Indraprastha Gas Ltd (IGL) is trading higher by 2.3% at Rs 258 on reports that the company has raised the CNG (compressed natural gas) price by 4% due to increase in overall input cost of natural gas.
“IGL has increased the fuel’s price by Rs 1.55 per kg in Delhi and Rs 1.80 a kg in the satellite townships of Noida, Greater Noida and Ghaziabad,” the Times of India report suggests.
IGL has raised the price due to increased input costs and related taxes.
"The company has to sell more imported gas, which costs about three times more than domestic gas, to bridge shortfall in domestic supplies in the wake of drop in output from Reliance Industries Ltd's Andhra offshore field. Moreover, the price of imported gas too has risen substantially in recent times," added report.
The stock opened at Rs 256 and hit a high of Rs 262 on the NSE. A combined 316,384 shares have changed hands on the counter in morning deals on both the exchanges.
