Mahanagar Gas share jumps 5% after CNG, PNG price hikes in Mumbai

A day after the city gas distributor announced a raise in pricing for CNG and domestic piped natural gas (PNG) in and around Mumbai starting today to offset the rising input cost, shares of Mahanagar Gas Ltd (MGL) increased by 5 per cent on July 9.

After opening at ₹1,752.20, which was higher than the previous closing price of ₹1669, the share price of Mahanagar Gas continued to grow, reaching ₹1762.25, indicating gains of almost 5%.

The state-run company stated in a statement that MGL will raise the cost of delivery CNG by Rs 1.5 per kg and the cost of domestic PNG by Re 1/SCM.

Following this, the revised delivered price for CNG, inclusive of taxes, will be Rs 75/kg and the domestic PNG price in and around India’s financial capital will be Rs 48/SCM.

MGL stated that the hike was necessary to meet the additional cost associated with importing natural gas.

As of 10:56 am, Mahanagar Gas shares were trading 0.30% higher at ₹1675.00.

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