Mahanagar Gas is doing well; from its close of Rs.791.15, it opened today at Rs.806.80 and rose to an intraday high at Rs.810. Its 52-week high stands at Rs.1211.60.
The stock price rose after the company yesterday announced yet another increase in the retail price of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai to the tune of Rs.4/kg and Rs.3/SCM, respectively, effective from midnight.
The company attributed the continuing price increases to rising input gas cost and the fall in the rupee value.
The company has been importing gas from the overseas market to meet the shortfall in domestic gas allocation.
This is the 10th time that CNG prices have been hiked in the past year, with its rates increasing by as much as Rs 30 per kg between July 2021 and July 2022.