Adani Gas shines post reducing CNG & PNG price

Natural gas distribution company, Adani Gas Limited, gained more than two per cent after the company reduced prices of compressed natural gas (CNG) as well as piped natural gas (PNG).

The company said in a statement that it has reduced rates of CNG in some districts of Haryana, Gujarat, Madhya Pradesh, Uttar Pradesh and Rajasthan by cutting prices between Rs 1.5 per kg to Rs 3.6 per kg. PNG, which is used for cooking in household kitchens, also saw a decline in prices, in-line with a cut in raw material rates. The rate of PNG in Haryana and Gujarat has been cut by Re 1 per standard cubic metre (scm) to Rs 29.84 per scm and 29.09 per scm, respectively.  

While the price of CNG in Mahendragarh district of Haryana has been cut by Rs 3.6 per kg to Rs 54.20 kg, reduction in Faridabad and Palwal districts of the state witnessed reduction by Rs 2.75 per kg to Rs 48.02 per kg. Similarly, in Khurja district of Uttar Pradesh as well as in Vadodara and Ahmedabad (Gujarat), the prices have been declined by Rs 2.25 per kg.

On Friday, the stock market was closed for trading in observance of Good Friday. At the time of market closing on Thursday, the stock of Adani Gas Ltd was trading at Rs 92.80, up by 2.15 per cent against its previous close of Rs 90.85. Its 52-week high is Rs 194.55 while, its 52-week low is Rs 76.70 on BSE.