs 1.80, at Rs 168.30 at 9:34 am on Tuesday.

What is Gujarat Gas-IOCL MoU?

Under the non-binding Memorandum of Understanding (MOU) that the two companies had signed, the two two major players in the energy sector are set to deliver an extensive range of products and services throughout GGL’s authorised areas.

Key highlights of the MOU include:

1. IOCL providing liquid fuels at GGL outlets.
2. IOCL providing automotive lubricants, greases, and specialties at the GGL outlet.
3. Setting up of CNG facility at IOCL COCO outlets.
4. GGL setting up of CNG mother facility at IOCL outlets.