IGL and MGL are two stocks which have seemingly fixed themselves in the gainers list since the opening bell today. IGL rose almost 11.5% to hit an intraday high at Rs.376.40 while MGL rose around 8% to hit an intraday high at Rs.770.
The effects of the Ukraine crisis is real and being felt now. IGL announced a hike in prices of compressed natural gas (CNG) in the Delhi-NCR region. The prices have been hiked by 50 paise per kilo in Delhi while Re 1 per kilo in the NCR region.
MGL has not announced a price hike but its inevitable and the market seems to be discounting that fact.