Indraprastha Gas moves higher on plans to hike CNG prices

03 Oct 2011

Indraprastha Gas is currently trading at Rs. 427.55, up by 2.10 points or 0.49% from its previous closing of Rs. 425.45 on the BSE.

The scrip opened at Rs. 425.00 and has touched a high and low of Rs. 431.10 and Rs. 422.65 respectively. So far 25634 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 453.25 on 07-Sep-2011 and a 52 week low of Rs. 285.10 on 25-Feb-2011.

Last one week high and low of the scrip stood at Rs. 434.40 and Rs. 404.00 respectively. The current market cap of the company is Rs. 5956.31 crore.

The promoters holding in the company stood at 45.00% while Institutions and Non-Institutions held 40.40% and 14.60% respectively.

Indraprastha Gas (IGL), the sole supplier of CNG to automobiles and piped cooking gas to households in the National Capital Region (NCR), likely to hike CNG price, after petrol, prices of compressed natural gas (CNG) sold to automobiles in the national capital are likely to be hiked by a steep Rs 2 per kg.

IGL is being compelled to buy expensive imported LNG due to drop in supplies from Reliance Industries eastern offshore KG-D6 gas field,  so this cost burden will be transferred to the customer. CNG is now priced at Rs 30.00 per kg in Delhi and Rs 33.60 per kg in Noida, Greater Noida and Ghaziabad. After the price increase, CNG in Delhi will cost Rs 32 per kg and Rs 35.90 per kg in Noida, Greater Noida and Ghaziabad.

The company had contracted 0.308 million standard cubic meters per day (mmscmd) of gas from Reliance at $4.205 per million British thermal unit (mmBtu), but following drop in KG-D6 output supplies have dropped to just 0.1 mmscmd. This has forced the company to buy more of imported liquefied natural gas (LNG) that is priced at over $17 per mmBtu.

Related Indraprastha Gas Ltd. Links:

Indraprastha Gas Share Price

515.20 -4.45 (-0.86%) May 07, 18:03
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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323