Indraprashta Gas is trading higher 2.5% at Rs 268 after the company has increased CNG (compressed natural gas) and PNG (piped natural gas) by 8% in Delhi and NCR region.
CNG price in Delhi has been hiked by Rs 3.70 /kg to Rs 45.6/kg and in Noida, Greater Noida and Ghaziabad it is hiked by Rs 4.20/kg to Rs 51.5/kg. PNG price has been hiked to Rs 27.5/scm in Delhi.
The steep hike has been taken due to sharp depreciation in the Indian rupee against US dollar in last couple of months which has made imported LNG costlier.
The hike is undertaken to nullify the cost increases and therefore will not result in substantial margin improvement for the company, says analyst at Angel Broking in a note.
The stock opened at Rs 273 and touched high of Rs 275 on BSE. A combined around 35,000 shares change hands on the counter till 930 hours on BSE and NSE.
CNG price in Delhi has been hiked by Rs 3.70 /kg to Rs 45.6/kg and in Noida, Greater Noida and Ghaziabad it is hiked by Rs 4.20/kg to Rs 51.5/kg. PNG price has been hiked to Rs 27.5/scm in Delhi.
The steep hike has been taken due to sharp depreciation in the Indian rupee against US dollar in last couple of months which has made imported LNG costlier.
The hike is undertaken to nullify the cost increases and therefore will not result in substantial margin improvement for the company, says analyst at Angel Broking in a note.
The stock opened at Rs 273 and touched high of Rs 275 on BSE. A combined around 35,000 shares change hands on the counter till 930 hours on BSE and NSE.
