IGL, GSPL, MG: Gas Stocks Are on an Upswing

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IGL, GSPL, MG: Gas Stocks Are on an Upswing
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Share prices of gas stocks like Indraprastha Gas Ltd (NS: IGAS ), Gujarat State Petronet Ltd. (NS: GSPT ), and Mahanagar Gas Ltd (NS: MGAS ) have made sharp upward moves in the last two days on news that IGL has raised prices for its products.

IGL in a statement on March 2 said that it will increase prices of CNG (compressed natural gas ) and PNG (piped natural gas).

“This revision in price would result in an increase of 70 paise per kg in the consumer prices of CNG…,”said the IGL statement. “IGL has also announced increase in its domestic PNG prices with effect from 2nd March 2021. The consumer price of PNG to the households in Delhi has been increased by 91 paise per scm from Rs 27.50 per scm to Rs 28.41 per scm,” added the statement.

IGL shares have gone by 4.45% in the last two days while GSPL has seen its shares surge 16% in the same period. Mahanagar Gas has seen its prices move up 2.5%. IGL, GSPL, and MG prices are currently at Rs 516.2, Rs 289.95, and Rs 1,187.5 respectively.

It is expected that the other companies will follow IGL’s lead. Gas contributes 6.2% to India’s energy mix and the government wants to increase this to 30% by 2030. India has a long way to go before it can make it to the global average of 24%.

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  • Saibalaji Mudaliar @Saibalaji Mudaliar
    All Gas companies are rocking But Why no Price movement in Petronet LNG. Can anyone guess?
    Like 1
    • Sunil Goswami @Sunil Goswami
      @Saibalaji Mudaliar Yes, Petronet is sucking the blood of the investors :) . I guess the price will catch up shortly in Petronet as well, as chart looks very promissing.
      Like 1
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