Confidence Petroleum hits 52-week high on securing MRU for CNG distribution

The company is confident about implementing this concept in various states in India with the association of PSU oil companies and Gas Distribution companies like BPCL, GAIL and others

Moneycontrol News

Dec 1, 2020 / 03:06 PM IST

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Confidence Petroleum share price touched a 52-week high of Rs 31, rising over 12 percent intraday on December 1 after the company got its first Mobile Refueling Unit (MRU) for distribution of CNG.

MNGL, a Joint venture of BPCL, GAIL & Maharashtra Government, the City Gas Distribution Company involved in the distribution of CNG & PNG in Pune city has awarded Confidence Petroleum India Limited, the first MRU (Mobile Refueling Unit) for distribution of CNG in Pune city areas like Hinjewadi, Talegaon etc, company said in the release.

The company is confident about implementing this concept in various states in India with the association of PSU oil companies and Gas Distribution companies like BPCL, GAIL and others, company added.

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At 14:45 hrs, Confidence Petroleum was quoting at Rs 31.15, up Rs 3.45, or 12.45 percent on the BSE.