Mahanagar Gas gains intraday post slashing gas prices

Mahanagar Gas has reduced prices for the compressed natural gas (CNG) and domestic piped natural gas (PNG). The shares gained over 1.5 per cent intraday.

The price drop is a reaction to a fall in the domestically produced gas. The company has reduced its CNG price by Rs 2.04 per kg and PNG by Rs 1.19 per SCM in and around Mumbai effective from October 03 night.

Accordingly, revised delivered prices inclusive of all taxes of CNG and PNG will be Rs 49.95 per kg and Rs 30.60 per SCM (Slab 1) and Rs 36.20 per SCM (Slab 2) respectively.

Mahanagar Gas is a city gas distribution company. The company is engaged in the distribution of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai and its adjoining areas and in the Raigad district in the state of Maharashtra.

The shares of Mahanagar Gas on Friday opened at Rs. 894.75 as against Thursday’s close of Rs 890.70. At 12:11 hours it was trading at Rs. 887, flat by 0.42 per cent from its previous close. The stock hit an intraday high of Rs. 904 and intraday low was Rs. 884.45. Its 52-week high was Rs. 1,057.20 and 52-week low was Rs. 754.70per share on the BSE.