Shares of IRM Energy Ltd skyrocketed 14% on 27 March after the company announced signing a five-year contract with Shell’s India business for the delivery of Regasified Liquefied Natural Gas (RLNG).
The company said in an exchange filing that it will purchase 1.23 crore British thermal units (MMBtu) at a gross calorific value (GCV) of 9,500 kilocalories (k/cal), or roughly 326.84 million metric standard cubic meters (mmscm).
In its filing, it said, “This agreement marks a significant milestone in IRM Energy’s strategic growth, ensuring stable and cost-effective energy supplies for its customers.”
The partnership with Shell is expected to enhance IRM Energy’s ability to provide cleaner and more affordable fuel options, bolstering India’s energy security and sustainability goals, the statement added. “By leveraging Shell’s global expertise in LNG, IRM Energy aims to enhance its service capabilities, helping businesses transition towards greener energy alternatives and reducing their carbon footprint.”
Manoj Kumar Sharma, chief executive officer at IRM Energy, said, “With this partnership, we are confident in ensuring stable gas supplies that will support economic development and clean energy adoption.”
The company is an Indian city gas distribution company that works in Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Namakkal & Tiruchirappalli (Tamil Nadu), and Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat). Its tasks include setting up, expanding, and maintaining the city’s or municipality’s natural gas distribution system. Drivers of private cars, buses, light and big freight vehicles, and public transportation vehicles like taxis and auto rickshaws are among the CNG customers.
At 12:29 pm, the shares of IRM Energy were trading 8.60% higher at Rs 288.45 on NSE.
Wondering About IRM Energy Ltd? The Analyst Has Answers.
Ready to invest like a pro? Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists and insightful market analysis and much more!
